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Dec 31, 2024
Independent Bank Q4 2024 Earnings Report
Independent Bank Corp. reported a net income of $50.0 million for the fourth quarter of 2024, driven by net interest income growth and stable asset quality.
Key Takeaways
Independent Bank Corp. announced a fourth-quarter net income of $50.0 million, or $1.18 per diluted share, compared to $42.9 million, or $1.01 per diluted share, in the previous quarter. The results include pre-tax merger-related costs of $1.9 million. Excluding these costs, operating net income was $51.4 million, or $1.21 per diluted share. The increase in net income was primarily due to growth in net interest income, a decrease in loan loss provision, and a reduced tax rate.
Net income for Q4 2024 was $50.0 million, or $1.18 per diluted share.
Operating net income, excluding merger-related costs, was $51.4 million, or $1.21 per diluted share.
Total assets remained essentially flat at $19.4 billion.
Net interest income increased to $144.7 million.
Revenue by Segment
Forward Guidance
Independent Bank Corp. is focused on achieving profitability improvement through net interest margin expansion and the pending acquisition of Enterprise.
Positive Outlook
- Sustained improvement over many core elements of the bank.
- Outstanding service to clients.
- Focus on fundamentals.
- Well positioned to achieve profitability improvement.
- Pending acquisition of Enterprise.
Challenges Ahead
- Adverse economic conditions in the regional and local economies
- Events impacting the financial services industry
- Increasingly competitive labor market
- Instability or volatility in financial markets
- Unfavorable domestic or global general economic, political or business conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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