INDEPENDENT BANK CORP
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Table 10 - Summary of Results of Operations
| Three Months Ended March 31 | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars in thousands, except per share data) | ||
| Net income | $47,770 | $61,247 |
| Diluted earnings per share | $1.12 | $1.36 |
| Return on average assets | 1.00% | 1.30% |
| Return on average equity | 6.63% | 8.63% |
| Net interest margin | 3.23% | 3.79% |
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 ("FTE"), net interest income for the first quarter of 2024 was $138.6 million, representing a decrease of $21.5 million, or 13.4%, when compared to the first quarter of 2023, as rising deposit costs continued to counter the benefit of repriced assets, resulting in a reduction in net interest margin of 56 basis points to 3.23% for the first quarter of 2024.
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