Rockland Trust’s parent company reports $30.6M quarterly profit

PROVIDENCE – Independent Bank Corp., the parent company of Rockland Trust Co., announced net income of $30.6 million, or 89 cents per diluted share, in the second quarter ended June 30.

That was a 13.1% decrease from net income of $35.2 million, or $1.25 per diluted share, in the first quarter of this year and a 1.6% decrease from net income of $31.1 million, or $1.13 per diluted share, in the second quarter of last year.

The decreases were driven by merger and acquisition expenses from Rockland Trust’s acquisition of Blue Hills Bank, completed in the second quarter. Excluding merger and acquisition expenses, the company’s operating net income was $48.8 million in the second quarter, an increase from $36.7 million in the first quarter, the company said.

Reflecting the acquisition, the company grew its loan portfolio by 38% to $9 billion in the second quarter from $6.5 billion in the same period a year earlier.

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Total assets grew by more than 38% to $11.6 billion from $8.4 billion a year earlier. Total deposits grew by 33% to $9.3 billion from $7 billion a year earlier.

Rockland Trust is based in Rockland, Mass.

“During the second quarter of 2019, Rockland Trust completed the acquisition of Blue Hills Bank, grew to over $11.6 billion in assets, adding branches in Boston’s Hyde Park neighborhood and several other Boston locations, and expanded our geographic reach to include Nantucket Island,” said Christopher Oddleifson, CEO and president of Independent Bank Corp. and CEO of Rockland Trust.

“Also,” he added, “after many months of careful planning, we completed the successful conversion of the customers and branches acquired from Blue Hills Bank over the first weekend in June. Our growth and success are directly attributable to the exceptional hard work of my deeply committed and talented colleagues, including those who joined us from Blue Hills.”

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