Independent Bank Q4 2019 Earnings Report
Key Takeaways
Independent Bank Corp. reported a net income of $47.5 million, or $1.38 per diluted share, for the fourth quarter of 2019. Total assets decreased slightly from the prior quarter, while total loans and deposits also saw decreases. The company's net interest income decreased due to recent Federal Reserve rate cuts and lower acquired loan accretion income.
Net income for the fourth quarter of 2019 was $47.5 million, or $1.38 per diluted share.
Total assets at December 31, 2019, were $11.4 billion, a decrease of 1.2% from the prior quarter.
Net interest income for the fourth quarter decreased 4.4% to $100.0 million compared to the prior quarter.
Noninterest income increased by 4.7% compared to the prior quarter, reaching $33.3 million.
Independent Bank
Independent Bank
Forward Guidance
The company did not provide forward guidance in the earnings report.