Independent Bank Q2 Results
Independent Bank Corp. (NASDAQ:INDB) posted second‑quarter adjusted earnings per share of $1.70, falling short of the $1.79 consensus estimate. Net income for the quarter ended June 30, 2026 was $81.8 million, or $1.70 per diluted share, up from $51.1 million, or $1.20 per share, in the comparable period last year.
Revenue reached $253.3 million, a 39% year‑over‑year increase, but missed the $257.5 million consensus forecast. Net interest income declined slightly to $210.9 million from $212.5 million in the prior quarter, with the net interest margin compressing 5 basis points to 3.85%. The adjusted margin, excluding purchase‑accounting accretion, rose 4 basis points to 3.76%.
Total loans decreased by $31.2 million to $18.4 billion, while deposits grew by $294.6 million to $20.4 billion. Non‑interest income increased 5.3% to $42.4 million, driven by higher interchange fees and investment advisory income. Wealth‑management assets under administration rose to $9.5 billion from $9.2 billion. Non‑interest expense fell 1.9% to $140.3 million, with merger‑related costs eliminated (zero versus $3.0 million in Q1) and one‑time costs of $2.1 million incurred for an upcoming core conversion.
Asset‑quality metrics showed non‑performing loans of $103.6 million, representing 0.56% of total loans, up from $96.6 million (0.52%) in the prior quarter. Net charge‑offs declined to $0.9 million from $4.8 million, while the provision for credit losses increased to $6.3 million from $5.5 million.
The company repurchased approximately 964,000 shares for $75.0 million at an average price of $77.79 per share during the quarter. Approximately $151 million remains available under its $200 million stock‑buyback authorization. Following the earnings release, Independent Bank’s shares slid 9.3%.