Independent Bank Corp. (Nasdaq: INDB), the parent company of Rockland Trust Company, operates a full-service commercial bank headquartered in Rockland, Massachusetts, offering a diverse range of banking, investment, and wealth management services particularly focused in Eastern Massachusetts and Rhode Island.

For the fourth quarter of 2024, Independent Bank Corp. reported a net income of $50 million, or $1.18 per diluted share, an increase from the third quarter’s net income of $42.9 million, or $1.01 per diluted share. The company’s fourth quarter net interest income totaled $144.7 million, up from $141.7 million in the previous quarter, while the net interest margin improved by 4 basis points to 3.33%.

Total assets were reported at $19.4 billion at the end of the fourth quarter, remaining essentially flat compared to the previous quarter. Compared to the same period last year, total loans increased by $147.6 million, or 1.0% (annualized growth of 4.1%), primarily influenced by strong growth in commercial and industrial loans and small business lending. The company reclassified owner-occupied commercial real estate loans into the commercial and industrial category, reflecting a strategic change in risk profile management.

Average deposits for the fourth quarter rose to $15.5 billion, reflecting a $109 million increase, or 0.7% (2.8% annualized) compared to the prior quarter’s average. The period-end balance stood at $15.3 billion, down $135 million, or 0.9%. Notably, the cost of deposits decreased by 9 basis points to 1.65%.

In terms of asset quality, nonperforming loans decreased slightly to $101.5 million, representing 0.70% of total loans. The provision for credit losses dropped significantly to $7.5 million from $19.5 million in the previous quarter. The allowance for loan losses as a percentage of total loans increased to 1.17% from 1.14%.

The company’s tangible book value per share at the end of the fourth quarter was $46.96, reflecting a quarterly increase of $0.39 and a 6.4% rise over the year. Future guidance indicates expectations for low to mid-single-digit percentage increases in both loan and deposit growth for 2025, with anticipated net interest margin expansion of 12 to 15 basis points over the next year.

Independent Bank Corp. sustained its disciplined approach to credit management, maintaining a history of low loan losses with net charge-offs for the fourth quarter reported at $1.2 million, compared to $6.7 million the previous quarter.

The company also reiterated its ongoing commitment to the pending acquisition of Enterprise Bancorp, which is anticipated to enhance its market density and operational capabilities upon completion.