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Mar 31, 2020
Independent Bank Q1 2020 Earnings Report
Reported net income, reflecting assumptions related to the Coronavirus Pandemic
Key Takeaways
Independent Bank Corp. reported a net income of $26.8 million for the first quarter of 2020, which was impacted by an elevated provision for credit losses of $25.0 million due to assumptions regarding the impact of the Coronavirus pandemic.
Net income for the first quarter of 2020 was $26.8 million, or $0.78 per diluted share.
Total assets increased to $12.0 billion at March 31, 2020, a 5.1% increase from the prior quarter.
Deposit balances increased by $268.8 million, or 2.9%, from the prior quarter.
The company repurchased 1.2 million shares of common stock at a $73.2 million cost.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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