Independent Bank Corp. reported a 44% year-over-year increase in total revenues for the fourth quarter of 2025, driven largely by the October acquisition of Enterprise Bancorp. Loan balances grew by $2.1 billion compared with the prior year, while deposit balances expanded by $1.8 billion. Net interest margin improved sequentially by 12 basis points to 3.77%, marking the third consecutive quarter of margin expansion and reflecting accretion from higher-yielding acquired assets.

Adjusted earnings per share of $1.70 exceeded consensus estimates by 3 cents, up from $1.21 in Q4 2024. On a GAAP basis, net income climbed to $75.3 million, or $1.52 per diluted share, versus $34.3 million, or $0.69 per share, in the prior quarter. Management attributed the surge to merger-related revenue synergies, cost saves of $4 million in integration expenses and one-time purchase accounting benefits totaling $7 million.

Nonperforming loans as a percentage of total loans improved to 0.58% from 0.65% at year-end 2024, although net charge-offs rose modestly to an annualized 0.12% of the loan portfolio. Return on assets rebounded to 1.45% from 0.78% in Q3, and return on tangible common equity jumped to 14.2%, underscoring the accretive impact of the Enterprise acquisition and effective expense management.