Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade INDB now with 

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.

Click here to receive FREE breaking news email alerts for Independent Bank Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high. The major averages turned in a mixed performance on the day. President Barack Obama delivered a statement Thursday evening thanking members of Congress for voting to approve legislation granting the U.S. military the authority to train and arm moderate Syrian rebels fighting against the terrorist group known as the Islamic State. While the Conference Board released a report on Friday showing a continued increase by its index of leading U.S. economic indicators in the month of August, the pace of growth showed a significant slowdown compared to the previous month.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.