INDEPENDENT BANK CORP
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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, 2025 · Filed May 7, 2025
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Table 1 - Noninterest Income
Noninterest Income The following table sets forth information regarding noninterest income for the periods shown:
Table 13 - Noninterest Income
| Three Months Ended | ||||
|---|---|---|---|---|
| March 31 · Change | ||||
| 2025 | 2024 | Amount | % | |
| (Dollars in thousands) | ||||
| Deposit account fees | $7,053 | $6,228 | $825 | 13.25% |
| Interchange and ATM fees | 4,622 | 4,452 | 170 | 3.82% |
| Investment management and advisory | 11,220 | 9,941 | 1,279 | 12.87% |
| Mortgage banking income | 741 | 796 | (55) | (6.91)% |
| Increase in cash surrender value of life insurance policies | 2,065 | 1,928 | 137 | 7.11% |
| Gain on life insurance benefits | — | 263 | (263) | (100.00)% |
| Loan level derivative income | 1,042 | 80 | 962 | 1,202.50% |
| Other noninterest income | 5,796 | 6,255 | (459) | (7.34)% |
| Total | $32,539 | $29,943 | $2,596 | 8.67% |
The primary reasons for significant variances in the noninterest income categories shown in the preceding table are noted below:
Deposit account fees were higher for the first quarter of 2025, driven by increases in overdraft and cash management fees.
Investment management and advisory income increased for the first quarter of 2025, driven by higher assets under administration, which increased by $294.9 million, or 4.3%, to $7.1 billion at March 31, 2025, as compared to $6.8 billion at March 31, 2024, as well as higher insurance and retail commission income recognized in the first quarter of 2025.
Loan level derivative income increased for the first quarter of 2025, driven by fluctuations in customer demand fueled by changes in the macroeconomic environment.
Other noninterest income was lower for the first quarter of 2025, primarily attributable to decreases in gains on equity securities and FHLB dividend income.
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