Independent Bank Corp. (NASDAQ:INDB) Q1 2023 Earnings Conference Call April 21, 2023 10:00 AM ET
Company Participants
Jeff Tengel - Chief Executive Officer
Mark Ruggiero - Chief Financial Officer and Head, Consumer Lending
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Steve Moss - Raymond James
Chris O’Connell - KBW
Operator
Good day and welcome to the INDB First Quarter 2023 Earnings Call. [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 maybe 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 note, this event is being recorded.
I would now like to turn the conference over to Jeff Tengel, CEO. Please go ahead.
Jeff Tengel
Thank you and good morning and thanks for joining us today. I am thrilled to be hosting my first earnings call as CEO of Independent Bank Corp. I am joined by CFO and Head of Consumer Lending, Mark Ruggiero.
First, I’d like to give a shout out to my predecessor, Chris Oddleifson, who expertly guided Rockland Trust for the past 20 years and laid a strong foundation on which to build upon. So I have been at the helm for all of 2.5 months now and at least the first month was relatively calm. Since then, the challenges in the banking industry, has taken center stage. So let me get to that topic right upfront, given the intense interest regarding its impact on individual banks. Mark will take you through the details, but let me just say, all-in-all, we are faring quite well.
Total deposits were down 3.8% in the quarter, in line with prevailing peer trends. We do feel some of this continues an outflow experienced in prior quarters as depositors drawdown on excess liquidity and/or seek higher interest rates. That’s not to say we have been immune from the volatile environment, but things have been manageable. At the very outset, we armed our frontline customer-facing colleagues with coaching and support to respond to questions and calm customer concerns. We also reconfirmed our access to multiple sources of liquidity that we’ve tapped into and can easily further avail ourselves should the need arise. But more than anything, it’s history of focusing on core relationships that has provided considerable stability to our deposit base. In fact, household retention has remained at historic highs and new checking account activity continues to be strong.