Independent Bk Corp Mass Stock Price, News & Analysis

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.

Rockland Trust has announced a $150,000 investment in the Community Investment Tax Credit Program (CITC), aimed at aiding thirteen Community Development Corporations (CDCs) in providing essential services to local communities. The CITC encourages collaboration between residents, CDCs, and various entities to enhance economic opportunities for low to moderate-income households. Gerry Nadeau, President of Rockland Trust, emphasized the bank's commitment to supporting local economies through these partnerships.

Independent Bank Corp. (INDB) reported a net income of $71.9 million for Q3 2022, up from $61.8 million in Q2 2022, driven by improved net interest income that increased 12.2% to $162.6 million. The return on average assets and equity rose to 1.43% and 9.90%, respectively. Total assets decreased by 1.4% from the prior quarter to $19.7 billion. The company repurchased 443,000 shares in Q3, completing its repurchase program. A new stock buyback plan of $120 million is set to expire on October 19, 2023.

Independent Bank Corp. (Nasdaq: INDB) will host its third quarter 2022 earnings conference call on Friday, October 21, 2022, at 10:00 AM Eastern Time. Participants can join by dialing 888-336-7153 or register online for a unique PIN. A replay will be available until October 28, 2022, by calling 877-344-7529. Rockland Trust Company, the bank's subsidiary, was recognized in The Boston Globe's 'Top Places to Work' for the 13th consecutive year and ranked #1 in New England for customer satisfaction in retail banking in 2022.

Independent Bank Corp. (NASDAQ: INDB) has declared a $0.51 per share dividend, set to be paid on October 7, 2022. The record date for shareholders is September 26, 2022. This dividend reflects the company's ongoing commitment to returning value to its shareholders. Additionally, Rockland Trust, a subsidiary of Independent Bank Corp., received top rankings in customer satisfaction and was recognized as one of The Boston Globe's 'Top Places to Work' for 13 consecutive years.

Independent Bank Corp. (Nasdaq: INDB) reported a strong second quarter for 2022, with net income rising to $61.8 million ($1.32 per diluted share), up from $53.1 million in the first quarter. Total loans increased by $95.7 million, or 2.8%, driven by strong consumer lending; however, total assets decreased by 0.9% from the previous quarter. Net interest income also rose by 5.4% to $144.9 million, reflecting asset repricing in a rising interest rate environment. The bank's commitment to disciplined growth and strong core fundamentals was highlighted by the decrease in noninterest expenses and stable credit quality metrics.