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Independent Bank Posts Higher Q1 Profit, Tops Estimates

Independent Bank Corp. (INDB), the parent of Rockland Trust Company, reported first-quarter net income of $12.2 million or $0.56 per share, up from $11.2 million or $0.52 per share in the same period last year.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.50 per share. Analysts' estimates typically exclude one-time items

Net interest income for the quarter rose to $41.9 million from $41.5 million last year. Net interest margin was lower at 3.82%, compared to 4.02% last year.

Total non-interest income increased to $13.9 million from $12.6 in the prior-year quarter.

Four analysts polled by Thomson Reuters had a consensus revenue estimate of $55.63 million.

Provision for loan losses in the quarter declined to $1.6 million from $2.2 million last year.

by RTT Staff Writer

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