Independent Bank Corp. ( (INDB) ) has released its Q1 earnings. Here is a breakdown of the information Independent Bank Corp. presented to its investors.
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Independent Bank Corp., the parent company of Rockland Trust Company, is a commercial bank based in Massachusetts, offering a range of banking, investment, and insurance services across Eastern Massachusetts and Rhode Island.
In its first quarter of 2025, Independent Bank Corp. reported a net income of $44.4 million, a decrease from the previous quarter’s $50.0 million. This decline was attributed to an increased loan loss provision, despite the company experiencing growth in deposits and an increase in net interest margin.
Key financial highlights include a net interest margin increase to 3.42%, a 2.4% growth in deposit balances to $15.7 billion, and a consistent loan balance of $14.5 billion. The company also raised $300 million in subordinated debt and increased its quarterly dividend by 4%. Asset quality metrics showed an increase in net charge-offs and a higher provision for credit losses, though nonperforming loans decreased.
Looking ahead, Independent Bank Corp. remains focused on its core fundamentals, including commercial loan originations and deposit growth. The company is also progressing with its acquisition of Enterprise Bancorp, Inc., which is expected to enhance its market presence.