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 (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits 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 (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.