Business
Independent Bank Corp. Reports First Quarter Net Income of $44.4 Million
Solid Fundamentals Offset by Elevated Provision ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
About this update from Independent Bank Corp.
[{"type":"text","content":"\nSolid Fundamentals Offset by Elevated Provision\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2025 first quarter net income of $44.4 million, or $1.04 per diluted share, as compared to 2024 fourth quarter net income of $50.0 million, or $1.18 per diluted share. The decline was primarily driven by a higher loan loss provision. These financial results include pre-tax merger-related costs of $1.2 million and $1.9 million for the first quarter of 2025 and fourth quarter of 2024, respectively, associated with the Company’s pending acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank. Excluding merger-related costs and the related tax effects, 2025 first quarter operating net income was $45.3 million, or $1.06 per diluted share, compared to $51.4 million, or $1.21 per diluted share for the 2024 fourth quarter. Please refer to Appendix B for a reconciliation of Non-GAAP earnings metrics.\n\nFINANCIAL HIGHLIGHTS\n\n\nThe Company generated a return on average assets and a return on average common equity of 0.93% and 5.94%, respectively, for the first quarter of 2025, as compared to 1.02% and 6.64%, respectively, for the prior quarter. On an operating basis, the Company generated a return on average assets and a return on average common equity of 0.94% and 6.05%, respectively, for the first quarter of 2025, as compared to 1.05% and 6.82%, respectively, for the prior quarter. Please refer to Appendix B for a reconciliation of Non-GAAP earnings metrics.\n\n\n\nThe Company’s net interest margin of 3.42% increased 9 basis points compared to the prior quarter, and the core margin of 3.37% increased 6 basis points. Please refer to Appendix C for additional information regarding net interest margin and Non-GAAP reconciliation of core margin.\n\n\n\nDeposit balances of $15.7 billion at March 31, 2025 increased $370.0 million, or 2.4% (9.8% annualized), from the fourth quarter of 2024.\n\n\n\nLoan balances of $14.5 billion remained consistent with the prior quarter.\n\n\n\nThe Company raised $300 million of subordinated debt in March 2025.\n\n\n\nTangible book value of $47.81 per share at March 31, 2025 grew by $0.85 from the prior quarter. Please refer to Appendix A for a reconciliation of Non-GAAP balanc...