INDB - Earnings call transcript Q3 2024

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Operator

Good day, and welcome to the Independent Bank Corp.

Third Quarter 2024 Earnings Call Conference 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.

our measures. may of certain references some financial non-GAAP addition, discussions include today to In these measures, and about found Information non-GAAP in may GAAP our be measures, earnings release other filings. including SEC reconciliation to filings our of SEC Relations website. can the via These Investor accessed section be

to CEO. also like Please that go would note over conference please event is ahead. the Finally, recorded. I to being this now turn Jeff Tengel,

Jeffrey Tengel

to Consumer CFO like Lending, quarter and us customer Good Ruggiero. today. for I'm deposits and growth. performance morning, Head developing point, morning this performance of showing you. to of Thank pleased This and deepening inflection joining reflects by Mark third I'm margins commitment report a and relationships. accompanied our team's improving our with continued an thanks that bit felt continued

quarter, As quarter the in have we that commercial is stress. one first loan office real experiencing last we discussed estate matures of which XXXX, large

and third NPA and East sponsor. rated loan loan proactively sizable acquisition results. all this from the over maturity. we of Recall, is in in the up since its have quarter was more current has actively will avenues Mark been loan are the quarter lack and commitment Savings our continues ultimate and the with given this third outlook status came to reserve pay, close. The of While to Boston this for impacted set resolution it to adversely resolution we exploring moved anticipation prior how on uncertain

a not and provision, of all was can the Pre-provision fundamentals we and for the with short-term centered ROA as our demonstrates on was addressing and book loans our well. earnings strategic of the value X% the further it overall the X.XX% franchise while long-standing remain the down one-off quarter last and positioning tangible of a elevated problem environment bank strong our in earnings net intact situation the However, position performing all head around quarter road. Absent up was quarter protecting year-over-year. focused number improves. X.XX% We believe is kicking key on versus revenue priorities, growth

actively working loan we've previous exposure while a As on our more to office with we commercial estate create emphasis particular managing on diversified calls, real portfolio. mentioned are

through We balance to business. the we estate amortization reduce and we continue to will are free to this continue By real concentration C&I. to legacy of our up normal transactional sheet transactional support exit relationships. At reorient capacity towards will business, commercial the same the working time, exiting more

solid steady we've volume months, while the C&I CRE reducing balances. generating towards X Over last overall progress made

will core through We evaluating continue while hires our strategic to select focus C&I industry on verticals. in markets

this pipeline, X% up which quarter our to is space. Our is strength testament robust linked in

continue Boston proposition and add community model to value our resonates. new commercial banking Greater our the We market in banking talent team to and

is has grew and priority households color deposits, minutes. will historical which few we grew Mark of prudently quarter, Another interest But expanded provide additional been margin. we in net the growing third a in number our ours. serve strength the of deposits, a

out, rate resulted will cycle. difference our of a no to additional the service the of costs. cuts franchise important, in value that high-touch likelihood as Just by loosening has model of is anticipate peer-leading reflection the our our the manage our stand customers rate-sensitive with consistently We deposit Fed, most proactively ability in upcoming

management. quarter. In works This AUA value key be business our that continues experience a only addition our to and our these for grew services. This seamlessly advisory with our offering commercial financial historical but differentiating planning, our all retail $X.X driver. clients billion management, planning, is Rockland no includes of a and underwriting in resulted experience provides environment a insurance and for one-stop of clients. The wealth that loan think loan this underwriting will in differentiated business the estate to products credit deliver Trust's has we our disciplined solid management resonates underscoring different. losses portfolio markets. our third investment breadth this prep, factor various of colleagues our is not with through shopping a services And strong a full be consistently We in economic record and trends, to cycles IMG suite low to deposit tax

past core clearly some through, working continues loans it the While has acquired have perform franchise we are in we cycles. as to legacy

we As M&A continue we assess opportunities. priorities, to actively focus on these

to be and proven our one value picking bit, we expect fit advantage up It's future. a to in the take driver and of it acquisition will to M&A While opportunities seem parameters. activity strategy past, the in pricing does historical poised that be we be a disciplined been and

our we evaluate excess level and economics another the stock capital, of given routinely Additionally, buyback. of discuss

