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Last $46.74 USD
Change Today -0.95 / -1.99%
Volume 42.6K
As of 8:10 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

independent bank corp/ma (INDB) Key Developments

Independent Bank Corp. Announces Quarterly Dividend, Payable on July 10, 2015

The Board of Directors of Independent Bank Corp. announced a $0.26 per share dividend which will be payable on July 10, 2015, to stockholders of record as of the close of business on June 29, 2015.

Independent Bank Corp. Approves Amendments to the Articles of Organization and By-Laws

Independent Bank Corp. announced at the AGM held on May 21, 2015, it has approved amendments to the company's Articles of Organization and By-Laws to implement a majority voting standard for Directors in uncontested elections.

Independent Bank Corp. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge-Offs for the First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for 2015

Independent Bank Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net interest income of $51.249 million compared to $47.606 million a year ago. Income before income taxes was $13.329 million compared to $18.733 million a year ago. Net income was $9.460 million or $0.38 per basic and diluted share compared to $13.383 million or $0.56 per basic and diluted share a year ago. The decrease in the company’s earnings was largely attributable to merger and acquisition costs of $6.3 million, net of tax, recognized during the first quarter, relating to the February 20, 2015 acquisition of Peoples Federal Bancshares Inc. Net operating earnings were $15.819 million or $0.63 per diluted share compared to $12.120 million or $0.51 per diluted share a year ago. Return on average assets was 0.58% against 0.88% a year ago. Return on average common equity was 5.58% against 9.02% a year ago. Book value per common share was $28.05 against $25.23 a year ago. Tangible book value per common share was $19.82 against $17.61 a year ago. The net interest margin increased by 8 basis points to 3.5% during the quarter as it benefited from the deployment of liquidity and higher loan yields, which were enhanced by about 5 basis points due to accretion related to the early payoff of some acquired loans. For the quarter, total net charge-offs declined to $85,000, or 0.01% of average loans on an annualized basis, compared to 0.13% for the quarter ending December 31, 2014. The company reaffirmed 2015 operating diluted earnings per share guidance of between $2.63 and $2.73. With minimal net charge-offs in the first quarter, the company is reducing full year guidance for net charge-offs and loan loss provision to $5 million to $8 million and $7 million to $10 million, respectively. With an inflated net interest margin in the first quarter, the company now expect the full year net interest margin to be in the low 3.40s versus the high 3.30s as originally anticipated.

Independent Bank Corp. to Report Q1, 2015 Results on Apr 16, 2015

Independent Bank Corp. announced that they will report Q1, 2015 results at 5:00 PM, Eastern Standard Time on Apr 16, 2015

Independent Bank Corp., Q1 2015 Earnings Call, Apr 17, 2015

Independent Bank Corp., Q1 2015 Earnings Call, Apr 17, 2015

 

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Price/Sales 4.4x
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TEV/Sales 2.4x
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