Independent Bk Corp Mass Stock Price, News & Analysis

Independent Bank Corp. (INDB) reported a first quarter net income of $61.2 million, or $1.36 per diluted share, down from $77.0 million or $1.69 per share in Q4 2022. This decline resulted from rising interest expenses due to increased deposit costs and borrowings amid reduced deposit balances. The company’s return on average assets and common equity fell to 1.30% and 8.63%, respectively. Total assets stood at $19.4 billion, a 0.8% increase from the previous quarter but a 3.6% decrease year-over-year. Loans rose slightly to $13.9 billion, while deposits fell by 3.8% to $15.3 billion. Noninterest income also dropped 12.6% to $28.2 million. The bank managed its liquidity by increasing borrowings significantly. Despite share repurchases, the book value per share increased by 1.5% to $64.17.

Independent Bank Corp. (NASDAQ: INDB) will host its quarterly conference call on April 21, 2023, at 10:00 AM ET to discuss the first quarter results. Participants can access the call by dialing 888-336-7153 or pre-registering for a unique PIN to join. A replay will be available until April 28, 2023, by calling 877-344-7529.

Independent Bank Corp. is the parent of Rockland Trust Company, a Massachusetts-based full-service commercial bank recognized in The Boston Globe's 2022

The Board of Directors of Independent Bank Corp. (Nasdaq: INDB) has declared a dividend of $0.55 per share, set to be paid on April 6, 2023, to shareholders of record by the close of business on March 27, 2023. This ongoing dividend demonstrates the bank's commitment to returning value to its shareholders. Independent Bank Corp., the parent of Rockland Trust Company, has been recognized for exceptional customer satisfaction in retail banking in New England and has received accolades for workplace culture and community commitment, reflecting its strong operational performance.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) announces participation in the 2023 KBW Winter Financial Services Conference on February 16, 2023. The event will be held at The Boca Raton Resort in Boca Raton, FL. Robert D. Cozzone, Executive Vice President and COO, and Mark J. Ruggiero, CFO, will represent the bank. Independent Bank Corp. is the parent company of Rockland Trust Company, recognized as one of The Boston Globe's 'Top Places to Work' for 14 consecutive years and ranked #1 in Customer Satisfaction with Retail Banking in New England in 2022. Rockland Trust is committed to community service and offers extensive banking services through its 120+ branches in eastern Massachusetts and Rhode Island.

Rockland Trust’s Investment Management Group (IMG) has set a new record with $5.8 billion in Assets Under Administration (AUA) as of December 31, 2022, marking a 17% growth from December 2020. The team generated $1.2 billion in new business while enhancing its client services, including comprehensive wealth management and educational programs for business owners. IMG's achievements were recognized as it was ranked among the Largest Independent Investment Advisers in Massachusetts. Despite challenging market conditions, IMG continues to focus on building relationships and delivering financial goals for clients.

Independent Bank Corp. (INDB) reported a robust fourth quarter for 2022, achieving net income of $77 million ($1.69 per diluted share), up from $71.9 million ($1.57 per share) in Q3. Full-year net income reached $263.8 million ($5.69 per share), a 118% increase from the previous year. Key drivers included expanded net interest margins, strong loan growth, and higher fee income. Despite a decrease in total assets to $19.3 billion, total loans increased by 1.7% quarter-over-quarter. Noninterest income rose by 14.6%, while noninterest expenses increased only slightly. The company also reported a return on average assets of 1.33% for the full year, showing significant improvement over 2021.

Independent Bank Corp. (NASDAQ: INDB) has appointed Jeffrey J. Tengel as the new CEO, succeeding Christopher Oddleifson, effective February 6, 2023. Oddleifson led the bank for two decades, during which assets grew from over $2 billion to nearly $20 billion, expanding to over 120 branches. Tengel, formerly with M&T Bank and People's United, aims to maintain a strong culture and drive growth. Oddleifson will remain in an advisory role until the end of 2023.

Independent Bank Corp. (INDB) will host its quarterly conference call on January 20, 2023, at 10:00 AM ET to discuss fourth quarter results. Participants can dial 888-336-7153 or pre-register for a unique PIN for immediate access. A replay will be available until January 27, 2023. Headquartered in Massachusetts, Independent Bank Corp. operates Rockland Trust, recognized for its strong customer satisfaction in New England and initiatives in diversity, equity, and inclusion. The bank serves the community through over 120 branches and offers a variety of financial services.

The Board of Directors of Independent Bank Corp. (Nasdaq: INDB) announced a dividend of $0.55 per share, payable on January 6, 2023, to shareholders of record as of December 27, 2022. This marks an 8% increase from the previous dividend, reflecting the company's commitment to deliver strong financial performance amid uncertain market conditions. Rockland Trust, the banking subsidiary, continues to excel in customer satisfaction, ranking #1 in New England retail banking, and is recognized for its community commitment and employee development initiatives.