place an by community We talented by creation. Underscoring Boston continue control our of remain proposition. Globe we to a high banking our value and on Business work a years, represents well for proud the capitalize difference to brand measure place the There's be on the over the in note, Northeast. And long-term capital, to disciplined highly of #X historical summarize, magic turn everything Massachusetts short, in best has and focused be position for management why deep current the will market ample years, and commercial and and for look acquirer team, we That's good the XX a the the that to opportunity. to to passionate of markets, team of those management, to making credit do Journal and customer contributor energized XX Forbes' Mark. our it customers scale, in for value underwriting, is to charitable actions have In focus operating on to well results engaged, communities and Boston we take really and we're every consecutive over expense on success believe XXXX. To bank a have been engaged the a level and colleagues to share market workforce. banks We Massachusetts of deliver highly market strong over and believe list a consumer I'll talented top continue including focused positioned named serve. deep talented top no a base in We choice strengths. accustomed attractive last I an according to are years, we recognition, in-state on

Mark Ruggiero

by that on on here diluted outsized and return million, per Thanks, EPS return common office described X.XX% provision Slide display a bank's strong assets, large deck, comments, portal. Starting take common GAAP will tangible on of of and with available XXXX which book investor one Jeff us was deck website increase equity now X presentation filing today's X.XX% quarter $X.XX, were be resulting on in associated the on Jeff. the I average through on in earnings the the an were his and results was our X.XX% is included quarter, in return I'll X-K $XX.X third covering aspects fundamentals $X.XX in average a including as equity. our for income quarter loan, share. heavily impacted net in shortly. Many value the the And tangible was

our over normal sustainable growth that the in We tangible X% versus historical always is share book levels. increased the by provision prioritized per value last tangible and evidenced year despite growth capital have

differentiator. Turning a real we X. highlight We a to franchise that strength believe Slide key to be

cuts. quarter. X.X% rate effectively accounts, to almost or balances the strong here, period-end noninterest-bearing with X% slightly expected deposit and reprice stabilized the growth grew average business composition are is confident Fed overall while deposits noted With well for that increased deposit we annualized As in checking has positioned

new As opening highlight, time. business model of account then reflecting we often core get activity. quarter, flow grew accounts relationships These X% another to profitable our nurtured service by net for households the build high a consistent over level

quarter, in one for reduction a overall funding of borrowings, growth margin last guidance basis point in meaningful leading the return to this of deposit in has costs our only increase As in an wholesale quarter. anticipated allowed

over X. and activity commercial the levels X.X% several Slide Despite reengage behind notable increases being the utilization. the environment $XX billion, in we or shifting, the muted in million pipeline. Year-to-date, total construction loans is Payoff line book low starting with pipeline primary the in increase term. over with for to some XX, projects approved reflects with flat at are C&I a are are decreasing that growth to commercial positives of currently by and balances, million approved $X driver relatively loan see for prior September The persistent borrowers to was quarter near in are activity commitments X% balances, to the there optimism exceed the prospects rate $XXX commercial with And highlight. we closed excited in loan general, our reduction various quarter. commercial Moving

million quarter longer-term Slide while reiterate, though, significant easing have cycle, included reflected to X. activity. we over are the To migration our serve hedge on on and mortgage gears trends most Jeff no the reserve here. establishment higher equity with office continued levels relationship XXXX and consumer on future prior growth the a specific On provision with exposure. large a $XX.X $XX.X clear that positive a we the long-term for the as pressure quarter have natural quality increased driven more offerings banking XXXX, utilization nice side, rates, data to both against of the rate status, as reductions. Shifting million addressed saw up developments prediction shifts swap asset to from line strength nonperforming mortgage in in And a reminder, a reflecting the of acquisition the behind salable back home closings

is reserve at the several during data resolution final different of consideration received not clear very reflects While points the quarter. the moment, valuation

credit collateral on in the In a plan. the reserve large conjunction previous with was million during a of C&I commencement addition, a charged $X.X off liquidation quarter

concerns declining classified criticized on I'll from need rated office And I continue set million extension portfolio. maturities, still the quarter quarter. Separate for related mentioned, during multiple on to will improved the noted the due reserves. Switching earlier, stabilization $XX details portfolio And by outside some was of quarter already third to discussed, margin of syndicated closely to other to highlight We currently further X.XX%. now XXXX as mature X already loan to highlight key the to tenant monitor have gears loans actually negotiations the see We not the current of all, future focusing calendar with over with the reviewing total with maturity year bank in in loans in identified. isn't that just we information XXXX no classified regarding to about adversely large service but rated fourth the debt significant that continue quarter the first may the we net credit, maturities, surrounding that was expected the interest by and Slide in majority involvement feel profile. as the overall developments good recent basis to activity the primarily This ongoing XX. blips pressure downgraded points the X the is loss the addressed. In upcoming all driven say requests. pass remaining to been Slide as consensus all funding

think reserve cuts we Fed forward, of we recognize to assumptions margin in forward the of uncertainty a related As the future curve. expectations lot about shape there over going is overall

such, positive key the margin I would the expansion over to a highlight following suggest help points As data horizon. longer-term

of that exposure, is short-term approximate on First, XX% XX% on experienced would the to XX% shouldn't Fed deposit subject results an net hedges suggest approximately total Long-term which way reserve up, portfolio. cuts way the of to down betas beta. are mirror the loan

repricing. XX% margin on provide an flows XXX some be current approximately will of And specific could by book deposit XXX positive are that XX% annual over couple impacted of basis to I to will flows to quarter of However, degree the generate expected guidance generate expected spread to a Currently, be cash cash timing here scheduled the those a approximately loan subject in maturities. yield basis, to fourth to points. minutes. is time

as again income as deposit-related in to the billion total slightly versus interchange highlighting. XX, increasing Moving income assets in our prior fees strong by were of addition, quarter. Total prior Wealth and of overall preparation quarter in under Slide increased reached another driven record expenses income. for despite $X.X quarter, items third expected, a tax the the XX. quarter the and increased September the in fees administration included elevated outsized Noninterest with And slightly couple segment recognized worth

processing split for of $XXX,XXX, by rate our being insurance onetime adjustment of reiterate uncertainty to a valuation which continues near-term lastly, quarter my life reflect was level The brief to on card the Slide environment turn conditions. to XX.X%. In million offset in agreement. which the of closing first of was $X.X related the the over comments, out received I'll associated to our provide a XX credit want a liabilities rate negative approximately we forward-looking the update guidance, essentially And to debit with interest dollar tax credit

which loan single-digit mid-single-digit in XXXX of deposit range single-digit result deposit low in low year loan terms In increases we full to percentage low anticipate QX, and percentage year would for the growth the percentage growth, growth full range. in and

some those deposit of Regarding in inclusive or lines, drag the the announced the term, the on net cut lag the points fully a the margin, in to level will create would of Fed near able contract yields. Along the of September, cut anticipate decrease benefit terms slightly point in X reflecting repricing basis offset to short-term to margin XX each interest basis margin. in we fact that being loan likely similar X

net XX% portfolio, offset XX% rate that or cuts positively with deposit earlier, will However, lead assumptions to ultimately to Fed to future sloped curve on margin to XX% as lead just an expected a going improved loan flat yield repricing forward. beta the I noted

driven Regarding the any reserve. in the trends term already deck will asset provision charge-off specific reserves Page we in anticipate be other expense by while quality, short of credit centered emerging the the activity captured X identified not on around existing

tax noninterest year versus QX expected year versus we be noninterest quarter for fourth reaffirm increases percentage income, we percentage And full totals full XXXX as QX levels. expense, XX%. lastly, is low to a for around single-digit for for single-digit well the flat as for relatively QX. And versus with versus XXXX, Regarding increase XXXX low reaffirm QX rate the XXXX

As now up that for is year we'll positive we're quarter optimistic developments full about will bode next all open that and questions. we provide guidance well for typical, cited the future. With XXXX Jeff it that, the

Operator

Instructions] from James. Raymond The [Operator question first Steve comes Moss with

Stephen Moss

extension, classified just recall Jeff, option to the to credit starting here. X-year on correctly, was million If it $XX I downgraded Mark, an maybe extend. that has

not of Or kind it make where, Just like extend? it's were kind think of recent we process? workout do like, how that just the curious developments about here to likely

Jeffrey Tengel

Yes. Steve, it's Jeff.

is a it's One syndicated of here complicating factors loan. the

get bank terms, if which the pro need -- we they allow TBD kind so we're to extension And as the to or -- of we either don't to on for an going what's and quarter, extension, still the still an quid agreement quo. move the we're group qualify what through if is do, amongst

of caused of fluid us bit kind it's was It So anticipating. we tenant that a a of the situation. And to downgrade. the curveball weren't loss the that

Stephen Moss

is Okay. this likely you the Just at terms Got get you. cooperating evolution? a foreclosure-type the And guys then more in think there. loan trying kind borrower of or you Or sense to do $XX.X million sale loan it's point? here, with of a

