Independent Bank reported first-quarter revenues of $252.7 million, a 41.9% increase year on year, matching analyst expectations. The result was part of a slower quarter for the regional banking sector, where the 91 tracked stocks saw revenues in line with consensus estimates. Independent Bank narrowly beat earnings per share forecasts but slightly missed tangible book value per share estimates. Among peers, UMB Financial posted the strongest performance with revenues of $744.8 million, up 29.3% and beating estimates by 5.4%, while BankUnited was the weakest, with revenues of $273.8 million falling 5.1% short of expectations. Citizens Financial Group and Valley National Bank also reported mixed results, with Citizens' $2.17 billion in revenue up 12% and Valley's $541.6 million up 12.9%.
Independent Bank CorporationRevenue up 41.9% and EPS beat, though TBVPS slightly missed.
Independent BankRevenue up 41.9% and EPS beat, though TBVPS slightly missed.
BankUnited Inc
Citizens Financial Group, Inc.
UMB Financial Corporation
Valley National Bancorp