Independent Bank Corp. (INDB) reported a net income of $192.1 million for the year ended December 31, 2024, a 19.8% decrease compared to $239.5 million in 2023. Diluted earnings per share fell from $5.42 to $4.52, a 16.6% decrease. The 2024 figures included $1.9 million in pre-tax merger-related costs associated with the pending acquisition of Enterprise Bancorp, Inc. Excluding these costs, operating net income was $193.4 million, or $4.55 per diluted share.
The decrease in net income reflected a 26 basis point compression in the net interest margin, compared to the full year 2023. Despite this, loan growth reached 1.6% and deposit growth was 3.0%. Fee income remained strong, with wealth assets under administration exceeding $7.0 billion. The company also highlighted focused expense management and strong capital levels, with tangible book value growing by $2.83 for the year. The decrease in net interest income was attributed to rising deposit costs.
Total assets reached $19.4 billion at December 31, 2024, while total deposits were $15.3 billion and stockholders’ equity was $3.0 billion. The company's loan portfolio totaled $14.5 billion, representing 74.9% of total assets. The largest loan type concentration was commercial real estate, including commercial construction. The company noted that the current environment has created additional considerations over office exposure due to reduced demand for large office spaces.
As of December 31, 2024, Rockland Trust employed 1,837 colleagues, with 817 officers. The company's largest business units were Retail, Commercial, and Operations. An internal survey indicated that 84% of colleagues would recommend working at Rockland Trust. The Rockland Trust Charitable Foundation donated approximately $2.5 million to over 330 nonprofit organizations in 2024.
The company's definitive merger agreement with Enterprise Bancorp, Inc., announced December 9, 2024, is expected to close in the second half of 2025, subject to shareholder and regulatory approvals. The company acknowledged risks associated with the acquisition, including potential delays or failure to consummate the merger. The company also noted various risk factors, including those related to interest rate changes, economic conditions, credit losses, legal and regulatory matters, information security, and competition. The company disclaims any obligation to update its forward-looking statements.
About INDEPENDENT BANK CORP
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