ROCKLAND - Independent Bank Corp., the parent company of Rockland Trust Co., has announced net income of $11.6 million, or 53 cents per diluted share, for the third quarter of 2012, a three percent decrease year-over-year from the third quarter 2011, but a 23 percent increase from the three months ended June 30.
According to the company, the third quarter contained a variety of items that Rockland unusual and slightly distorted the results, including a $2.2 million goodwill impairment charge concerning Compass Exchange Advisors LLC which was acquired in January 2007, $595,000 of expenses associated with the acquisition of Central Bancorp Inc. and a tax-exempt income of $1.3 million related to proceeds from life insurance policies.
When excluding these, net income for the quarter on an operating basis was $12.0 million, or 55 cents per diluted share, gains very similar to the 2011 third quarter.
Total assets of $5.2 billion at Sept. 30, 2012 were up $292.3 million, or 6 percent when compared to Sept. 30, 2011, or $67.5 million, or 2 percent, from the previous quarter ended June 30.
Net interest income was $42.8 million for the third quarter of 2012, relatively equal to the second quarter, but a 13 percent improvement from the same quarter in 2011.
Noninterest income was $16.1 million during the third quarter of 2012, a $1.1 million, or 7.5percent increase from the prior quarter. This quarter’s noninterest income increased $3.8 million, or a 24 percent increase from Sept. 30, 2011.
Deposits were $4.1 billion at Sept. 30, 2012, relatively equal to the amount reported in the prior quarter. When compared to the third quarter 2011, deposits increased by $300 million, or 7 percent.
Total loans continued to rise, equaling $4.1 billion at Sept. 30, 2012, which represents an increase of 2 percent from the $4.0 billion of the previous quarter, or a 10 percent increase - $3.7 billion – from the same time last year. The increase was due to more commercial loans as real estate loans remained stable.
Generally, noninterest operating expenses increased slightly from June 30, 2012; allowances for loan losses remained stable over the same period
“Our third quarter performance was a strong one and is driven by our strategy of disciplined growth,” Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust, said in a statement.
“The steady growth in lending and core deposits evidences that the Rockland brand is resonating with consumers and businesses alike,” added Oddleifson. “Our customer-centric approach to deliver great products and service is meeting with much success in the marketplace which makes us confident about continuing to build franchise value.”
independent bank corp.,
rockland trust co.,
rockland trust company,