Latest news with #IndependentBankCorp
Yahoo
19-07-2025
- Business
- Yahoo
Independent Bank Corp (INDB) Q2 2025 Earnings Call Highlights: Strong Loan Growth and Strategic ...
Net Income: $51.1 million for Q2 2025. Diluted EPS: $1.20 for Q2 2025. Return on Assets (ROA): 1.04% for Q2 2025. Return on Average Common Equity: 6.68% for Q2 2025. Return on Average Tangible Common Equity: 9.89% for Q2 2025. Adjusted Operating Net Income: $53.5 million, excluding merger expenses. Adjusted Diluted EPS: $1.25, excluding merger expenses. Net Interest Margin (NIM): 3.37% for Q2 2025. Deposit Growth: Non-time deposits up 3.6% year over year. Cost of Deposits: 1.54% for Q2 2025. Commercial & Industrial (C&I) Loan Growth: Up 3.4% in Q2 2025. Non-Performing Assets: Down 35% from Q1 2025. Tangible Book Value Per Share: Increased by $0.99 during Q2 2025. Assets Under Administration (AUA): Grew by 4% to $7.4 billion in Q2 2025. Investment Management Revenues: Increased 1.4% from Q1 2025 and nearly 4% from Q2 2024. Stock Buyback: Announced $150 million stock buyback plan. Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Independent Bank Corp (NASDAQ:INDB) reported better-than-expected net interest margin (NIM) performance for the second quarter. The company achieved solid commercial and industrial (C&I) loan growth of 3.4% during the quarter. There was a significant reduction in non-performing assets, down 35% from the first quarter. The acquisition of Enterprise Bank was completed successfully, with no branch closures or strategic mismatches. A $150 million stock buyback was announced, reflecting confidence in the company's financial position. Negative Points Higher expenses partly offset the positive financial performance in the second quarter. There is continued runoff in the commercial real estate (CRE) portfolio, impacting loan growth. Economic uncertainty, including the impact of tariffs and federal government actions, is causing customers to pause expansion plans. A significant non-performing office-related loan deal fell through and is being remarketed for sale. The CRE concentration is expected to rise temporarily due to the Enterprise acquisition, with efforts needed to reduce it back to target levels. Q & A Highlights Q: Where were new loan originations during the quarter, and how are competitive dynamics impacting loan pricing and demand? A: Jeffrey Tengel, CEO: We've seen good loan originations across most segments, with a conservative approach to our CRE portfolio. The competitive landscape remains challenging, especially in the C&I portfolio, with many banks interested in growth. Even in the commercial real estate space, some banks are becoming more aggressive. Mark Ruggiero, CFO: On the commercial side, second-quarter closings were in the high-sixes yield range, while the consumer book was in the mid-sixes. Q: Your small business lending continues to be a bright spot. Why have you seen so much success there, and do you expect it to continue? A: Jeffrey Tengel, CEO: We expect it to continue due to our experienced Rockland Trust bankers and a centralized underwriting unit that allows quick loan processing. This combination makes us more nimble than competitors. Q: Can you provide guidance on the third-quarter margin and the impact of potential Fed cuts? A: Mark Ruggiero, CFO: We expect the third-quarter margin to be in the mid-360s. If the Fed cuts rates, we are well-positioned to neutralize the impact on assets and deposits, maintaining margin expansion as long as the longer end of the curve stays elevated. Q: Are you seeing the worst behind for credit, similar to other New England banks? A: Jeffrey Tengel, CEO: It's hard to tell as it is property-specific. While we have made progress, we are not ready to say we are out of the woods. We continue to work constructively with borrowers, but challenges remain. Q: Can you share details on the large loan modification made this quarter? A: Mark Ruggiero, CFO: The large syndicated Downtown Boston loan was restructured into a Note A and Note B structure, with no cash payments until mid-2026. This allows the sponsor to invest in lease-up and tenant improvements, with expectations to return to performing status once cash flow improves. Q: What is your current appetite for M&A? A: Jeffrey Tengel, CEO: M&A is not a priority right now. We are focused on integrating Enterprise Bank, completing a major core conversion, and demonstrating organic growth while reducing office exposure. Q: How do you view the competitive pressures on deposits and their impact on NIM outlook? A: Mark Ruggiero, CFO: The NIM outlook is primarily driven by asset repricing. While competitive pressures on deposits remain, our focus on operating accounts helps maintain stable deposit costs. Margin benefits will mainly come from asset repricing. Q: Can you provide a pro forma CET1 ratio expectation? A: Mark Ruggiero, CFO: With current assumptions, including the CECL double count, we expect the pro forma CET1 ratio to be around 12.5%. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
18-07-2025
- Business
- Yahoo
Compared to Estimates, Independent Bank Corp. (INDB) Q2 Earnings: A Look at Key Metrics
