Benzinga | Jan 21, 2021 04:40PM EST

Recap: Independent Bank Q4 Earnings

Shares of Independent Bank (NASDAQ:INDB) were unchanged in after-market trading after the company reported Q4 results.

Quarterly Results

Earnings per share were down 23.91% year over year to $1.05, which beat the estimate of $1.03.

Revenue of $118,911,000 declined by 10.79% year over year, which missed the estimate of $122,340,000.

Guidance

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Price Action

52-week high: $82.25

52-week low: $49.25

Price action over last quarter: Up 35.38%

Company Profile

Independent Bank is a bank holding company and the sole shareholder of its bank, the Rockland Trust Company. Rockland is a community-oriented commercial bank. The bank's revenue is derived from a wide array of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. Rockland has historically relied heavily on both organic growth and select merger and acquisition activity to drive growth. The bank's loan portfolio constitutes the bulk of the bank's total assets. Its borrowers consist mostly of small to medium-size businesses and consumers, most of which are made to its market area in eastern Massachusetts and Rhode Island. The bank's loan portfolio is predominantly in commercial loans.