Independent Bank Corp. (NASDAQ:INDB) Q3 2022 Earnings Conference Call October 21, 2022 10:00 AM ET
Company Participants
Chris Oddleifson - President and CEO
Mark Ruggiero - Chief Financial Officer
Rob Cozzone - Chief Operating Officer
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Laurie Hunsicker - Compass Point
Chris O'Connell - KBW
Operator
Good day. And welcome to the INDB Independent Bank Corp. Third Quarter 2022 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] Please note, this event is being recorded.
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.
I would now like to turn the conference over to Chris, President and CEO. Please go ahead.
Chris Oddleifson
Thank you, Dave, and good morning, everyone, and thanks everybody for joining us today. I am once again joined by Mark Ruggiero, our Chief Financial Officer; and Rob Cozzone, our Chief Operating Officer.
I’d like to begin by pointing out that the underlying strength of our franchise was on full display in the third quarter. For our long-term investors, you know that for years, we have emphasized building core relationships versus having a transactional business orientation. No matter what the rate environment or liquidity means, we have incented colleagues to expand existing relationships and build new ones.
As a result, we continue to generate record new core deposit accounts. This is occurring at both the absolute level and at the average per branch level. While our core deposit franchise has always been a source of tremendous economic value, with a rising interest rate environment, we are now seeing the impact in our NIM and net income.
Net income for this past quarter rose to $71.9 million or $1.57 per share, well above both prior quarter and prior year results. The returns in the quarter were quite strong as well with a return on assets of 1.4% and a return on tangible common of 15.3%.