Independent Bank Corp. (INDB) reported $181.8 million in revenue for the quarter ended June 2025, representing a year-over-year increase of 6.8%. EPS of $1.25 for the same period compares to $1.21 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $179.81 million, representing a surprise of +1.11%. The company delivered an EPS surprise of +4.17%, with the consensus EPS estimate being $1.20. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Independent Bank Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Efficiency Ratio: 59.8% versus the three-analyst average estimate of 59.6%. Net interest margin (FTE): 3.4% compared to the 3.3% average estimate based on three analysts. Average Balance - Total interest-earning assets: $17.67 billion versus $17.77 billion estimated by two analysts on average. Total Non-Interest Income: $34.31 million versus the three-analyst average estimate of $32.97 million. Increase in cash surrender value of life insurance policies: $2.04 million versus the two-analyst average estimate of $2.07 million. Net Interest Income: $147.5 million versus $146.94 million estimated by two analysts on average. Loan level derivative income: $0.07 million compared to the $0.87 million average estimate based on two analysts. Interchange and ATM fees: $5 million versus the two-analyst average estimate of $4.76 million. Deposit account fees: $7.14 million compared to the $6.76 million average estimate based on two analysts. Other noninterest income: $5.96 million versus the two-analyst average estimate of $6.18 million. Mortgage banking income: $1.07 million versus the two-analyst average estimate of $0.93 million. Investment management: $11.38 million versus the two-analyst average estimate of $11.35 million. View all Key Company Metrics for Independent Bank Corp. here>>> Shares of Independent Bank Corp. have returned +4.8% over the past month versus the Zacks S&P 500 composite's +4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Independent Bank Corp. (INDB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
17-07-2025
- Business
- Yahoo
Independent Bank Corp. Reports Second Quarter Net Income of $51.1 Million
ROCKLAND, Mass., July 17, 2025--(BUSINESS WIRE)--Independent 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). In 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. CEO STATEMENT "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." FINANCIAL HIGHLIGHTS The 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). The 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). Deposit balances of $15.9 billion at June 30, 2025 increased $217.7 million, or 1.4% (5.6% annualized), from the first quarter of 2025. Loan balances of $14.5 billion at June 30, 2025 increased $41.9 million, or 0.3% (1.2% annualized), from the first quarter of 2025. Tangible book value of $48.80 per share at June 30, 2025 grew by $0.99 from the prior quarter(1). BALANCE SHEET Total assets of $20.0 billion at June 30, 2025 increased $160.7 million, or 0.8% (3.2% annualized), compared to the prior quarter, driven primarily by increased cash balances from deposit inflows. Total loans of $14.5 billion at June 30, 2025 increased $41.9 million, or 0.3% (1.2% annualized): On the commercial side, solid growth within the commercial and industrial portfolio of $105.0 million, or 3.4% (13.5% annualized), was offset by a decreases in the commercial real estate category while construction remained relatively flat. On the consumer side, the total loan portfolio grew by $48.8 million, or 1.3% (5.4% annualized), from the prior quarter, reflecting strong closing activity and increased home equity line utilization. Total deposits increased by $217.7 million, or 1.4% (5.6% annualized), to $15.9 billion at June 30, 2025, as compared to the prior quarter, while average deposit balances increased by $116.5 million, or 0.8%, for the second quarter of 2025 to $15.6 billion as compared to the prior quarter: Robust growth was driven by increases in the municipal and business categories, partially offset by a modest decrease in interest bearing consumer balances. Overall core deposits stayed consistent at 82.8% of total deposits at June 30, 2025, as compared to 82.7% at March 31, 2025. Total noninterest bearing demand deposits increased to 28.5% of total deposits at June 30, 2025, compared to 28.1% at March 31, 2025. The total cost of deposits for the second quarter of 1.54% decreased 2 basis points compared to the prior quarter. Total period end borrowings declined by $100.4 million, or 11.7%, during the second quarter of 2025: The Company paid off $100.0 million in Federal Home Loan Bank borrowings during the quarter. The Company's securities portfolio remained at $2.7 billion for the second quarter of 2025: New purchases of $50.8 million and unrealized gains of $12.7 million in the available for sale portfolio were offset by maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter. Total securities represented 13.4% and 13.7% of total assets at June 30, 2025 and March 31, 2025, respectively. Stockholders' equity at June 30, 2025 increased $41.5 million, or 1.4%, compared to March 31, 2025, driven by strong earnings retention and unrealized gains on the available for sale investment securities portfolio included in other comprehensive income: The Company's ratio of common equity to assets of 15.34% at June 30, 2025 represented an increase of 9 basis points from March 31, 2025. The Company's ratio of tangible common equity to tangible assets of 10.92% at June 30, 2025 represented an increase of 14 basis points from the prior quarter and an increase of 50 basis points from the year ago period(1). The Company's book value per share increased by $0.94, or 1.3%, to $72.13 at June 30, 2025 as compared to the prior quarter. The Company's tangible book value per share at June 30, 2025 grew by $0.99, or 2.1%, from the prior quarter to $48.80, and grew by 8.0% from the year ago period(1). NET INTEREST INCOME Net interest income for the second quarter of 2025 increased to $147.5 million, as compared to $145.5 million for the prior quarter. The net interest margin of 3.37% decreased 5 basis points when compared to the prior quarter, while the core margin of 3.37% remained consistent with the prior quarter(1). The second quarter margin was positively impacted by asset repricing benefit, time deposit repricing, and a favorable mix in overall funding, offset by a full quarter of expense related to the March 2025 subordinated debt raise. Total loan yields increased to 5.50% from 5.49%, with the prior quarter yields reflecting a 5 basis point benefit from non-core adjustments. Securities yields increased 7 basis points to 2.32% for the current quarter as compared to the prior quarter. The Company's overall cost of funding increased by 6 basis points to 1.73% for the second quarter of 2025, reflecting increased borrowing expense associated with the first quarter subordinated debt raise, offset by a 2 basis point