- Earnings call transcript Q3 2022

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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. this being note, Please Instructions] event recorded. is [Operator

number during we results statements. in will proceeding, to differ please We making our such call, no that note a due other statements Actual Before earnings be release those SEC any this forward-looking obligation from to these factors, update and of including materially filings. described may undertake statements. publicly

SEC may measures, filings. include the ahead. Information These would In Investor reconciliation be and references certain discussion over SEC website. addition, like of now some may President measures. accessed non-GAAP go of conference non-GAAP our and measures via Relations about I filings GAAP today these Please our in earnings including the our to to can financial found other turn to to Chris, be release section CEO.

Chris Oddleifson

everyone, Cozzone, good strength by again everybody Dave, by Rob and of our morning, in joining you, that was full Ruggiero, the I’d Officer. our pointing once display Mark and Thank am quarter. out third today. on underlying joined to the like us our Operating thanks begin Chief Officer; I Financial franchise and for Chief

that relationships For rate business relationships build you we investors, colleagues expand know building incented liquidity to means, core or new years, existing environment and our No emphasized matter versus long-term have transactional a the ones. having for orientation. what we have

deposit new level a branch This As and per to average core occurring accounts. the level. at continue record generate the at result, is both absolute we

Mark will the past as million both tangible over rose a we with driver the X.X% prior be shortly, above major for with been The highlights income. core NIM rising details of were results. deposit XX.X%. returns prior economic the source and well per of are through impact return common rising or and quarter value, on this on and a prior our strong rate you a the quite our performance, share, income of quarterly has were net levels. return of in interest $XX.X but always environment, well revenues Net quarter quarter year in quarter assets include, to taking $X.XX a While XX% franchise now seeing tremendous

sheet balance interest quite on will as the to management Mark and in on positioned has Our margin, increase evidenced comments. well and net us this rate asset the sensitivity rising significant be capitalize in by his topic expanding environment

the core new stable as deposits, repurchase of could our in loan of Despite rose which shape a quarter quarter, under non-interest-bearing giving levels, good simply program efficiency volume this to continue still Expense has assets deposits constant remained to While at once intelligently held and economy, our XX% -- administration quarter. powerful high non-performing slowing loan retail total quarter as as again be management, activity. transaction new levels losses, third the we total flat up and levels this included this the refinancings, our and managed experienced price levels a be valuations. dipped levels money the investment counter continuing of negligible the not The in confidence higher were capital closings a with market in franchise Within in and paydowns operating were while loan remains robust while this earnings healthy $XXX our below due quality Credit exceeded franchise pretty was million reduction Core helped attrite. value strong essentially release. activity. covered to continue inflows net are our deposits, quarter. stock in measure marked to levels lower Fee Board delinquencies by commercial approve deposit comfortable experiencing in pipelines XX% core actually understated. quarter, deposits to growth third rose it revenues

various Beyond the on advance franchise to we the continue quarter, fronts.

Dawn appointed Chief risk assurance. step Dawn deepen decades quality recently our in enterprise This audit is we achieving management and management, example, goal two an Mugford experience Risk us as For to of Officer. in infrastructure. with counts over important risk to our our

us lending hire Boston opportunities capitalize East management This to the into markets. serve commercial quarter we also that see experienced bases business the business continue into investment We on our and key and new Such recruit also will company and the who attracted operating third our talent former potential by of senior are Savings help ranks. our hires to in both customer in culture. Bank continued

and Encino’s have campaign owners. We follow. Trust business small advice online of with to line recognition origination business And brand, of have strength in Rockland loans lastly, system, with advertising that operating loan for growing soon local banking also industry-leading embarked new credit, the services recently begun the in our to and on providing deployment success a capabilities we highlights

picture, economic am a sure pace the the to years. climb seen continues rates noticed all not XX Turning in that you have hiking at inflation despite to blistering I Fed

are spending. In and ample consumers credit for indicates resilient accumulated on flattened, recent upward to momentum sources broad-based report fact, leaning bolster inflation further the movement. tapping remain Consumer has savings but shows pretty price increases spending and of

