Independent Bank Corp. (NASDAQ:INDB) Q1 2022 Earnings Conference Call April 22, 2022 10:00 AM ET

Company Participants

Christopher Oddleifson - President and CEO

Mark Ruggiero - CFO

Robert Cozzone - COO

Conference Call Participants

Mark Fitzgibbon - Sandler O'Neill

Laurie Hunsicker - Compass Point Research

Christopher O'Connell - KBW

Operator

Good morning, and welcome to the Independent Bank Corp. First Quarter 2022 Earnings Conference Call.

Before proceeding, let me mention that this call may contain forward-looking statements with respect to the financial condition, results of operation and business of Independent Bank Corp. Actual results may be different. Factors that may cause actual results to differ include those identified in our annual report on Form 10-K and our earnings press release.

Independent Bank Corp. cautions you against unduly relying upon any forward-looking statements and disclaims any intent to update publicly any forward-looking statements, whether in response to new information, future events or otherwise.

Please note that during this call, we will also discuss non-GAAP financial measures as we review Independent Bank Corp's performance. These non-GAAP financial measures should not be considered replacements for and should be read together with GAAP results. Please refer to the Investor Relations section of our website and a copy of our earnings press release, which contains reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and additional information regarding our non-GAAP measures. Also, please also note that this event is being recorded.

I would now like to turn the conference over to Chris Oddleifson, President and CEO. Please go ahead.

Christopher Oddleifson

Thank you, Anthony, and good morning, everyone. Thank you for joining us today. With me, as always, is Mark Ruggiero, our Chief Financial Officer, and we are once again joined by Rob Cozzone, our Chief Operating Officer.

Following last year's strong performance, we kicked off 2022 with solid results driven by our core underlying fundamentals. Excluding merger-related charges, operating net income for the first quarter came in at $58.2 million or $1.23 per share.

Needless to say, profound macroeconomic and geopolitical uncertainty persist, we've been able to keep our heads down and focused on a day-to-day task to service the needs of our growing customer ranks. Mark will be taking you through the quarter shortly, but highlights include while underlying loan growth continues to be masked by the ongoing expected runoff in the PPP and acquired East Boston Savings Bank portfolios, origination volumes across the board continue to be strong, and our loan pipeline continues at robust levels as well.