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.
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by RTT Staff Writer
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