Independent Bank Corp. (INDB) parent of Rockland Trust Company Thursday reported higher profit for the third quarter, on over 5 percent rise in net interest income after provision for losses, as well as non-interest income.
For the third quarter, Rockland, Massachusetts-headquartered Independent Bank's net income rose 7.3 percent to $12.0 million from $11.1 million in the year-ago period. Earnings per share rose to $0.56 from $0.53 last year.
On average, 6 analysts polled by Thomson Reuters expected earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Christopher Oddleifson, the president and chief executive officer of Independent Bank Corp. and Rockland Trust Company, said," Despite the challenging operating environment, we continue to deliver quality results....Our balance sheet remains in excellent shape with solid credit quality and capital levels, and the recent expansion of our commercial lending and wealth management franchises will help us sustain our momentum."
Revenues for the quarter grew to $54.0 million from $52.9 million in the year-ago quarter. Four Street analysts had a consensus revenue estimate of $56.0 million for the quarter.
Net interest income for the quarter rose 1.16 percent to $41.7 million from $41.2 million in the year-ago quarter. Non-interest income for the quarter rose 5.7 percent to $12.3 million from $11.7 million last year.
Non-interest expense for the quarter increased 2.6 percent to $35.4 million from $34.5 million last year.
The provision for loan losses for the quarter dropped 42.9 percent to $2.0 million from $3.5 million in the year-ago quarter.
Net interest margin for the quarter on a FTE basis declined to 3.84 percent from 3.89 percent last year.
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by RTT Staff Writer
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