recession uncertain Fed -- a economic looming an inflation, I inevitable. combination This activity for unprecedented surging does the does operating hikes of cooling environment. in eco a make speed think and potential a the seem of

and we potential a such As in periods, scenarios. to preparedness bring downside all caution of healthy mix prior

to Globe to have combined to our asset focus here, nimble. remaining key especially caring, I invest believe us not great years. us work to to a credit existing relationship is on is in are rates, these to and place As the great competitor to has before, we look that performance oriented building served constant culture has continue sensitivity Flexibility and for recognized our number our the owing growth place is solid side. to for leads our rising relationships benefit we also and What that to J.D. operations. customers. from we results well as will over and Bank near-term, a that in New respectful will with focused us We from we will not generate speak The place work intense or the a colleagues in the on as a liking, and leads retail remain many decade. England to and top one satisfaction Power us And disciplined on said over engage ranks in allows themselves. our Boston financial in practice

emerges. more that the we business with end and If or more a crisis great we will with reminder emerged continue economy discipline careful when stronger waters, us distinguish robust our weak underlying we the financial economic a prepares from we well Our to ourselves. difficult management and believe emergence of base. will -- enter crisis capital customer I

markets manage competitively We are businesses, colleagues deposit our over to core attractive that the and confident it skilled that, to franchise, advantaged way. turn Mark. we comes And with anything have capital, I will

Mark Ruggiero

quarter XX% that I today’s million GAAP and and to on Jumping deck, $XX.X primarily prior earnings results. and presentation four net reflecting EPS X-K investor that from in Chris. to speak rose our the of is in also $X.XX, the our included portal. deck was available was XX% diluted website filing quarter Thanks, income increases, respectively, third XXXX slide to will last night

positioning, core value franchise said, remaining example of this and serves great sheet disciplined our as challenging As this performance while balance Chris profitable a in environment.

prior results the quarter the X.XX% on up equity common from X.XX% XX.XX% quarter all significantly tangible return produced common return on for third return a a The quarter, average assets, on and equity results.

additional covered. In result the XXth, this addition, summarizes in completes in in another main the of also comprehensive flexibility the repurchase worth additional the a of offsetting and announcement reflected value Chris shares tangible authorized, activity to but per optimizing of September position this as repurchase just share $XX.XX XXX,XXX program last million of drivers year, noted night, performance slide noting, as repurchase Not our announced that The capital the dropped book as strong moving quarter the during our was $X.XX here, quarter. other and forward. quarter earlier $XXX share providing program losses the earnings

summary now components the the slide a for quarter’s Turning the the to high-level of provides five portfolios quarter. of results, loan

six pricing commitment flat, within the growth the Similar provides commercial a around in annualized payoff Slide new was as additional some balances activity when real for side, the last quarter competitive X.X% an activity despite balances the Northeast reported here, relatively market, very remained consumer with for basis. decreasing portfolio details elevated activity, loan on and robust, quarter. quarter, the result the category. the experienced growth. has estate commercial continued total noted As excluding activity to PPP on of And are strong

quarter. million, quarter the were As slightly new noted, commitments from prior strong though, $XXX down commercial the at for

million pipeline approved suggest QX. heading into the While of closing $XXX similar should activity

of see with September this the quarter recognized with good activity, amounts this In we across prior noteworthy million fees few the down of types immaterial $XXX,XXX in balances PPP opportunities net a million diversified $XX be generating to should pay you left see terms number of industries what as XXth, can PPP, recognized highlighted asset forward. impact page. to a last compared of And going be our commercial from on to continue $X.X to quarter, in

increased while activity line As in the quarter’s yielded the was portfolios solid of balances, in right mortgage growth the that slide, again the approximately utilization led noted equity in XX% to demand growth on category. strong home as side portfolio, and of consumer the overall retained

