Overview

* Independent Bank Q3 net income fell due to merger costs and credit loss provisions

* Adjusted EPS for Q3 beats analyst expectations

* Company's acquisition of Enterprise Bancorp increased loan and deposit balances significantly

Outlook

* Company did not provide specific future financial guidance

Result Drivers

* MERGER IMPACT - Acquisition of Enterprise Bancorp drove significant increases in loan and deposit balances

* NET INTEREST MARGIN - Improved net interest margin due to Enterprise acquisition and long-term asset repricing

* FEE INCOME - Increased fee income from Enterprise acquisition and higher transaction volumes

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $1.55 $1.53 (4

Adjusted Analysts

EPS )

Q3 EPS $0.69

Q3 Net $34.26

Income mln

Q3 Net $203.34

Interest mln

Income

Q3 Net 3.62%

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 $81.50, about 16.7% above its October 15 closing price of $67.92

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(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.)