Business
Independent Bank Corp. Reports Second Quarter Net Income of $61.8 Million
Performance driven by higher revenues ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust
About this update from Independent Bank Corp.
[{"type":"text","content":"\n Performance driven by higher revenues\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2022 second quarter net income of $61.8 million, or $1.32 per diluted share, compared to 2022 first quarter net income of $53.1 million, or $1.12 per diluted share, and 2022 first quarter operating net income of $58.2 million, or $1.23 per diluted share, which excluded pre-tax merger-related costs of $7.1 million associated with the acquisition of Meridian Bancorp, Inc. (\"Meridian\") and its subsidiary, East Boston Savings Bank (\"EBSB\"). There were no such costs included in 2022 second quarter results. 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 generated solid results while continuing our focus on disciplined growth. Our core fundamentals were on full display this quarter as evidenced by revenue and loan growth along with a continuing sound balance sheet,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “Our ongoing success is a testament to the dedication of my talented colleagues and the enduring relationships they forge with each other and with the customers and communities that Rockland Trust serves. In these uncertain economic times, we remain committed to serving the needs of all our constituents and being the bank Where Each Relationship Matters®.”\n\nBALANCE SHEET\n\nTotal assets of $20.0 billion at June 30, 2022 decreased by $176.7 million, or 0.9%, from the prior quarter due primarily to the decline in liquid assets, and increased by $5.8 billion, or 40.8%, as compared to the year ago period, inclusive of the 2021 fourth quarter acquisition of Meridian.\n\nTotal loans at June 30, 2022 of $13.7 billion increased by $95.7 million, or 2.8% on an annualized basis compared to the prior quarter level. Excluding $69.0 million of net paydowns associated with the Paycheck Protection Program (\"PPP\"), the loan portfolio increased by $164.7 million, or 4.9% on an annualized basis, compared to the prior quarter. Organic loan growth was driven primarily by strong consumer loan activity, as the majority of residential real estate loan closings were retained on ...