overall Moving to his highly stressed while of basis quarter, cumulative interest-bearing we on cost deposit representing operating as for beta sheet Chris XX% cycle the deposits, rate or core deposits to focused activity position for and from only when X% to the time a our allow so discussed staying in only. far balances basis decreases comments, relationships over increased of deposit the points With and slightly echoing points deposits ability reflects as to X% accounts. X core in again, comprising XXth, XX outflow sensitive slide resulted as current of seven, balance from the total isolated rate deposits just what last of the deposits September strong quarter,

are both higher margin. only. you or well when aside, additional With slide shows deposit the Fed reported As an a interest back slightly eight well core non-recurring QX pricing of to details breakdown numbers our as increases at reconcile volatile check, items looking to margin, in net are as over

be yield rate reflected benefiting strategy our This increasing the net management benefiting PPP XX% increases in in into clearly compared re-price core now of market, loan the are our our on build is as XX% net billion prior XX asset increases. still accounting of and slide. to portfolio while results rate continuing while anchored improving with margin shown, from a liquidity quarter. higher excess accelerate yielding And other a though, gradually the non-recurring to future approach any the basis portfolio, sensitivity decision still with to scenario. interest right deploying in to fees, interest is measured exclude purchase the Net a we has increases our deposit in $X.X to in results, the immediately overall we balances. increases, from will future summarized which of notional, positioned very cash hedging margin, down allowed for well layer to patient securities forward, section meaningful protection rate will in rate rate balances which points Also Our bottom items, benefit totals going likely of anticipate

the new $XX which worth of million. to $XX at a loan which on stayed $XX to key interest, estate commercial included some The million of provides the $X.X quarter metrics loans previously positive nine asset resolution million a million slide offset real payoff, recovery was highlighting. non-performing a deferred in loan. resulted Moving consistent C&I for by quality, activity Non-performing

all real C&I dropped non-performing non-performing As new forbearance in of stable in points of zero estate shifts recognized, loan quarter, for under and considered the I the X.XX%. to total the category was quarter. the $X Shifting nicely for only of provides result credit mentioned, payoff credit relatively of prior provision loans the I details fees non-interest loss on items, slide for XX net with were portfolio, XX just a is a will of the loss charge-offs for Deposit to as ATM In significantly to percentage conjunction which from the agreement commercial interchange and account outlook, as non-interest increasing a slightly a quarter. non-performing few basis a essentially assets allowance delinquencies and gears current highlight. increased income to loan million results the

these the XXth. as great momentum mortgage at usual legacy rate Regarding continue acquired geographies. seasonal be of to combined banking environment, investment in income in The September and sales loan new for strong in $XX level inflows of helped million income, The dropped team sheet part market tax markets more $X.X are strategy billion against experiencing rate impacted and of management decrease balance both and scenarios. newly noted is reflective overall by and administration challenged as force net as preparation fees million offset by led this position rate to investment $XXX fixed management assets protect the And streams ability of reduction both current depreciation, decrease the modest with rising only down of future on quarter. retain slide this to money to on $XXX,XXX income gross income to swap an our the volume lastly, approximately our our under

for the expenses increased from prior quarter regarding XXXX incentive provide as non-recurring moving full to XX.X%. compensation, the quarter. conclusion slide fourth items operating million total office Turning remained year well a we quarter few on as as equipment XXXX consistent increase and a relatively of tax guidance, salaries next such finish elevated In driven rate And at $XX.X to spend. updates next lastly, X.X% some with by I the larger will as quarter will and guidance reflects XX, primarily the slide,

think relative and we economic anticipate general quarter, continued the modest the our we reductions uncertainty some level the deposits. about results with of over environment, relatively and loan core time over flat balances in deposit fourth As year-to-date

growth. we and to loan deposit relationships continue core of disciplined focused stay overall on the and before, we noted our growing overall the in balance position pricing, I very economic always about sheet will commensurate good our As ledger, on both feel side with

assuming of overall As and approach, changes economic this no provision well we to contained. be loss a to byproduct levels anticipate conditions, disciplined credit

