INDEPENDENT BANK CORP
For the period ended Jun 30, 2024. Filed Aug 6, 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.
Jun 30, 2024 · Filed Aug 6, 2024
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Table 10 - Summary of Results of Operations
| Three Months Ended June 30 | Six Months Ended June 30 | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (Dollars in thousands, except per share data) | ||||
| Net income | $51,330 | $62,644 | $99,100 | $123,891 |
| Diluted earnings per share | $1.21 | $1.42 | $2.33 | $2.78 |
| Return on average assets | 1.07% | 1.29% | 1.03% | 1.29% |
| Return on average equity | 7.10% | 8.78% | 6.87% | 8.70% |
| Net interest margin | 3.25% | 3.54% | 3.24% | 3.67% |
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 second quarter of 2024 was $139.1 million, representing a decrease of $14.5 million, or 9.5%, when compared to the second quarter of 2023. For the six months ended June 30, 2024, the net interest income on a FTE basis was $277.7 million, representing a decrease of $36.0 million, or 11.5%, when compared to the six months ended June 30, 2023. The decreases in net interest income for both the three and six month 2024 periods were primarily attributable to rising deposit costs, resulting in a net interest margin decrease of 29 basis points to 3.25% for the second quarter of 2024, compared to the same prior year quarter, and a net interest margin decrease of 43 basis points to 3.24% for the first half of 2024 as compared to the same prior year period.
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