We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Independent Bank Corporation | NASDAQ:INDB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.97 | -1.99% | 47.72 | 46.40 | 49.09 | 48.74 | 47.15 | 48.68 | 379,781 | 23:03:16 |
Results reflect underlying strength of franchise
Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2024 first quarter net income of $47.8 million, or $1.12 per diluted share, compared to 2023 fourth quarter net income of $54.8 million, or $1.26 per diluted share.
The Company generated a return on average assets of 1.00% and a return on average common equity of 6.63% for the first quarter of 2024, as compared to 1.13% and 7.51%, respectively, for the prior quarter.
"Our first quarter results reflect our steady commitment to focusing on our core fundamentals – disciplined growth, core funding prioritization, strong credit monitoring, and expense management. We remain confident that we are well-positioned to create long term value for our shareholders while successfully navigating through this challenging macro environment", said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company.
BALANCE SHEET
Total assets of $19.3 billion at March 31, 2024 remained relatively consistent with the prior quarter level and decreased by $117.7 million, or 0.6%, as compared to March 31, 2023.
Total loans at March 31, 2024 of $14.3 billion increased by $52.5 million, or 0.4% (1.5% annualized), compared to the prior quarter level. This growth was primarily driven by the commercial real estate loan portfolio, which increased $67.3 million, or 0.8% (3.4% annualized) for the quarter, primarily reflecting transfers from the construction portfolio, modest new origination activity, and reduced levels of paydowns. The small business portfolio also continued its steady growth, rising by 3.9% during the first quarter of 2024, while the total consumer real estate portfolio remained generally in line with the prior quarter.
Deposit levels also resumed growth during the quarter, with balances of $15.0 billion at March 31, 2024, rising by $177.7 million, or 1.2%, from December 31, 2023. This increase was driven primarily by municipal deposit inflows and consumer demand for higher cost time deposits, partially offset by seasonal business deposit outflows. Though some level of product remixing persists, total noninterest bearing demand deposits comprised 29.7% of total deposits at March 31, 2024. Core deposits, inclusive of reciprocal deposits, represented 83.2% of total deposits at March 31, 2024, as compared to 84.6% at December 31, 2023. The total cost of deposits for the first quarter increased 17 basis points to 1.48% compared to the prior quarter, reflective of the competitive market environment and ongoing customer preference for higher yielding accounts.
In conjunction with deposit growth during the quarter, total borrowings declined by $193.0 million, or 15.8%, during the first quarter of 2024. The decrease was driven primarily by a reduction in Federal Home Loan Bank borrowings of $143.0 million, or 12.9%. Additionally, the Company fully redeemed its outstanding subordinated debentures with an aggregate principal amount of $50.0 million.
The securities portfolio decreased by $85.1 million, or 2.9%, compared to December 31, 2023, driven primarily by paydowns, maturities, and unrealized losses of $4.0 million in the available for sale portfolio. Total securities represented 14.7% of total assets at March 31, 2024, as compared to 15.1% at December 31, 2023.
During the first quarter of 2024, the Company repurchased 532,266 shares of its common stock for $31.0 million at an average price per share of $58.22, marking the completion of its previously announced $100 million buyback program. Stockholders' equity at March 31, 2024 remained generally consistent when compared to December 31, 2023, as the impact of share repurchase activity and the common dividend declared during the first quarter was offset by strong earnings. The Company's ratio of common equity to assets of 14.92% at March 31, 2024 represented a decrease of 4 basis points from December 31, 2023 and an increase of 36 basis points from March 31, 2023. The Company's book value per share increased by $0.41, or 0.6%, to $67.94 at March 31, 2024 as compared to the prior quarter. The Company's tangible book value per share at March 31, 2024 rose by $0.21, or 0.5%, from the prior quarter to $44.34, and represented an increase of 7.3% from the year ago period. The Company's ratio of tangible common equity to tangible assets of 10.27% at March 31, 2024 represented a decrease of 4 basis points from the prior quarter and an increase of 38 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP balance sheet metrics.
NET INTEREST INCOME
Net interest income for the first quarter of 2024 decreased 5.3% to $137.4 million compared to $145.1 million for the prior quarter, as rising deposit costs continued to counter the benefit of repriced assets, resulting in a reduction in net interest margin of 15 basis points to 3.23% for the quarter.
