Rockland Trust parent reports 51% profit growth in 2Q

ROCKLAND – Independent Bank Corp., parent of Rockland Trust Co., this week reported double-digit increases in quarterly revenue and profit.

With offices in Rhode Island and Bristol County, Mass., Independent reported interest and noninterest revenue totaling $101.1 million in the quarter ended June 30, 12.9 percent greater than the $89.5 million in the second quarter last year.

Net income was $31.1 million for the quarter, a 51.3 percent increase from $20.6 million a year earlier. Diluted earnings per share totaled $1.13, compared with 75 cents in the second quarter last year.

Assets increased 4.5 percent year over year to $8.4 billion, as loans grew 3.3 percent to $6.4 billion. Deposits totaled $7 billion in the second quarter, a 4.8 percent increase from $6.7 billion a year earlier.

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The bank reported that its net interest margin increased to 3.89 percent from 3.6 percent a year earlier. Its return on average assets increased to 1.52 percent from 1.06 percent oveer the year, while its return on common average equity increased to 12.86 percent from 9.15 percent.

“Loans, deposits, and interest and fee income all increased during the second quarter of 2018 due to our focus on disciplined growth,” Independent and Rockland CEO Christopher Oddleifson said in a statement.

“Rockland Trust also announced the signing of a merger agreement with The Milford National Bank and Trust Co. during the second quarter, a transaction which is anticipated to close later this year and will help expand our Worcester County presence,” Oddleifson said.

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