Independent Bank Corp. has recently released its 10-K report, providing a detailed insight into its financial performance and operations. The company, as the bank holding company for Rockland Trust Company, offers commercial banking products and services to individuals and small-to-medium sized businesses in the United States. Its offerings include a range of banking products such as interest checking, money market, and savings accounts, commercial and consumer loans, cash management services, investment management, and trust services, among others.
In 2024, Independent Bank Corp. reported a net income of $192.1 million, or $4.52 on a diluted earnings per share basis, representing a decrease of 19.8% from the previous year. This decline was attributed to pre-tax merger-related costs of $1.9 million associated with the pending acquisition of Enterprise Bancorp, Inc. Excluding these costs, full year 2024 operating net income was $193.4 million, or $4.55 on a diluted earnings per share basis. The company also highlighted a 26 basis points compression in net interest margin compared to the previous year, as well as 1.6% loan growth and 3.0% deposit growth.
The company's interest-earning assets reflected growth in the residential real estate and commercial loan portfolios, alongside decreased securities balances due to paydowns, calls, and maturities. Independent Bank Corp. emphasized its disciplined approach to loan pricing and credit underwriting to mitigate undue credit risk and losses. The company's funding primarily relied on strong business and retail deposit growth, with a reduction in total borrowings compared to the previous year.
Noninterest income, primarily comprising deposit account fees, interchange and ATM fees, investment management fees, and mortgage banking income, saw consistent growth over the past five years. The company also emphasized its focus on expense control, particularly in managing employee salaries and benefits, as well as expenses associated with buildings and equipment.
Independent Bank Corp. also provided insights into its capital growth, which was impacted by earnings retention, dividends, changes in other comprehensive income, and opportunistic share repurchases. The company's book value per share increased from $67.53 in 2023 to $70.43 in 2024, with tangible book value per share growing from $44.13 to $46.96 during the same period.
The 10-K report also included selected financial data, highlighting the company's financial condition and operating data for the years ended December 31, 2020 to 2024. This data provided a comprehensive overview of Independent Bank Corp.'s assets, liabilities, operating income, and other key financial metrics.
The market has reacted to these announcements by moving the company's shares 1.0% to a price of $68.56. If you want to know more, read the company's complete 10-K report here.
