Rockland Trust parent’s profits decline 10.8% in 4Q

ROCKLAND TRUST CO. parent Independent Bank Corp. posted a fourth-quarter decline in profits of 10.8 percent.
Posted 2/1/13

ROCKLAND, Mass. – Independent Bank Corp., the parent of Rockland Trust Co., reported fourth-quarter net income of $10 million, or 45 cents per diluted share, a 10.8 percent decline from the fourth quarter of 2011.

Although the bank fell back on its bottom line, its interest income was $51.4 million for the quarter, a 6.3 percent increase from the fourth quarter of 2011.

The bank’s total non-interest income also increased during the three months ended Dec. 31, to $17 million from $14.3 million, a 18.9 percent increase year over year.

For 2012 as a whole, the bank’s bottom line dropped 6.2 percent to $42.6 million, or $1.95 per diluted share, from $45.4 million, or $2.12 per diluted share during 2011.

For the year, the bank’s total interest income increased marginally to $196.2 million from $195.8 million. Total non-interest income increased 17.7 percent over the year to $62 million.

Independent Bank noted that its fourth-quarter and full-year earnings report contained expenses related to the acquisition of Central Bancorp Inc., which Independent acquired on Nov. 10, 2012. Independent said it considered these expenses to be “non-core in nature.”

“Rockland Trust’s strong earnings for both the fourth quarter and full year reflect an unwavering focus on meeting our customer’s needs and investing in our brand,” Christopher Oddleifson, president and CEO of Independent Bank Corp and Rockland Trust Co., said in prepared remarks.

“All of our major lines of business performed well, with commercial loan and core deposit generation especially strong. We welcome Central Bank customers and employees to Rockland Trust and expect to continue to build on our positive momentum as we integrate Central’s operations,” added Oddleifson.

The Central acquisition added nine full-service branches and one limited-service branch, $450.7 million in loans and $357.4 million in deposits, according to the bank’s release.

The bank’s total assets increased to $5.8 billion during the fourth quarter of 2012, a 15.8 percent increase from the $5 billion reported at the end of 2011.

According to the Boston Business Journal, the bank disclosed a $4 million writedown in July, blaming a borrower’s fraud.

The bank has since told the news source that General Technology Corp., a Warwick-based IT consultant and reseller doing business as CompUtopia, was responsible for the loss reflected in the company’s earnings report.

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