Independent Bank (INDB) Misses Q1 EPS by 17c

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Go back to Independent Bank (INDB) Misses Q1 EPS by 17c

Independent Bank Corp. Reports First Quarter Net Income of $61.2 Million

April 20, 2023 4:15 PM EDT

Stability amidst latest banking challenges

ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2023 first quarter net income of $61.2 million, or $1.36 per diluted share, compared to 2022 fourth quarter net income of $77.0 million, or $1.69 per diluted share. First quarter results were driven primarily by increases in interest expense, reflecting both an increase in overall cost of deposits as well as an increase in levels of borrowings as result of deposit balance reductions.

The Company generated a... More