Overview

• Independent Bank Q3 net income fell due to merger costs and credit loss provisions

• Adjusted EPS for Q3 beats analyst expectations

• Company's acquisition of Enterprise Bancorp increased loan and deposit balances significantly

Outlook

• Company did not provide specific future financial guidance

Result Drivers

• MERGER IMPACT - Acquisition of Enterprise Bancorp drove significant increases in loan and deposit balances

• NET INTEREST MARGIN - Improved net interest margin due to Enterprise acquisition and long-term asset repricing

• FEE INCOME - Increased fee income from Enterprise acquisition and higher transaction volumes

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Independent Bank Corp (Massachusetts) is $81.50, about 16.7% above its October 15 closing price of $67.92

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nBw2qV6KFa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)