Investing.com | Editor Venkatesh Jartarkar
Published Oct 23, 2023 05:45AM ET
Independent Bank (NASDAQ:INDB) Corp. has reported a robust performance for the third quarter of 2023, with a focus on organic growth and technology investment for future expansion. The bank expects low single-digit loan growth, stable margins, and flat to slightly increased expenses in the fourth quarter. The company also announced a $100 million share repurchase program as part of its long-term value creation strategy, aligning with InvestingPro Tips that note management's aggressive share buyback strategy.
Key takeaways from the earnings call include:
In the earnings call, the company also addressed questions about the migration of loans into the classified category and the potential recapture of seasonal muni outflows. They discussed their non-interest-bearing deposit mix and the impact of higher interest rates on deposit pricing.
Mark Ruggiero, a representative from Independent Bank Corp., stated that the shift in the mix of their offerings is slowing down, with the main driver being the repricing into a higher rate environment. He added that deposit relationships, where the rate is important, may continue to see pressure.
The call concluded with Jeff Tengel expressing gratitude for their interest in Independent Bank Corp. and mentioning that they look forward to discussing the fourth quarter in the future. For those interested in more insights and tips on Independent Bank Corp., there are 9 additional InvestingPro Tips available on the InvestingPro platform.
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Written By: Investing.com
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