Solid Commercial Loan and Core Deposit Growth and Strong Net Interest
Margin Drive Performance
ROCKLAND, Mass.--(BUSINESS WIRE)--
Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust
Company, today announced net income of $9.2 million for the first
quarter of 2010. This represents an increase of 1.4% from the $9.1
million recorded in the fourth quarter of 2009. On a diluted earnings
per share basis, the Company reported earnings of $0.44 for the quarter
as compared to $0.43 for the previous quarter.
Christopher Oddleifson, President and Chief Executive Officer,
stated, "It's always nice to report a good start to the year. Our first
quarter results reflect how we continue to meet the needs of our
customers as indicated by the growth in our commercial loan and home
equity portfolios. We also remained focused on core deposit growth, and
we're pleased with our deposit-gathering results. Customers that are
looking for long-term relationships understand the value they get from
Rockland Trust, and we continue to earn their trust and business."
BALANCE SHEET
Total assets increased by $65.2 million, or 1.5%, to $4.5 billion at
March 31, 2010 as compared to December 31, 2009.
Total loans were $3.4 billion at March 31, 2010, an increase of $16.3
million, or 0.5% from the prior quarter. The Company continued to
generate solid growth during the quarter in the commercial and home
equity loan portfolios with annualized growth of 6.5% and 10.8%,
respectively. This was partially offset by a continued decline in the
residential real estate and other consumer lending categories.
Total deposits increased by $98.6 million, or 2.9%, during the quarter
ending March 31, 2010, primarily as a result of a strategy to increase
core municipal deposits. Time deposits decreased by $54.1 million due to
the Company's strategy to focus on lower-cost core deposits, which grew
by $152.7 million or 6.2% in the first quarter and represented 75.1% of
total deposits at March 31, 2010.
Stockholders' equity at March 31, 2010 totaled $418.2 million as
compared to $412.6 million at December 31, 2009. The Tier 1 leverage
capital ratio at March 31, 2010 further strengthened to 8.04%,
maintaining the Company's well-capitalized position.
NET INTEREST INCOME
The net interest margin in the first quarter of 2010 grew to 4.08%,
compared to the linked quarter period of 3.98%. Net interest income of
$40.2 million was down very slightly from the prior period in part due
to the fewer number of days in the first quarter.
NON-INTEREST INCOME
The Company recorded non-interest income of $10.1 million during the
first quarter of 2010 which represents a slight increase from the prior
quarter. The change in non-interest income is composed of the following:
-- Service charges on deposit accounts decreased by $320,000, or 7.1%.
-- Wealth management revenue remained consistent with the prior quarter at
$2.7 million. Assets under management in the wealth management division
were $1.3 billion at March 31, 2010.
-- Mortgage banking income decreased by $280,000 largely due to a decrease
in originations. The balance of the mortgage servicing asset was $2.2
million at both March 31, 2010 and December 31, 2009, and loans serviced
amounted to $341.7 million and $350.5 million, respectively.
-- The Company recorded de minimis credit related impairment charges in the
first quarter compared to the $2.2 million of charges in the linked
quarter on certain pooled trust preferred and private mortgage backed
securities.
-- Other non-interest income decreased by $1.3 million or 45.0% due
primarily to the inclusion of large items in the linked quarter which
resulted in decreases on the gain on the sale of other real estate owned
of $573,000, a decrease on loan swap income of $300,000, and $413,000
related to tax credits purchased during the fourth quarter of 2009.
NON-INTEREST EXPENSE
The Company recorded non-interest expense of $33.6 million in the first
quarter of 2010, a decrease of $1.1 million, or 3.1%, when compared to
the quarter ended December 31, 2009. Significant changes of non-interest
expense include the following:
-- Occupancy and equipment expense increased by $287,000, or 7.5% due
primarily to increases in snow removal and sanding of $216,000.
-- Other non-interest expense decreased by $1.4 million, or 14.2%, which is
primarily attributable to decreases in advertising of $330,000, other
real estate owned valuation write-off of $315,000, telephone of
$270,000, legal fees of $252,000, and consultant fees of $221,000,
offset by branch closing expenses incurred in the first quarter of 2010
of $266,000.
