Independent Bank Corp/MA - INDB STOCK NEWS

Independent Bank Corp. (NASDAQ: INDB), the parent company of Rockland Trust Company, has declared a quarterly dividend of $0.57 per share. The dividend will be paid on January 6, 2025, to stockholders of record as of December 30, 2024.

Rockland Trust Company operates as a full-service commercial bank headquartered in Massachusetts, with retail branches across Eastern Massachusetts and Worcester County. The bank also maintains commercial banking and investment management offices in Massachusetts and Rhode Island, offering comprehensive banking, investment, and insurance services to individuals, families, and businesses.

Independent Bank Corp. (INDB) and Enterprise Bancorp have signed a merger agreement where Rockland Trust will acquire Enterprise Bank in a cash and stock transaction valued at approximately $562 million. Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash per share.

The merger, expected to close in the second half of 2025, will expand Rockland Trust's footprint into northern Massachusetts and southern New Hampshire. Enterprise Bank operates 27 full-service branches with $4.7 billion in total assets, $3.8 billion in net loans, and $4.2 billion in deposits. Post-merger, Rockland Trust will have approximately $25 billion in assets and $8.7 billion in wealth assets under administration.

Independent Bank Corp (Nasdaq: INDB) reported third quarter 2024 net income of $42.9 million, or $1.01 per diluted share, down from $51.3 million in Q2. The decline was primarily due to an increased loan loss provision, partially offset by higher revenue. Key highlights include:

- Total assets remained flat at $19.4 billion
- Total loans decreased slightly by 0.3% to $14.4 billion
- Average deposits increased by 2.2% to $15.4 billion
- Net interest income rose to $141.7 million
- Net interest margin improved by 4 basis points to 3.29%
- Noninterest income increased by 3.8% to $33.5 million
- Noninterest expense grew by 0.8% to $100.4 million

The company's asset quality saw some pressure, with nonperforming loans increasing to 0.73% of total loans, up from 0.40% in Q2. The allowance for credit losses on total loans rose to 1.14% from 1.05% in the previous quarter.

Independent Bank Corp. (Nasdaq: INDB), parent of Rockland Trust Company, has announced its third quarter conference call scheduled for October 18, 2024, at 10:00 AM Eastern Time. Participants can access the call via phone at 888-336-7153 (reference: INDB) or pre-register online for immediate access. A replay will be available until October 25, 2024.

The call can also be accessed through the company's website, with the webcast replay available until October 15, 2025. Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts, offering a wide range of banking, investment, and insurance services across Eastern Massachusetts, Worcester County, and Rhode Island.

Independent Bank Corp. (Nasdaq: INDB), the parent company of Rockland Trust Company, has declared a quarterly dividend of $0.57 per share. The dividend will be paid on October 4, 2024, to stockholders of record as of the close of business on September 30, 2024.

Rockland Trust Company is a full-service commercial bank headquartered in Massachusetts, offering a wide range of banking, investment, and insurance services. The bank operates retail branches in Eastern Massachusetts and Worcester County, as well as commercial banking and investment management offices in Massachusetts and Rhode Island. Rockland Trust provides mobile, online, and telephone banking services, and is an FDIC member and Equal Housing Lender.

Independent Bank Corp. (INDB) reported Q2 2024 net income of $51.3 million, or $1.21 per diluted share, up from $47.8 million in Q1. The company saw positive momentum across core financial components, with total assets increasing 0.4% to $19.4 billion. Loans grew by 0.5% to $14.4 billion, driven by commercial and industrial portfolios. Deposits rose 2.4% to $15.4 billion, with growth across all segments. The net interest margin improved slightly to 3.25%, while noninterest income increased by 8.0%. Asset quality remained stable, with the allowance for credit losses at 1.05% of total loans. The company's book value per share increased to $68.74, and tangible book value per share rose to $45.19.

Independent Bank Corp. (Nasdaq: INDB), the parent company of Rockland Trust, has announced its second-quarter earnings conference call will be held on July 19, 2024, at 10:00 AM Eastern Time. The call can be accessed by dialing 888-336-7153 with the reference code INDB. Pre-registration for the conference is available online, offering a unique PIN for immediate access. A replay of the call will be accessible until July 26, 2024, via 877-344-7529 with replay conference number 3664959. The webcast will be available on the company's website until July 19, 2025. Independent Bank Corp. provides a variety of banking, investment, and insurance services through their retail branches and offices across Massachusetts and Rhode Island, and they offer extensive mobile and online banking services.

Independent Bank Corp. (NASDAQ: INDB), the parent company of Rockland Trust, announced a quarterly cash dividend of $0.57 per share. The dividend is scheduled to be paid on July 8, 2024, to shareholders who are recorded by the close of business on July 1, 2024. Rockland Trust offers a wide range of banking, investment, and insurance services across Massachusetts and Rhode Island. The bank also provides mobile, online, and telephone banking services, ensuring convenient access for customers. Rockland Trust is an FDIC member and an Equal Housing Lender.

Independent Bank Corp. (INDB) reported first-quarter net income of $47.8 million, with a return on average assets of 1.00% and a return on average common equity of 6.63%. Total assets remained steady at $19.3 billion, with loan and deposit growth. Net interest income decreased to $137.4 million, while noninterest income and expenses saw fluctuations. Asset quality remained stable, with minimal net charge-offs and slight increases in nonperforming loans. The company's conference call to discuss earnings will be held on April 19, 2024.