Independent Bank Corp. (NASDAQ:INDB) Q4 2023 Earnings Call Transcript

Mark Ruggiero: Yes. We have a big piece in this quarter is our unrealized gains on equity. We have a very small equity securities portfolio that’s tied to a defined benefit plan that requires mark to market accounting. So you see a little bit of volatility each quarter. If it’s a loss, you’ll typically see that get recognized through other non-interest expense. If it’s a gain, you’ll see it go through other non-interest income. That was about $700,000 this quarter. So I think your Q3 number in quarters prior to that are probably the right level for that line item.

Laurie Hunsicker: Great. Thanks.

Mark Ruggiero: Okay.

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: Thank you for your continued interest in Independent Bancorp, and we will talk to you next quarter. Have a good day.

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