Independent Bank Corp. (INDB) Shows Strong Financial Growth

By Tamara Parker • Wednesday, May 29 06:06 • Permanent Link

Independent Bank Corp. (NASDAQ: INDB) has released its investor presentation for May 2024, showcasing key metrics as of March 31, 2024, and highlighting the company's recent performance and future priorities. Here are the specific figures and changes:

Total assets have increased from $19.3 billion to $19.3 billion.
Loans have increased from $14.3 billion to $14.3 billion.
Deposits have increased from $15.0 billion to $15.0 billion.
Wealth management has remained at $6.8 billion.
Market capitalization has increased from $2.2 billion to $2.2 billion.

The company's operating earnings have changed from $187.6 million in 2021 to $239.5 million in 2023, and $47.8 million in Q1'24. Additionally, operating EPS has changed from $5.38 in 2021 to $5.42 in 2023, and $1.12 in Q1'24.

Operating ROAA has changed from 1.26% in 2021 to 1.24% in 2023, and 1.00% in Q1'24. Operating ROATCE has changed from 14.26% in 2021 to 12.78% in 2023, and 10.15% in Q1'24.

The net interest margin has changed from 3.54% in Q2 2023 to 3.38% in Q4 2023, and 3.23% in Q1 2024.

The company's capital position is strong, with book value per share increasing from $63.75 in 2021 to $67.53 in 2023, and $67.94 in Q1'24. Tangible book value has also increased from $42.25 in 2021 to $44.13 in 2023, and $44.34 in Q1'24.

In terms of loan balances, total loans have increased from $14.278 billion in December 2023 to $14.331 billion in March 31, 2024.

The company's asset quality is also notable, with nonperforming loans increasing from $39.2 million in Q3 2023 to $56.9 million in Q1 2024. Net charge-offs have decreased from $5.6 million in Q3 2023 to $0.3 million in Q1 2024.

Deposit balances have increased from $14.866 billion in December 2023 to $15.043 billion in March 31, 2024. Average deposit balances have decreased from $14.984 billion to $14.746 billion over the same period.

The securities portfolio has seen changes in fair value, with unrealized gains/losses shifting from ($57) million to ($131) million for available-for-sale securities, and from ($10) million to ($162) million for held-to-maturity securities.

As a result of these announcements, the company's shares have moved -1.2% on the market, and are now trading at a price of $50.32. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.