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ROCKLAND, Mass. - Independent Bank Corp. (NASDAQ:INDB), parent company of Rockland Trust, reported first quarter earnings that fell short of analyst expectations, sending shares down 2.5% in trading.
The Massachusetts-based bank posted adjusted earnings per share of $1.06 for Q1 2025, missing the consensus estimate of $1.17. Revenue came in at $178 million, surpassing analyst projections of $173.32 million. Compared to the same quarter last year, revenue increased by 2.9%.
Independent Bank’s net income declined to $44.4 million in Q1 from $50 million in the previous quarter, primarily due to a higher loan loss provision. The company recorded a $15 million provision for credit losses, up from $7.5 million in Q4 2024.
"Despite the growing uncertainty in the overall economic environment, our results reflect positive activity in our core fundamentals," said CEO Jeffrey Tengel. He noted the bank saw success in balancing commercial loan originations, deposit growth, margin expansion, and expense management.
Total (EPA:TTEF) deposits grew 2.4% quarter-over-quarter to $15.7 billion. The bank’s net interest margin expanded 9 basis points to 3.42% compared to the previous quarter.
Independent Bank maintained its loan balances at $14.5 billion, consistent with the prior quarter. The company increased its quarterly dividend by 4% in Q1 2025.
The bank remains on track with integration efforts related to its pending acquisition of Enterprise Bancorp, Inc. It incurred $1.2 million in merger-related costs during the quarter.
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