How did INDB's Q4 earnings surprise investors?

Independent Bank Corp.'s (INDB) Q4 earnings did not surprise investors in a significant negative or positive way, based on the available data. Here are the key points to consider: 1. **Earnings Performance**: INDB reported $1.01 in EPS for Q4, which was slightly above the consensus estimate of $0.99. This indicates that the bank's performance was in line with expectations, with a slight positive surprise. 2. **Revenue Decline**: The bank reported a revenue of $175.25 million for the quarter, marking a 4.5% year-over-year decline. This decline was not unexpected, as indicated by the lower revenue compared to the previous year. 3. **Analyst Expectations**: Analysts had estimated a decline in earnings, which suggests that the reported earnings did not come as a surprise. The fact that INDB beat the earnings estimate by a small margin could be seen as a positive surprise, but it was likely overshadowed by the revenue decline and the overall economic challenges the bank faced. 4. **Stock Market Reaction**: The market's reaction to the earnings report was not significant, indicating that the earnings results were not a major surprise to investors. In conclusion, while INDB's Q4 earnings were slightly better than expected, the revenue decline and the broader economic challenges meant that the earnings surprise was not significant enough to cause a major market reaction.