The Company reported a return on average assets and a return on average
common equity in the first quarter of 2010 of 0.84% and 8.95%,
respectively, as compared to 0.81% and 8.75% for the quarter ended
December 31, 2009.
ASSET QUALITY
The allowance for loan losses increased to $45.3 million at March 31,
2010 as compared to $42.4 million at December 31, 2009. Nonperforming
loans increased to $41.8 million, or 1.23% of total loans at March 31,
2010, from $36.2 million, or 1.07% of total loans at December 31, 2009.
The Company's allowance for loan losses as a percentage of loans were
1.33% and 1.25% at March 31, 2010 and December 31, 2009, respectively.
The provision for loan losses was $4.7 million and $4.4 million for the
quarters ended March 31, 2010 and December 31, 2009. Net charge-offs
declined to $1.7 million, or 0.21% annualized of average loans for the
quarter ending March 31, 2010 compared to $3.4 million or 0.40% for the
quarter ending December 31, 2009.
Christopher Oddleifson and Denis K. Sheahan, Chief Financial Officer, of
Independent Bank Corp. and Rockland Trust Company, will host a
conference call to discuss first quarter earnings at 10:00 a.m. Eastern
Time on Friday, April 16, 2010. Internet access to the call is available
on the Company's website at www.RocklandTrust.com
or by telephonic access by dial-in at 1-800-860-2442 reference: INDB. A
replay of the call will be available by calling 1-877-344-7529, Replay
Pass code: 439101. The web cast replay will be available until May 3,
2010.
Independent Bank Corp., which has Rockland Trust Company as a
wholly-owned bank subsidiary, has $4.5 billion in assets. Rockland Trust
offers a wide range of commercial banking products and services, retail
banking products and services, business and consumer loans, insurance
products and services, and investment management services. To discover
why Rockland Trust is the bank Where Each Relationship Matters(R),
visit www.RocklandTrust.com.
This press release contains certain "forward-looking statements" with
respect to the financial condition, results of operations and business
of the Company. Actual results may differ from those contemplated
by these statements. The Company wishes to caution readers not to
place undue reliance on any forward-looking statements. The Company
disclaims any intent or obligation to update publicly any such
forward-looking statements, whether in response to new information,
future events or otherwise.
This press release contains financial information determined by
methods other than in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). Operating earnings,
which is a non-GAAP financial measure, excludes gain or loss due to
items that management does not believe are related to its core banking
business, such as gains or losses on the sales of securities, merger and
acquisition expenses, and other items. The Company's management
uses operating earnings to measure the strength of the Company's core
banking business and to identify trends that may to some extent be
obscured by gains or losses which management deems not to be core to the
Company's operations. The Company has included information on
operating earnings because management believes that investors may find
it useful to have access to the same analytical tool used by management
and may also find that it facilitates the comparison of the Company to
other companies in the financial services industry. Non-GAAP
operating earnings should not be viewed as a substitute for operating
results determined in accordance with GAAP. An item which
management deems to be non-core and excludes when computing non-GAAP
operating earnings can be of substantial importance to the Company's
results for any particular quarter or year. The Company's
non-GAAP operating earnings are not necessarily comparable to non-GAAP
performance measures which may be presented by other companies.
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands)
% Change % Change
CONSOLIDATED Mar. 2010 Mar. 2010
BALANCE March 31, December 31, March 31, vs. vs.