NONINTEREST INCOME
Noninterest income of $29.9 million for the first quarter of 2024 represented a decrease of $2.1 million, or 6.6%, as compared to the prior quarter. Significant changes in noninterest income for the first quarter of 2024 compared to the prior quarter included the following:
NONINTEREST EXPENSE
Noninterest expense of $99.9 million for the first quarter of 2024 represented a decrease of $860,000, or 0.9%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter compared to the prior quarter included the following:
The Company’s tax rate for the first quarter of 2024 increased to 23.56%, compared to 22.72% for the prior quarter, primarily due to changes in discrete items realized in both quarters.
ASSET QUALITY
The first quarter provision for credit losses was $5.0 million as compared to $5.5 million for the fourth quarter of 2023. Net charge-offs were minimal at $274,000 for the first quarter of 2024, or 0.01% of average loans annualized, versus $3.8 million, or 0.11% of average loans annualized, in the prior quarter, with the decline driven by negligible net charge-offs in the commercial real estate portfolio in the first quarter. Nonperforming loans increased slightly to $56.9 million, or 0.40% of total loans at March 31, 2024, as compared to $54.4 million, or 0.38% of total loans at December 31, 2023. Delinquencies as a percentage of total loans increased 8 basis points from the prior quarter to 0.52% at March 31, 2024.
The allowance for credit losses on total loans increased to $146.9 million at March 31, 2024 compared to $142.2 million at December 31, 2023, and represents 1.03% and 1.00% of total loans, at March 31, 2024 and December 31, 2023, respectively.
CONFERENCE CALL INFORMATION
Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 19, 2024. Internet access to the call is available on the Company’s website at https://INDB.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 5035315 and will be available through April 26, 2024. Additionally, a webcast replay will be available on the Company's website until April 19, 2025.
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q ("Risk Factors"). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This information may include operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, core net interest margin ("core margin"), tangible book value per share and the tangible common equity ratio.
Operating net income, operating EPS, operating return on average assets and operating return on average common equity, exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin.
Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.
These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Category: Earnings Releases
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)
% Change
% Change
March 31 2024
December 31 2023
March 31 2023
Mar 2024 vs.
Mar 2024 vs.
Dec 2023
Mar 2023
Assets
Cash and due from banks
$
165,331
$
178,861
$
179,923
(7.56)%
(8.11)%
Interest-earning deposits with banks
55,985
45,469
322,621
23.13%
(82.65)%
Securities
Trading
4,759
4,987
4,469
(4.57)%
6.49%
Equities
22,858
22,510
21,503
1.55%
6.30%
Available for sale
1,272,831
1,334,256
1,405,602
(4.60)%
(9.45)%
Held to maturity
1,545,267
1,569,107
1,678,376
(1.52)%
(7.93)%
Total securities
2,845,715
2,930,860
3,109,950
(2.91)%
(8.50)%
Loans held for sale
11,340
6,368
1,130
78.08%
903.54%
Loans
Commercial and industrial
1,580,041
1,579,986
1,649,882
—%
(4.23)%
Commercial real estate
8,108,836
8,041,508
7,820,094
0.84%
3.69%
Commercial construction
828,900
849,586
1,046,310
(2.43)%
(20.78)%
Small business
261,690
251,956
225,866
3.86%
15.86%
Total commercial
10,779,467
10,723,036
10,742,152
0.53%
0.35%
Residential real estate
2,420,705
2,424,754
2,095,644
(0.17)%
15.51%
Home equity - first position
507,356
