Business
Independent Bank Corp. Reports Third Quarter Net Income of $40.0 Million
Business line fundamentals drive solid performance ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
About this update from Independent Bank Corp.
[{"type":"text","content":"\nBusiness line fundamentals drive solid performance\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2021 third quarter net income of $40.0 million, or $1.21 per diluted share, compared to net income of $37.6 million, or $1.14 per diluted share, reported for the second quarter of 2021. Third quarter results included merger-related costs of $1.9 million associated with the acquisition of Meridian Bancorp Inc. (\"Meridian\") and its subsidiary, East Boston Savings Bank, which is expected to close in the fourth quarter of 2021. Excluding merger-related costs, net of tax, operating net income was $41.4 million, or $1.25 per diluted share, for the third quarter of 2021 compared to operating net income of $38.8 million, or $1.17 per diluted share for the second 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 enjoyed another quarter of solid performance owing to our sound fundamentals,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “While remaining focused on organic growth and providing best-in-class customer services to our customers, we have been hard at work collaborating with our counterparts at East Boston Savings Bank to prepare for the anticipated fourth quarter closing of the transaction, and we continue to be excited by the prospects of the combined companies. I would like to thank each of my colleagues for their dedication and contributions toward ensuring Rockland Trust lives out its mission of being the bank Where Each Relationship Matters®.”\n\nBALANCE SHEET\n\nTotal assets of $14.5 billion at September 30, 2021 increased by $339.1 million, or 2.4%, from the prior quarter, and by $1.4 billion, or 10.3%, as compared to the year ago period, driven by continued significant growth in deposits and cash balances. During the third quarter of 2021, the Company accelerated its deployment of a portion of this excess cash into investment securities.\n\nTotal loans at September 30, 2021 decreased by $131.0 million, or 1.5% (5.8% annualized), when compared to the prior quarter which was primarily attributable to a net reduction in Paycheck ...