Overview

* Independent Bank Q2 adjusted EPS of $1.25 beats analyst expectations

* Net income rises to $51.1 mln, driven by higher revenues and lower loan loss provision

* Co announces $150 mln stock repurchase plan

Outlook

* Co did not provide specific guidance

* Co expects core operating conversion completion in October 2025 following Enterprise Bancorp acquisition

Result Drivers

* NET INTEREST INCOME - Increase driven by higher revenues and lower loan loss provision

* MERGER COSTS - Merger-related costs associated with the acquisition of Enterprise Bancorp impacted financial results

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $1.25 $1.21 (4

Adjusted Analysts

EPS )

Q2 EPS $1.2

Q2 Net $51.10

Income mln

Q2 Net $147.50

Interest mln

Income

Q2 Net 3.4%

Interest

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Independent Bank Corp (Massachusetts) ( INDB ) is $75.00, about 14.4% above its July 16 closing price of $64.17

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)