ROCKLAND, Mass. – Independent Bank Corp. (Nasdaq: INDB), parent of the Rockland Trust Co., late yesterday announced that its diluted earnings per share rose to $2.17 in 2006, from $2.14 in 2005, and its net income decreased to $32.9 million, down $354,000 from 2005’s.
The year’s net operating earnings were $2.19 per diluted share, up 6 cents, or 2.8 percent, for a total of $33.1 million, or 0.1 percent less than in 2005.
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For the quarter ended Dec. 31, it said diluted earnings per share decreased 1 cent, or 1.8 percent, to 54 cents, from the year-ago period’s 55 cents. Net income for the quarter was $8.1 million, down 5.4 percent from the $8.6 million reported for the fourth quarter of 2005. Net operating earnings were 57 cents per diluted share, consistent with the year-ago period’s, for a total of $8.5 million, down 3.5 percent from the final quarter of 2005.
The company reported return on average assets and return on average equity in 2006 of 1.12 percent and 14.60 percent, respectively, as compared to 1.11 percent and 15.10 percent for the same period in 2005, respectively.
The results were discussed by President and CEO Christopher Oddleifson and CFO Denis K. Sheahan in a Friday conference call. A replay is available at www.RocklandTrust.com until April 19. The replay can also be heard through Jan. 24 by calling 1-877-660-6853, account number: 286, conference ID: 225254.
Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Co., currently has $2.8 billion in assets. Rockland Trust is a full-service community bank serving southeastern Massachusetts and Cape Cod. Additional information, including the full report for the quarter and year ended Dec. 31, is available at www.RocklandTrust.com.
