Benzinga | Jul 22, 2021 04:50PM EDT

Recap: Independent Bank Q2 Earnings

Shares of Independent Bank (NASDAQ:INDB) were flat in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 53.95% over the past year to $1.17, which beat the estimate of $1.08.

Revenue of $118,321,000 declined by 0.81% from the same period last year, which beat the estimate of $117,920,000.

Outlook

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

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

Price Action

Company's 52-week high was at $99.85

52-week low: $49.25

Price action over last quarter: down 15.63%

Company Description

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.