our September following QX, margin, QX will in do reflected I of a increase XX% not to betas; XXX% to without late additional results, further net level anticipate betas loan Reserve to we in and range. hedges total deposit expansion driven the yet rate assumptions; net the XX% Fed referenced be in in cash interest the a QX, balance the margin betas Regarding of also the predicting earlier hikes by applicable increase rate offset with slight the XX%

non-interest deposit Regarding could non-interest and seasonal modest driven declines in experience total interchange income. decreases items, income primarily by

implementation we an changes the program, continue through Regarding work expected in our overdraft program anticipate to year. and date later

lastly, part we As the guidance it that, of comments. expected will the provide range. up low now concludes my single-digit next we rate fourth year for the impact expenses our full approximate And quarter. XXXX That as such, dollar tax are quarter And XX%. Non-interest open questions. in to the with will increase percentage to should

Operator

ahead. first The comes Piper Instructions] question Please from Fitzgibbon go Mark [Operator with Sandler.

Mark Fitzgibbon

Good Hey. guys. Friday. morning, Happy

Chris Oddleifson

you. Happy Friday to

Mark Ruggiero

Mark. Hi,

Mark Fitzgibbon

confidence quarter Mark, me deposit just not are betas to you. going gone it are with question, the at pressure which more not feeling much you for than see strikes rates customers to your Thank quick that, given XX%, you gives -- it today? you on your commercial as fourth the What so speed are here. you from assumption up low have XX% that

Mark Ruggiero

less in pressure, operating the We deposit pockets on We Mark. consumer core value that’s focus why continue the our certainly feel to franchise. I being side mostly stress result reason and it rate feel base think accounts, on our of we just the of deposit the primarily XXX-year in majority sensitive.

at continue we we deposit deposits, well think So not across have industry. performs deposit commercial more better most you and we outside quarter on nice us to where go to been, and are that’s having will to feeling at aggressive balance stay those of believe in focused the are the look customers When pockets than stay a some results, and majority norm of larger the as really we you and the spot have that to pricing. drops to rate a will base But municipal combination have land in we that of where certainly continue our pressure. that continue we look third in sensitive deposits

Mark Fitzgibbon

specific with know assume curve. margin, the you guess, could didn’t I fourth for I secondly, then, -- you on forward if And the the you Great. just but quarter move give guidance rates

Mark Ruggiero

Yeah.

Mark Fitzgibbon

help the think margin of you change XQ? Can us about in the magnitude

Mark Ruggiero

Yeah.

of in points another So curve, expected points for basis November basis I to points. basis think, December. forward in the fruition, XX the that XX margin about basis and certainly, If now see to XX pricing points would you in tune comes increase our XX to

Mark Fitzgibbon

And Great. how north would then times -- do you tangible repurchase tangible. about dilution value at to you are -- thoughts of appetite there about about the worry be from I do was Okay. you I on concerned stock any How that, book buyback, not great. given guess, that think that, you are X your curious

Mark Ruggiero

worry We that. about Yeah. certainly do

I think this is place see program we this as really be about on do price. stock and quarter talked pressure any that our if have is last we to opportunistic mentality in well and

any gives price to decisions just as in capitalize, appropriate this level we to on excess capital. just leads you likely earn threshold dollar noted, that recognizing I levels be threshold the position for typically is just that most with. but an and that program any take think us not us earn forward. our capital we X is we believe would given tangible. is And think back want Mark, place back lever comfortable to account. have I which that of don’t executing an period at going That another I drive to certainly or deploy But flexibility into to times sort suggest going publicly, for earn-back to on

Mark Fitzgibbon

kind guys I little other I guess, C&I really the are you on and areas are curious, C&I in about? non-performance seeing then and non-accruals that of quarter some challenged was you know banks have thing gears little front, I on any seen seeing a the pockets particular are low, side. your but had levels a and of uptick are you that in your shifting same market this you of are And Okay. credit sectors delinquencies or concerned the

