Independent Bank reports $33M profit in Q3

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.

PROVIDENCE – Independent Bank Corp., parent of Rockland Trust Co., on Friday reported a profit of $33 million in the third quarter ended Sept. 30, up 38 percent from $23.9 million a year earlier.

Excluding merger and acquisition expenses in the second the third quarters from the pending merger with MNB Bancorp, announced in May, and the Blue Hills Bancorp merger, announced last month, Independent’s net income for the third quarter was $34.9 million, the bank said.

The Rockland, Mass.-based bank reported third-quarter total revenue of $99.5 million, a 13 percent increase year over year from $87.8 million.

Assets grew to a total of $8.4 billion in the third quarter, increasing by $322.6 million, or 4 percent, from $8.1 billion a year earlier. Loans grew to a total of $6.5 billion, up nearly 4 percent from $6.3 billion a year earlier. Deposits grew to a total of $7 billion, up more than 4 percent from $6.7 billion a year earlier.

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For the third quarter, earnings were $1.20 per diluted share, up from $1.13 per diluted share in the second quarter and up from 87 cents per diluted share a year earlier.

Interest income was $82.9 million in the quarter, up 15 percent from $71.8 million a year earlier. Noninterest income was $23.3 million in the quarter, up 12 percent from $20.8 million a year earlier.

Nonperforming assets, including all types of loans, dropped to $45.6 million in the quarter, down from $53.2 million a year earlier. Troubled debt restructurings totaled $27.9 million, down from $32.5 million a year earlier.

“Rockland Trust continued to grow during the third quarter, as loans increased and our net interest margin continued to expand,” said Christopher Oddleifson, CEO of Independent Bank Corp. and Rockland Trust Co. “We also recently announced the signing of an agreement to acquire Blue Hills Bank, a transaction which will improve Rockland Trust’s presence in overlapping and adjacent markets, and permit us to expand onto Nantucket Island, upon its anticipated closing in the first half of 2019.”

Founded in 1907, Rockland Trust is a commercial bank serving southeastern Massachusetts, Cape Cod and Boston’s Metro West region. The bank has eight branches in Bristol County, Mass., where it is the sixth-largest bank based on market share of deposits.

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.