Jeffrey Tengel

see exploring say Yes. we've interest that well would at capital, Hard se, aren't end any an going but say that why whatever has the which sponsor with a we lieu, interact foreclosure, it or to continue all to property. something a action to we here the the that. think take sponsor to is some sign is doesn't which Like I prepared and But in this include contributing we're in sale necessary been is per a deed we note above. appear point, a to in the things value like of think hopefully, they'll

Stephen Moss

us give Okay. you of reserve this Got of is recall at X.X%, kind that in I that specific type curious if to kind for if where before, just color could just then us is, terms point, portfolio. X% reserve the you. dedication of correctly And around

kind where is curious of that Just today?

Mark Ruggiero

Yes.

were about. this skewed imagine, a Steve, as it just now a on So reserve property with large talking that of you we bit specific can gets large certainly,

taking one is we I'd the have inclusive a that's either on, X if include million the suggest about or this almost or So specific But larger to large of reserve the charge-off reserve X up loans now a that facility. you X%. on obviously, $XX

around If the, indicated, you the range. suggest, specific you guess, out portfolio, of X.X% to as I rest were I'd somewhere that strip the individually reserves, that

Stephen Moss

those color. that I And longer that we shifting Mark. obviously, helps definitely comments, Fed with get appreciate margin you curious slope. just a on I here, Okay. hear the positive then term,

position versus are doing of those securities the around kind you low a thoughts your and of have maybe securities a buyback or with curious, yielding Just what portfolio, restructuring along lines? things guys sort relatively capital some

Mark Ruggiero

Yes.

saw on be bit. quarter valid of that can a in, restructuring to display actually third the cases, honest, a here come it's to many in And always improving opinion when the felt often was start that it valuation. I've question. of be in So securities been of securities somewhat pretty terms of you much in think, the some a like just those rates wash valuations in ultimate I

always tangible an the on is is per have not. value. and grow balance value value tangible you I've restructure do And sheet whether book book probably to share we're So end in same the of you'll range, suggested which focused tangible see grow or that regardless number book primarily that,

So haven't while looks the the -- sort you tangible think the book, that. over and put ultimate just kind better certainly been growing if in of a all further, that the work up of here back little we last to you in I I place. we've to securities enamored that's reason really the bit that down valuation with restructure, securities do so earnings end been book year. We money run third And that of quarter. allowed same the And think

to $XX that where XX% right than we But securities to slightly So standpoint, million or assets the higher was from XX% now. buy a around have liquidity another so. did of goal be the only we're

like feels overall just the much of composition with the So sheet. in better it we're spot balance a

Operator

Sandler. Piper with comes Our from Fitzgibbon next question Mark

Mark Fitzgibbon

questions. to up of on Steve's follow want Just couple a

is against in that classified a there on that? $XX million specific First, the matures reserve quarter, the fourth loan

Mark Ruggiero

process, about earlier good that felt appraisal From That value one the does not. the in No. we have we the there.

specific at on no there's this So reserve point. it

Mark Fitzgibbon

office has about And reserve million I you that of of excluding Okay. one, mentioned then think a rest the X.X%-ish. that $XX.X portfolio, the loan the

your like a a maybe portfolio is like your level? a competitors this of Webster X% office the Some market feel competitors warrants feel that, is like you portfolio. different much Citizens in time you your that reserve has that it in has reserve XX% a build or office do lower reserve the and good to Do from

Mark Ruggiero

the what -- mean I comfortable with in without rating risk that what within we knowing Yes. competitors their allocation get pool. our have portfolio,

So the is strip $XXX our risk evaluated pass X it you loans, risk-rated then little of or X if individual of again, I breakout X. grade, if to rated a office were book, million at look or out And there's X. over million, $XXX that's the

with far loans, I've you to we're that past say, reserve somewhere on our as our XX% -- XX% as do loans if XX% X -- on a shared if in that allocation reserve risk-rated X you gets total highlighting. what So is rated to go math on the the even around the X.X% allocating, and you

Mark, and major concern. really we well majority it it's the see reflect performing pass of So any just still where concerns. allocations without credit rating a function, vast higher does And being

Mark Fitzgibbon

was then million $XX.X the in And Okay. largest that office loan, portfolio? your loan

Jeffrey Tengel

have good We loan just feel it. -- fine. was a very doing loan. we acquired an a about That's it's is that's -- larger. But is think one I that property very, credit it that unique It's other very also pass-rated really

