INDEPENDENT BANK CORP
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Table 16 - Summary of Results of Operation
Results of Operations
Table 16 - Summary of Results of Operations
| Years Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in thousands, except per share data) | |||
| Net income | $239,502 | $263,813 | $120,992 |
| Diluted earnings per share | $5.42 | $5.69 | $3.47 |
| Return on average assets | 1.24% | 1.33% | 0.81% |
| Return on average equity | 8.31% | 9.05% | 6.34% |
| Stockholders' equity as % of assets | 14.96% | 14.96% | 14.78% |
| Net interest margin | 3.54% | 3.46% | 3.02% |
Net Interest Income The amount of net interest income is affected by changes in interest rates and by the volume, mix, and interest rate sensitivity of interest-earning assets and interest-bearing liabilities.
On a fully tax-equivalent basis, net interest income was $611.0 million for the year ended December 31, 2023, representing a 1.0% decrease from net interest income of $617.3 million for the year ended December 31, 2022.
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