Rockland Trust Co. parent reports profit, revenue increase in 2Q

INDEPENDENT BANK Corp., parent of Rockland Trust Co., reported an 18 percent increase in profit, and an 11 percent increase in revenue, in the second quarter that ended June 30.
INDEPENDENT BANK Corp., parent of Rockland Trust Co., reported an 18 percent increase in profit, and an 11 percent increase in revenue, in the second quarter that ended June 30.

ROCKLAND, Mass. – Independent Bank Corp., parent of Rockland Trust Co., reported an 18 percent year-over-year increase in profit, and an 11 percent increase in revenue, in the second quarter that ended June 30.
The bank reported profit of $17.5 million, or 67 cents per diluted share, compared with $14.7 million, or 61 cents per diluted share during the same period a year ago.
Profit was boosted by the February acquisition of Peoples Federal Bancshares Inc., the bank said.
Revenue was $79.3 million, an 11.4 percent increase from $71.1 million, during the year-ago quarter.
“Due to the teamwork and extraordinary efforts of my many colleagues, Rockland Trust has performed very well during the first half of 2015,” Christopher Oddleifson, president and CEO of Independent and Rockland Trust, said in a statement. “While loan growth remains challenging due to intense competition, our disciplined and focused approach has resulted in strong deposit growth and continued pristine asset quality.”
Assets totaled $7.2 billion, an increase of 13.4 percent compared with the year-ago period. Commercial loans grew 11.4 percent over the year to $3.9 billion, led by growth in commercial and industrial and small-business sectors. Total loans jumped 11.2 percent to $5.4 billion in the second quarter.
Deposits also climbed 12.7 percent over the prior year period to nearly $6 billion. Stockholders’ equity climbed to $743.3 million, an increase of nearly 21 percent.

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