Mark Ruggiero

Mark. No. Not necessarily,

I think with that often lead last non-performing. into similar very to the couple our situations a individual unique and we portfolio, commercial pretty of message is are see -- we degrading we had have credits years over

reflects pervasive don’t specific situation. being see happened a what about. staying an exactly that’s our We concerned I quarter. very think, We indication to one-off on anything of greater any credit So or not in into wood, that and in are is third underwriting pricing of obviously guidelines, a loan is cautious but the are as still the our good feeling industries that we disciplined growth. This where, stick movement and We very to knock it one this portfolio here about unique scale. are reflective NPA across we

Mark Fitzgibbon

was industry What Mark? it,

Mark Ruggiero

[ph] distribution manufacturer is This a industry. slash of sort

Mark Fitzgibbon

And of of is Thank high lastly, the was great? that in was impressive trend. that Okay. that institutional net the bucking around business color be flows in from, sort I wealth then, it market the positive had four that would worth, last coming Where management is quarters -- you is any each other that or you.

Mark Ruggiero

being markets. been capitalize it’s I really, It’s -- the on able Yeah. new to mentioned,

still some had have early this key really to out and We ground had to been we we success. over see running of us. success So the have some just of It’s really space good opportunity hires hit the that a have in innings, Boston and coming result have acquisition. East able as gate some seen but the

wealth they the momentum base. to it’s our well lot of where of have So widespread, are excited It’s of inflow level diversified great we generate. a customer But to positive that Mark. have able it’s overall they been across very see and something a management kind

Chris Oddleifson

services This Chris. among wealth Yeah. have that that’s have and to into adds as to confidence I’d this market we to Really customers colleagues especially like just is that Savings, of business. more cracked And doing something especially what’s our markets new like there. colleagues add franchises, of lot we a generating to. branch of fine. buy of Boston capabilities. difficult here management referrals code really to our in culture and East we commercial and years do these ago a This like, a their banking the is make prized our bring didn’t developing they in And any our

and this are capability a So brand-new success. is we showing

Mark Fitzgibbon

Thank you.

Operator

Laurie with Hunsicker Point. Our next Compass go question comes Please ahead. from

Laurie Hunsicker

Mark. Hi. and Good Thanks, Chris morning. Yeah.

Chris Oddleifson

Laurie. morning, Good

Mark Ruggiero

Good morning.

Laurie Hunsicker

CRE if could wondered back we go that the loan the quarter. to carried I in

net think mentioned million correctly? I I Did interest it $X.X you hear was in to in recovery that income.

Mark Ruggiero

Yes. Laurie. right, That’s

Laurie Hunsicker

Okay.

about So or so. basis X points

So that thinking about basis core XX just that on guide guide to excluding or or are was you that how a points, headline points basis gave, the was that? you XX Mark, that

Mark Ruggiero

in it table non-accrual just yeah. it’s -- That core item we That’s would back the embedded $X.X And the core -- we reconcile That would a show margin. number. the I the, million, that we be to be impact. in line where Laurie, to think, call a there. do that There’s

You I impact that of think, the $XXX,XXX, in was can third an see quarter. about

$XXX,XXX that’s $X.X $XXX,XXX about offset So backed to by million reflective being to out, new the of interest on non-performing. reversal of of

always and is non-core we as basis. gave treat a So I core on guidance the that

Laurie Hunsicker

new with you deposit branch are Okay. us just That’s you under branches on branches build, year? Can of and helpful. thinking where are you next for have the you about the how new new perfect. got terms what in That’s update that

Mark Ruggiero

Rob that. going am I to let speak to

Rob Cozzone

Good morning, Laurie.

Laurie Hunsicker

Good morning.

