Apr. 17 at 9:58 PM
$INDB
Independent Bank Corp (INDB) reported Q1 2025 net income of
$44.4 million (
$1.04 per diluted share), down from Q4 2024's
$50.0 million (
$1.18 per diluted share).
The decline was primarily due to higher loan loss provisions.
Key financial metrics include:
Net interest margin increased to 3.42% (up 9 basis points)
Deposits grew by
$370.0 million to
$15.7 billion (2.4% increase)
Loan balances remained stable at
$14.5 billion
Company raised
$300 million in subordinated debt
Quarterly dividend increased by 4%
Asset quality showed mixed results with net charge-offs increasing to
$40.9 million (1.14% of average loans annualized), primarily from three commercial loans.
Nonperforming loans decreased to
$89.5 million (0.62% of total loans) from
$101.5 million in Q4 2024.
