ROCKLAND, Mass. – For the second consecutive year, Independent Bank Corp., the parent company of Rockland Trust, has been named by Forbes as one of the nation’s top 25 healthiest publicly traded banks.
Independent ranked 22nd in 2011, slipping slightly from its No. 18 spot in 2010.
Forbes, a publishing company and owner of Forbes Magazine, analyzed data from the 100 largest publicly traded banks as provided by SNL Financial, to determine the healthiest banks.
In 2011, Independent reported net income increased 12.9 percent from a year earlier. It claimed $5 billion in total assets - an increase of $274.5 million compared with 2010; total loans increased 6.7 percent to $3.8 billion. Deposits increased as well, from $3.6 billion to $3.9 billion, according to its year-end balance sheet.
The bank reduced its total interest expenses by 26 percent to $28.7 million; it set aside $11.5 million as a provision for loan losses - down from $18.7 million in 2010.
“Rockland Trust is proud to be included on this reputable list,” said bank President and CEO Christopher Oddleifson.
“Our inclusion on this list is a testament to the overall strength and performance of the company and the commitment of our team to delivering unparalleled customer service,” he said.
The banks were rated using eight metrics of financial health: return on average equity, net interest margin, nonperforming loans as a percentage of loans, nonperforming assets as a percentage of assets, reserves as a percentage of nonperforming loans, two capital ratios (Tier 1 and risk-based) and leverage ratio. The list was determined by combining the individual metric rankings of each bank.