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Independent Bank Corp. (INDB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended June 2023, Independent Bank Corp. (INDB - Free Report) reported revenue of $183.3 million, up 6.1% over the same period last year. EPS came in at $1.42, compared to $1.32 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $184.4 million, representing a surprise of -0.60%. The company delivered an EPS surprise of +5.97%, with the consensus EPS estimate being $1.34.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Independent Bank Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 52.13% versus 53.64% estimated by two analysts on average.
Net interest margin: 3.54% versus 3.53% estimated by two analysts on average.
Average Balance - Total interest-earning assets: $17.39 billion versus $17.50 billion estimated by two analysts on average.
Mortgage banking income: $0.67 million versus $0.50 million estimated by two analysts on average.
Increase in cash surrender value of life insurance policies: $1.94 million versus the two-analyst average estimate of $1.91 million.
Total Non-Interest Income: $30.76 million compared to the $28.79 million average estimate based on two analysts.
Loan Level Derivative Income: $1.28 million compared to the $0.65 million average estimate based on two analysts.
Interchange and ATM Fees: $4.48 million compared to the $4.19 million average estimate based on two analysts.
Deposit account fees: $5.51 million versus the two-analyst average estimate of $5.80 million.
Other Non-Interest Income: $6.36 million compared to the $5.70 million average estimate based on two analysts.
Investment Management Services: $10.35 million versus $9.94 million estimated by two analysts on average.
Shares of Independent Bank Corp. have returned +12.4% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Independent Bank Corp. (INDB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended June 2023, Independent Bank Corp. (INDB - Free Report) reported revenue of $183.3 million, up 6.1% over the same period last year. EPS came in at $1.42, compared to $1.32 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $184.4 million, representing a surprise of -0.60%. The company delivered an EPS surprise of +5.97%, with the consensus EPS estimate being $1.34.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Independent Bank Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 52.13% versus 53.64% estimated by two analysts on average.
- Net interest margin: 3.54% versus 3.53% estimated by two analysts on average.
- Average Balance - Total interest-earning assets: $17.39 billion versus $17.50 billion estimated by two analysts on average.
- Mortgage banking income: $0.67 million versus $0.50 million estimated by two analysts on average.
- Increase in cash surrender value of life insurance policies: $1.94 million versus the two-analyst average estimate of $1.91 million.
- Total Non-Interest Income: $30.76 million compared to the $28.79 million average estimate based on two analysts.
- Loan Level Derivative Income: $1.28 million compared to the $0.65 million average estimate based on two analysts.
- Interchange and ATM Fees: $4.48 million compared to the $4.19 million average estimate based on two analysts.
- Deposit account fees: $5.51 million versus the two-analyst average estimate of $5.80 million.
- Other Non-Interest Income: $6.36 million compared to the $5.70 million average estimate based on two analysts.
- Investment Management Services: $10.35 million versus $9.94 million estimated by two analysts on average.
View all Key Company Metrics for Independent Bank Corp. here>>>Shares of Independent Bank Corp. have returned +12.4% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.