Key Points – Second-quarter profit beat was driven by deposits and lending: Independent Bank reported net income of $81.8 million, or $1.70 per share, supported by stronger deposit growth, C&I loan growth, margin expansion and share repurchases. – Commercial lending trends were…
xed: C&I loans rose 10% annualized excluding an exited floor-plan business, but CRE and construction loans fell by $176 million due to elevated payoffs. Management said a larger commercial pipeline could help return the bank to positive commercial loan growth. – Capital returns and guidance stayed intact: The bank repurchased $75 million of stock and reiterated its focus on buybacks, while reaffirming fourth-quarter targets for a 1.4% ROA and a 15% return on tangible capital
It also kept its margin outlook at 3.90% to 3.95%, though likely near the low end. – 3 Volatile Mid-Caps to Trade This Earnings Season Independent Bank (NASDAQ:INDB) reported second-quarter 2026 net income of $81.8 million, or $1.70 per diluted share, as executives said stronger deposit momentum, C&I lending growth, margin expansion and share repurchases supported profitability despite pressure from commercial real estate payoffs. Chief Executive Officer Jeff Tengel said business activity was slow early in the quarter but accelerated as the period progressed. He pointed to “solid deposit growth, strong C&I loan growth, continued improvement in the adjusted NIM, aggressive buyback activity, and excellent results in our wealth management business,” while noting that those gains were partly offset by a smaller average balance sheet and lower loan accretion income.
Tengel also provided a personal update at the start of the call, saying he had completed treatment for non-Hodgkin’s lymphoma and had learned he is “cancer-free and in remission.” Deposit Growth and Margin Expansion Independent Bank’s deposit franchise produced more than $300 million of non-time deposit growth in the quarter, which Tengel said represented 7%…