logo
Share SHARE
FONT-SIZE Plus   Neg

Independent Bank Q4 Profit Decline, But Meets Street - Quick Facts

Independent Bank Corp. (INDB), parent of Rockland Trust Co., Thursday reported fourth-quarter net income of $11.2 million or $0.52 per share, a 5.65 percent decline from $11.84 million or $0.56 per share in the prior year.

On average, six analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter edged up 1.12% to $41.85 million, compared to last year, and non interest income was almost flat at $14.3 million.

Analysts expected revenues of $55.39 million for the quarter.

Independent Bank said its net interest margin for the quarter fell to 3.78 percent from 3.91 percent last year.

Total non interest expense for the quarter increased to $36.95 million from $36.7 million a year ago.

Provisions for loan losses for the quarter was higher by 6.29 percent at $3.8 billion.

As of December 31, 2011, Independent Bank had assets of $4.97 billion, compared to $4.69 in the prior year. End-of-period total loans were higher by 6.7 percent at about $3.8 billion, while total deposits rose 6.86 percent to $3.88 billion, year-over-year.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Advanced Disposal Services Inc. joins the growing list of companies to postpone their initial public offering amid the volatility in stock markets. Breakfast and snack food giant Kellogg Co. on Thursday reported a loss for the fourth quarter that narrowed from last year as lower revenues were more than offset by a decline in costs and expenses. Adjusted earnings per share for the quarter topped analysts' estimates, while revenue fell short of expectations. Looking ahead, the company affirmed its financial outlook for fiscal 2016. French telecom equipment maker Alcatel-Lucent, which is being acquired by Finnish network equipment maker Nokia Corp., reported higher profit in its fourth quarter with strong revenue growth. All segments, mainly Next-generation technologies, and all regions, including North America and Asia, recorded higher revenues. The company also announced the successful completion of the Shift Plan.
comments powered by Disqus
Follow RTT