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Independent Bank Corp. (INDB) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
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Independent Bank Corp. (INDB - Free Report) reported $177.16 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 11.7%. EPS of $1.26 for the same period compares to $1.69 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $176.75 million, representing a surprise of +0.23%. The company delivered an EPS surprise of +0.80%, with the consensus EPS estimate being $1.25.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 56.9% versus 55.4% estimated by three analysts on average.
Net interest margin: 3.4% versus 3.4% estimated by three analysts on average.
Average Balance - Total interest-earning assets: $17.18 billion versus the two-analyst average estimate of $17.33 billion.
Total Non-Interest Income: $32.07 million versus the three-analyst average estimate of $30.78 million.
Deposit account fees: $6.13 million compared to the $5.85 million average estimate based on two analysts.
Interchange and ATM fees: $4.64 million compared to the $4.61 million average estimate based on two analysts.
Investment Management: $9.82 million compared to the $10.43 million average estimate based on two analysts.
Increase in cash surrender value of life insurance policies: $2.09 million versus the two-analyst average estimate of $1.98 million.
Loan level derivative income: $0.80 million compared to the $1 million average estimate based on two analysts.
Other noninterest income: $7.80 million versus $6.35 million estimated by two analysts on average.
Net Interest Income: $145.10 million compared to the $145.83 million average estimate based on two analysts.
Mortgage banking income: $0.61 million compared to the $0.55 million average estimate based on two analysts.
Shares of Independent Bank Corp. have returned -6.5% over the past month versus the Zacks S&P 500 composite's +0.6% 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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Independent Bank Corp. (INDB) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
Independent Bank Corp. (INDB - Free Report) reported $177.16 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 11.7%. EPS of $1.26 for the same period compares to $1.69 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $176.75 million, representing a surprise of +0.23%. The company delivered an EPS surprise of +0.80%, with the consensus EPS estimate being $1.25.
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.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
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: 56.9% versus 55.4% estimated by three analysts on average.
- Net interest margin: 3.4% versus 3.4% estimated by three analysts on average.
- Average Balance - Total interest-earning assets: $17.18 billion versus the two-analyst average estimate of $17.33 billion.
- Total Non-Interest Income: $32.07 million versus the three-analyst average estimate of $30.78 million.
- Deposit account fees: $6.13 million compared to the $5.85 million average estimate based on two analysts.
- Interchange and ATM fees: $4.64 million compared to the $4.61 million average estimate based on two analysts.
- Investment Management: $9.82 million compared to the $10.43 million average estimate based on two analysts.
- Increase in cash surrender value of life insurance policies: $2.09 million versus the two-analyst average estimate of $1.98 million.
- Loan level derivative income: $0.80 million compared to the $1 million average estimate based on two analysts.
- Other noninterest income: $7.80 million versus $6.35 million estimated by two analysts on average.
- Net Interest Income: $145.10 million compared to the $145.83 million average estimate based on two analysts.
- Mortgage banking income: $0.61 million compared to the $0.55 million average estimate based on two analysts.
View all Key Company Metrics for Independent Bank Corp. here>>>Shares of Independent Bank Corp. have returned -6.5% over the past month versus the Zacks S&P 500 composite's +0.6% 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.