Independent Bank Corp. reported first-quarter 2025 net income of $44.4 million, or $1.04 per diluted share, a decrease from $50.0 million, or $1.18 per diluted share, in the prior quarter. The decline was primarily driven by a higher loan loss provision.
The provision for credit losses increased to $15.0 million, up from $7.5 million in Q4 2024, and net charge-offs surged to $41.4 million, primarily related to three previously classified commercial credits. This led to an increase in nonperforming loans to $89.5 million, or 0.62% of total loans.
Despite these credit challenges, the company's net interest margin expanded to 3.42%, and total deposits grew by $370.0 million, or 2.4%, to $15.7 billion. Total assets increased by $514.6 million, or 2.7%, primarily due to a $300 million subordinated debt raise in March 2025.
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