The bank posted adjusted earnings of $1.70 per share for the latest quarter, improving from earnings of $1.25 per share reported during the same period last year but below analyst expectations of earnings of $1.78 per share.
The latest quarterly results included revenue of $253.32 million, missing analyst estimates of $257.50 million despite improving from year-ago levels.
Net interest income of $210.9 million for the second quarter of 2026 decreased $1.5 million, or 0.7 percent, when compared to the prior quarter.
The company’s second quarter net interest margin of 3.85 percent decreased 5 basis points compared to the prior quarter, while the adjusted margin increased 4 basis points to 3.76 percent.
Deposit balances of $20.4 billion at June 30, 2026 increased $294.6 million, or 1.5 percent, compared to the prior quarter.
Jeffrey Tengel, the Chief Executive Officer, said, “Our second quarter results reflect strong execution on many of our strategic priorities. Our low cost, core deposit funding source improved, commercial and industrial loan balances increased nicely, our fee income businesses continued to grow, and we prudently returned excess capital to our shareholders.”
In after-hours trading, Independent Bank shares are down 7.32 percent at a price of 80.79. This reflects a decrease of 6.38 from the closing price of 87.17 during the regular trading session.