518,706
556,534
(2.19)%
(8.84)%
Home equity - subordinate positions
593,230
578,920
534,221
2.47%
11.05%
Total consumer real estate
3,521,291
3,522,380
3,186,399
(0.03)%
10.51%
Other consumer
29,836
32,654
19,401
(8.63)%
53.79%
Total loans
14,330,594
14,278,070
13,947,952
0.37%
2.74%
Less: allowance for credit losses
(146,948
)
(142,222
)
(159,131
)
3.32%
(7.66)%
Net loans
14,183,646
14,135,848
13,788,821
0.34%
2.86%
Federal Home Loan Bank stock
46,304
43,557
40,303
6.31%
14.89%
Bank premises and equipment, net
192,563
193,049
195,921
(0.25)%
(1.71)%
Goodwill
985,072
985,072
985,072
—%
—%
Other intangible assets
16,626
18,190
23,253
(8.60)%
(28.50)%
Cash surrender value of life insurance policies
298,352
297,387
295,268
0.32%
1.04%
Other assets
523,679
512,712
500,140
2.14%
4.71%
Total assets
$
19,324,613
$
19,347,373
$
19,442,402
(0.12)%
(0.61)%
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing demand deposits
$
4,469,820
$
4,567,083
$
5,083,678
(2.13)%
(12.08)%
Savings and interest checking
5,196,195
5,298,913
5,638,781
(1.94)%
(7.85)%
Money market
2,944,221
2,818,072
3,094,362
4.48%
(4.85)%
Time certificates of deposit
2,432,985
2,181,479
1,455,351
11.53%
67.18%
Total deposits
15,043,221
14,865,547
15,272,172
1.20%
(1.50)%
Borrowings
Federal Home Loan Bank borrowings
962,535
1,105,541
879,628
(12.94)%
9.43%
Junior subordinated debentures, net
62,858
62,858
62,856
—%
—%
Subordinated debentures, net
—
49,980
49,909
(100.00)%
(100.00)%
Total borrowings
1,025,393
1,218,379
992,393
(15.84)%
3.33%
Total deposits and borrowings
16,068,614
16,083,926
16,264,565
(0.10)%
(1.20)%
Other liabilities
371,791
368,196
346,928
0.98%
7.17%
Total liabilities
16,440,405
16,452,122
16,611,493
(0.07)%
(1.03)%
Stockholders' equity
Common stock
422
427
439
(1.17)%
(3.87)%
Additional paid in capital
1,902,063
1,932,163
1,995,077
(1.56)%
(4.66)%
Retained earnings
1,101,061
1,077,488
971,338
2.19%
13.36%
Accumulated other comprehensive loss, net of tax
(119,338
)
(114,827
)
(135,945
)
3.93%
(12.22)%
Total stockholders' equity
2,884,208
2,895,251
2,830,909
(0.38)%
1.88%
Total liabilities and stockholders' equity
$
19,324,613
$
19,347,373
$
19,442,402
(0.12)%
(0.61)%
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Three Months Ended
% Change
% Change
March 31 2024
December 31 2023
March 31 2023
Mar 2024 vs.
Mar 2024 vs.
Dec 2023
Mar 2023
Interest income
Interest on federal funds sold and short-term investments
$
483
$
304
$
665
58.88%
(27.37)%
Interest and dividends on securities
14,232
14,631
15,310
(2.73)%
(7.04)%
Interest and fees on loans
193,226
192,178
170,926
0.55%
13.05%
Interest on loans held for sale
104
57
34
82.46%
205.88%
Total interest income
208,045
207,170
186,935
0.42%
11.29%
Interest expense
Interest on deposits
54,320
49,456
22,675
9.84%
139.56%
Interest on borrowings
16,286
12,618
5,262
29.07%
209.50%
Total interest expense
70,606
62,074
27,937
13.74%
152.73%
Net interest income
137,439
145,096
158,998
(5.28)%
(13.56)%
Provision for credit losses
5,000
5,500
7,250
(9.09)%
(31.03)%
Net interest income after provision for credit losses
132,439
139,596
151,748
(5.13)%
(12.72)%
Noninterest income
Deposit account fees
6,228
6,126
5,916
1.67%
5.27%
Interchange and ATM fees
4,452
4,638
4,184
(4.01)%
6.41%
Investment management and advisory
9,941
9,818
9,779
1.25%
1.66%
Mortgage banking income
796
609
308
30.71%
158.44%
Increase in cash surrender value of life insurance policies
1,928
2,091
1,854
(7.80)%
3.99%
Gain on life insurance benefits
263
180
11
46.11%
2,290.91%
Loan level derivative income
80
802
408
(90.02)%
(80.39)%
Other noninterest income
6,255
7,803
5,782
(19.84)%
8.18%
Total noninterest income
29,943
32,067
28,242
(6.62)%
6.02%
Noninterest expenses
Salaries and employee benefits
57,174
56,388
56,975
1.39%
0.35%
