Independent Bank climbs after Q4 profit beats expectation

Independent Bank (Massachusetts)

17/01/2025 16:09

** Shares of regional lender Independent Bank  INDB.O  rise
as much as 6.6%; last up 4.3% at $66.68
    ** INDB late Thursday posted Q4 adjusted profit of
$1.21/shr, beating Wall Street expectations of $1.16/shr - LSEG
    ** Q4 net interest income came in at $144.7 mln, higher than
estimates of $142.3 mln
    ** Meanwhile, Q4 loan loss provisions of $7.5 mln were lower
than Street expectations of $10.1 mln
    ** Piper Sandler says it was a solid quarter for INDB,
adding that most importantly there was some credit quality
improvement
    ** Adds that it expects the stock to outperform a touch on
Friday
    ** Well-positioned to achieve profitability improvement
through both net interest margin expansion and the pending
acquisition of Enterprise - INDB CEO Jeffrey Tengel  
    ** INDB last month inked a $562 mln cash-and-stock deal to
buy Massachusetts-based Enterprise Bancorp  EBTC.O  
    ** INDB stock fell 2.5% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))