INDB earnings analysis
What we found in INDB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong EPS Growth
- Diluted EPS rose to $1.63 from $1.04 in Q1 2025, a 56.7% increase.
- Revenue Exceeds Estimates
- Actual revenue of $252.7 million surpassed consensus estimates of $252.2 million.
- Improved Net Interest Margin
- Net interest margin increased to 3.90%, up from 3.42% in Q1 2025, driven by higher yields.
- Increased Non-Interest Income
- Total non-interest income rose to $40.3 million, a 23.73% increase year over year.
- Stock Buyback Executed
- Company executed a $150 million stock repurchase plan, buying back $63.3 million worth of shares.
- Dividend Growth
- Quarterly dividend increased from $0.59 to $0.64 per share, an increase of 8.5%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increase in Non-Performing Loans
- Non-performing loans rose to $96.6 million from $83.6 million in Q4 2025.
- Loan Portfolio Decrease
- Total loan balances decreased by $78.3 million from December 31, 2025.
- High Non-Interest Expense
- Non-interest expenses increased 34.98% to $142.9 million due to acquisition-related costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.63
What they said about what is next.
Management expects continued organic growth and is open to acquisitions, but specific guidance was not provided.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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