reduction in the cost of deposits. NONINTEREST INCOME Noninterest income of $34.3 million for the second quarter of 2025 represented an increase of $1.8 million, or 5.4%, as compared to the prior quarter. Significant changes in noninterest income for the second quarter of 2025 compared to the prior quarter included the following: Interchange and ATM fees increased by $375,000, or 8.1%, driven by increased transaction volume during the second quarter of 2025. Overall investment and advisory income increased by $160,000, or 1.4%, driven by seasonal tax preparation fees, offset by slightly lower asset-based revenue as average assets under administration remained relatively consistent. However, recent market gains drove an increase in total assets under administration of $261.7 million, or 3.7%, during the quarter to $7.4 billion at June 30, 2025. Mortgage banking income grew $331,000, or 44.7%, due to higher origination volume. The Company received proceeds on life insurance policies resulting in a gain of $1.7 million for the second quarter of 2025. No such gains were recognized during the first quarter of 2025. Loan level derivative income decreased by $976,000, or 93.7%, reflecting volatility in customer demand. NONINTEREST EXPENSE Noninterest expense of $108.8 million for the second quarter of 2025 represented an increase of $2.9 million, or 2.8%, as compared to the prior quarter. Significant changes in noninterest expense for the second quarter of 2025 compared to the prior quarter included the following: Salaries and employee benefits increased by $925,000, or 1.5%, driven by annual merit increases in general salaries, medical insurance, equity compensation, and commissions, partially offset by decreased payroll taxes. Occupancy and equipment expenses decreased by $701,000, or 5.1%, driven by decreased snow removal and utilities costs. FDIC assessment decreased $615,000, or 20.6%, driven by improved metrics resulting in a reduced assessment rate as well as timing differences. The Company incurred merger and acquisition expenses of $2.2 million in the second quarter of 2025 and $1.2 million in the first quarter of 2025, all of which were related to the Company's acquisition of Enterprise. Other noninterest expense increased by $2.1 million, or 9.0%, driven primarily by director annual equity compensation of $832,000 granted during the quarter, and increases in check and fraud losses of $645,000, professional fees of $512,000, and advertising costs of $352,000. The Company's tax rate of 22.35% for the second quarter of 2025 remained consistent with the prior quarter. ASSET QUALITY During the second quarter, the Company's key asset quality activity and metrics were as follows: Nonperforming loans decreased to $56.2 million at June 30, 2025, as compared to $89.5 million at March 31, 2025, representing 0.39% and 0.62% of total loans, respectively, driven primarily by the resolution of two of its larger nonperforming balances from the prior quarter. Delinquencies as a percentage of total loans decreased 27 basis points from the prior quarter to 0.20% at June 30, 2025, primarily driven by the modification of a large non-performing loan executed during the second quarter. Net charge-offs decreased to $6.5 million, as compared to $40.9 million for the prior quarter, representing 0.18% and 1.14%, respectively, of average loans annualized. The 2025 first quarter charge-offs were primarily attributable to three classified commercial loans. The second quarter provision for credit losses decreased to $7.2 million, as compared to $15.0 million for the prior quarter, driven by lower charge-off activity. The allowance for credit losses on total loans increased slightly to $144.8 million at June 30, 2025 compared to $144.1 million at March 31, 2025, and represented 1.00% and 0.99% of total loans at June 30, 2025 and March 31, 2025, respectively. (1) Represents a non-GAAP measure. See Appendices A through C for reconciliation of the corresponding GAAP measures. CONFERENCE CALL INFORMATION Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss second quarter earnings at 10:00 a.m. Eastern Time on Friday, July 18, 2025. Internet access to the call is available on the Company's website at or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 5907181 and will be available through July 25, 2025. Additionally, a webcast replay will be available on the Company's website until July 18, 2026. ABOUT INDEPENDENT BANK CORP. Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island. Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as "expect," "achieve," "plan," "believe," "future," "positioned," "continued," "will," "would," "potential," or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: adverse economic conditions in the regional and local economies within the New England region and the Company's market area; events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, whether caused by geopolitical concerns, including the Russia/Ukraine conflict, the conflicts in Israel, Iran and surrounding areas and the possible expansion of such conflicts; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company's local economies or the Company's business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; adverse changes or volatility in the local real estate market; changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; risks related to the Company's acquisition of Enterprise and acquisitions generally, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; unforeseen integration issues or impairment of goodwill and/or other intangibles; and the Company's inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; increased competition in the Company's market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence; electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company's business and the associated costs of such changes; the Company's potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; operational risks related to the Company and its customers' reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company's operating systems, including systems that are customer facing, and adversely impact the Company's business; and any unexpected material adverse changes in the Company's operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company's business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q ("Risk Factors"). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors. This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This information may include operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin ("core margin"), tangible book value per share and the tangible common equity ratio. Operating net income, operating EPS, operating return on average assets and operating return on average common equity, exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company's core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity," by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets," defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry. These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies. Category: Earnings Releases INDEPENDENT BANK CORP. FINANCIAL SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited, dollars in thousands) % Change % Change June 30 2025 March 31 2025 June 30 2024 Jun 2025 vs. Jun 2025 vs. Mar 2025 Jun 2024 Assets Cash and due from banks $ 219,414 $ 214,616 $ 192,845 2.24 % 13.78 % Interest-earning deposits with banks 681,820 502,228 121,036 35.76 % 463.32 % Securities Trading 4,801 4,816 4,384 (0.31 )% 9.51 % Equities 21,258 21,250 21,028 0.04 % 1.09 % Available for sale 1,286,318 1,283,767 1,220,656 0.20 % 5.38 % Held to maturity 1,382,903 1,409,959 1,519,655 (1.92 )% (9.00 )% Total securities 2,695,280 2,719,792 2,765,723 (0.90 )% (2.55 )% Loans held for sale 16,792 8,524 17,850 97.00 % (5.93 )% Loans Commercial and industrial 3,215,480 3,110,432 3,009,469 3.38 % 6.85 % Commercial real estate 6,525,438 6,651,475 6,745,088 (1.89 )% (3.26 )% Commercial construction 798,808 796,162 786,743 0.33 % 1.53 % Small business 300,543 289,148 269,270 3.94 % 11.61 % Total commercial 10,840,269 10,847,217 10,810,570 (0.06 )% 0.27 % Residential real estate 2,489,166 2,465,731 2,439,646 0.95 % 2.03 % Home equity - first position 479,641 484,384 504,403 (0.98 )% (4.91 )% Home equity - subordinate positions 688,456 659,582 612,404 4.38 % 12.42 % Total consumer real estate 3,657,263 3,609,697 3,556,453 1.32 % 2.83 % Other consumer 36,296 35,055 33,919 3.54 % 7.01 % Total loans 14,533,828 14,491,969 14,400,942 0.29 % 0.92 % Less: allowance for credit losses (144,773 ) (144,092 ) (150,859 ) 0.47 % (4.03 )% Net loans 14,389,055 14,347,877 14,250,083 0.29 % 0.98 % Federal Home Loan Bank stock 21,052 25,804 32,738 (18.42 )% (35.70 )% Bank premises and equipment, net 188,883 190,007 191,303 (0.59 )% (1.27 )% Goodwill 985,072 985,072 985,072 — % — % Other intangible assets 9,742 10,941 15,161 (10.96 )% (35.74 )% Cash surrender value of life insurance policies 305,077 306,077 300,111 (0.33 )% 1.65 % Other assets 536,747 577,271 539,115 (7.02 )% (0.44 )% Total assets $ 20,048,934 $ 19,888,209 $ 19,411,037 0.81 % 3.29 % Liabilities and Stockholders' Equity Deposits Noninterest-bearing demand deposits $ 4,525,907 $ 4,409,878 $ 4,418,891 2.63 % 2.42 % Savings and interest checking 5,279,280 5,279,549 5,241,154 (0.01 )% 0.73 % Money market 3,368,354 3,277,078 3,058,109 2.79 % 10.14 % Time certificates of deposit 2,720,199 2,709,512 2,691,433 0.39 % 1.07 % Total deposits 15,893,740 15,676,017 15,409,587 1.39 % 3.14 % Borrowings Federal Home Loan Bank borrowings 400,500 500,506 630,527 (19.98 )% (36.48 )% Junior subordinated debentures, net 62,861 62,861 62,859 — % — % Subordinated debentures, net 296,067 296,507 — (0.15 )% 100.00 % Total borrowings 759,428 859,874 693,386 (11.68 )% 9.52 % Total deposits and borrowings 16,653,168 16,535,891 16,102,973 0.71 % 3.42 % Other liabilities 320,910 318,926 388,815 0.62 % (17.46 )% Total liabilities 16,974,078 16,854,817 16,491,788 0.71 % 2.92 % Stockholders' equity Common stock 424 424 423 — % 0.24 % Additional paid in capital 1,914,556 1,911,162 1,904,869 0.18 % 0.51 % Retained earnings 1,217,959 1,192,008 1,128,182 2.18 % 7.96 % Accumulated other comprehensive loss, net of tax (58,083 ) (70,202 ) (114,225 ) (17.26 )% (49.15 )% Total stockholders' equity 3,074,856 3,033,392 2,919,249 1.37 % 5.33 % Total liabilities and stockholders' equity $ 20,048,934 $ 19,888,209 $ 19,411,037 0.81 % 3.29 % CONSOLIDATED STATEMENTS OF INCOME (Unaudited, dollars in thousands, except per share data) Three Months Ended % Change % Change June 30 2025 March 31 2025 June 30 2024 Jun 2025 vs. Jun 2025 vs. Mar 2025 Jun 2024 Interest income Interest on federal funds sold and short-term investments $ 4,393 $ 1,438 $ 397 205.49 % 1,006.55 % Interest and dividends on securities 15,881 15,297 13,994 3.82 % 13.48 % Interest and fees on loans 197,778 195,093 197,274 1.38 % 0.26 % Interest on loans held for sale 140 92 199 52.17 % (29.65 )% Total interest income 218,192 211,920 211,864 2.96 % 2.99 % Interest expense Interest on deposits 59,843 59,436 61,469 0.68 % (2.65 )% Interest on borrowings 10,853 6,979 12,469 55.51 % (12.96 )% Total interest expense 70,696 66,415 73,938 6.45 % (4.38 )% Net interest income 147,496 145,505 137,926 1.37 % 6.94 % Provision for credit losses 7,200 15,000 4,250 (52.00 )% 69.41 % Net interest income after provision for credit losses 140,296 130,505 133,676 7.50 % 4.95 % Noninterest income Deposit account fees 7,141 7,053 6,332 1.25 % 12.78 % Interchange and ATM fees 4,997 4,622 4,753 8.11 % 5.13 % Investment management and advisory 11,380 11,220 10,987 1.43 % 3.58 % Mortgage banking income 1,072 741 1,320 44.67 % (18.79 )% Increase in cash surrender value of life insurance policies 2,038 2,065 2,000 (1.31 )% 1.90 % Gain on life insurance benefits 1,650 — — 100.00 % 100.00 % Loan level derivative income 66 1,042 473 (93.67 )% (86.05 )% Other noninterest income 5,964 5,796 6,465 2.90 % (7.75 )% Total noninterest income 34,308 32,539 32,330 5.44 % 6.12 % Noninterest expenses Salaries and employee benefits 