Independent Bank Corp. (INDB) Q2 2024 Financial Snapshot

By Tamara Parker • Wednesday, September 04 06:17 • Permanent Link

Independent Bank Corp. (NASDAQ: INDB) has released its latest financial metrics as of June 30, 2024, showcasing the company's performance and strategic priorities.

The company's total assets stood at $19.4 billion, with $14.4 billion in loans and $15.4 billion in deposits. The wealth management segment accounted for $6.9 billion, and the market cap was reported at $2.7 billion.

In terms of financial performance, the net income for the most recent quarter (Q2 2024) was $51.3 million, with a diluted earnings per share (EPS) of $1.21. The return on average assets (ROAA) was 1.07%, return on average equity (ROAE) stood at 7.10%, and return on average tangible common equity (ROATCE) was reported at 10.83%.

Loan growth was observed across various categories, with commercial and industrial loans increasing by 1.5% and commercial real estate loans by 0.5%. The total loan portfolio reached $14.4 billion, reflecting a 0.5% increase.

The company's nonperforming loans (NPLs) were reported at $57.5 million, accounting for 0.40% of total loans, while the allowance for credit losses stood at 1.05% of total loans.

On the deposit side, Independent Bank Corp. reported a total of $15.4 billion in deposits, reflecting a 2.4% increase from the previous period. The average deposit balances reached $15.016 billion, representing a 1.8% increase.

Book value per share for the company was reported at $68.74, with a tangible book value per share of $45.19. The tier 1 leverage ratio was 11.09%.

The securities portfolio demonstrated a duration of 3.1 years, and the net interest margin stood at 3.25%. Additionally, the investment management segment reported assets under administration (AUA) of $6.9 billion, with revenue reaching $20.9 million.

The company's strategic priorities include deepening risk management infrastructure, stabilizing interest rate risk, focusing on deposit generation initiatives, and investing in digital/mobile technology.

The market has reacted to these announcements by moving the company's shares -1.5% to a price of $62.38. Check out the company's full 8-K submission here.

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