INDB · Independent Bank Corp.

Independent Bank Corp. delivered solid first quarter 2026 results, with GAAP net income rising to $79.9 million from $75.3 million in the prior quarter. Operating results, which exclude merger-related costs from the 2025 Enterprise Bancorp acquisition, showed a slight decline in net income to $82.1 million from $84.4 million, reflecting the normalization of expenses post-integration. CEO Jeffrey Tengel highlighted the company's focus on driving profitability and maintaining discipline in uncertain times. Profitability metrics improved significantly, with Return on Average Assets (ROAA) increasing to 1.31% and Return on Average Common Equity (ROACE) rising to 9.02%. The Net Interest Margin (NIM) expanded by 13 basis points to 3.90%, benefiting from fixed-rate asset repricing, lower deposit costs, and purchase accounting accretion. The company continues to actively manage capital, repurchasing approximately 802,000 shares for $63.3 million and increasing the quarterly dividend by 8.5% to $0.64 per share. Asset quality showed mixed signals; while net charge-offs decreased slightly, nonperforming loans increased to 0.52% of total loans, and criticized/classified commercial loans rose by 21.7%. Management provided updated 2026 guidance, projecting mid-single digit percentage growth in Commercial and Industrial loans and targeting a net interest margin range of 3.90%-3.95% for the fourth quarter.