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Recap: Independent Bank Q3 Earnings

Benzinga Insights
·1 min read

Shares of Independent Bank (NASDAQ:INDB) were unchanged in after-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share fell 29.33% year over year to $1.06, which beat the estimate of $0.81.

Revenue of $120,230,000 decreased by 11.86% from the same period last year, which missed the estimate of $122,480,000.

Looking Ahead

Independent Bank hasn't issued any earnings guidance for the time being.

View more earnings on INDB

Independent Bank hasn't issued any revenue guidance for the time being.

Price Action

Company's 52-week high was at $87.11

Company's 52-week low was at $49.25

Price action over last quarter: down 16.84%

Company Description

Independent Bank is a bank holding company and the sole shareholder of its bank, the Rockland Trust Company. Rockland is a community-oriented commercial bank. The bank's revenue is derived from a wide array of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. Rockland has historically relied heavily on both organic growth and select merger and acquisition activity to drive growth. The bank's loan portfolio constitutes the bulk of the bank's total assets. Its borrowers consist mostly of small to medium-size businesses and consumers, most of which are made to its market area in eastern Massachusetts and Rhode Island. The bank's loan portfolio is predominantly in commercial loans.

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