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Dec 31, 2020
Independent Bank Q4 2020 Earnings Report
Reported a net income of $34.6 million for the fourth quarter, demonstrating solid fundamentals amidst the Coronavirus impact.
Key Takeaways
Independent Bank Corp. reported a fourth-quarter net income of $34.6 million, or $1.05 per diluted share. The results include $5.2 million of pretax costs related to branch closures and the sale of non-strategic investments. Total assets reached $13.2 billion, marking a 15.9% increase compared to the previous year.
Net income for the fourth quarter was $34.6 million, or $1.05 per diluted share.
Total assets increased to $13.2 billion, up 15.9% year-over-year.
Deposit balances increased by $141.9 million, or 1.3%, from the prior quarter, reaching $11.0 billion.
Net interest income increased to $91.4 million, compared to $90.9 million for the prior quarter.
Forward Guidance
Company is well positioned to continue to successfully navigate forward as we enter 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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