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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.
Independent Bank
Independent Bank
Independent Bank Revenue by Segment
Revenue by Segment
Deposit Fees Revenue
CapyFin.comATM & Interchange Fees Revenue
CapyFin.comMortgage Banking Income Revenue
CapyFin.comLife Insurance Value Revenue
CapyFin.comLife Insurance Gain Revenue
CapyFin.comLoan Derivatives Revenue
CapyFin.comOther Noninterest Income Revenue
CapyFin.com 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