Occupancy and equipment expenses
13,467
13,054
12,822
3.16%
5.03%
Data processing and facilities management
2,483
2,423
2,527
2.48%
(1.74)%
FDIC assessment
2,982
3,942
2,610
(24.35)%
14.25%
Other noninterest expenses
23,781
24,940
23,727
(4.65)%
0.23%
Total noninterest expenses
99,887
100,747
98,661
(0.85)%
1.24%
Income before income taxes
62,495
70,916
81,329
(11.87)%
(23.16)%
Provision for income taxes
14,725
16,113
20,082
(8.61)%
(26.68)%
Net Income
$
47,770
$
54,803
$
61,247
(12.83)%
(22.00)%
Weighted average common shares (basic)
42,553,714
43,474,734
45,004,100
Common share equivalents
12,876
9,474
19,564
Weighted average common shares (diluted)
42,566,590
43,484,208
45,023,664
Basic earnings per share
$
1.12
$
1.26
$
1.36
(11.11)%
(17.65)%
Diluted earnings per share
$
1.12
$
1.26
$
1.36
(11.11)%
(17.65)%
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)
3.23
%
3.38
%
3.79
%
Return on average assets (calculated by dividing net income by average assets) (GAAP)
1.00
%
1.13
%
1.30
%
Return on average common equity (calculated by dividing net income by average common equity) (GAAP)
6.63
%
7.51
%
8.63
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing net income by average tangible common equity)
10.15
%
11.50
%
13.30
%
Noninterest income as a % of total revenue (calculated by dividing total noninterest income by net interest income plus total noninterest income)
17.89
%
18.10
%
15.08
%
Efficiency ratio (calculated by dividing total noninterest expense by total revenue)
59.68
%
56.87
%
52.69
%
ASSET QUALITY
(Unaudited, dollars in thousands)
Nonperforming Assets At
March 31 2024
December 31 2023
March 31 2023
Nonperforming loans
Commercial & industrial loans
$
17,640
$
20,188
$
26,343
Commercial real estate loans
24,213
22,952
18,038
Small business loans
316
398
242
Residential real estate loans
9,947
7,634
8,178
Home equity
4,805
3,171
3,305
Other consumer
20
40
129
Total nonperforming loans
56,941
54,383
56,235
Other real estate owned
110
110
—
Total nonperforming assets
$
57,051
$
54,493
$
56,235
Nonperforming loans/gross loans
0.40
%
0.38
%
0.40
%
Nonperforming assets/total assets
0.30
%
0.28
%
0.29
%
Allowance for credit losses/nonperforming loans
258.07
%
261.52
%
282.98
%
Allowance for credit losses/total loans
1.03
%
1.00
%
1.14
%
Delinquent loans/total loans
0.52
%
0.44
%
0.27
%
Nonperforming Assets Reconciliation for the Three Months Ended
March 31 2024
December 31 2023
March 31 2023
Nonperforming assets beginning balance
$
54,493
$
39,281
$
54,881
New to nonperforming
19,258
31,823
5,416
Loans charged-off
(881
)
(4,182
)
(815
)
Loans paid-off
(6,982
)
(10,905
)
(1,915
)
Loans restored to performing status
(8,855
)
(1,534
)
(1,352
)
Other
18
10
20
Nonperforming assets ending balance
$
57,051
$
54,493
$
56,235
Net Charge-Offs (Recoveries)
Three Months Ended
March 31 2024
December 31 2023
March 31 2023
Net charge-offs (recoveries)
Commercial and industrial loans
$
(85
)
$
80
$
276
Commercial real estate loans
—
2,783
—
Small business loans
70
267
(3
)
Home equity
(133
)
23
(16
)
Other consumer
422
694
281
Total net charge-offs (recoveries)
$
274
$
3,847
$
538
Net charge-offs (recoveries) to average loans (annualized)
0.01
%
0.11
%
0.02
%
BALANCE SHEET AND CAPITAL RATIOS
March 31 2024
December 31 2023
March 31 2023
Gross loans/total deposits
95.26
%
96.05
%
91.33
%
Common equity tier 1 capital ratio (1)
14.16
%
14.19
%
13.83
%
Tier 1 leverage capital ratio (1)
10.95
%
10.97
%
10.78
%
Common equity to assets ratio GAAP
14.92
%
14.96
%
14.56
%
Tangible common equity to tangible assets ratio (2)
10.27
%
10.31
%
9.89
%
Book value per share GAAP
$
67.94
$
67.53
$
64.17
Tangible book value per share (2)
$
44.34
$
44.13
$
41.31
(1) Estimated number for March 31, 2024. (2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.
INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Interest
Interest
Interest
Average
Earned/
Yield/
Average
Earned/
Yield/
Average
Earned/
Yield/
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments
$
50,583
$
483
3.84
%
$
42,391
$
304
2.85
%
$
73,608
$
665
3.66
%
Securities
Securities - trading
4,779
—
—
%
4,509
—
—
%
4,095
—
—
%
Securities - taxable investments
2,867,460
14,231
2.00
%
2,923,983
14,629
1.98
%
3,117,024
15,309
1.99
%
Securities - nontaxable investments (1)
190
2
4.23
%
186
2
4.27
%
193
2
4.20
%
Total securities
$
2,872,429
$
14,233
1.99
%
$
2,928,678
$
14,631
1.98
%
$
3,121,312
$
15,311
1.99
%
Loans held for sale
7,095
104
5.90
%
3,614
57
6.26
%
2,474
34
5.57
%
Loans
Commercial and industrial (1)
1,559,978
27,629
7.12
%
1,600,886
28,990
7.18
%
1,618,330
26,572
6.66
%
Commercial real estate (1)
8,110,813
102,054
5.06
%
7,956,103
100,331
5.00
%
7,773,007
89,581
4.67
%
Commercial construction
842,480
15,421
7.36
%
895,313
15,932
7.06
%
1,134,469
16,467
5.89
%
Small business
257,022
4,160
6.51
%
246,411
3,956
6.37
%
222,543
3,219
5.87
%
Total commercial
10,770,293
149,264
5.57
%
10,698,713
149,209
5.53
%
10,748,349
135,839
5.13
%
Residential real estate
2,418,617
26,083
4.34
%
2,380,706
24,712
4.12
%
2,056,524
19,358
3.82
%
Home equity
1,094,856
18,444
6.78
%
1,097,233
18,747
6.78
%
1,089,056
16,244
6.05
%
Total consumer real estate
3,513,473
44,527
5.10
%
3,477,939
43,459
4.96
%
3,145,580
35,602
4.59
%
Other consumer
30,669
609
7.99
%
32,141
667
8.23
%
32,767
577
7.14
%
Total loans
$
14,314,435
$
194,400
5.46
%
$
14,208,793
$
193,335
5.40
%
$
13,926,696
$
172,018
5.01
%
Total interest-earning assets
$
17,244,542
$
209,220
4.88
%
$
17,183,476
$
208,327
4.81
%
$
17,124,090
$
188,028
4.45
%
Cash and due from banks
177,506
178,100
181,402
Federal Home Loan Bank stock
47,203
37,054
14,714
Other assets
1,809,640
1,883,317
1,844,556
Total assets
$
19,278,891
$
19,281,947
$
19,164,762
Interest-bearing liabilities
Deposits
Savings and interest checking accounts
$
5,165,866
$
14,856
1.16
%
$
5,323,667
$
14,315
1.07
%
$
5,745,357
$
7,473
0.53
%
Money market
2,844,014
15,991
2.26
%
2,851,343
15,197
2.11
%
3,243,322
10,393
1.30
%
Time deposits
2,297,219
23,473
4.11
%
2,103,666
19,944
3.76
%
1,293,987
4,809
1.51
%
Total interest-bearing deposits
$
10,307,099
$
54,320
2.12
%
$
10,278,676
$
49,456
1.91
%
$
10,282,666
$
22,675
0.89
%
Borrowings
Federal Home Loan Bank borrowings
1,185,296
14,631
4.96
%
884,441
10,836
4.86
%
298,413
3,644
4.95
%
Junior subordinated debentures
62,858
1,147
7.34
%
62,857
1,164
7.35
%
62,856
1,001
6.46
%
Subordinated debentures
40,651
508
5.03
%
49,968
618
4.91
%
49,897
617
5.01
%
Total borrowings
$
1,288,805
$
16,286
5.08
%
$
997,266
$
12,618
5.02
%
$
411,166
$
5,262
5.19
%
Total interest-bearing liabilities
$
11,595,904
$
70,606
2.45
%
$
11,275,942
$
62,074
2.18
%
$
10,693,832
$
27,937
1.06
%
Noninterest-bearing demand deposits
4,439,107
4,704,888
5,219,531
Other liabilities
347,573
406,029
374,195
Total liabilities
$
16,382,584
$
16,386,859
$
16,287,558
Stockholders' equity
2,896,307
2,895,088
2,877,204
Total liabilities and stockholders' equity
$
19,278,891
$
19,281,947
$
19,164,762
Net interest income
$
138,614
$
146,253
$
160,091
Interest rate spread (2)
2.43
%
2.63
%
3.39
%
Net interest margin (3)
