Independent Bank Corp. Reports Q3 Net Income of $34.3 Million, Impacted by Merger-Related Costs

Reuters
Oct 17
Independent Bank Corp. Reports Q3 Net Income of $34.3 Million, Impacted by Merger-Related Costs

Independent Bank Corp. reported net income of $34.3 million for the third quarter of 2025, compared with $51.1 million in the second quarter of 2025. The company's third quarter results included pre-tax merger-related costs of $23.9 million, primarily related to the acquisition of Enterprise Bancorp, Inc., which closed effective July 1, 2025. The provision for credit losses in the third quarter included $34.5 million attributable to the acquisition. Excluding merger-related costs and the provision for credit losses associated with the acquisition, and their related tax effects, operating net income was $77.4 million for the third quarter of 2025, compared to $53.5 million for the previous quarter. Net interest income for the third quarter rose to $203.3 million from $147.5 million in the prior quarter, reflecting a 37.9% increase. The net interest margin increased by 25 basis points to 3.62%. The company's book value per share decreased by $0.89 to $71.24 at September 30, 2025, compared to the previous quarter. Tangible book value per share declined by $2.17 from the prior quarter to $46.63. Through the Enterprise acquisition, Independent Bank Corp. acquired $3.9 billion in loans and assumed $4.4 billion in deposits, with total merger consideration of $503.1 million.

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