10-K · February 27, 2026
Independent Bank Corp. completed the Enterprise Bancorp acquisition on July 1, 2025 for $503.1 million ( $477.2M equity and $25.9M cash) and finished FY2025 with a larger balance sheet (total assets $24.9B, deposits…
Earnings analysis · 10-Q
INDB earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Independent Bank Corp. reported a net income of $79.9 million in Q1 2026, translating to diluted EPS of $1.63, indicating significant growth from $44.4 million and $1.04 EPS in Q1 2025. Revenue was reported at $252.7…
Read full summary
Independent Bank Corp. reported a net income of $79.9 million in Q1 2026, translating to diluted EPS of $1.63, indicating significant growth from $44.4 million and $1.04 EPS in Q1 2025. Revenue was reported at $252.7 million, slightly above expectations with increased net interest income driven by the acquisition of Enterprise Bancorp Inc. However, total non-performing loans rose to $96.6 million, and loan balances decreased overall, indicating some underlying challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.63
What stood out
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Strong EPS Growth
Diluted EPS rose to $1.63 from $1.04 in Q1 2025, a 56.7% increase.
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Revenue Exceeds Estimates
Actual revenue of $252.7 million surpassed consensus estimates of $252.2 million.
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Improved Net Interest Margin
Net interest margin increased to 3.90%, up from 3.42% in Q1 2025, driven by higher yields.
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Increased Non-Interest Income
Total non-interest income rose to $40.3 million, a 23.73% increase year over year.
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Stock Buyback Executed
Company executed a $150 million stock repurchase plan, buying back $63.3 million worth of shares.
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Dividend Growth
Quarterly dividend increased from $0.59 to $0.64 per share, an increase of 8.5%.
What to watch
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Increase in Non-Performing Loans
Non-performing loans rose to $96.6 million from $83.6 million in Q4 2025.
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Loan Portfolio Decrease
Total loan balances decreased by $78.3 million from December 31, 2025.
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High Non-Interest Expense
Non-interest expenses increased 34.98% to $142.9 million due to acquisition-related costs.
Management's outlook
Management expects continued organic growth and is open to acquisitions, but specific guidance was not provided.
Earlier filings 4
10-K · February 28, 2025
Independent Bank Corp. reported robust performance in 2024, with total assets reaching $19.4 billion and total deposits at $15.3 billion. The company remains actively engaged in its acquisition of Enterprise Bancorp,…
10-K · February 28, 2024
Independent Bank Corp. (the Company) operates a single reportable segment—Rockland Trust—and reports total assets of $19.3 billion, deposits of $14.9 billion and stockholders’ equity of $2.9 billion at December 31,…
10-Q · August 3, 2023
Independent Bank Corp. reported Q2 net revenue (net interest income + noninterest income) of $183,303,000 and diluted EPS of $1.42, up versus Q2 2022 and modestly above the prior quarter on EPS. Loan balances increased…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.