Rockland Trust parent company reports $51.8M profit in Q3

ROCKLAND TRUST'S parent company reported a profit of $27 million in the first quarter of 2020. / COURTESY ROCKLAND TRUST CO.
ROCKLAND TRUST'S parent company reported a profit of $27 million in the first quarter of 2020. / COURTESY ROCKLAND TRUST CO.

PROVIDENCE – Independent Bank Corp., the holding company for Rockland Trust Co., reported a profit of $51.8 million in the third quarter in a filing this week. The profit marks a 57% increase year over year.

Earnings per diluted share for the third quarter were $1.51, compared with $1.20 one year prior.

The increase reflects Rockland Trust’s acquisition of Blue Hills Bank, which closed in the second quarter of 2019.

“Rockland Trust’s third-quarter performance was strong,” said Christopher Oddleifson, the CEO of Independent Bank Corp. and Rockland Trust Co. “Our underlying fundamentals remain strong, our integration of Blue Hills Bank has progressed as planned, and we are hard at work pursuing the opportunities presented by our market expansion.”

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Revenue for the quarter was $151.4 million, a 42.7% increase year over year. Total assets were $11.6 billion at the end of the quarter, a 38.4% increase year over year.

Deposits totaled $9.3 billion at the end of the quarter, an increase from $7 billion one year prior.

Total interest income was $119.6 million in the quarter, an increase from $82.9 million one year prior.

The company’s net interest margin for the quarter was 4.03%, compared with 3.94% one year prior.

Noninterest income totaled $31.8 million, an increase from $23.3 million in the third quarter of 2018.

Commercial loans totaled $6.1 billion in the quarter, an increase from $4.6 billion one year prior. Consumer real estate loans totaled $2.8 billion on average in the quarter, an increase from $1.9 billion one year prior.

Allowance for loan losses in the quarter was $66.9 million.

The holding company said the bank’s board of directors had approved a buyback program to purchase up to 1.5 million shares of stock that will be effective until the end of October.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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