BANKING

Rockland parent posts mixed results in 3Q

COURTESY WIKIMEDIA COMMONS
ROCKLAND TRUST CO. parent Independent Bank Corp. posted a third quarter net income of $11.6 million, or 53 cents per diluted share.
Posted 10/19/12

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.”

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement