Independent Bank (INDB) Q3 2026 Earnings Call Transcript

Independent Bank (INDB) reported third-quarter 2026 results during an earnings call featuring CEO Jeffrey Tengel and CFO Mark J. Ruggiero. Net income was $89.7 million, up 12% versus the prior quarter on a diluted earnings-per-share basis. The net interest margin rose to 3.89%, helped mainly by increased purchase accounting benefits. Adjusted core margin was 3.76%, flat sequentially excluding purchase accounting and other non-core items. Loan growth totaled $158 million, nearly 3.5% annualized, with increases across C&I, commercial real estate, home equity and residential mortgage categories. The bank recorded $6.5 million in provision for loan losses tied to a specific non-performing office real estate loan. Non-performing assets were $126.2 million (0.5% of total assets). The company repurchased about 679,000 shares for $57.4 million at an average price of $84.60, and ended with a Common Equity Tier 1 ratio of 12.7% as of Sept. 30, 2026.