Independent Bank Corp. (INDB) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

For the quarter ended March 2024, Independent Bank Corp. (INDB) reported revenue of $167.38 million, down 10.6% over the same period last year. EPS came in at $1.12, compared to $1.36 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $171.8 million, representing a surprise of -2.57%. The company delivered an EPS surprise of -2.61%, with the consensus EPS estimate being $1.15.

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: 59.7% compared to the 59% average estimate based on three analysts.

• Net interest margin (FTE): 3.2% versus 3.3% estimated by three analysts on average.

• Average Balance - Total interest-earning assets: $17.24 billion compared to the $17.20 billion average estimate based on two analysts.

• Total Non-Interest Income: $29.94 million versus the three-analyst average estimate of $31.25 million.

• Increase in cash surrender value of life insurance policies: $1.93 million versus $2.06 million estimated by two analysts on average.

• Net Interest Income: $137.44 million versus the two-analyst average estimate of $140.63 million.

• Loan level derivative income: $0.08 million compared to the $0.60 million average estimate based on two analysts.

• Interchange and ATM fees: $4.45 million versus the two-analyst average estimate of $4.59 million.

• Deposit account fees: $6.23 million versus $6.05 million estimated by two analysts on average.

• Other noninterest income: $6.26 million compared to the $7.25 million average estimate based on two analysts.

• Mortgage banking income: $0.80 million versus $0.55 million estimated by two analysts on average.

• Investment management: $9.94 million compared to the $10.06 million average estimate based on two analysts.

View all Key Company Metrics for Independent Bank Corp. here>>>

Shares of Independent Bank Corp. have returned -5.3% over the past month versus the Zacks S&P 500 composite's -1.7% 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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