ROCKLAND, Mass. – Independent Bank Corp. (Nasdaq: INDB), parent of the Rockand Trust Co., today posted a 16.2-percent decline in first-quarter net income to $6.63 million. The company’s profit declined 11.8 percent to 45 cents per diluted share for the quarter ended March 31.
First-quarter net operating earnings fell 11.0 percent to $6.89 million, which excluded a one-time expense of $264,000 for executive early retirement costs, compared with the year-ago $7.38 million excluding a $1.15 million loss on sale of securities and a $1.32 million gain in bank-owned life insurance (BOLI) benefit proceeds.
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Interest income decreased 8.8 percent to $23.1 million; the company cited “a smaller balance sheet and an increase in the cost of deposits,” as its net interest margin decreased to 3.84 percent from 3.88 percent in the first quarter of 2006.
Total deposits on March 31 decreased 3 percent to $2.08 billion, 0.4 percent less than on Dec. 31.
Total loans decreased 1.4 percent to $27.7 million. Allowance for loan losses grew 18.8 percent to $891,000 or 1.34 percent of total loans.
But non-interest income increased 21.4 percent to $7.79 million, led by investment management income, which increased 33.9 percent to $1.81 million.
Total assets declined 6.3 percent year over year to $2.7 billion, “due to intentional decreases in the Company’s security portfolio and certain loan categories due to a combination of the flat yield curve environment and the profitability characteristics of these asset classes,” the company said.
Independent Bank Corp. (NASDAQ: INDB) is the parent of Rockland Trust Co., a full-service community bank serving southeastern Massachusetts and Cape Cod. Additional information is available at www.RocklandTrust.com.
