Business
Independent Bank Corp. Reports Fourth Quarter Net Income of $34.6 Million
Full year performance demonstrates solid fundamentals to help counter Coronavirus impact ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq
About this update from Independent Bank Corp.
[{"type":"text","content":"\nFull year performance demonstrates solid fundamentals to help counter Coronavirus impact\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2020 fourth quarter net income of $34.6 million, or $1.05 per diluted share, compared to net income of $34.9 million, or $1.06 per diluted share, reported for the third quarter of 2020. Fourth quarter results included $5.2 million of pretax cost related to the pending closure of two branches and the sale of non-strategic investments. Full year 2020 net income was $121.2 million, or $3.64 on a diluted per share basis, a decrease of $44.0 million, or 26.6%, as compared to the prior year. On an operating basis, full year 2020 net income was $121.7 million, or $3.66 on a diluted per share basis, which excluded a loss on terminated hedges of $684,000 recognized during the third quarter, and represents a decrease of $63.0 million, or 34.1%, as compared to 2019, which excluded certain merger and acquisition expenses as well as a gain on sale of loans. Decreases in the full year 2020 results were primarily driven by the negative impact of the Coronavirus (\"COVID-19\") pandemic, which resulted in elevated provision for credit losses as compared to the prior year, as well as a lower interest-rate environment.\n\nRockland Trust continues to monitor the COVID-19 pandemic impact on our colleagues, customers, and the communities we serve. The safety of our colleagues and customers continues to be of the utmost importance, while the Company simultaneously continues to serve customer needs.\n\n“Our core fundamentals served us well as we encountered the unprecedented turbulence and uncertainty brought on by the COVID-19 pandemic and our 2020 results reflect on the strength of our fundamentals. We are confident we are well positioned to continue to successfully navigate forward as we enter 2021,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Throughout 2020 as we faced the many challenges of the COVID-19 pandemic, we demonstrated an unwavering commitment to one another, our customers and our communities. I want to extend my sincere thanks my colleagues for the results we achieved in 2020. Each and every day our commitment to one another, our cu...