SHEETS
2010 2009 2009 Dec. 2009 Mar. 2009
Assets
Cash and Due $ 219,055 $ 121,905 $ 70,554 79.69 % 210.48 %
From Banks
Fed Funds
Sold and - - 149,729 n/a -100.00 %
Short Term
Investments
Securities
Trading 7,399 6,171 2,580 19.90 % 186.78 %
Assets
Securities
Available for 473,515 508,650 558,541 -6.91 % -15.22 %
Sale
Securities
Held to 91,059 93,410 30,804 -2.52 % 195.61 %
Maturity
Total 571,973 608,231 591,925 -5.96 % -3.37 %
Securities
Loans Held 7,570 13,466 22,412 -43.78 % -66.22 %
for Sale
Loans
Commercial
and 387,785 373,531 286,178 3.82 % 35.50 %
Industrial
Commercial 1,645,251 1,614,474 1,136,411 1.91 % 44.78 %
Real Estate
Commercial 167,161 175,312 166,272 -4.65 % 0.53 %
Construction
Small 81,696 82,569 87,137 -1.06 % -6.24 %
Business
Total 2,281,893 2,245,886 1,675,998 1.60 % 36.15 %
Commercial
Residential 539,709 555,306 406,119 -2.81 % 32.89 %
Real Estate
Residential 7,732 10,736 9,727 -27.98 % -20.51 %
Construction
Consumer - 484,413 471,862 411,097 2.66 % 17.83 %
Home Equity
Total
Consumer Real 1,031,854 1,037,904 826,943 -0.58 % 24.78 %
Estate
Consumer - 67,807 79,273 116,375 -14.46 % -41.73 %
Auto
Consumer - 30,238 32,452 35,847 -6.82 % -15.65 %
Other
Total Other 98,045 111,725 152,222 -12.24 % -35.59 %
Consumer
Total Loans 3,411,792 3,395,515 2,655,163 0.48 % 28.50 %
Less -
Allowance for (45,278 ) (42,361 ) (37,488 ) 6.89 % 20.78 %
Loan Losses
Net Loans 3,366,514 3,353,154 2,617,675 0.40 % 28.61 %
Federal Home
Loan Bank 35,854 35,854 24,603 0.00 % 45.73 %
Stock
Bank Premises 44,850 44,235 36,733 1.39 % 22.10 %
and Equipment
Goodwill and
Core Deposit 143,371 143,730 125,726 -0.25 % 14.03 %
Intangible
Other Assets 158,020 161,446 127,082 -2.12 % 24.34 %
Total Assets $ 4,547,207 $ 4,482,021 $ 3,766,439 1.45 % 20.73 %
Liabilities
and
Stockholders'
Equity
Deposits
Demand $ 720,246 $ 721,792 $ 541,038 -0.21 % 33.12 %
Deposits
Savings and
Interest 1,170,194 1,073,990 765,258 8.96 % 52.91 %
Checking
Accounts
Money Market 719,761 661,731 536,808 8.77 % 34.08 %
Time
Certificates 863,652 917,781 810,637 -5.90 % 6.54 %
of Deposit
Total 3,473,853 3,375,294 2,653,741 2.92 % 30.90 %
Deposits
Borrowings
Federal Home
Loan Bank 327,807 362,936 408,480 -9.68 % -19.75 %
Borrowings
Fed Funds
Purchased and
Assets Sold
Under
Repurchase 184,436 190,452 169,616 -3.16 % 8.74 %
Agreements
Junior
Subordinated 61,857 61,857 61,857 0.00 % 0.00 %
Debentures
Subordinated 30,000 30,000 30,000 0.00 % 0.00 %
Debentures
Other 2,873 2,152 2,442 33.50 % 17.65 %
Borrowings
Total 606,973 647,397 672,395 -6.24 % -9.73 %
Borrowings
Total
Deposits and 4,080,826 4,022,691 3,326,136 1.45 % 22.69 %
Borrowings
Other 48,157 46,681 46,780 3.16 % 2.94 %
Liabilities
Stockholders'
Equity
Preferred - - 73,578 n/a n/a
Stock
Common Stock 209 209 163 0.00 % 28.22 %
Additional
Paid in 225,373 225,088 142,140 0.13 % 58.56 %
Capital
Retained 190,064 184,599 184,387 2.96 % 3.08 %
Earnings
Accumulated
Other
Comprehensive 2,578 2,753 (6,745 ) -6.36 % -138.22 %
Income/
(Loss), Net
of Tax
Total
Stockholders' 418,224 412,649 393,523 1.35 % 6.28 %
Equity
Total
Liabilities
and $ 4,547,207 $ 4,482,021 $ 3,766,439 1.45 % 20.73 %
Stockholders'
Equity
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands, Except Per Share Data)
CONSOLIDATED Three Months Ended
STATEMENTS OF INCOME
% Change % Change
March 31, December 31, March 31, Mar. 2010 Mar. 2010
vs. vs.