Mark Ruggiero

very sponsor. Has a strong

Jeffrey Tengel

tenants. good very and sponsor strong very Yes,

Mark Fitzgibbon

you share like. line what curious could release, Okay. home us commercial that And I'd rates I line wondered you trending with are be if the those utilization referenced on are. rates, what And in those think been have utilization then equity rising. also, I

Mark Ruggiero

Yes.

pre-COVID below to Mark, been still XX%, little sort about big went not XX.X% a So from home utilization, equity we but changes, levels. But over where saw has of a is which some uptick that an rates of right growth actually believe saw. General bit utilization are September C&I you is balance driving outstanding around under period the now. XX%. it I XX% little of for

construction to on construction is not that's the has activity. about closing you're utilization we've historically, utilization certainly getting seeing north where -- of down balanced XX%, So seen we've We're just utilization, C&I said, I is good pretty And muted, where to XX%. that growth. what think another seen drive volume like portfolio we

Mark Fitzgibbon

a lastly, of next, in of logical probably the look it rate I But how lot I in get a something. marks targets. XXXX? a being you you're know to year are better then I'm the little to that able the of outside say, and guess do sort And How handicap some or where you'd to there's in done, looking eager from market Okay. the tired acquisitions management would do the there's curious probability able handicap probability not being of so? teams over and acquisitions say,

Jeffrey Tengel

that or fit would Well, it's are assign banks to and banks even I bought. also activity profile. sold, not know, target mean Massachusetts as not probability as many a it you're right kind And hard because, in predict to they're of our just Central you Eastern there's that

I -- smaller. I of juice so But think would to said positioned So I the speaking, of -- of really New that, about. rule wouldn't or a we stock I our bit are so the other us performing in I've could we're the give know think Rhode kind Hampshire. speak, contiguous do that our is probability would be Southern and than the more possibility say, just little definitely absent the price out pond, in include bit aspects to generally currency. But our well, we like something a we bit feel or other higher all the doing something well that a market, past as talked us bank Island

with anything deal. wouldn't get the synergy all I right the to do we the it We right don't it's work, we can't candidate, found numbers so And candidate. that would feel finding if if don't out but rule the come the and about pressured

Mark Fitzgibbon

Okay.

given capital, think we plenty are of should have you undervalued is cards? presume buybacks stock the and the So you that, in

Jeffrey Tengel

Mark answer meeting, something a not we ALCO every it's in second, about, talk mean, if Yes. I that but let maybe every I'll other.

we and a bit, think think matter about So and quite it's we're prudent we we when it's a -- it's of talk when it not. just

Mark Ruggiero

much more add too to that. to Not Yes.

pause were on as think in year. hit you button there. active we the know, did bit the We a earlier I

in price, which kept But absolute of seen the You've volatility levels be sense given in stock think something our again, of a sideline place having capital. I opportunistic to a lot of bit. on sort our makes us

lines. fair think point to be I sort So expecting those it's of a along something

Operator

comes Hunsicker Our Seaport question with Laurie Research. from next

Laura Havener Hunsicker

here. go to to back wanted office I

So the A, Class $XX correct? million exposure, your financial is that district only that is

Jeffrey Tengel

I but it's one, only our one. wouldn't say it's only meaningful our

other We have of performing like oriented. couple -- a relationship smaller of they're much kind and well

So district this the office financial meaningful is only exposure in the portfolio.

Laura Havener Hunsicker

Got it. Got it.

then previously, from I my XX% And occupied. Okay. notes, had this was

And so tenant. take guys than guess X? did lost a And down you service that What coverage -- then debt does to occupancy? less that I where push ratio

Jeffrey Tengel

it's if less know X. don't than I

but coverage. the are of has it service So handy, new XX%. XX% they've on rent recent And burning to of off also period, I their don't some debt near-term in free more some tenants have that also from put -- the pressure building occupancy this down took which

the forward. we're two the And is and those think client today so agent how the with conversation lot of move bank of we mix what's I having things a creating about the

Laura Havener Hunsicker

Got it.

who this lead on the bank And sorry, is one?

Jeffrey Tengel

Stanley. Morgan

Mark Ruggiero

Morgan Stanley, yes.

