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Mar 31, 2022
Independent Bank Q1 2022 Earnings Report
Reported a net income of $53.1 million for the first quarter of 2022.
Key Takeaways
Independent Bank Corp. reported a strong start to 2022 with a net income of $53.1 million for the first quarter. The results reflect the successful integration of East Boston Savings Bank and a focus on strengthening customer relationships.
Net income for Q1 2022 was $53.1 million, or $1.12 per diluted share, compared to $1.7 million, or $0.04 per diluted share, for Q4 2021.
Excluding merger-related costs and initial provision for credit losses, operating net income was $58.2 million, or $1.23 per diluted share, for Q1 2022 compared to $65.7 million, or $1.63 per diluted share for Q4 2021.
Total assets decreased slightly to $20.2 billion, while total loans remained relatively flat at $13.6 billion.
Net interest income increased by 12.2% to $137.4 million compared to the prior quarter.
Revenue by Segment
Forward Guidance
The document does not contain explicit forward guidance. Therefore, a summary cannot be provided.
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