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Sep 30, 2024
Independent Bank Q3 2024 Earnings Report
Net income reported at $42.9 million, impacted by increased credit provision and mitigated by higher revenues.
Key Takeaways
Independent Bank Corp. reported a net income of $42.9 million for the third quarter of 2024, a decrease compared to the previous quarter. The decline was primarily due to an increase in the loan loss provision, although this was partially offset by higher revenue levels. The company's total assets remained relatively flat, while average deposits increased.
Net income for Q3 2024 was $42.9 million, or $1.01 per diluted share, compared to $51.3 million, or $1.21 per diluted share, for Q2 2024.
Total assets remained essentially flat at $19.4 billion as of September 30, 2024.
Average deposits increased by $330.0 million, or 2.2%, compared to the prior quarter.
Net interest income for Q3 2024 increased to $141.7 million compared to $137.9 million for the prior quarter.
Independent Bank
Independent Bank
Forward Guidance
Independent Bank Corp. anticipates future Federal Reserve interest rate cuts will improve profitability.
Positive Outlook
- Expectations of future Federal Reserve interest rate cuts
- Strong tangible book value growth
- Margin expansion
- Core deposit growth
- Outstanding service to clients
Challenges Ahead
- Adverse economic conditions in the regional and local economies
- Events impacting the financial services industry
- Instability or volatility in financial markets
- Unanticipated loan delinquencies
- Adverse changes or volatility in the local real estate market