Independent Bank Corp. (NASDAQ:INDB) Q1 2024 Earnings Call Transcript

Chris O’Connell: Really helpful. And is there anything else, I mean, you mentioned the multifamily improvement from the one credit this quarter, any additional detail on the slides, so it all looks very solid. I mean, is there any other areas outside of office that you guys are seeing any sort of outsized credit pressure at this time?

Jeff Tengel: Yes, not really. I mean, if you zoom out a little bit and look at our levels of criticized and classified assets together, it’s actually very stable, not just over the last couple quarters, but it’s very consistent with the last few years, which is, again, why we feel relatively comfortable with where we are in this credit environment because the level of criticized and classified assets is not remarkably different. It’s really no different than it has been over the past several years.

Chris O’Connell: Great. And then last one, do you have the amount of non-floating rate loans that are set to reprice or mature in 2024?

Mark Ruggiero: In 2024, I do not in front of me, but it’s not a significant lead. We have — obviously, the — you said the non-floating rate, so adjustable rate.

Chris O’Connell: Yes, or fixed.

Mark Ruggiero: Yes. I don’t have it in front of me, Chris, but I can get you that.

Chris O’Connell: All good. That’s all I had. Thank you.

Mark Ruggiero: Thank you.

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

Jeff Tengel: Thanks, Nick, and thank you for your continued interest in Independent Bank Corp. Have a great day.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.