Independent Bank Q1 EPS $1.68, Revenue +46%

Independent Bank posted Q1 adjusted EPS of $1.68, meeting estimates, while revenue rose 46% YoY to $370.18 million, beating consensus $251.07 million.
Net income increased to $79.9 million ($1.63 per share) from $75.3 million, and operating net income reached $82.1 million after $3 million merger costs.
Share repurchase of 802,000 shares for $63.3 million and an 8.5% dividend increase to $0.64 per share boosted shareholder returns.
Asset quality softened as non‑performing loans rose to $96.6 million (0.52% of loans) and provisions rose to $5.5 million.