Independent Bank reports Q3 EPS $1.55, consensus $1.53

Reports Q3 net interest margin of 3.62%, up 25 basis points when compared to the prior quarter, including an 8 basis point lift from acquired loan purchase accounting accretion. “Our third quarter results were exactly what we are looking for as we continue to position the bank for sustainable improved financial performance. The combination of the Enterprise acquisition and solid business activity drove significant net interest margin improvement, improved fee income results, and a meaningful drop in our efficiency ratio. We achieved these results while remaining laser focused on improving asset quality metrics,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank (INDB) Corp. and Rockland Trust Company. “I can’t thank my colleagues enough for the amazing efforts in completing a successful acquisition, including the conversion of Enterprise’s core systems. The team is eager to take advantage of the potential opportunities that lie before us.”