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Independent Bank Corp. Reports Second Quarter Net Income of $51.1 Million
ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2025 second
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 2025 second quarter net income of $51.1 million, or $1.20 per diluted share, as compared to 2025 first quarter net income of $44.4 million, or $1.04 per diluted share. The increase in net income was primarily driven by higher revenues and a lower loan loss provision. These financial results include pre-tax merger-related costs of $2.2 million and $1.2 million for the second and first quarter of 2025, respectively, associated with the Company’s recently completed acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank. Excluding merger-related costs and the related tax effects, 2025 second quarter operating net income was $53.5 million, or $1.25 per diluted share, compared to $45.3 million, or $1.06 per diluted share for the first quarter of 2025(1).\n\n\nIn consideration of the Company’s current strong capital position, the Company is announcing a new stock repurchase plan, which authorizes repurchases by the Company of up to $150 million in common stock and is scheduled to expire on July 16, 2026.\n\n\nCEO STATEMENT\n\n\n“We are pleased with our second quarter results and the momentum of our franchise heading into the third quarter,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We closed the Enterprise Bancorp acquisition and welcomed many new colleagues to Rockland Trust on the first day of the third quarter, and are focused on completing the core operating conversion in October 2025.”\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nThe Company generated a return on average assets and a return on average common equity of 1.04% and 6.68%, respectively, for the second quarter of 2025, as compared to 0.93% and 5.94%, 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 1.09% and 6.99%, respectively, for the second quarter of 2025, as compared to 0.94% and 6.05%, respectively, for the prior quarter(1).\n\n\n\nThe Company’s net interest margin of 3.37% decreased 5 basis points compared to the prior quarter, while the core margin was unchanged from prior quarter at 3.37%(1).\n\n\n\nDeposit balances of $15.9 billion ...