Rob Cozzone

you. from hear to Good

complement Our novo believe certainly five the sufficient city in three plan be in the in serve Greater market the now to the to includes we a which branches, city Worcester de Worcester, near-term. of

down those in suburbs in in momentum one also little XXth, in two recent to deposits not about but strong. Total a one branches as are have our surprising quite opening. environment, rate be the given customer $XX Westborough, our which We most the million of is bit, being Westborough Shrewsbury, flag branches September continues of Worcester,

customer we there. expansion are the with that’s happening So pleased

professional. in management as lending the on well addition, are folks, we some quite treasury as In with team a doing IMG there, an side, commercial well full

well. We plans for at new don’t finalized of Worcester haven’t budget docket that in towns. I moment. we be branches going Worcester, it And will is on branch would all we for have maybe in expansion all, that not additional surrounding of So be XXXX, the plans. suspect the city one in the one in our would the but any into those

Laurie Hunsicker

you. great. know an M&A thinking I right. are All Okay. moment, just currency. you environment are not And super Thanks. That’s just at you it’s Chris, be optimal would the I for us guess, general are you helpful? then, question considering with approaching still last what it, M&A, rising here refresh Can how rates, have but strong you you all still thoughts

Chris Oddleifson

same Yeah. Laurie, would question. earnings the you conference call this be not without asking

for So thank you continuing the tradition.

When our has a are posture INDB for hey, reasons, to strong decided, be changed, we Bank currencies has to might here Board we So variety our talent, it of not of scale, want think variety a listen, sort a investments whether in technology, with jump reasons. which is, whole we currency. on of

fundamentals bringing too this for environment make interesting very to And by are together and sort about think talk. here would of and rate current to of get be know I but are there we of sort how we still scale some Banks the to not have distracted We careful conversations, willing accounting. building and

-- we welcome -- as our usual, those would I So conversations.

Laurie Hunsicker

you. Thank

Operator

question Our ahead. Instructions] with go comes next O'Connell from Please [Operator Chris KBW.

Chris O'Connell

Good morning.

Chris Oddleifson

Hi, Chris.

Chris O'Connell

could under the back remain of side. portfolio on of here outlook little on off fourth bit start a the sounds CRE under the year. like end and year-to-date been to loan quarter, the has pressure into wanted just for it based pressure I the

lumpier market, are as maybe what update -- what the book as that cautious you to you an from would they amounts planning get loans being seeing the to some those and to you hoping due, are fee where larger EBS retain what is come Just not that if there CRE be? are in remaining

Mark Ruggiero

Yeah.

in I think big no Boston, the to run-off last transparent reasons was there experience had We seen we for that book of some were a closed we East addition have secret. are in that, pretty there, we year-to-date. level a what seeing on we and Chris, we about expectations number were outflow certainly When point seeing unfortunately, in is have and your driver of of anticipating.

As that, you to you had holdings just disciplined we and move like the And have sheet exposures a they underwritten. terms typically of have in historically credits. than on-balance certainly to handful big on-balance continued larger of when sheet can know, needle limiting payoffs, our deals we individual stay have

cases, $XX million when in cases $XX only have So a to million payoffs, million, holding in fairly are level, staying $XX new still disciplined in you some we the relationship. at most million $XX of

that’s to growing the that pressure portfolio, some are create result. we and knew So we that, going with comfortable on but

will around facilities a renewals then I uncertainty with think of and this in buildings end these vacancy cautious certain still of still where outlook, classes. other Bank absorption. especially environment, upon there’s where are any there’s terms number In Boston about of lease like up termination office. the office of Downtown we There’s asset mind, to existing leases Certainly, comes a of levels lot

space. in are that we So cautious

on We multifamily are opportunities developments. condo continuing see construction, apartment to

is I P&S were think activity level of on had projects what we those some already are that underway finding or them.

was P&S starting where just waiting projects possibly those are those very through we are the hitting button uncertainty. to stages, the it hold We are still and seeing moving maybe with projects developers forward. pause early level It’s of and see up those

So there’s the can deal much It’s a as lot guess. of are very moving pieces. flow. dynamic, we But you in

asset think disciplined what credit stay of we the across fits and great box. to about selective it I our classes We lot and have a continue shows connections

Chris O'Connell

into mean as being as returning that the a that do two. you does due larger next that are you credits credits kind EBS of kind of That’s quarter book for larger you I over in have the many are put relatively earmarked you fee year? how helpful. it. seeing those book far coming and or And credit legacy remaining lumpier Got what on net to the next where cautious growth left and on are that even position of

