News about INDB

Independent Bank Corp. (INDB) reported net income of $89.7 million for Q3 2026, with diluted earnings per share up 12% from Q2, and a net interest margin of 3.89%. Total loans grew $158 million, or nearly 3.5% annualized, and non-time deposits rose $230 million, while the cost of deposits edged up to 1.42%. Net charge-offs were 0.02% of average loans, below the 20-year average of 0.16%, though a $6.5 million provision was booked for one office real estate loan that became non-performing; non-performing assets totaled $126.2 million, or 0.5% of total assets. The company repurchased $57.4 million of stock and postponed its core system conversion from October 2026 to February 2027.

Independent Bank Corp. (INDB) reported record Q3 2026 net income of $89.7 million, with diluted earnings per share up 12% from the prior quarter and a net interest margin of 3.89%. Loans grew by $158 million, led by C&I and commercial real estate, while non-time deposits rose $230 million. The company repurchased $57.4 million of stock and booked a $6.5 million provision for loan losses, mainly for one office loan that moved to non-performing status. The core system conversion was postponed from October 2026 to February 2027, and starting November 2026 the company is consolidating its headquarters into Rockland, Massachusetts, involving nearly 400 employees.