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Independent Bank (INDB)
NASDAQ:INDB
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Earnings Data
Report Date
Jan 16, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.17Last Year’s EPS
$1.26Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 17, 2024
|% Change Since: 1.43%
|Next Earnings Date:Jan 16, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed view of Independent Bank Corp's performance. The company highlighted improvements in net interest margin, deposit growth, and record levels in wealth management assets under administration. However, challenges were noted with a significant office loan stress and charge-offs on a C&I credit, which impacted quarterly results. The bank also expressed optimism about future opportunities and M&A prospects despite the current challenges.Company Guidance
During the Independent Bank Corp.'s third quarter 2024 earnings call, CEO Jeffrey Tengel and CFO Mark Ruggiero provided detailed guidance on several financial metrics and strategic priorities. The company reported a GAAP net income of $42.9 million and a diluted EPS of $1.01, resulting in a 0.88% return on assets and an 8.67% return on average tangible common equity. The quarter saw a notable improvement in pre-provision net revenue ROA, which rose to 1.54% from 1.47% in the previous quarter. Tangible book value also increased by 9% year-over-year. The bank focused on diversifying its loan portfolio by shifting towards commercial and industrial (C&I) loans, reducing commercial real estate (CRE) exposure, and growing deposits, with a 9% increase in the commercial loan pipeline. Despite challenges with a $54.6 million office loan, the bank emphasized its robust asset quality and low loan losses through various economic cycles. The wealth management segment contributed significantly, with assets under administration reaching a record $7.2 billion. Looking ahead, the bank anticipates low single-digit percentage increases in both loan and deposit growth for the fourth quarter, while the net interest margin is expected to contract slightly due to potential Fed rate cuts. The guidance reflects a focus on managing asset quality, noninterest income, and expenses, with a projected tax rate of 22% for the fourth quarter.Improved Net Interest Margin
The net interest margin improved by 4 basis points in the third quarter to 3.29% due to the stabilization of the overall funding profile.
Deposit Growth
Average deposits grew 2.2% or almost 9% annualized for the quarter, with strong growth in noninterest-bearing business checking accounts.
Increase in Wealth Management AUA
Assets under Administration in the Wealth segment reached a record $7.2 billion as of September 30.
Pre-Provision Net Revenue ROA Increase
Pre-provision net revenue ROA was 1.54% in the quarter, up from 1.47% last quarter.
Tangible Book Value Growth
There was a $1.38 increase in tangible book value per share, with 9% growth year-over-year.
Community Recognition
Named a top place to work in Massachusetts by the Boston Globe for 15 consecutive years and a top charitable contributor by the Boston Business Journal for the last 11 years.
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INDB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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INDB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 17, 2024 | $65.09 | $61.57 | -5.41% |
| Jul 18, 2024 | $56.07 | $57.48 | +2.51% |
| Apr 18, 2024 | $48.42 | $49.50 | +2.23% |
| Jan 18, 2024 | $59.11 | $58.32 | -1.34% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Independent Bank (INDB) report earnings?
Independent Bank (INDB) is schdueled to report earning on Jan 16, 2025, TBA Not Confirmed.
What is Independent Bank (INDB) earnings time?
Independent Bank (INDB) earnings time is at Jan 16, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INDB EPS forecast?
INDB EPS forecast for the fiscal quarter 2024 (Q4) is $1.17.
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