secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP (INDB)
CIK:        0000776901
Form:       8-K
Filed at:   2025-04-17T23:59:59+00:00
Accession:  0000776901-25-000144
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Q1 net income $44.4M, down 11% QoQ; charge-offs surge to $40.9M
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/776901/000077690125000144/0000776901-25-000144-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/776901/000077690125000144/indb-20250417.htm
  HTML page:      https://secwatch.observer/filing/0000776901-25-000144

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer