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By Michael Souza
PBN Staff Writer
ROCKLAND, Mass – Independent Bank Corp., parent of Rockland Trust Co., reported in net income of $45.4 million on Thursday, an improvement of 12.9 percent on last year’s earnings.
Total interest and non-interest revenue decreased only slightly, $248.5 million for the year, compared with $249.6 million in 2010. The bank was able to book a profit by reducing its total interest expenses to $28.7 million, a 26 percent improvement. as well as raising the quality of its loan portfolio, for which it took a $11.5 million provision for loan losses, a 38.5 percent improvement on the $18.7 million it took in 2010.
Earnings per diluted share totaled $2.12, an increase of 11.6 percent from 2010.
The bank claimed $5.0 billion in total assets, an increase of $274.5 million compared with 2010, as loans increased 6.7 percent to $3.8 billion. Deposits increased as well, from $3.6 billion to $3.9 billion, as reported in the company’s year-end balance sheet.
According to Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust Company, last year was strong in terms of earnings, loan and deposit growth.
“Rockland Trust continues to demonstrate that our focus on customer intimacy, combined with a disciplined credit culture, is a strategy that produces solid results,” he said. “Consumers and businesses choose Rockland Trust for the personal service and innovative products our employees consistently provide.”