Independent Bank Corp. (Nasdaq Global Select Market: INDB), the parent company of Rockland Trust Company, has announced a first quarter net income of $47.8 million for 2024, equivalent to $1.12 per diluted share. This compares to a net income of $54.8 million, or $1.26 per diluted share, reported for the fourth quarter of 2023.
“Our first quarter results reflect our steady commitment to focusing on our core fundamentals – disciplined growth, core funding prioritization, strong credit monitoring, and expense management. We remain confident that we are well-positioned to create long term value for our shareholders while successfully navigating through this challenging macro environment,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company.
Financial Highlights
- Return on average assets stood at 1.00% for the first quarter of 2024, compared to 1.13% for the prior quarter.
- Return on average common equity was 6.63% for the first quarter of 2024, down from 7.51% for the prior quarter.
Balance Sheet
- Total assets remained relatively stable at $19.3 billion as of March 31, 2024, showing a slight decrease of $117.7 million from the same period last year.
- Total loans increased to $14.3 billion, reflecting a rise of $52.5 million from the prior quarter, primarily driven by growth in the commercial real estate loan portfolio.
Deposit Growth
- Deposit levels saw a resurgence, reaching $15.0 billion as of March 31, 2024, with an increase of $177.7 million from December 31, 2023.
- Noninterest-bearing demand deposits constituted 29.7% of total deposits, while core deposits represented 83.2%.
Stock Activity
- During the first quarter of 2024, the company repurchased 532,266 shares of its common stock for $31.0 million, completing its previously announced $100 million buyback program.
Net Interest Income and Noninterest Income
- Net interest income decreased to $137.4 million for the first quarter of 2024, down 5.3% from the prior quarter, mainly due to rising deposit costs.
- Noninterest income totaled $29.9 million for the first quarter of 2024, representing a decrease of $2.1 million from the prior quarter.
Noninterest Expense
- Noninterest expense amounted to $99.9 million for the first quarter of 2024, down $860,000 from the prior quarter.
Asset Quality
- The provision for credit losses was $5.0 million for the first quarter of 2024, compared to $5.5 million for the fourth quarter of 2023.
- Nonperforming loans increased slightly to $56.9 million at March 31, 2024, compared to $54.4 million at December 31, 2023.
Conference Call Information
- A conference call to discuss first quarter earnings will be hosted by Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer, at 10:00 a.m. Eastern Time on Friday, April 19, 2024. Access details are available on the Company’s website.