62,856 61,931 57,162 1.49 % 9.96 % Occupancy and equipment expenses 13,158 13,859 12,472 (5.06 )% 5.50 % Data processing and facilities management 2,783 2,642 2,405 5.34 % 15.72 % FDIC assessment 2,373 2,988 2,694 (20.58 )% (11.92 )% Merger and acquisition expense 2,239 1,155 — 93.85 % 100.00 % Other noninterest expenses 25,389 23,303 24,881 8.95 % 2.04 % Total noninterest expenses 108,798 105,878 99,614 2.76 % 9.22 % Income before income taxes 65,806 57,166 66,392 15.11 % (0.88 )% Provision for income taxes 14,705 12,742 15,062 15.41 % (2.37 )% Net Income $ 51,101 $ 44,424 $ 51,330 15.03 % (0.45 )% Weighted average common shares (basic) 42,623,978 42,550,274 42,468,658 Common share equivalents 17,153 22,353 4,308 Weighted average common shares (diluted) 42,641,131 42,572,627 42,472,966 Basic earnings per share $ 1.20 $ 1.04 $ 1.21 15.38 % (0.83 )% Diluted earnings per share $ 1.20 $ 1.04 $ 1.21 15.38 % (0.83 )% Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): Net income $ 51,101 $ 44,424 $ 51,330 Noninterest expense components Add - merger and acquisition expenses 2,239 1,155 — Noncore increases to income before taxes 2,239 1,155 — Net tax benefit associated with noncore items (1) (544 ) (325 ) — Add - adjustment for tax effect of previously incurred merger and acquisition expenses 657 — — Total tax impact 113 (325 ) — Noncore increases to net income 2,352 830 — Operating net income (Non-GAAP) $ 53,453 $ 45,254 $ 51,330 18.12 % 4.14 % Diluted earnings per share, on an operating basis (Non-GAAP) $ 1.25 $ 1.06 $ 1.21 17.92 % 3.31 % (1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. Performance ratios Net interest margin (FTE) 3.37 % 3.42 % 3.25 % Return on average assets (calculated by dividing net income by average assets) (GAAP) 1.04 % 0.93 % 1.07 % Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.09 % 0.94 % 1.07 % Return on average common equity (calculated by dividing net income by average common equity) (GAAP) 6.68 % 5.94 % 7.10 % Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 6.99 % 6.05 % 7.10 % Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) 9.89 % 8.85 % 10.83 % Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) 10.35 % 9.01 % 10.83 % Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) 18.87 % 18.28 % 18.99 % Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income) 18.87 % 18.28 % 18.99 % Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 59.84 % 59.47 % 58.51 % Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 58.61 % 58.82 % 58.51 % CONSOLIDATED STATEMENTS OF INCOME (Unaudited, dollars in thousands, except per share data) Six Months Ended % Change June 30 2025 June 30 2024 Jun 2025 vs. Jun 2024 Interest income Interest on federal funds sold and short-term investments $ 5,831 $ 880 562.61 % Interest and dividends on securities 31,178 28,226 10.46 % Interest and fees on loans 392,871 390,500 0.61 % Interest on loans held for sale 232 303 (23.43 )% Total interest income 430,112 419,909 2.43 % Interest expense Interest on deposits 119,279 115,789 3.01 % Interest on borrowings 17,832 28,755 (37.99 )% Total interest expense 137,111 144,544 (5.14 )% Net interest income 293,001 275,365 6.40 % Provision for credit losses 22,200 9,250 140.00 % Net interest income after provision for credit losses 270,801 266,115 1.76 % Noninterest income Deposit account fees 14,194 12,560 13.01 % Interchange and ATM fees 9,619 9,205 4.50 % Investment management and advisory 22,600 20,928 7.99 % Mortgage banking income 1,813 2,116 (14.32 )% Increase in cash surrender value of life insurance policies 4,103 3,928 4.46 % Gain on life insurance benefits 1,650 263 527.38 % Loan level derivative income 1,108 553 100.36 % Other noninterest income 11,760 12,720 (7.55 )% Total noninterest income 66,847 62,273 7.35 % Noninterest expenses Salaries and employee benefits 124,787 114,336 9.14 % Occupancy and equipment expenses 27,017 25,939 4.16 % Data processing and facilities management 5,425 4,888 10.99 % FDIC assessment 5,361 5,676 (5.55 )% Merger and acquisition expense 3,394 — 100.00 % Other noninterest expenses 48,692 48,662 0.06 % Total noninterest expenses 214,676 199,501 7.61 % Income before income taxes 122,972 128,887 (4.59 )% Provision for income taxes 27,447 29,787 (7.86 )% Net Income $ 95,525 $ 99,100 (3.61 )% Weighted average common shares (basic) 42,587,330 42,511,186 Common share equivalents 19,753 8,592 Weighted average common shares (diluted) 42,607,083 42,519,778 Basic earnings per share $ 2.24 $ 2.33 (3.86 )% Diluted earnings per share $ 2.24 $ 2.33 (3.86 )% Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): Net Income $ 95,525 $ 99,100 Noninterest expense components Add - merger and acquisition expenses 3,394 — Noncore increases to income before taxes 3,394 — Net tax benefit associated with noncore items (1) (593 ) — Add - adjustment for tax effect of previously incurred merger and acquisition expenses 381 — Total tax impact (212 ) — Noncore increases to net income 3,182 — Operating net income (Non-GAAP) $ 98,707 $ 99,100 (0.40 )% Diluted earnings per share, on an operating basis (Non-GAAP) $ 2.32 $ 2.33 (0.43 )% (1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. Performance ratios Net interest margin (FTE) 3.40 % 3.24 % Return on average assets (GAAP) (calculated by dividing net income by average assets) 0.98 % 1.03 % Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.02 % 1.03 % Return on average common equity (GAAP) (calculated by dividing net income by average common equity) 6.32 % 6.87 % Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 6.53 % 6.87 % Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity) 9.38 % 10.49 % Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average tangible common equity) 9.69 % 10.49 % Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income) 18.58 % 18.44 % Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income) 18.58 % 18.44 % Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 59.66 % 59.09 % Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 58.71 % 59.09 % ASSET QUALITY (Unaudited, dollars in