Independent Bank reports Q1 EPS $1.06 , consensus $1.16

Reports Q1 loan loss provision $15.0M vs. $5.0M last year. Reports Q1 net interest margin of 3.42% vs. 3.23% last year. Reports Q1 net interest income $145.5M vs. $137.4M last year. “Despite the growing uncertainty in the overall economic environment, our results reflect positive activity in our core fundamentals,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank (INDB) Corp. and Rockland Trust Company. “We continue to have success in balancing our commercial loan originations, deposits grew nicely, our margin expanded, we kept expenses well maintained, and we increased our dividend for the 15th consecutive year. In addition, we remain on track with our integration efforts related to the pending acquisition of Enterprise.”