Keefe, Bruyette & Woods Maintains Estimates On Independent Bank Corp

According to Keefe, Bruyette & Woods, Independent Bank Corp INDB reported operating results of $0.50/sh, missing KBW estimates by $0.02 and Street estimates by $0.04. Keefe, Bruyette & Woods said that the quarter was characterized by strong balance sheet expansion, which led to a higher-than-modeled provision level. “Other quarterly variances included better fee income, which was partially offset by higher operating expenses. Despite the quarterly EPS miss we are maintaining our forward estimates, target and rating.” Independent Bank Corp closed yesterday at $21.00.