Independent Bank Corp. Reports Third Quarter Net Income of $89.7 Million
Independent Bank Corp. reported record Q3 2026 net income of $89.7 million, or $1.90 per diluted share, up 12% from $1.70 in the prior quarter and up sharply from $0.69 a year ago. Net interest income rose $9.7 million sequentially to $220.7 million with the net interest margin expanding 4 basis points to 3.89%, while loans grew 0.9% to $18.6 billion and deposits rose 0.7% to $20.5 billion. Asset quality showed some slippage: nonperforming loans rose to $125.7 million (0.68% of loans) on one office real estate loan, though net charge-offs stayed low at 0.02% annualized.
Key figures
- Eps
- 1.9
- Revenue
- $261.9 million
- Revenue Yoy
- 0
- Npl ratio
- 0.68%
- Net income
- 89749000
- Total loans
- $18.6 billion
- Total assets
- $25.0 billion
- Buyback value
- $57.4 million
- Buyback shares
- 679000
- Total deposits
- $20.5 billion
- Efficiency ratio
- 52.84%
- Net interest income
- 220661000
- Net interest margin
- 3.89%
- Nonperforming loans
- $125.7 million
- Return on avg assets
- 1.42%
- Net charge offs ratio
- 0.02%
- Net income prior quarter
- 81838000
- Provision for credit losses
- 6500000
- Return on avg tangible common equity
- 15.43%
AI analysis
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