NASDAQ$INDB
Independent Bank Corp. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported a net income of $60.8 million for the third quarter of 2023.
Independent Bank Corp. reported a net income of $60.8 million for the third quarter of 2023, with a return on average assets of 1.25% and a return on average common equity of 8.35%. Total assets remained relatively consistent with the prior quarter at $19.4 billion.
- Net income for the third quarter of 2023 was $60.8 million, or $1.38 per diluted share.
- Total loans increased by $84.3 million, or 0.6%, compared to the prior quarter, driven primarily by consumer real estate.
- Deposit balances decreased by $188.5 million, or 1.2%, from the prior quarter, primarily due to seasonal declines in municipal deposits.
- The company announced a new stock repurchase plan, authorizing up to $100 million in common stock repurchases.
Headline financials
Revenue & EPS history
Independent Bank · Revenue · Quarterly
$183M
Revenue by segment
Independent Bank · $28.2M total across 8 segments · Q3 2022
- Investment management and advisory$8.44M—29.9%
- Deposit account fees$6.26M—22.2%
- Other noninterest income$5.75M—20.4%
- Interchange and ATM fees$4.33M—15.4%
- Increase in cash surrender value of life insurance policies$1.88M—6.7%
- Mortgage banking income$585K—2.1%
- Gain on life insurance benefits$477K—1.7%
- Loan level derivative income$471K—1.7%
Forward guidance
The company's strong balance sheet and capital levels position it well for continuing to successfully navigate forward in a challenging environment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.3%
Avg return
Earnings day
+2.0%
Avg return
5 days after
+4.0%
Avg return
30 days after
54%
35 / 65 earnings
Positive
+11.0%
Q3 2020
Best reaction
-11.5%
Q2 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | -0.2% | -3.1% | |
| Q4 2025 | -2.4% | -1.2% | +3.6% | |
| Q3 2025 | +2.8% | +5.6% | +7.4% | |
| Q2 2025 | -2.8% | -1.1% | +4.8% | |
| Q1 2025 | -2.2% | +3.4% | +15.9% | |
| Q4 2024 | +3.5% | +5.2% | +5.8% | |
| Q3 2024 | -4.2% | -3.2% | +12.4% | |
| Q2 2024 | +0.1% | +7.3% | +3.5% | |
| Q1 2024 | +4.2% | +7.6% | +9.1% | |
| Q4 2023 | -0.6% | +0.2% | -11.3% | |
| Q3 2023 | -5.7% | -6.1% | +17.9% | |
| Q2 2023 | +4.0% | +7.9% | +3.6% | |
| Q4 2022 | -3.4% | -3.4% | +1.8% | |
| Q3 2022 | +1.2% | +4.1% | +4.8% | |
| Q2 2022 | -0.5% | +1.5% | +4.0% | |
| Q1 2022 | -2.7% | -5.0% | -1.2% | |
| Q4 2021 | +0.4% | +1.4% | +2.6% | |
| Q3 2021 | +0.7% | -2.0% | +0.5% | |
| Q2 2021 | -1.9% | -2.2% | +10.1% | |
| Q1 2021 | +2.3% | +5.5% | +0.1% | |
| Q4 2020 | -2.4% | -1.7% | +4.3% | |
| Q3 2020 | +11.0% | +11.1% | +32.7% | |
| Q2 2020 | +0.8% | -1.9% | -3.9% | |
| Q1 2020 | -0.3% | +8.4% | -5.0% | |
| Q4 2019 | -0.3% | -1.8% | -4.2% | |
| Q3 2019 | +7.7% | +11.7% | +14.7% | |
| Q2 2019 | +1.9% | +1.7% | -5.1% | |
| Q1 2019 | -6.1% | -6.1% | -9.5% | |
| Q4 2018 | +3.7% | +5.4% | +12.3% | |
| Q3 2018 | +2.1% | -2.8% | +0.2% | |
| Q2 2018 | +10.1% | +12.6% | +12.6% | |
| Q1 2018 | -1.2% | +1.1% | +2.7% | |
| Q4 2017 | -0.5% | -0.7% | -1.5% | |
| Q3 2017 | -1.6% | -3.2% | -7.4% | |
| Q2 2017 | +7.0% | +8.5% | +0.1% | |
| Q1 2017 | +2.0% | +4.7% | -2.6% | |
| Q4 2016 | -7.1% | -7.0% | -6.2% | |
| Q3 2016 | +0.7% | +5.5% | +21.5% | |
| Q2 2016 | +5.7% | +5.7% | +9.8% | |
| Q1 2016 | +0.6% | — | — | |
| Q4 2015 | +5.1% | — | — | |
| Q3 2015 | +5.0% | — | — | |
| Q2 2015 | +1.9% | — | — | |
| Q1 2015 | -5.3% | — | — | |
| Q4 2014 | +3.7% | — | — | |
| Q3 2014 | +3.2% | — | — | |
| Q2 2014 | -1.9% | — | — | |
| Q1 2014 | +0.5% | — | — | |
| Q4 2013 | +0.4% | — | — | |
| Q3 2013 | +1.1% | — | — | |
| Q2 2013 | +0.0% | — | — | |
| Q1 2013 | -0.1% | — | — | |
| Q4 2009 | -0.3% | — | — | |
| Q4 2012 | -1.2% | — | — | |
| Q3 2012 | -2.2% | — | — | |
| Q1 2011 | +0.3% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | -11.5% | — | — | |
| Q2 2010 | -11.5% | — | — | |
| Q1 2010 | +2.6% | — | — |
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