earnings
confidence high
sentiment neutral
materiality 0.70
Independent Bank Q1 net income $44.4M, down 11% QoQ; charge-offs surge to $40.9M
INDEPENDENT BANK CORP
2025-Q1 EPS reported
$1.04
- GAAP diluted EPS $1.04 vs $1.18 prior quarter; operating EPS $1.06 vs $1.21.
- Net interest margin expanded 9 bps to 3.42%; deposits grew $370M to $15.7B.
- Net charge-offs surged to $40.9M (1.14% annualized) from $1.2M, driven by three commercial loans.
- Provision for credit losses rose to $15.0M from $7.5M; allowance/loans ratio fell to 0.99% from 1.17%.
- Issued $300M subordinated notes (7.25% fixed, due 2035) and increased quarterly dividend by 4%.