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Sep 30, 2021
Independent Bank Q3 2021 Earnings Report
Reported a solid performance driven by business line fundamentals.
Key Takeaways
Independent Bank Corp. reported a net income of $40.0 million for the third quarter of 2021, or $1.21 per diluted share. Excluding merger-related costs, operating net income was $41.4 million, or $1.25 per diluted share.
Net income for the third quarter was $40.0 million, or $1.21 per diluted share.
Total assets reached $14.5 billion, an increase of $339.1 million from the prior quarter.
Deposit balances increased by $273.2 million from the prior quarter, reaching $12.3 billion.
Net interest income decreased to $90.1 million compared to $93.4 million for the prior quarter, driven primarily by a reduction in PPP fee recognition.
Independent Bank
Independent Bank
Forward Guidance
The press release contains certain forward-looking statements regarding the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these forward-looking statements due to various factors and uncertainties.
Positive Outlook
- The Company anticipates the closing of the acquisition of Meridian Bancorp Inc. and its subsidiary, East Boston Savings Bank, in the fourth quarter of 2021.
- The Company remains focused on organic growth and providing best-in-class customer services.
- The Company continues to be excited by the prospects of the combined companies after the acquisition of Meridian.
- The Company's securities portfolio increased by $636.0 million, or 37.8%, when compared to the prior quarter.
- The Company recorded credit reserve releases of $10.0 million during the third quarter of 2021.
Challenges Ahead
- Further weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area, including future weakening caused by the COVID-19 pandemic.
- Failure to consummate or a delay in consummating the acquisition of Meridian, which is subject to standard closing conditions, including the receipt of regulatory approvals.
- Changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR.
- Adverse weather, changes in climate, natural disasters, the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic, other public health crises or man-made events could negatively affect our local economies or disrupt our operations, which would have an adverse effect on our business or results of operations.
- Cyber security attacks or intrusions that could adversely impact our businesses.