Independent Bank Corp. Q1 profit falls to $44.4 million on higher loan loss provision
Independent Bank Corp. reported first-quarter 2025 net income of $44.4 million, or $1.04 per diluted share, down from $50.0 million, or $1.18 per diluted share, in the fourth quarter of 2024. The company said the decline was primarily driven by a higher loan loss provision, and that operating EPS, which excludes merger-related costs, was $1.06. Shareholders also saw tangible book value per share rise to $47.81 and a 4% quarterly dividend increase, while the company continues its pending acquisition of Enterprise Bancorp.
Key points
- Net income was $44.4 million, or $1.04 per diluted share, versus $50.0 million, or $1.18 per diluted share, in the fourth quarter of 2024
- Net charge-offs rose to $40.9 million from $1.2 million, and the provision for credit losses rose to $15.0 million from $7.5 million
- Net interest margin widened to 3.42%, up 9 basis points from the prior quarter, and $300 million of subordinated notes were issued on March 25, 2025
- Merger-related costs were $1.2 million in the first quarter tied to the pending acquisition of Enterprise Bancorp
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 17, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.