Laura Havener Hunsicker

Okay.

was then Okay, mean, reserve dollar this the most over and of dollar sitting quarter the credit? the loan to But $XX.X in that just you exact that this, to $XX.X I provision million amount? understand loss amount million, the is was allocated to exact what the due but what we see was -- great. And $XX going million. at I your

Mark Ruggiero

on a reserve the allocation reserve But loan last of increasing been charge-off we any quarter, the was a know, the So general or it Laurie, last you it, relatively have without not technically, had did activity. as we quarters couple call small, so. both specific $X million had that where

qualitative through pooled larger were all coming credits the influenced but horizon. we more on that the by a knew approach, some it's factors, of sort So which these of is that's done of heavily

the I build suggesting factors loan, looks indirect that paper, loan. this $XX -- So even associated of were to level some is heavily it provision like I'm by qualitative there would comfortable million the of within on was though influenced the

range So probably to in specific sense? could for to that suggest the million make Does was that. you million of $XX that somewhere provision needed sort quarter, the that $XX

Laura Havener Hunsicker

makes sense. sense. makes That That Yes.

Okay. the $XXX full I didn't in office Really you this X was million, Previously, that 'XX and all I had time. year appreciate details, maturities see on give. Page your obviously,

a look just You that quarterly maturities a through figure like partway on have Do ends looks new like for 'XX? your have you what 'XX. breakdown, it

Mark Ruggiero

should chart $XXX above right so or it's year maturities. Yes, it that number, of the -- -- which above there now. about be the right but But it's a don't breakdown exact has Yes, that book, doing I'm calendar have of I XX% million?

Laura Havener Hunsicker

No. Yes.

Okay. My it And was right here. apologies.

Jeffrey Tengel

Of that too. $XX is $XXX million, the million Laurie, loan,

in keep that So mind.

Mark Ruggiero

Yes.

Laura Havener Hunsicker

LOIs have adversely point, update on that then And on loan right. you -- another that. credit? had an were rated Do remembered that $XX in Right, in that yes, and more had to coming you I guys was million maturing 'XX, there but

Mark Ruggiero

actually That's development. Yes. positive a

extension to executed out we've fact, now. In XXXX an

of not as interest LOIs the for either technically maturities sponsor that or it's XX% existing now has leases XXXX in So there's LOI sign well. that But been and other able quarter. ongoing space, to this for

credit from one. a quarter, the improved profile we actually good feel and that's about that last So versus

Laura Havener Hunsicker

[indiscernible], Okay. XXX% one was because that Yes, is like right? year that started almost the

Mark Ruggiero

That's right. facility. It was lab essentially a spec

Jeffrey Tengel

Yes.

And it's so out extended to XXXX. year-end

Mark Ruggiero

Right.

Jeffrey Tengel

And it's positive got a velocity.

Laura Havener Hunsicker

Perfect.

And at have spurts else we give you and we the -- one and you obviously, it's to really, X But there's much about guys guess upcoming "Wow, that just that's have $XX counted. quarter else obviously, seems the bits fourth that to large say, just and and There's this." to The going I that the reserved, nothing horizon, out nothing detail. you be one million good so and so you're as is credits. look appreciate these thinking on be I look there that in

Mark Ruggiero

always I some one-offs. mean there's

at new $XX the of still with they is of new believe. $XX criticized look understanding sort one So of is converted market into I a office point, versus terms and ultimate space. loan, And then -- some actually in sort total terms and of space, there's this space, to of office million, back Yes, resolution. But office the in of to to to office specific repurposed but XXXX about million looking sort you prior that in the quarter. full a the This were lab understanding classified for some loan, dealing be transparency, it's is at innings a demand criticized if also maturity. early facility

one and So some we still and where a that under it's little given unique downgrade it's close it and uncertainty million. $X just occupancy levels, appropriate to office that of and as a true tenant around to suggest all XX% contemplated bit stabilized to is the appraisal a XX% of felt unit. But a of was LTV fluidity the

So that the the book, fourth anything not on, XXXX that but rating. us We're our that's eyes we indicated, gives concern. obviously pass as major a seeing of is quarter Jeff have maturity rest

has little So any it, call over loan, that $XX let's of million a bit uncertainty.

much probably as point as can at this those. I we've provided on we all detail think

Laura Havener Hunsicker

Jeffrey Tengel	executive
Mark Ruggiero	executive
Stephen Moss	analyst
Mark Fitzgibbon	analyst
Laura Havener Hunsicker	analyst
Christopher O'Connell	analyst

Independent Bank (INDB) 18 Oct 242024 Q3 Earnings call transcript