Independent Bank Corp. (Nasdaq: INDB), the parent company of Rockland Trust Company, operates as a full-service commercial bank headquartered in Rockland, Massachusetts. The bank provides a range of banking, investment, and insurance services across Eastern Massachusetts and Rhode Island.

In the fourth quarter of 2024, Independent Bank Corp. reported a net income of $50.0 million, or $1.18 per diluted share, compared to a net income of $42.9 million, or $1.01 per diluted share in the third quarter of 2024. The fourth-quarter results included merger-related costs of $1.9 million due to a pending acquisition of Enterprise Bancorp, Inc. Excluding these costs, the operating net income was $51.4 million, or $1.21 per diluted share.

For the full year 2024, net income amounted to $192.1 million, or $4.52 per diluted share, down from $239.5 million, or $5.42 per diluted share for the prior year. When adjusted for the merger-related costs, the full-year operating net income was $193.4 million, with an operating diluted earnings per share of $4.55.

The bank’s total assets were reported at $19.4 billion as of December 31, 2024, remaining essentially flat compared to the previous quarter. Total loans increased by $147.6 million, or 1.0%, from the prior quarter to $14.5 billion, driven by growth in commercial and industrial loans and small business lending. Average deposits grew by $109 million, or 0.7% relative to the previous quarter, although period-end deposits saw a slight decrease of $135 million, or 0.9%.

Net interest income for the fourth quarter rose to $144.7 million from $141.7 million in the prior quarter. The net interest margin improved by 4 basis points to 3.33%, attributed to decreased funding costs. Moreover, noninterest income decreased by $1.4 million, or 4.0%, to $32.2 million from the previous quarter.

On the expense side, noninterest expenses amounted to $106.4 million, increasing by $6.0 million, or 6.0%, compared to the third quarter of 2024. The tax rate for the fourth quarter decreased to 20.49%, down from 22.35% in the previous quarter.

The provision for credit losses decreased significantly during the fourth quarter to $7.5 million, down from $19.5 million in the third quarter. Nonperforming loans fell slightly to $101.5 million, or 0.70% of total loans, at the end of the quarter.

As of December 31, 2024, the allowance for credit losses stood at approximately $170.0 million, representing 1.17% of total loans. The book value per share increased by $0.35 to $70.43 in the fourth quarter, and the tangible book value per share grew by $0.39 to $46.96, marking a year-on-year increase of 6.4%.

Overall, Independent Bank Corp. has demonstrated a stable financial performance in the fourth quarter, with steady increases in key metrics despite a decline in full-year earnings compared to 2023.