INDEPENDENT BANK CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Table 16 - Summary of Results of Operations
Results of Operations
Table 16 - Summary of Results of Operations
| Years Ended December 31 | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (Dollars in thousands, except per share data) | |||
| Net income | $192,081 | $239,502 | $263,813 |
| Diluted earnings per share | $4.52 | $5.42 | $5.69 |
| Return on average assets | 0.99% | 1.24% | 1.33% |
| Return on average equity | 6.53% | 8.31% | 9.05% |
| Stockholders’ equity as % of assets | 15.45% | 14.96% | 14.96% |
| Net interest margin | 3.28% | 3.54% | 3.46% |
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 $566.5 million for the year ended December 31, 2024, representing a 7.3% decrease from net interest income of $611.0 million for the year ended December 31, 2023. The 2024 decrease in net interest income was attributable to rising deposit costs, resulting in a 26 basis point reduction in net margin to 3.28%, as compared to 3.54% for the prior year.
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