Independent Bank Q2 2023 Earnings Report

Reported solid performance driven by healthy loan volumes, strong fee income, and disciplined expense management.

Key Takeaways

Independent Bank Corp. reported a net income of $62.6 million for the second quarter of 2023, a slight increase from the previous quarter. The results reflect strong business fundamentals, including healthy loan volumes, strong fee income, and disciplined expense management.

Net income for the second quarter of 2023 was $62.6 million, or $1.42 per diluted share, compared to $61.2 million, or $1.36 per diluted share, for the first quarter of 2023.

Total loans increased by $192.0 million, or 1.4%, compared to the prior quarter.

Deposit balances decreased slightly by $24.1 million, or 0.2%, from the prior quarter, reflecting a stabilization of overall deposit balances.

Net interest income decreased 4.1% to $152.5 million compared to the prior quarter, reflecting higher deposit costs and increased wholesale borrowings.