Business
Independent Bank Corp. Reports First Quarter Net Income of $47.8 Million
Results reflect underlying strength of franchise ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
About this update from Independent Bank Corp.
[{"type":"text","content":"\nResults reflect underlying strength of franchise\n\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2024 first quarter net income of $47.8 million, or $1.12 per diluted share, compared to 2023 fourth quarter net income of $54.8 million, or $1.26 per diluted share.\n\n\nThe Company generated a return on average assets of 1.00% and a return on average common equity of 6.63% for the first quarter of 2024, as compared to 1.13% and 7.51%, respectively, for the prior quarter.\n\n\n\"Our first quarter results reflect our steady commitment to focusing on our core fundamentals – disciplined growth, core funding prioritization, strong credit monitoring, and expense management. We remain confident that we are well-positioned to create long term value for our shareholders while successfully navigating through this challenging macro environment\", said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company.\n\n\nBALANCE SHEET\n\n\nTotal assets of $19.3 billion at March 31, 2024 remained relatively consistent with the prior quarter level and decreased by $117.7 million, or 0.6%, as compared to March 31, 2023.\n\n\nTotal loans at March 31, 2024 of $14.3 billion increased by $52.5 million, or 0.4% (1.5% annualized), compared to the prior quarter level. This growth was primarily driven by the commercial real estate loan portfolio, which increased $67.3 million, or 0.8% (3.4% annualized) for the quarter, primarily reflecting transfers from the construction portfolio, modest new origination activity, and reduced levels of paydowns. The small business portfolio also continued its steady growth, rising by 3.9% during the first quarter of 2024, while the total consumer real estate portfolio remained generally in line with the prior quarter.\n\n\nDeposit levels also resumed growth during the quarter, with balances of $15.0 billion at March 31, 2024, rising by $177.7 million, or 1.2%, from December 31, 2023. This increase was driven primarily by municipal deposit inflows and consumer demand for higher cost time deposits, partially offset by seasonal business deposit outflows. Though some level of product remixing persists, total noninterest bearing demand deposits comprised 29.7% of total deposits at March 31,...