Independent Bank (INDB) Reports Q1 EPS of $0.78

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Go back to Independent Bank (INDB) Reports Q1 EPS of $0.78

Independent Bank Corp. Reports First Quarter Net Income of $26.8 Million

April 23, 2020 4:10 PM EDT

Results reflect assumptions related to the Coronavirus Pandemic

ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2020 first quarter net income of $26.8 million, or $0.78 per diluted share, compared to net income of $47.5 million, or $1.38 per diluted share, reported in the fourth quarter of 2019. First quarter results were negatively impacted by an elevated provision for credit losses of $25.0 million, which was calculated under the Current Expected Credit Loss ("CECL") accounting standard which became effective January 1, 2020. Assumptions regarding the... More