Independent Bank Corp. makes $12.2M in Q1

Posted 4/13/12

ROCKLAND - Independent Bank Corp., parent of Rockland Trust Company, pulled in a net income of $12.2 million for the first quarter of 2012, the company announced Thursday afternoon.

The bank’s total assets of $5.0 billion at the end of the quarter, March 31, are up $15.5 million from the prior quarter and $340.0 million, or 7.3 percent, from the first quarter of 2011.

Total loans increased to $3.9 billion and continue to be led by commercial loan and first position home equity loan portfolios.

The securities portfolio of $563.0 million increased by $44.5 million during the quarter as a result of purchases made to increase securities available for collateral purposes.

Stockholders’ equity improved by 2.1 percent, to $478.9 million, when compared to the last quarter ended Dec. 31, 2011.

Net interest income of $41.9 million remained consistent when compared to the prior quarter. However, noninterest income decreased by $406,000, from the prior quarter ending Dec. 31, 2011, totaling $13.9 million on March 31, 2012.

In addition, the bank recorded noninterest expenses of $37.4 million during the first quarter of 2012, a $406,000 increase from the prior quarter.

“Starting the year with a terrific quarter provides momentum for the rest of 2012,” said Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust.

“While the current interest rate environment remains challenging, we’re running on all cylinders right now to counter its impact - with customer growth driving strong business volumes and profitability,” he added.

The bank maintained a solid credit profile during the quarter. The provision for loan losses was $1.6 million for the first quarter compared to $3.8 million for the quarter ended Dec. 31, 2011. The provision exceeded net charge-offs in both periods.

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