2010 2009 2009 Dec. 2009 Mar. 2009
INTEREST INCOME
Interest on Fed
Funds Sold and Short $ 24 $ 18 $ 198 33.33 % -87.88 %
Term Investments
Interest and
Dividends on 6,671 7,096 7,267 -5.99 % -8.20 %
Securities
Interest on Loans 44,047 45,637 35,779 -3.48 % 23.11 %
Interest on Loans 106 132 167 -19.70 % -36.53 %
Held for Sale
Total Interest 50,848 52,883 43,411 -3.85 % 17.13 %
Income
INTEREST EXPENSE
Interest on Deposits 5,939 6,869 8,407 -13.54 % -29.36 %
Interest on Borrowed 4,699 5,316 5,015 -11.61 % -6.30 %
Funds
Total Interest 10,638 12,185 13,422 -12.70 % -20.74 %
Expense
Net Interest Income 40,210 40,698 29,989 -1.20 % 34.08 %
Less - Provision for 4,650 4,424 4,000 5.11 % 16.25 %
Loan Losses
Net Interest Income
after Provision for 35,560 36,274 25,989 -1.97 % 36.83 %
Loan Losses
NON-INTEREST INCOME
Service Charges on 4,221 4,541 3,648 -7.05 % 15.71 %
Deposit Accounts
Wealth Management 2,728 2,729 2,330 -0.04 % 17.08 %
Mortgage Banking 1,000 1,280 1,156 -21.88 % -13.49 %
Income
BOLI Income 721 813 729 -11.32 % -1.10 %
Net Gain/(Loss) on - - 1,379 n/a -100.00 %
Sale of Securities
Gross Loss on
Write-Down of 180 2 - 8900.00 % n/a
certain Investments
to Fair Value
Less: Non-Credit
Related (358 ) (2,167 ) - -83.48 % n/a
Other-Than-Temporary
Impairment
Net Loss on
Write-Down of (178 ) (2,165 ) - -91.78 % n/a
Certain Investments
to Fair Value
Other Non-Interest 1,558 2,831 1,231 -44.97 % 26.56 %
/Income
Total Non-Interest 10,050 10,029 10,473 0.21 % -4.04 %
Income
NON-INTEREST EXPENSE
Salaries and 18,464 18,537 14,859 -0.39 % 24.26 %
Employee Benefits
Occupancy and 4,135 3,848 3,705 7.46 % 11.61 %
Equipment Expenses
Data Processing and
Facilities 1,294 1,178 1,416 9.85 % -8.62 %
Management
Merger & Acquisition - - 1,538 n/a n/a
Expense
FDIC Assessment 1,321 1,320 536 0.08 % 146.46 %
Other Non-Interest 8,374 9,765 6,253 -14.24 % 33.92 %
Expense
Total Non-Interest 33,588 34,648 28,307 -3.06 % 18.66 %
Expense
INCOME BEFORE INCOME 12,022 11,655 8,155 3.15 % 47.42 %
TAXES
PROVISION FOR INCOME 2,795 2,555 1,767 9.39 % 58.18 %
TAXES
NET INCOME $ 9,227 $ 9,100 $ 6,388 1.40 % 44.44 %
PREFERRED STOCK $ - $ - $ 1,173
DIVIDEND
NET INCOME AVAILABLE
TO COMMON $ 9,227 $ 9,100 $ 5,215 1.40 % 76.93 %
SHAREHOLDERS
BASIC EARNINGS PER $ 0.44 $ 0.43 $ 0.32 2.33 % 37.50 %
SHARE
DILUTED EARNINGS PER $ 0.44 $ 0.43 $ 0.32 2.33 % 37.50 %
SHARE
BASIC AVERAGE SHARES 20,937,589 20,931,154 16,285,955
DILUTED AVERAGE 21,008,422 20,975,807 16,303,836
SHARES
PERFORMANCE RATIOS:
Net Interest Margin 4.08 % 3.98 % 3.62 %
(FTE)
Return on Average 0.84 % 0.81 % 0.57 %
Assets
Return on Average 8.95 % 8.75 % 6.68 %
Common Equity
RECONCILIATION TABLE
- NON-GAAP FINANCIAL
INFORMATION
NET INCOME AVAILABLE
TO COMMON $ 9,227 $ 9,100 $ 5,215 1.40 % 76.93 %
SHAREHOLDERS (GAAP)
Non-Interest Income
Components
Less - Net Gain on
Sale of Securities, - - (896 )
net of tax
Non-Interest Expense
Components
Add - Merger and
Acquisition - - 1,000
Expenses, net of tax
NET OPERATING $ 9,227 $ 9,100 $ 5,319 1.40 % 73.46 %
EARNINGS
Diluted Earnings Per
Share, on an $ 0.44 $ 0.43 $ 0.33 2.33 % 33.33 %
Operating Basis
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands, Except Per Share Data)
RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
