Independent Bank Massachusetts Q3 adjusted EPS beats estimates
INDB•Independent Bank reported Q3 adjusted EPS of $1.90, above the $1.84 analyst consensus. Net income was $89.75 million, net interest income was $220.66 million, and the company repurchased 679,000 shares for $57.4 million.
1. Quarterly results
Independent Bank's Q3 adjusted EPS was $1.90, beating the $1.84 consensus estimate from six analysts. Net income was $89.75 million, net interest income was $220.66 million, and net interest margin was 3.89%.
2. Growth drivers
The company said higher net interest income and improved net interest margin were driven by asset repricing and increased loan yields. Deposit growth mainly reflected inflows from business and consumer accounts, while loan growth was supported by demand for home equity loans and residential mortgages. Independent Bank repurchased 679,000 shares for $57.4 million during the quarter and provided no specific outlook for future quarters.
