Independent Bank makes profit, revenue gains in 2013
ROCKLAND TRUST CO. parent Independent Bank Corp. reported a 17.9 percent gain on net income for 2013, on a 6.1 percent improvement in total interest and non-interest income. Pictured is a Rockland Trust branch in Fall River.
COURTESY ROCKLAND TRUST CO.
By Rhonda Miller PBN Staff Writer
ROCKLAND, Mass. - Independent Bank Corp., parent of Rockland Trust Co., recorded an increase of 17.9 percent in earnings in 2013 over the previous year, the bank announced Thursday. Net income for 2013 was $50.3 million, or $2.18 per diluted share, compared with $42.6 million, or $1.95 per diluted share, in 2012.
Total interest and non-interest income for the bank in 2013 was $273.9 million, an increase of 6.1 percent on the 2012 total.
“Rockland Trust had many outstanding accomplishments in 2013. The teamwork of my colleagues once again produced strong financial results and growth in the face of continued strong competition for loans and deposits,” Christopher Oddleifson, president and CEO of Independent Bank Corp and Rockland Trust, said in a release accompanying the bank’s full-year 2013 and fourth-quarter earnings report.
For the three months ended Dec. 31, net income was $10.6 million, or 45 cents per diluted share, an increase of 6.2 percent on the fourth quarter of 2012. Total interest and non-interest income for the period was $70 million, a 2.3 percent improvement on its fourth quarter 2012 total of $68.4 million.
Rockland Trust acquired Mayflower Bancorp Inc. on Nov. 15, 2013, and recorded most merger and acquisition costs, or $6.2 million, during the fourth quarter.
The Mayflower acquisition added four full-service branches, and at fair value, $126.6 million in loans and $218.9 million in deposits, the bank reported.
“During the third quarter of 2013, our ongoing talent development, succession planning and leadership development efforts enabled us to make several important promotions from within to expand our already strong managerial capacity,” Oddleifson said. “We believe we are position for future growth and ready to take full advantage of the opportunities that lie ahead.”
The bank showed improvements in both return on average assets and return on average common equity over the year, rising from 0.83 percent to 0.87 percent in ROA and from 8.66 percent to 9.09 percent in ROE.
Thanks to the acquisition, the bank’s total assets grew year over year to $6.1 billion from $5.8 billion, as total commercial loans grew 8.4 percent to $3.3 billion by the end of the year.