Independent Bank delivered solid Q3 results, with operating net income rising due to the completed Enterprise Bancorp acquisition. Despite a decline in GAAP net income from the prior quarter due to merger-related costs and credit loss provisions, the company saw meaningful improvements in net interest income, fee income, and operational efficiency.
Reported net income of $34,262,000 or $0.69 per diluted share
Operating net income reached $77,354,000 or $1.55 per diluted share
Revenue rose to $243,742,000, driven by Enterprise acquisition
Net interest margin improved to 3.62%, up 25 bps from Q2
The company is optimistic about leveraging the Enterprise acquisition to improve performance but remains cautious of integration risks and macroeconomic pressures.
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