thousands) Nonperforming Assets At June 30 2025 March 31 2025 June 30 2024 Nonperforming loans Commercial & industrial loans $ 13,544 $ 9,683 $ 17,897 Commercial real estate loans 28,717 65,840 23,375 Small business loans 173 156 437 Residential real estate loans 10,013 10,966 10,629 Home equity 3,765 2,840 5,090 Other consumer 5 8 23 Total nonperforming loans 56,217 89,493 57,451 Other real estate owned 2,100 — 110 Total nonperforming assets $ 58,317 $ 89,493 $ 57,561 Nonperforming loans/gross loans 0.39 % 0.62 % 0.40 % Nonperforming assets/total assets 0.29 % 0.45 % 0.30 % Allowance for credit losses/nonperforming loans 257.53 % 161.01 % 262.59 % Allowance for credit losses/total loans 1.00 % 0.99 % 1.05 % Delinquent loans/total loans 0.20 % 0.47 % 0.37 % Nonperforming Assets Reconciliation for the Three Months Ended June 30 2025 March 31 2025 June 30 2024 Nonperforming assets beginning balance $ 89,493 $ 101,529 $ 57,051 New to nonperforming 13,411 41,777 6,201 Loans charged-off (6,966 ) (41,400 ) (808 ) Loans paid-off (35,977 ) (10,932 ) (3,458 ) Loans transferred to other real estate owned (2,100 ) — — Loans restored to performing status (1,659 ) (1,356 ) (1,429 ) New to other real estate owned 2,100 — — Other 15 (125 ) 4 Nonperforming assets ending balance $ 58,317 $ 89,493 $ 57,561 Net Charge-Offs (Recoveries) Three Months Ended Six Months Ended June 30 2025 March 31 2025 June 30 2024 June 30 2025 June 30 2024 Net charge-offs (recoveries) Commercial and industrial loans $ 2,742 $ 53 $ (2 ) $ 2,795 $ (87 ) Commercial real estate loans 3,347 39,996 — 43,343 — Small business loans 51 99 48 150 118 Home equity (49 ) 78 (137 ) 29 (270 ) Other consumer 428 666 430 1,094 852 Total net charge-offs $ 6,519 $ 40,892 $ 339 $ 47,411 $ 613 Net charge-offs to average loans (annualized) 0.18 % 1.14 % 0.01 % 0.66 % 0.01 % BALANCE SHEET AND CAPITAL RATIOS June 30 2025 March 31 2025 June 30 2024 Gross loans/total deposits 91.44 % 92.45 % 93.45 % Common equity tier 1 capital ratio (1) 14.70 % 14.52 % 14.40 % Tier 1 leverage capital ratio (1) 11.44 % 11.43 % 11.09 % Common equity to assets ratio GAAP 15.34 % 15.25 % 15.04 % Tangible common equity to tangible assets ratio (2) 10.92 % 10.78 % 10.42 % Book value per share GAAP $ 72.13 $ 71.19 $ 68.74 Tangible book value per share (2) $ 48.80 $ 47.81 $ 45.19 (1) Estimated number for June 30, 2025. (2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios. INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited, dollars in thousands) Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Interest Interest Interest Average Earned/ Yield/ Average Earned/ Yield/ Average Earned/ Yield/ Balance Paid (1) Rate Balance Paid (1) Rate Balance Paid (1) Rate Interest-earning assets Interest-earning deposits with banks, federal funds sold, and short term investments $ 406,108 $ 4,393 4.34 % $ 141,410 $ 1,438 4.12 % $ 47,598 $ 397 3.35 % Securities Securities - trading 4,796 — — % 4,513 — — % 4,739 — — % Securities - taxable investments 2,737,166 15,879 2.33 % 2,747,039 15,296 2.26 % 2,793,145 13,992 2.01 % Securities - nontaxable investments (1) 195 2 4.11 % 195 1 2.08 % 189 2 4.26 % Total securities $ 2,742,157 $ 15,881 2.32 % $ 2,751,747 $ 15,297 2.25 % $ 2,798,073 $ 13,994 2.01 % Loans held for sale 9,839 140 5.71 % 6,396 92 5.83 % 12,610 199 6.35 % Loans Commercial and industrial (1) 3,156,455 47,583 6.05 % 3,045,816 47,283 6.30 % 2,998,465 45,707 6.13 % Commercial real estate (1) 6,585,559 85,871 5.23 % 6,719,504 84,919 5.13 % 6,698,076 87,047 5.23 % Commercial construction 809,839 13,766 6.82 % 785,312 13,167 6.80 % 834,876 15,451 7.44 % Small business 294,562 4,929 6.71 % 290,245 4,778 6.68 % 265,273 4,376 6.63 % Total commercial 10,846,415 152,149 5.63 % 10,840,877 150,147 5.62 % 10,796,690 152,581 5.68 % Residential real estate 2,471,810 28,079 4.56 % 2,464,464 27,716 4.56 % 2,427,635 26,472 4.39 % Home equity 1,160,123 18,144 6.27 % 1,140,190 17,774 6.32 % 1,109,979 18,826 6.82 % Total consumer real estate 3,631,933 46,223 5.10 % 3,604,654 45,490 5.12 % 3,537,614 45,298 5.15 % Other consumer 35,850 582 6.51 % 38,618 593 6.23 % 31,019 593 7.69 % Total loans $ 14,514,198 $ 198,954 5.50 % $ 14,484,149 $ 196,230 5.49 % $ 14,365,323 $ 198,472 5.56 % Total interest-earning assets $ 17,672,302 $ 219,368 4.98 % $ 17,383,702 $ 213,057 4.97 % $ 17,223,604 $ 213,062 4.98 % Cash and due from banks 196,147 197,536 178,558 Federal Home Loan Bank stock 22,900 27,646 41,110 Other assets 1,852,397 1,852,073 1,876,081 Total assets $ 19,743,746 $ 19,460,957 $ 19,319,353 Interest-bearing liabilities Deposits Savings and interest checking accounts $ 5,214,871 $ 16,553 1.27 % $ 5,222,353 $ 16,162 1.26 % $ 5,166,340 $ 16,329 1.27 % Money market 3,295,080 19,090 2.32 % 3,178,879 17,710 2.26 % 2,909,503 17,409 2.41 % Time deposits 2,705,299 24,200 3.59 % 2,723,975 25,564 3.81 % 2,579,336 27,731 4.32 % Total interest-bearing deposits $ 11,215,250 $ 59,843 2.14 % $ 11,125,207 $ 59,436 2.17 % $ 10,655,179 $ 61,469 2.32 % Borrowings Federal Home Loan Bank borrowings 432,392 4,233 3.93 % 547,713 5,566 4.12 % 957,268 11,329 4.76 % Junior subordinated debentures 62,861 976 6.23 % 62,860 974 6.28 % 62,859 1,140 7.29 % Subordinated debentures 296,373 5,644 7.64 % 23,070 439 7.72 % — — — % Total borrowings $ 791,626 $ 10,853 5.50 % $ 633,643 $ 6,979 4.47 % $ 1,020,127 $ 12,469 4.92 % Total interest-bearing liabilities $ 12,006,876 $ 70,696 2.36 % $ 11,758,850 $ 66,415 2.29 % $ 11,675,306 $ 73,938 2.55 % Noninterest-bearing demand deposits 4,372,122 4,345,631 4,360,897 Other liabilities 297,698 323,728 375,629 Total liabilities $ 16,676,696 $ 16,428,209 $ 16,411,832 Stockholders' equity 3,067,050 3,032,748 2,907,521 Total liabilities and stockholders' equity $ 19,743,746 $ 19,460,957 $ 19,319,353 Net interest income $ 148,672 $ 146,642 $ 139,124 Interest rate spread (2) 2.62 % 2.68 % 2.43 % Net interest margin (3) 3.37 % 3.42 % 3.25 % Supplemental Information Total deposits, including demand deposits $ 15,587,372 $ 59,843 $ 15,470,838 $ 59,436 $ 15,016,076 $ 61,469 Cost of total deposits 1.54 % 