Independent Bank Corp. Q1 EPS $1.63, Adjusted $1.68 Misses $1.70 Forecast
Independent Bank Corp. reported Q1 net income of $79.9 million, with EPS of $1.63 and $1.68 adjusted, both missing analyst forecasts of $1.70. The bank generated $330.5 million in revenue and $252.7 million in net interest revenue, underperforming consensus estimates.
1. First-Quarter Net Income and EPS
Independent Bank Corp. posted net income of $79.9 million in the first quarter, translating to earnings per share of $1.63 and $1.68 on an adjusted basis after excluding one-time gains and costs.
2. Missed Analyst Expectations
Adjusted EPS of $1.68 fell short of the $1.70 consensus estimate, though it represented a year-over-year increase from $1.06 per share in the same period last year.
3. Revenue and Net Interest Income Performance
Total revenue for the quarter reached $330.5 million, while net revenue after interest expense was $252.7 million, both figures trailing analyst projections for the period.