Independent Bank (NASDAQ:INDB) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$165.9m (down 7.0% from 2Q 2023).

• Net income: US$51.3m (down 18% from 2Q 2023).

• Profit margin: 31% (down from 35% in 2Q 2023).

• EPS: US$1.21 (down from US$1.42 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Independent Bank EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.5%.

Looking ahead, revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 4.3% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. See our latest analysis on Independent Bank's balance sheet health.

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