Business
Independent Bank Corp. Reports First Quarter Net Income of $79.9 Million
ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 first
About this update from Independent Bank Corp.
[{"type":"text","content":" ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 first quarter net income of $79.9 million, or $1.63 per diluted share, as compared to 2025 fourth quarter net income of $75.3 million, or $1.52 per diluted share. Excluding merger-related costs associated with the Company’s third quarter 2025 acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, and their related tax effects, operating net income was $82.1 million, or $1.68 per diluted share for the first quarter of 2026, compared to operating net income of $84.4 million, or $1.70 per diluted share for the fourth quarter of 2025(1).\n\n\nCEO STATEMENT\n\n\n“Our first quarter results represent another step forward in driving improved profitability while remaining disciplined in our strategies during these uncertain times,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We are prioritizing our long-term relationship banking model while prudently investing in our future and returning capital to our shareholders.”\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nThe Company generated a return on average assets and a return on average common equity of 1.31% and 9.02%, respectively, for the first quarter of 2026, as compared to 1.20% and 8.38%, 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 1.35% and 9.27%, respectively, for the first quarter of 2026, as compared to 1.34% and 9.38%, respectively, for the prior quarter(1).\n\n\n\nThe Company’s net interest margin of 3.90% increased 13 basis points compared to the prior quarter, while the adjusted margin increased 8 basis points to 3.72%(1).\n\n\n\nDeposit balances of $20.1 billion at March 31, 2026 decreased $29.3 million, or 0.1%, compared to the prior quarter.\n\n\n\nLoan balances of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter.\n\n\n\nThe Company repurchased approximately 802,000 shares for $63.3 million during the first quarter of 2026.\n\n\n\nTangible book value per share of $47.86 at March 31, 2026 grew by $0.31 from the prior quarter(1).\n\n\n\nThe Company increased its quarterly dividend by 8.5% in t...