Rockland parent posts mixed results in 3Q

ROCKLAND TRUST CO. parent Independent Bank Corp. posted a third quarter net income of $11.6 million, or 53 cents per diluted share.
Posted 10/19/12

ROCKLAND - Independent Bank Corp., the parent company of Rockland Trust Co., has announced net income of $11.6 million, or 53 cents per diluted share, for the third quarter of 2012, a three percent decrease year-over-year from the third quarter 2011, but a 23 percent increase from the three months ended June 30.

According to the company, the third quarter contained a variety of items that Rockland unusual and slightly distorted the results, including a $2.2 million goodwill impairment charge concerning Compass Exchange Advisors LLC which was acquired in January 2007, $595,000 of expenses associated with the acquisition of Central Bancorp Inc. and a tax-exempt income of $1.3 million related to proceeds from life insurance policies.

When excluding these, net income for the quarter on an operating basis was $12.0 million, or 55 cents per diluted share, gains very similar to the 2011 third quarter.

Total assets of $5.2 billion at Sept. 30, 2012 were up $292.3 million, or 6 percent when compared to Sept. 30, 2011, or $67.5 million, or 2 percent, from the previous quarter ended June 30.

Net interest income was $42.8 million for the third quarter of 2012, relatively equal to the second quarter, but a 13 percent improvement from the same quarter in 2011.

Noninterest income was $16.1 million during the third quarter of 2012, a $1.1 million, or 7.5percent increase from the prior quarter. This quarter’s noninterest income increased $3.8 million, or a 24 percent increase from Sept. 30, 2011.

Deposits were $4.1 billion at Sept. 30, 2012, relatively equal to the amount reported in the prior quarter. When compared to the third quarter 2011, deposits increased by $300 million, or 7 percent.

Total loans continued to rise, equaling $4.1 billion at Sept. 30, 2012, which represents an increase of 2 percent from the $4.0 billion of the previous quarter, or a 10 percent increase - $3.7 billion – from the same time last year. The increase was due to more commercial loans as real estate loans remained stable.

Generally, noninterest operating expenses increased slightly from June 30, 2012; allowances for loan losses remained stable over the same period

“Our third quarter performance was a strong one and is driven by our strategy of disciplined growth,” Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust, said in a statement.

“The steady growth in lending and core deposits evidences that the Rockland brand is resonating with consumers and businesses alike,” added Oddleifson. “Our customer-centric approach to deliver great products and service is meeting with much success in the marketplace which makes us confident about continuing to build franchise value.”

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