INDEPENDENT BANK CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Table 1 - Summary of Results of Operations
Results of Operations
Table 18 - Summary of Results of Operations
| Years Ended December 31 | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (Dollars in thousands, except per share data) | |||
| Net income | $205,122 | $192,081 | $239,502 |
| Diluted earnings per share | $4.44 | $4.52 | $5.42 |
| Return on average assets | 0.92% | 0.99% | 1.24% |
| Return on average equity | 6.20% | 6.53% | 8.31% |
| Stockholders’ equity as % of assets | 14.31% | 15.45% | 14.96% |
| Net interest margin | 3.57% | 3.28% | 3.54% |
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 $713.9 million for the year ended December 31, 2025, representing a 26.0% increase from net interest income of $566.5 million for the year ended December 31, 2024. The 2025 increase in net interest income was primarily attributable to increased average interest earning assets obtained from the Enterprise acquisition, as well as higher yields on interest earning assets, which were positively impacted by the accretion of purchase accounting marks from the Enterprise acquisition, and decreased funding costs. These factors resulted in a net interest margin of 3.57%, representing an increase of 29 basis point, as compared to 3.28% for the prior year.
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