Independent Bank Corp. Posts Record Q3 EPS of $1.90, But Nonperforming Loans Jump 21%
INDB sits 22% above its 52-week low of $63.33.
Summary
Independent Bank Corp. reported record Q3 earnings of $1.90 per diluted share, up 12% from the prior quarter, on margin expansion and deposit growth. Credit quality deteriorated as nonperforming loans rose 21% to $125.7M and delinquencies jumped to 0.73% of loans.
Key Events · Earnings and Guidance · INDB
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Record Q3 EPS of $1.90
Net income of $89.7M, or $1.90 per diluted share, up 12% from $1.70 in Q2 2026 and 175% from $0.69 a year ago.
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Nonperforming Loans Jump 21%
NPLs rose to $125.7M (0.68% of loans) from $103.6M (0.56%), driven by one office real estate loan; delinquencies climbed 30bp to 0.73%.
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Margin Expands to 3.89%
Net interest margin increased 4bp to 3.89% (adjusted 3.76%), with net interest income up $9.7M to $220.7M.
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$57.4M Buyback, $93M Remaining
Repurchased 679,000 shares at an average $84.60 per share; $93M remains under the $200M authorization adopted April 30, 2026.
Analysis · INDB · Finance
Q3 net income of $89.7M ($1.90/share) beat the prior quarter by 12%, with net interest margin expanding to 3.89% and deposits growing $135.3M. The offsetting concern is credit quality: nonperforming loans rose to $125.7M (0.68% of loans) from $103.6M, driven by a single office real estate loan, and delinquencies jumped 30bp to 0.73%. The company also repurchased 679,000 shares for $57.4M at an average $84.60, leaving $93M under its $200M authorization. Q4 guidance calls for a low-3.90% NIM and stable asset quality.
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At the time of this filing, INDB was trading at $77.08 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $63.33 to $87.50. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.