Three Months Ended
% Change % Change
March December March 31, Mar. Mar. 2010
31, 31, 2010 vs. vs.
2010 2009 2009 Dec. Mar. 2009
2009
Non-Interest Income GAAP $ 10,050 $ 10,029 $ 10,473 0.21 % -4.04 %
Less - Net Gain on Sale of - - (1,379 ) n/a n/a
Securities
Add -
Other-Than-Temporary-Impairment 178 2,165 - -91.78 % n/a
on Securities
Non-Interest Income as Adjusted $ 10,228 $ 12,194 $ 9,094 -16.12 % 12.47 %
Non-Interest Expense GAAP $ 33,588 $ 34,648 $ 28,307 -3.06 % 18.66 %
Less - Merger & Acquisition - - (1,538 ) n/a -100.00 %
Expenses
Non-Interest Expense as $ 33,588 $ 34,648 $ 26,769 -3.06 % 25.47 %
Adjusted
Certain non-core items are included in the computation of earnings in accordance
with United States of America generally accepted accounting principles ("GAAP") in
both 2010 and 2009 as indicated by the tables above. In an effort to provide
investors with information regarding the Company's results, the Company has
disclosed the above non-GAAP information, which management believes provides useful
information to the investor. This information should not be viewed as a substitute
for operating results determined in accordance with GAAP, nor is it necessarily
comparable to non-GAAP information which may be presented by other companies.
ASSET QUALITY Nonperforming Assets Net Charge-Offs
For the Period Ending For the Three Months Ending
March 31, December March March December March
31, 31, 31, 31, 31,
2010 2009 2009 2010 2009 2009
(Dollars in Thousands, Except (Dollars in Thousands,
Per Share Data) Except Per Share Data)
Nonperforming Loans
Commercial & $7,252 $4,205 $3,884 $527 $1,705 $18
Industrial Loans
Small Business Loans 1,294 793 1,638 251 325 280
Commercial Real 23,645 18,525 10,833 198 29 2,059
Estate Loans
Residential Real 8,092 10,829 8,521 135 150 (10 )
Estate Loans
Installment Loans - 948 1,166 2,940 234 599 251
Home Equity
Installment Loans - 438 242 665 - - -
Auto
Installment Loans - 171 423 479 388 611 963
Other
Total Nonperforming
Loans / Total Net $41,840 $36,183 28,960 $1,733 $3,419 $3,561
Charge-offs
Non-Accrual 899 920 1,698
Securities
Other Assets in 98 148 224
Possession
Other Real Estate 5,990 3,994 1,764
Owned
Nonperforming Assets 48,827 41,245 32,646
Nonperforming 1.23 % 1.07 % 1.09 %
Loans/Gross Loans
Allowance for Loan
Losses/Nonperforming 108.22 % 117.07 % 129.45 %
Loans
Gross Loans/Total 98.21 % 100.60 % 100.05 %
Deposits
Allowance for Loan 1.33 % 1.25 % 1.41 %
Losses/Total Loans
Net charge-offs $1,733 $3,419 $3,561
(quarter-to-date)
Net charge-offs to
average loans 0.21 % 0.40 % 0.54 %
( quarter
annualized)
Net charge-offs to
average loans 0.21 % 0.38 % 0.54 %
(year-to-date
annualized)
Financial Ratios
Book Value per $19.76 $19.58 $19.60
Common Share
Tangible Equity
Ratio:
Tangible Common
Capital/Tangible 6.24 % 6.20 % 5.33 %
Assets
Tangible Common
Capital/Tangible
Asset (proforma to
include
the tax
deductibility of
goodwill and exclude 6.68 % 6.65 % 5.83 %
impact of CPP) -
Non-GAAP
Tangible Common Book
Value per Share
(proforma to include
the tax
deductibility of
goodwill and exclude $13.97 $13.76 $12.81
impact of CPP) -
Non-GAAP
Capital Adequacy
Tier one leverage 8.04 % 7.87 % 9.77 %
capital ratio (1)
(1) Estimated number for March 31, 2010
INDEPENDENT BANK
CORP.
