Business
Independent Bank Corp. Reports First Quarter Net Income of $53.1 Million
Business fundamentals drive performance ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland
About this update from Independent Bank Corp.
[{"type":"text","content":"\nBusiness fundamentals drive performance\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 first quarter net income of $53.1 million, or $1.12 per diluted share, compared to net income of $1.7 million, or $0.04 per diluted share, reported for the fourth quarter of 2021. Financial results for the first quarter 2022 and fourth quarter 2021 included pre-tax merger-related costs of $7.1 million and $37.2 million, respectively, associated with the acquisition of Meridian Bancorp, Inc. (\"Meridian\") and its subsidiary, East Boston Savings Bank (\"EBSB\"). Excluding these merger-related costs in both quarters, as well as the initial provision for credit losses recorded on acquired loans in the fourth quarter of 2021, and the related tax effects, operating net income was $58.2 million, or $1.23 per diluted share, for the first quarter of 2022 compared to operating net income of $65.7 million, or $1.63 per diluted share for the fourth quarter of 2021. Please refer to \"Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)\" below for a reconciliation of net income to operating net income.\n\n“We are off to a great start in 2022. We are very pleased with the outcome of all our hard work on the integration of East Boston Savings Bank and are enjoying building relationships with our new colleagues, customers, and communities,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We continue to strengthen the bank in a variety of ways through my colleagues’ tireless dedication to bringing our vision of being the Bank Where Each Relationship Matters® to life; I am proud to work alongside each of them every day. ”\n\nBALANCE SHEET\n\nTotal assets of $20.2 billion at March 31, 2022 decreased by $264.2 million, or 1.3%, from the prior quarter, and increased by $6.4 billion, or 46.4%, as compared to the year ago period, inclusive of the accretive impact of the Meridian acquisition.\n\nTotal loans at March 31, 2022 of $13.6 billion were essentially flat compared to the prior quarter level. Excluding $116.6 million of net paydowns associated with the Paycheck Protection Program (\"PPP\"), the loan portfolio increased by $109.4 million, or 3.3% on an annualized basis, c...