Loading...
•
Sep 30, 2023
Independent Bank Q3 2023 Earnings Report
Reported a net income of $60.8 million for the third quarter of 2023.
Key Takeaways
Independent Bank Corp. reported a net income of $60.8 million for the third quarter of 2023, with a return on average assets of 1.25% and a return on average common equity of 8.35%. Total assets remained relatively consistent with the prior quarter at $19.4 billion.
Net income for the third quarter of 2023 was $60.8 million, or $1.38 per diluted share.
Total loans increased by $84.3 million, or 0.6%, compared to the prior quarter, driven primarily by consumer real estate.
Deposit balances decreased by $188.5 million, or 1.2%, from the prior quarter, primarily due to seasonal declines in municipal deposits.
The company announced a new stock repurchase plan, authorizing up to $100 million in common stock repurchases.
Forward Guidance
The company's strong balance sheet and capital levels position it well for continuing to successfully navigate forward in a challenging environment.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...