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Mar 31, 2023
Independent Bank Q1 2023 Earnings Report
Net income of $61.2 million was reported for Q1 2023.
Key Takeaways
Independent Bank Corp. reported a net income of $61.2 million for the first quarter of 2023, a decrease compared to the previous quarter. The results were influenced by increased interest expenses due to higher deposit costs and increased borrowings.
Net income for Q1 2023 was $61.2 million, or $1.36 per diluted share.
Total assets increased slightly to $19.4 billion.
Deposit balances decreased by $606.8 million to $15.3 billion.
Net interest income decreased to $159.0 million due to higher funding costs.
Independent Bank
Independent Bank
Forward Guidance
The company did not provide specific forward guidance in the provided document.