Mark Ruggiero

Okay.

think the what would mean to continued with help, the most we deals we So refinance this whole, all seen not rate. still rate where out, to-date subside I current positive larger increases. opportunity have should that these be of some a rates in it in will the certainly and is That rate cases given I environment right? I Chris. think the opportunity at lower are for or believe further is

So I seeing definitely pace level have of in take at should attrition -- which lot a we slow run-off the been the and The down. that. comfort

expectation approved into strong, I to out can heading that in there think generate probably you pace continue and higher still that a finding have us positive the we we the still to closings attrition. But will right hope if the slow opportunities potentially think combination and there’s and fourth probably our aggressive, gets pipeline, handful new the we stay seeing a the as we quarter that suggest. have back is of

Chris O'Connell

the into a deployment going loan this amount And obviously, is liquidity to Great. of and the right that that growth outlook cash the guys on quarter deployed securities term? quarter. the the good longer Is you cash portfolio increased level the plan in continued where forward, want given and to get plans fourth

Mark Ruggiero

Yeah.

grown I which we I’d the to securities have at think will certainly fair slow. pace the Chris, say, it’s say,

think handle very deposit taking the We to pressure of base. to ensure There’s for forward. we with get granted will continue good liquidity. are it’s deposit being deposits. very a careful We our on feel what can about going lot But about I have our not -- certainly happen balances wise over a

comfortable These currently are are an levels. very at we XX% loan-to-deposit So sitting ratio.

maybe higher We here, have operated than bit that. in historically a

those aggressive too excess in not all probably deploying cash. would think get we reasons suggest more So much I will

there, are -- going grow continue we challenges. deposit in with to are to it’s think very cautious but run-off we prudent the the are repopulate we to securities single-digit seeing and low percentage be I may we the

Chris O'Connell

were invested in were are the securities rates it, may this that those coming And on quarter, have missed Got for that but the I what it. at?

Mark Ruggiero

average But late believe was repurchased X.X%. for to security Yeah. high moved was The just can or in it the X.XX%. yield imagine, quarter so September the not perspective, about give around a X% you rates at throughout the quarter, last significantly as

significantly. very up So rates market. a is have moved It attractive

yields security purchases X%. close spot now So, on to are

Chris O'Connell

you hoping overall of on could you deposit some retail earlier give had composition? a within the betas amount the I as versus base, breakdown commercial deposit And to beta Great. was mentioned question, retail lower the deposit

Mark Ruggiero

almost then Yeah. it’s you a about deposits. Right municipal $X.X number, municipal business be little have in X:X, but primarily to sizable than X:X billion consumer business consumer it know, the But don’t book, -- now our less -- a still may exact and the have are base. we we but over I as

Chris O'Connell

third those That’s the and on helpful. keeping job AUM you based quarter? quarter. the the way wealth the guys How you in do good in fees side, the fourth inflow, into moves the And over on given coming then movements new relatively the the billed the market far stable so market client quarter fourth and with see a near-term late management in

Mark Ruggiero

overall drive will I the market think, lands. AUM where certainly,

quarter. terms of think fourth I into heading the we in net optimistic flows, feel very still

third at being to all able quarter So average create I to management things are modest day, may overall see that where we income. bit was want bit I the of wealth the higher see landed, if should so equal, the will to But pretty hopefully, of we consistent, end a uptick. overall in maintain uptick think, the we maybe say, a for you noise. AUM, slight a compared AUM little

Chris O'Connell

That’s I Thank Great. you. had. all

Chris Oddleifson

Thank you.

Mark Ruggiero

you. Thank

Operator

to would our closing question-and-answer to turn concludes over I the management like back session. any for remarks. conference This

Chris Oddleifson

you with XXXX good you, joining year Thank to January Dave, you Great. We Have for Bye. results. again of in forward today. talking regarding weekend. and thank a us XXXX full everybody look

Operator

now has today’s The concluded. you for conference presentation. attending Thank

disconnect. now may You

Independent Bank (INDB) 21 Oct 222022 Q3 Earnings call transcript