INDEPENDENT BANK CORP
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
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Table 10 - Summary of Results of Operations
| Three Months Ended September 30 | Nine Months Ended September 30 | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (Dollars in thousands, except per share data) | ||||
| Net income | $42,947 | $60,808 | $142,047 | $184,699 |
| Diluted earnings per share | $1.01 | $1.38 | $3.34 | $4.16 |
| Return on average assets | 0.88% | 1.25% | 0.98% | 1.28% |
| Return on average equity | 5.75% | 8.35% | 6.49% | 8.58% |
| Net interest margin | 3.29% | 3.47% | 3.26% | 3.60% |
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 third quarter of 2024 was $142.9 million, representing a decrease of $8.1 million, or 5.4%, when compared to the third quarter of 2023. For the nine months ended September 30, 2024, the net interest income on a FTE basis was $420.6 million, representing a decrease of $44.2 million, or 9.5%, when compared to the nine months ended September 30, 2023. These 2024 decreases in net interest income were primarily attributable to rising deposit costs, resulting in a net interest margin of 3.29% and 3.26% for the three and nine months ended September 30, 2024, respectively, representing decreases of 18 basis points and 34 basis points, respectively, compared to the same prior year periods.
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