Independent Bank Corp. (NASDAQ:INDB) Q2 2023 Earnings Call Transcript July 21, 2023 10:00 AM ET

Company Participants

Jeffery Tengel - CEO

Mark Ruggiero - CFO

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Steve Moss - Raymond James

Chris O'Connell - KBW

Operator

Good morning, and welcome to the INDB Independent Bank Corporation's Second Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

Before proceeding, please note that during this call, we will be making forward-looking statements. Actual results may differ materially from these statements due to a number of factors, including those described in our earnings release and other SEC filings. We undertake no obligation to publicly update any such statements. In addition, some of our discussion today may include references to certain non-GAAP financial measures. Information about these non-GAAP measures including reconciliation to GAAP measures may be found in our earnings release and other SEC filings. These SEC filings can be accessed via the Investor Relations section of our website. Finally, please also note that this event is being recorded.

I would now like to turn the conference over to Jeff Tengel, CEO. Please go ahead.

Jeffery Tengel

Good morning, and thanks for joining us today. I'm joined this morning by CFO and Head of Consumer Lending, Mark Ruggiero. Our second quarter performance was a solid one marked by healthy new loan volumes with moderating attrition, stable deposit levels, higher fee income, contained expenses and ample liquidity and capital.

While the current rate environment continues to pressure earnings in the banking industry, we are continuing to act on our long-standing strategies and are well-positioned when things begin to turn. Mark will take you through the quarter, but I'd first like to offer some observations following my first full quarter as CEO.

Beyond addressing the current industry dynamics, my efforts have been focused on continuing to personally engage with all of my Rockland Trust colleagues, deepening my understanding of individual business units and sizing up additional growth opportunities for future consideration. In a nutshell, I came away even more impressed and excited about our franchise and the opportunities in front of us. Rockland Trust has a solid foundation and a number of attributes that position us for future success. We operate in markets with highly attractive demographics that has guided our thoughtful acquisition and organic growth initiatives over the years.