SUPPLEMENTAL
FINANCIAL
INFORMATION
CONSOLIDATED
AVERAGE BALANCE
SHEETS AND Three Months Ended
AVERAGE RATE
DATA
(Unaudited -
Dollars in March 31, 2010 December 31, 2009 March 31, 2009
Thousands)
Interest Interest Interest
Average Earned/ Yield/ Average Earned/ Yield/ Average Earned/ Yield/
Balance Paid Rate Balance Paid Rate Balance Paid Rate
Interest-Earning
Assets:
Interest Bearing
Cash, Federal
Funds Sold, and $ 23,125 $ 24 0.42 % $ 50,983 $ 18 0.14 % $ 121,394 $ 198 0.66 %
Short Term
Investments
Securities:
Trading Assets 6,800 60 3.58 % 8,706 61 2.78 % 2,706 25 3.75 %
Taxable
Investment 568,550 6,409 4.57 % 602,679 6,833 4.50 % 565,797 6,937 4.97 %
Securities
Non-taxable
Investment 19,111 342 7.26 % 19,343 311 6.38 % 30,161 469 6.31 %
Securities (1)
Total 594,461 6,811 4.65 % 630,728 7,205 4.53 % 598,664 7,431 5.03 %
Securities:
Loans
Commercial and 377,855 4,417 4.74 % 372,174 4,769 5.08 % 274,480 3,303 4.88 %
Industrial
Commercial Real 1,630,944 23,089 5.74 % 1,572,599 23,300 5.88 % 1,129,022 17,067 6.13 %
Estate
Commercial 171,535 2,076 4.91 % 190,354 2,389 4.98 % 174,507 1,915 4.45 %
Construction
Small Business 82,476 1,217 5.98 % 82,568 1,250 6.01 % 87,181 1,289 6.00 %
Total Commercial 2,262,810 30,799 5.52 % 2,217,695 31,708 5.67 % 1,665,190 23,574 5.74 %
Residential Real 548,533 6,765 5.00 % 570,546 7,045 4.90 % 408,250 5,296 5.26 %
Estate
Residential 9,102 118 5.26 % 12,309 172 5.54 % 10,924 172 6.39 %
Construction
Consumer - Home 478,324 4,522 3.83 % 470,121 4,575 3.86 % 407,860 4,010 3.99 %
Equity
Total Consumer 1,035,959 11,405 4.46 % 1,052,976 11,792 4.44 % 827,034 9,478 4.65 %
Real Estate
Consumer - Auto 73,656 1,278 7.04 % 85,445 1,501 6.97 % 122,247 2,044 6.78 %
Consumer - Other 31,484 734 9.45 % 33,103 758 9.08 % 37,488 801 8.67 %
Total Other 105,140 2,012 7.76 % 118,548 2,259 7.56 % 159,735 2,845 7.22 %
Consumer
Total Loans 3,403,909 44,216 5.27 % 3,389,219 45,759 5.36 % 2,651,959 35,897 5.49 %
Loans Held for 7,125 106 6.03 % 10,961 132 4.78 % 15,114 168 4.51 %
Sale
Total
Interest-Earning $ 4,028,620 $ 51,157 5.15 % $ 4,081,891 $ 53,114 5.16 % $ 3,387,131 $ 43,694 5.23 %
Assets
Cash and Due 66,424 64,799 60,079
from Banks
Federal Home 35,854 36,351 24,603
Loan Bank Stock
Other Assets 304,200 281,314 251,307
Total Assets $ 4,435,098 $ 4,464,355 $ 3,723,120
Interest-bearing
Liabilities:
Deposits:
Savings and