3.23
%
3.38
%
3.79
%
Supplemental Information
Total deposits, including demand deposits
$
14,746,206
$
54,320
$
14,983,564
$
49,456
$
15,502,197
$
22,675
Cost of total deposits
1.48
%
1.31
%
0.59
%
Total funding liabilities, including demand deposits
$
16,035,011
$
70,606
$
15,980,830
$
62,074
$
15,913,363
$
27,937
Cost of total funding liabilities
1.77
%
1.54
%
0.71
%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.2 million for both the three months ended March 31, 2024 and December 31, 2023, and $1.1 million for the three months ended and March 31, 2023, determined by applying the Company's marginal tax rates in effect during each respective quarter. (2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. (3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)
The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:
March 31 2024
December 31 2023
March 31 2023
Tangible common equity
(Dollars in thousands, except per share data)
Stockholders' equity (GAAP)
$
2,884,208
$
2,895,251
$
2,830,909
(a)
Less: Goodwill and other intangibles
1,001,698
1,003,262
1,008,325
Tangible common equity (Non-GAAP)
$
1,882,510
$
1,891,989
$
1,822,584
(b)
Tangible assets
Assets (GAAP)
$
19,324,613
$
19,347,373
$
19,442,402
(c)
Less: Goodwill and other intangibles
1,001,698
1,003,262
1,008,325
Tangible assets (Non-GAAP)
$
18,322,915
$
18,344,111
$
18,434,077
(d)
Common Shares
42,452,457
42,873,187
44,114,827
(e)
Common equity to assets ratio (GAAP)
14.92
%
14.96
%
14.56
%
(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)
10.27
%
10.31
%
9.89
%
(b/d)
Book value per share (GAAP)
$
67.94
$
67.53
$
64.17
(a/e)
Tangible book value per share (Non-GAAP)
$
44.34
$
44.13
$
41.31
(b/e)
APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
(Unaudited, dollars in thousands)
The following table summarizes the calculation of the Company's return on average tangible common equity for the periods indicated:
Three Months Ended
March 31 2024
December 31 2023
March 31 2023
Net income (GAAP)
$
47,770
$
54,803
$
61,247
Average common equity (GAAP)
$
2,896,307
$
2,895,088
$
2,877,204
Less: Average goodwill and other intangibles
1,002,506
1,004,081
1,009,340
Tangible average tangible common equity (Non-GAAP)
$
1,893,801
$
1,891,007
$
1,867,864
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)
10.15
%
11.50
%
13.30
%
APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin
Three Months Ended
March 31, 2024
December 31, 2023
Volume
Interest
Margin Impact
Volume
Interest
Margin Impact
(Dollars in thousands)
Reported total interest earning assets
$
17,244,542
$
138,614
3.23
%
$
17,183,476
$
146,253
3.38
%
Acquisition fair value marks:
Loan accretion
(109
)
(1,156
)
CD amortization
9
11
(100
)
—
%
(1,145
)
(0.03
)%
Nonaccrual interest, net
(341
)
(0.01
)%
549
0.01
%
Other noncore adjustments
(4,460
)
(582
)
(0.01
)%
(4,913
)
(574
)
(0.01
)%
Core margin (Non-GAAP)
$
17,240,082
$
137,591
3.21
%
$
17,178,563
$
145,083
3.35
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240417517437/en/
Jeffrey Tengel President and Chief Executive Officer (781) 982-6144 Mark J. Ruggiero Chief Financial Officer and Executive Vice President of Consumer Lending (781) 982-6281
1 Year Independent Bank Chart |
1 Month Independent Bank Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions