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Independent Bank Corp. (INDB) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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Independent Bank Corp. (INDB - Free Report) reported $183.42 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 3.9%. EPS of $1.38 for the same period compares to $1.57 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $179.19 million, representing a surprise of +2.36%. The company delivered an EPS surprise of +3.76%, with the consensus EPS estimate being $1.33.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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: 53.3% versus the three-analyst average estimate of 53.7%.
Net interest margin: 3.5% versus 3.4% estimated by three analysts on average.
Average Balance - Total interest-earning assets: $17.25 billion versus $17.50 billion estimated by two analysts on average.
Total Non-Interest Income: $33.54 million compared to the $29.96 million average estimate based on three analysts.
Increase in cash surrender value of life insurance policies: $1.98 million compared to the $1.96 million average estimate based on two analysts.
Net Interest Income: $149.88 million compared to the $149.04 million average estimate based on two analysts.
Loan Level Derivative Income: $0.84 million compared to the $0.80 million average estimate based on two analysts.
Interchange and ATM Fees: $4.81 million compared to the $4.39 million average estimate based on two analysts.
Deposit account fees: $5.94 million versus the two-analyst average estimate of $5.53 million.
Other Non-Interest Income: $7.07 million compared to the $6.22 million average estimate based on two analysts.
Mortgage banking income: $0.74 million compared to the $0.60 million average estimate based on two analysts.
Investment Management Services: $10.25 million versus $10.48 million estimated by two analysts on average.
Shares of Independent Bank Corp. have returned -2.1% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Independent Bank Corp. (INDB) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
Independent Bank Corp. (INDB - Free Report) reported $183.42 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 3.9%. EPS of $1.38 for the same period compares to $1.57 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $179.19 million, representing a surprise of +2.36%. The company delivered an EPS surprise of +3.76%, with the consensus EPS estimate being $1.33.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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: 53.3% versus the three-analyst average estimate of 53.7%.
- Net interest margin: 3.5% versus 3.4% estimated by three analysts on average.
- Average Balance - Total interest-earning assets: $17.25 billion versus $17.50 billion estimated by two analysts on average.
- Total Non-Interest Income: $33.54 million compared to the $29.96 million average estimate based on three analysts.
- Increase in cash surrender value of life insurance policies: $1.98 million compared to the $1.96 million average estimate based on two analysts.
- Net Interest Income: $149.88 million compared to the $149.04 million average estimate based on two analysts.
- Loan Level Derivative Income: $0.84 million compared to the $0.80 million average estimate based on two analysts.
- Interchange and ATM Fees: $4.81 million compared to the $4.39 million average estimate based on two analysts.
- Deposit account fees: $5.94 million versus the two-analyst average estimate of $5.53 million.
- Other Non-Interest Income: $7.07 million compared to the $6.22 million average estimate based on two analysts.
- Mortgage banking income: $0.74 million compared to the $0.60 million average estimate based on two analysts.
- Investment Management Services: $10.25 million versus $10.48 million estimated by two analysts on average.
View all Key Company Metrics for Independent Bank Corp. here>>>Shares of Independent Bank Corp. have returned -2.1% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.