Interest $ 1,056,156 $ 1,184 0.45 % $ 977,673 $ 1,185 0.48 % $ 740,020 $ 996 0.55 %
Checking
Accounts
Money Market 702,390 1,320 0.76 % 692,072 1,539 0.88 % 518,438 1,696 1.33 %
Time Deposits 889,449 3,435 1.57 % 931,510 4,145 1.77 % 831,196 5,715 2.79 %
Total
interest-bearing $ 2,647,995 $ 5,939 0.91 % $ 2,601,255 $ 6,869 1.05 % $ 2,089,654 $ 8,407 1.63 %
deposits:
Borrowings:
Federal Home
Loan Bank $ 340,301 $ 2,432 2.90 % $ 383,331 $ 2,971 3.07 % $ 410,126 $ 2,675 2.65 %
Borrowings
Federal Funds
Purchased and
Assets Sold
Under Repurchase 184,624 830 1.82 % 191,229 871 1.81 % 172,884 856 2.01 %
Agreement
Junior
Subordinated 61,857 902 5.91 % 61,857 921 5.91 % 61,857 947 6.21 %
Debentures
Subordinated 30,000 535 7.23 % 30,000 553 7.31 % 30,000 537 7.26 %
Debentures
Other Borrowings 2,360 - 0.00 % 2,227 - 0.00 % 1,772 - 0.00 %
Total 619,142 4,699 3.08 % 668,644 5,316 3.15 % 676,639 5,015 3.01 %
Borrowings:
Total
Interest-Bearing $ 3,267,137 $ 10,638 1.32 % $ 3,269,899 $ 12,185 1.48 % $ 2,766,293 $ 13,422 1.97 %
Liabilities
Demand Deposits 702,833 731,053 530,425
Other 47,020 50,791 42,405
Liabilities
Total $ 4,016,990 $ 4,051,743 $ 3,339,123
Liabilities
Stockholders' 418,108 412,612 383,997
Equity
Total
Liabilities and $ 4,435,098 $ 4,464,355 $ 3,723,120
Stockholders'
Equity
Net Interest $ 40,519 $ 40,929 $ 30,272
Income
Interest Rate 3.83 % 3.68 % 3.26 %
Spread (2)
Net Interest 4.08 % 3.98 % 3.62 %
Margin (3)
Supplemental
Information:
Total Deposits,
including Demand $ 3,350,828 $ 5,939 $ 3,332,308 $ 6,869 $ 2,620,079 $ 8,407
Deposits
Cost of Total 0.72 % 0.82 % 1.30 %
Deposits
Total Funding
Liabilities, $ 3,969,970 $ 10,638 $ 4,000,952 $ 12,185 $ 3,296,718 $ 13,422
including Demand
Deposits
Cost of Total
Funding 1.09 % 1.21 % 1.65 %
Liabilities
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is
$309, $231, and $283 for the three months ended March 31, 2010, December 31, 2009, and March 31, 2009,
respectively.
(2) Interest rate spread represents the difference between the weighted average yield on interest-earning
assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning
assets.
Certain amounts in prior year financial statement have been reclassified to conform to the current year's
presentation.
Source: Independent Bank Corp.
Contact: Independent Bank Corp.
Chris Oddleifson, 781-982-6660
President and
Chief Executive Officer
or
Denis K. Sheahan, 781-982-6341
Chief Financial Officer