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Dec 31, 2021
Independent Bank Q4 2021 Earnings Report
Reported a net income of $1.7 million for the fourth quarter of 2021, influenced by merger-related costs and credit loss provisions associated with the acquisition of Meridian Bancorp, Inc.
Key Takeaways
Independent Bank Corp. reported a net income of $1.7 million for Q4 2021, significantly lower than the previous quarter due to pre-tax merger-related costs of $37.2 million and a $50.7 million provision for credit losses related to the Meridian Bancorp acquisition. Excluding these costs, operating net income was $65.7 million, or $1.63 per diluted share.
Net income for the fourth quarter of 2021 was $1.7 million, or $0.04 per diluted share.
The company completed the acquisition of Meridian Bancorp, Inc. in Q4 2021, adding twenty-seven branch locations.
Total assets increased to $20.4 billion at the end of 2021, a 40.5% increase from the prior quarter.
Net interest income for the fourth quarter increased 36.0% to $122.5 million compared to the prior quarter.
Forward Guidance
The company has put in place a stock buyback plan which authorizes repurchases of up to $140 million in common stock and will be in effect through January 18, 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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