Independent Bank reports Q4 EPS 62c, consensus 67c

Reports Q4 net interest income $106.3M vs. $141.8M last year. Reports Q4 provision for credit losses $3.5M vs. $2.8M last year. Reports Q4 net interest margin 2.49% vs. 3.49% last year. CEO David Brooks says: “During the fourth quarter, we were pleased to see healthy growth in our core loan book as the growing Texas and Colorado economies boosted demand from our relationship borrowers. This growth came alongside continued strength in our credit metrics, as nonperforming assets and net charge-offs for the year remained at historically low levels. Over the past year, we took deliberate actions to strengthen our balance sheet while leveraging our position across great markets to build stronger relationships with our customers. We have now entered 2024 with significant momentum, and we remain encouraged about our ability to continue to grow our franchise by serving our customers and communities in the year ahead. I am excited for the opportunities our teams have to continue to win business and capitalize on our strong incumbent position across four of the strongest metropolitan markets in the country.”