Rockland Trust Co. parent reports ‘record year’ for earnings in ’14

INDEPENDENT BANK CORP., parent of Rockland Trust Co., reported net income of $33 million in the third quarter, up 6 percent from a year earlier. / COURTESY ROCKLAND TRUST CO.
INDEPENDENT BANK CORP., parent of Rockland Trust Co., reported net income of $33 million in the third quarter, up 6 percent from a year earlier. / COURTESY ROCKLAND TRUST CO.

ROCKLAND, Mass. – Independent Bank Corp., parent of Rockland Trust Co., reported a “record year for earnings” in 2014, with net income gains of 19.1 percent for the year, and 50.9 percent for the fourth quarter.
The bank reported 2014 net income of $59.8 million, or $2.49 per diluted share, compared with $50.3 million, or $2.18 per diluted share, in 2013, a 19.1 percent gain.
“Our discipline and focus continues to deliver outstanding results – despite a challenging operating environment, 2014 was a record year for earnings due to the teamwork and devotion of my Rockland Trust colleagues,” Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust Co., said in a statement.
He said the company has the anticipated closing of the Peoples Federal Bancshares acquisition in the future, and looks forward to “deepening and expanding customer relationships in 2015 as we expand in and around Boston and in the other markets we serve.”
In 2014, total non-interest and interest income was $286.4 million, a 4.6 percent increase over 2013’s figure of $273.9 million.
For the fourth quarter that ended Dec. 31, net income was $15.98 million, or 66 cents per diluted share, compared with $10.6 million, or 45 cents per diluted share, a 50.9 percent increase.
Total non-interest and interest income was $73.3 million in the fourth quarter, compared with $70 million in fourth quarter 2013, a 4.7 percent increase.

As of Dec. 31, total assets were $6.4 billion, an increase of 4.4 percent from the year ago period. Total loans stood at $5 billion as of Dec. 31, an increase of 5.4 percent when compared with the year ago period.
The company, in a press release, said that continued modest growth in the home equity portfolios was due in part to successful marketing campaigns.
The company also said that ongoing growth in the commercial real estate, and commercial and industrial and small-business portfolio was partially offset by “slightly lower construction balances.”

No posts to display