1.56 % 1.65 % Total funding liabilities, including demand deposits $ 16,378,998 $ 70,696 $ 16,104,481 $ 66,415 $ 16,036,203 $ 73,938 Cost of total funding liabilities 1.73 % 1.67 % 1.85 % (1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.2 million for the three months ended June 30, 2025, $1.1 million for the three months ended March 31, 2025, and $1.2 million for the three months ended June 30, 2024, determined by applying the Company's marginal tax rates in effect during each respective quarter. (2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. Six Months Ended June 30, 2025 June 30, 2024 Interest Interest Average Earned/ Yield/ Average Earned/ Yield/ Balance Paid Rate Balance Paid Rate Interest-earning assets Interest earning deposits with banks, federal funds sold, and short term investments $ 274,490 $ 5,831 4.28 % $ 49,091 $ 880 3.60 % Securities Securities - trading 4,655 — — % 4,759 — — % Securities - taxable investments 2,742,075 31,175 2.29 % 2,830,302 28,223 2.01 % Securities - nontaxable investments (1) 195 3 3.10 % 190 4 4.23 % Total securities $ 2,746,925 $ 31,178 2.29 % $ 2,835,251 $ 28,227 2.00 % Loans held for sale 8,127 232 5.76 % 9,853 303 6.18 % Loans Commercial and industrial (1) 3,101,441 94,866 6.17 % 2,973,982 90,302 6.11 % Commercial real estate (1) 6,652,161 170,790 5.18 % 6,709,684 172,135 5.16 % Commercial construction 797,643 26,933 6.81 % 838,678 30,872 7.40 % Small business 292,415 9,707 6.69 % 261,147 8,536 6.57 % Total commercial 10,843,660 302,296 5.62 % 10,783,491 301,845 5.63 % Residential real estate 2,468,158 55,795 4.56 % 2,423,126 52,555 4.36 % Home equity 1,150,212 35,918 6.30 % 1,102,418 37,270 6.80 % Total consumer real estate 3,618,370 91,713 5.11 % 3,525,544 89,825 5.12 % Other consumer 37,227 1,175 6.36 % 30,844 1,202 7.84 % Total loans $ 14,499,257 $ 395,184 5.50 % $ 14,339,879 $ 392,872 5.51 % Total interest-earning assets $ 17,528,799 $ 432,425 4.97 % $ 17,234,074 $ 422,282 4.93 % Cash and due from banks 196,838 178,032 Federal Home Loan Bank stock 25,260 44,157 Other assets 1,852,236 1,842,859 Total assets $ 19,603,133 $ 19,299,122 Interest-bearing liabilities Deposits Savings and interest checking accounts $ 5,218,591 $ 32,715 1.26 % $ 5,166,103 $ 31,185 1.21 % Money market 3,237,300 36,800 2.29 % 2,876,759 33,400 2.33 % Time deposits 2,714,586 49,764 3.70 % 2,438,277 51,204 4.22 % Total interest-bearing deposits $ 11,170,477 $ 119,279 2.15 % $ 10,481,139 $ 115,789 2.22 % Borrowings Federal Home Loan Bank borrowings 489,733 9,799 4.03 % 1,071,282 25,960 4.87 % Junior subordinated debentures 62,861 1,950 6.26 % 62,858 2,287 7.32 % Subordinated debentures 160,477 6,083 7.64 % 20,326 508 5.03 % Total borrowings $ 713,071 $ 17,832 5.04 % $ 1,154,466 $ 28,755 5.01 % Total interest-bearing liabilities $ 11,883,548 $ 137,111 2.33 % $ 11,635,605 $ 144,544 2.50 % Noninterest-bearing demand deposits 4,358,950 4,400,002 Other liabilities 310,641 361,601 Total liabilities $ 16,553,139 $ 16,397,208 Stockholders' equity 3,049,994 2,901,914 Total liabilities and stockholders' equity $ 19,603,133 $ 19,299,122 Net interest income $ 295,314 $ 277,738 Interest rate spread (2) 2.64 % 2.43 % Net interest margin (3) 3.40 % 3.24 % Supplemental Information Total deposits, including demand deposits $ 15,529,427 $ 119,279 $ 14,881,141 $ 115,789 Cost of total deposits 1.55 % 1.56 % Total funding liabilities, including demand deposits $ 16,242,498 $ 137,111 $ 16,035,607 $ 144,544 Cost of total funding liabilities 1.70 % 1.81 % (1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $2.3 million and $2.4 million for the six months ended June 30, 2025 and 2024, respectively. (2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. Certain amounts in prior year financial statements have been reclassified to conform to the current year's presentation. APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics (Unaudited, dollars in thousands, except per share data) The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated: June 30 2025 March 31 2025 June 30 2024 Tangible common equity (Dollars in thousands, except per share data) Stockholders' equity (GAAP) $ 3,074,856 $ 3,033,392 $ 2,919,249 (a) Less: Goodwill and other intangibles 994,814 996,013 1,000,233 Tangible common equity (Non-GAAP) $ 2,080,042 $ 2,037,379 $ 1,919,016 (b) Tangible assets Assets (GAAP) $ 20,048,934 $ 19,888,209 $ 19,411,037 (c) Less: Goodwill and other intangibles 994,814 996,013 1,000,233 Tangible assets (Non-GAAP) $ 19,054,120 $ 18,892,196 $ 18,410,804 (d) Common Shares 42,627,286 42,610,271 42,469,867 (e) Common equity to assets ratio (GAAP) 15.34 % 15.25 % 15.04 % (a/c) Tangible common equity to tangible assets ratio (Non-GAAP) 10.92 % 10.78 % 10.42 % (b/d) Book value per share (GAAP) $ 72.13 $ 71.19 $ 68.74 (a/e) Tangible book value per share (Non-GAAP) $ 48.80 $ 47.81 $ 45.19 (b/e) APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated and the average assets used to calculate return on average assets and operating return on average assets: (Unaudited, dollars in thousands) Three Months Ended Six Months Ended June 30 2025 March 31 2025 June 30 2024 June 30 2025 June 30 2024 Net interest income (GAAP) $ 147,496 $ 145,505 $ 137,926 $ 293,001 $ 275,365 Noninterest income (GAAP) $ 34,308 $ 32,539 $ 32,330 $ 66,847 $ 62,273 Total revenue (GAAP) $ 181,804 $ 178,044 $ 170,256 $ 359,848 $ 337,638 Noninterest expense (GAAP) 108,798 $ 105,878 $ 99,614 $ 214,676 $ 199,501 Less: Merger and acquisition expense 2,239 1,155 — 3,394 — Noninterest expense on an operating basis (Non-GAAP) $ 106,559 $ 104,723 $ 99,614 $ 211,282 $ 199,501 Average assets $ 19,743,746 $ 19,460,957 $ 19,319,353 $ 19,603,133 $ 19,299,122 Average common equity (GAAP) $ 3,067,050 $ 3,032,748 $ 2,907,521 $ 3,049,994 $ 2,901,914 Less: Average goodwill and other intangibles 995,380 996,762 1,000,972 996,067 1,001,739 Tangible average tangible common equity (Non-GAAP) $ 2,071,670 $ 2,035,986 $ 1,906,549 $ 2,053,927 $ 1,900,175 Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP) Net income (GAAP) $ 51,101 $ 44,424 $ 51,330 $ 95,525 $ 99,100 Noninterest expense components Add - merger and acquisition expenses 2,239 1,155 — 3,394 — Noncore increases to income before taxes 2,239 1,155 — 3,394 — Net tax benefit associated with noncore items (1) (544 ) (325 ) — (593 ) — Add - adjustment for tax effect of previously incurred merger and acquisition expenses 657 — — 381 — Total tax impact 113 (325 ) — (212 ) — Noncore increases to net income 2,352 830 — 3,182 — Operating net income (Non-GAAP) $ 53,453 $ 45,254 $ 51,330 $ 98,707 $ 99,100 (1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. Ratios Return on average assets (GAAP) (calculated by dividing net income by average assets) 1.04 % 0.93 % 1.07 % 0.98 % 1.03 % Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) 1.09 % 0.94 % 1.07 % 1.02 % 1.03 % Return on average common equity (GAAP) (calculated by dividing net income by average common equity) 6.68 % 5.94 % 7.10 % 6.32 % 6.87 % Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) 6.99 % 6.05 % 7.10 % 6.53 % 6.87 % Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity) 9.89 % 8.85 % 10.83 % 9.38 % 10.49 % Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized net operating net income by average tangible common equity) 10.35 % 9.01 % 10.83 % 9.69 % 10.49 % Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue) 18.87 % 18.28 % 18.99 % 18.58 % 18.44 % Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue) 18.87 % 18.28 % 18.99 % 18.58 % 18.44 % Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue) 59.84 % 59.47 % 58.51 % 59.66 % 59.09 % Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue) 58.61 % 58.82 % 58.51 % 58.71 % 59.09 % APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin (Unaudited, dollars in thousands) Three Months Ended June 30, 2025 March 31, 2025 Volume Interest Margin Impact Volume Interest Margin Impact Reported total interest earning assets $ 17,672,302 $ 148,672 3.37 % $ 17,383,702 $ 146,642 3.42 % Acquisition fair value marks: Loan accretion (235 ) — % (410 ) (0.01 )% Nonaccrual interest, net (5 ) — % (1,689 ) (0.04 )% Other noncore adjustments (2,291 ) 135 — % (2,670 ) (222 ) — % Core margin (Non-GAAP) $ 17,670,011 $ 148,567 3.37 % $ 17,381,032 $ 144,321 3.37 % View source version on Contacts Jeffrey Tengel President and Chief Executive Officer (781) 982-6144Mark J. Ruggiero Chief Financial Officer and Executive Vice President of Consumer Lending (781) 982-6281Investor Relations: Gerry Cronin Director of Investor Relations (774) 363-9872
Yahoo
14-07-2025
- Business
- Yahoo
Countdown to Independent Bank Corp. (INDB) Q2 Earnings: A Look at Estimates Beyond Revenue and EPS
The upcoming report from Independent Bank Corp. (INDB) is expected to reveal quarterly earnings of $1.20 per share, indicating a decline of 0.8% compared to the year-ago period. Analysts forecast revenues of $179.81 million, representing an increase of 5.6% year over year. The consensus EPS estimate for the quarter has been revised 4.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe. Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock. While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding. In light of this perspective, let's dive into the average estimates of certain Independent Bank Corp. metrics that are commonly tracked and forecasted by Wall Street analysts. The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 59.6%. The estimate is in contrast to the year-ago figure of 58.5%. It is projected by analysts that the 'Net interest margin (FTE)' will reach 3.3%. Compared to the present estimate, the company reported 3.3% in the same quarter last year. Based on the collective assessment of analysts, 'Average Balance - Total interest-earning assets' should arrive at $17.77 billion. The estimate compares to the year-ago value of $17.22 billion. The consensus estimate for 'Total Non-Interest Income' stands at $32.97 million. The estimate compares to the year-ago value of $32.33 million. According to the collective judgment of analysts, 'Net Interest Income' should come in at $146.94 million. The estimate compares to the year-ago value of $137.93 million. The consensus among analysts is that 'Interchange and ATM fees' will reach $4.76 million. The estimate compares to the year-ago value of $4.75 million. The average prediction of analysts places 'Deposit account fees' at $6.76 million. The estimate compares to the year-ago value of $6.33 million. Analysts forecast 'Other noninterest income' to reach $6.18 million. The estimate is in contrast to the year-ago figure of $6.47 million. Analysts predict that the 'Investment management' will reach $11.35 million. The estimate compares to the year-ago value of $10.99 million. View all Key Company Metrics for Independent Bank Corp. here>>> Independent Bank Corp. shares have witnessed a change of +4% in the past month, in contrast to the Zacks S&P 500 composite's +4% move. With a Zacks Rank #3 (Hold), INDB is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Independent Bank Corp. (INDB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
07-07-2025
- Business
- Business Wire
Independent Bank Corp.'s Announcement of Date of Second Quarter Conference Call
ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, will host its quarterly conference call to discuss second quarter results on Friday, July 18, 2025, at 10:00 AM Eastern Time. Telephonic access will be available by dial-in at 888-336-7153 reference: INDB. Participants may also choose to pre-register for the conference by navigating to which will provide a unique PIN to the participant which allows immediate access to the call. A replay of the call will be available by calling 877-344-7529, Replay Conference Number: 5907181 which will be available through July 25, 2025. Internet access to the call is available on the Company's website at by selecting Second Quarter 2025 Earnings Conference Call. The webcast replay will be available until July 18, 2026. Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island. Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. Category: All Releases
