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Independent Bank Corp. (INDB) Reports Q2 Earnings: What Key Metrics Have to Say
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Independent Bank Corp. (INDB - Free Report) reported $170.26 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 7.1%. EPS of $1.21 for the same period compares to $1.42 a year ago.
The reported revenue represents a surprise of +0.70% over the Zacks Consensus Estimate of $169.07 million. With the consensus EPS estimate being $1.11, the EPS surprise was +9.01%.
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: 58.5% versus the three-analyst average estimate of 59.6%.
Net interest margin (FTE): 3.3% compared to the 3.2% average estimate based on three analysts.
Average Balance - Total interest-earning assets: $17.22 billion versus the two-analyst average estimate of $17.29 billion.
Total Non-Interest Income: $32.33 million versus $30.54 million estimated by three analysts on average.
Increase in cash surrender value of life insurance policies: $2 million versus $1.98 million estimated by two analysts on average.
Net Interest Income: $137.93 million versus $138.64 million estimated by two analysts on average.
Loan level derivative income: $0.47 million versus $0.75 million estimated by two analysts on average.
Interchange and ATM fees: $4.75 million versus $4.58 million estimated by two analysts on average.
Deposit account fees: $6.33 million versus $5.90 million estimated by two analysts on average.
Other noninterest income: $6.47 million compared to the $6.36 million average estimate based on two analysts.
Mortgage banking income: $1.32 million versus the two-analyst average estimate of $0.73 million.
Investment management: $10.99 million compared to the $10.27 million average estimate based on two analysts.
Shares of Independent Bank Corp. have returned +24.7% over the past month versus the Zacks S&P 500 composite's +2.1% 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) Reports Q2 Earnings: What Key Metrics Have to Say
Independent Bank Corp. (INDB - Free Report) reported $170.26 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 7.1%. EPS of $1.21 for the same period compares to $1.42 a year ago.
The reported revenue represents a surprise of +0.70% over the Zacks Consensus Estimate of $169.07 million. With the consensus EPS estimate being $1.11, the EPS surprise was +9.01%.
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: 58.5% versus the three-analyst average estimate of 59.6%.
- Net interest margin (FTE): 3.3% compared to the 3.2% average estimate based on three analysts.
- Average Balance - Total interest-earning assets: $17.22 billion versus the two-analyst average estimate of $17.29 billion.
- Total Non-Interest Income: $32.33 million versus $30.54 million estimated by three analysts on average.
- Increase in cash surrender value of life insurance policies: $2 million versus $1.98 million estimated by two analysts on average.
- Net Interest Income: $137.93 million versus $138.64 million estimated by two analysts on average.
- Loan level derivative income: $0.47 million versus $0.75 million estimated by two analysts on average.
- Interchange and ATM fees: $4.75 million versus $4.58 million estimated by two analysts on average.
- Deposit account fees: $6.33 million versus $5.90 million estimated by two analysts on average.
- Other noninterest income: $6.47 million compared to the $6.36 million average estimate based on two analysts.
- Mortgage banking income: $1.32 million versus the two-analyst average estimate of $0.73 million.
- Investment management: $10.99 million compared to the $10.27 million average estimate based on two analysts.
View all Key Company Metrics for Independent Bank Corp. here>>>Shares of Independent Bank Corp. have returned +24.7% over the past month versus the Zacks S&P 500 composite's +2.1% 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.