Independent Bank Q1 2021 Earnings Report

Reported net income growth over prior period results.

Key Takeaways

Independent Bank Corp. reported a solid performance in Q1 2021, with net income of $41.7 million, or $1.26 per diluted share. The results were positively impacted by a release of provision for loan loss and elevated interest income from forgiven PPP loans.

Net income for the first quarter of 2021 was $41.7 million, or $1.26 per diluted share, compared to $34.6 million, or $1.05 per diluted share, for the fourth quarter of 2020.

Total assets increased by $569.6 million, or 4.3%, from the prior quarter, reaching $13.8 billion.

Deposit balances increased by $600.4 million, or 5.5%, from the prior quarter, totaling $11.6 billion.

Net interest income increased to $95.6 million compared to $91.4 million for the prior quarter, driven primarily by increased PPP fee recognition of $5.8 million for the quarter.