Independent Bank Corp., parent company of Rockland Trust Company, reported a net income of $50.0 million for Q4 2024, up from $42.9 million in Q3 2024. Earnings per diluted share were $1.18, compared to $1.01 in the previous quarter. Excluding $1.9 million in merger-related costs tied to the pending acquisition of Enterprise Bancorp, the adjusted net income was $51.4 million, or $1.21 per diluted share. Annual net income for 2024 totaled $192.1 million, reflecting a decline from $239.5 million in 2023.

Key drivers of the quarterly performance included growth in net interest income, a lower provision for credit losses, and a reduced tax rate. The company achieved a return on average assets of 1.02% and a return on average common equity of 6.64% for the quarter. Total assets remained steady at $19.4 billion as of December 31, 2024.

Loan balances grew by 1.0% quarter-over-quarter, driven by commercial and industrial, construction, and small business loans. However, deposits declined by 0.9%, attributed to seasonal reductions in business and municipal deposits.

Net interest income rose to $144.7 million, with a slight increase in net interest margin to 3.33%. Noninterest income declined by 4.0% to $32.2 million, reflecting lower investment and advisory fees and reduced loan derivative income. Operating expenses increased by 6.0%, driven by merger-related costs and higher card issuance and consulting fees.

The provision for credit losses decreased to $7.5 million from $19.5 million in the prior quarter, with nonperforming loans slightly declining to $101.5 million, representing 0.70% of total loans.

CEO Jeffrey Tengel highlighted the company's strategic focus on fundamentals and anticipated benefits from the pending acquisition of Enterprise Bancorp. The acquisition is expected to enhance profitability through synergies and expanded market opportunities.