ROCKLAND, Mass.--(BUSINESS WIRE)--
Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust
Company, today announced net income for the first quarter of 2013 was
$12.3 million, or $0.54 on a diluted earnings per share basis. The
results of the first quarter of 2013 represent an increase of $0.09, or
20.0%, on a diluted earnings per share basis as compared to the fourth
quarter of 2012. These quarters contained various items such as merger
and acquisition expenses, which the Company considers to be non-core in
nature. When excluding these items, net operating earnings for the first
quarter were $13.3 million, or $0.58 on a diluted earnings per share
basis, as compared with the prior quarter net operating earnings of
$13.7 million, or $0.61 on a diluted earnings per share basis.
Additionally, the Company’s net operating earnings increased by $1.1
million or 9.2%, as compared to the year ago quarter’s net operating
earnings of $12.2 million.
Christopher Oddleifson, President and Chief Executive Officer of
Independent Bank Corp. and Rockland Trust Company, stated: “Despite the
pervasive low interest rate environment, Rockland Trust continues to
perform well as a result of our customer centric approach. Our formula
for success – high-touch service, state-of-the-art technology, and
convenient banking options – allows our customers to bank on their
terms. Our focus remains on growing long-term profitable relationships
while continuing to add value for our shareholders. This quarter’s
performance reflects continued progress in both of these areas.”
BALANCE SHEET
Total assets of $5.7 billion at March 31, 2013 have decreased by $35.9
million from the prior quarter and increased by $735.4 million, or
14.8%, as compared to the year ago period, inclusive of the acquisition
of Central Bancorp, Inc. (“Central”) in November 2012.
Total loans of $4.5 billion at March 31, 2013, have decreased by $31.5
million when compared to the prior quarter and have increased by $617.7
million or 16.0% when compared to March 31, 2012. The commercial loan
portfolio continued to grow, rising by $38.4 million, or 5.1% on an
annualized basis, during the quarter. The pipeline of new originations
is steadily rebuilding following the high level of closings experienced
during the fourth quarter. Offsetting the growth in commercial, the
residential portfolio decreased by $57.5 million, or 38.0% on an
annualized basis, due to the majority of new production being sold into
the secondary market, as well as elevated prepayment activity. On a
year-over year basis, the loan growth in the commercial portfolio has
been strong, with balances increasing 16.2%. The consumer real estate
portfolio, driven by home equities, has also seen robust growth as
compared to the prior year with an increase of 17.0%.
Deposits remained steady at $4.6 billion at March 31, 2013, with core
deposits representing 82.9% of total deposits. The increase in deposits
as compared to the first quarter of 2012, represents growth of $605.7
million, or 15.4%, as the Company continues to focus on building
profitable relationships. Total cost of deposits declined slightly to
0.24% for the quarter, reflecting the Company’s continued emphasis on
core deposits.
The securities portfolio of $544.8 million increased by $37.2 million
during the quarter due to purchases of $79.6 million, used to strengthen
balance sheet liquidity and meet collateral needs, partly offset by
principal pay downs. The securities portfolio represents 9.5% of total
assets at March 31, 2013 as compared to 8.8% of total assets at December
31, 2012.
Stockholders’ equity at March 31, 2013 rose to $537.6 million, an
increase of 1.6% for the quarter. As compared to the year ago period,
stockholders’ equity has increased by $58.7 million, or 12.3%. The Tier
1 common ratio at March 31, 2013 increased to an estimated 8.98%, as
compared to 8.76% in the prior quarter. The Company’s tangible common
ratio was 6.76%, representing an increase from the prior quarter’s level
of 6.56%.
NET INTEREST INCOME
Net interest income was $44.9 million for the first quarter of 2013, a
$617,000 decrease from the linked quarter, primarily driven by the
accelerated recognition of fair value discounts from payoffs of acquired
loans in the prior quarter, which had a negative impact on the margin of
six basis points on a comparative basis. In addition, the Company
continues to experience lower earning asset yields coupled with a
limited ability to further reduce the Company’s overall cost of funds.
As a result of these factors, the Company’s net interest margin
decreased, as anticipated, to 3.58% for the first quarter of 2013,
representing a decrease of ten basis points.
NONINTEREST INCOME
The Company recorded noninterest income of $15.7 million during the
first quarter of 2013 which represents a $1.3 million, or 7.6%, decrease
from the prior quarter. Significant changes in noninterest income
included the following:
-
Investment management income increased by $218,000, or 6.0%, as assets
under administration in the investment management division continued
to increase to $2.3 billion at March 31, 2013, representing growth of
$98.3 million, or 4.5% as compared to the linked quarter.
-
Interchange and ATM fees decreased by $266,000, or 10.3%, due to a
seasonal decrease in usage by customers.
-
Income from loan level derivatives associated with the Company’s
commercial customers decreased by $179,000 due to reduced new loan
activity during the first quarter as the Company’s new business
pipeline rebuilds.
-
Other noninterest income decreased by $986,000, or 36.2%, driven by
the prior quarter’s inclusion of $622,000 of income associated with
certain tax credits, as well as decreases in various other categories,
including commercial loan fees and income on called securities.
NONINTEREST EXPENSE
The Company recorded noninterest expense of $42.9 million during the
first quarter of 2013 which represents a $2.1 million, or 4.7% decrease
from the prior quarter. Significant changes in noninterest expense
included the following:
-
Merger and acquisition expenses associated with the Central Bancorp.,
Inc. acquisition were $1.3 million for the first quarter, representing
a decrease of $4.1 million from the linked quarter.
-
Salaries and employee benefits increased by $616,000, or 2.8%, largely
as a result of an increase in salaries driven by the inclusion of
Central’s employee base for the full quarter, and higher payroll taxes
offset by a decrease in incentive program accruals.
-
Occupancy and equipment expense increased $694,000, or 15.2%, mainly
due to higher snow removal costs.
-
Other noninterest expenses increased by $789,000, or 7.3%, mainly due
to an increase in advertising expense of $701,000 due to the timing of
a new marketing campaign.
The Company generated a return on average assets and a return on average
common equity in the first quarter of 2013 of 0.88% and 9.25%,
respectively, as compared to 0.73% and 7.68% for the quarter ended
December 31, 2012. On an operating basis the return on average assets
and the return on average common equity were 0.96% and 10.04%,
respectively, in the first quarter, as compared to 1.00% and 10.54% in
the fourth quarter.
ASSET QUALITY
The provision for loan losses was $1.3 million for the first quarter
compared to $4.4 million for the quarter ended December 31, 2012. The
provision for loan losses exceeded net charge-offs in both periods as
the Company continues to prudently add to loan loss reserves in line
with recent loan growth trends. For the quarter, net charge-offs
decreased to $1.2 million, or 0.11%, on an annualized basis of average
loans as compared to $2.3 million, or 0.21%, in the prior quarter.
Nonperforming loans increased by $4.3 million to $33.1 million, or 0.74%
of total loans at March 31, 2013, from $28.8 million, or 0.64% of total
loans at December 31, 2012. Nonperforming assets increased to $46.8
million at the end of the first quarter compared to $42.4 million in the
linked quarter. Delinquency as a percentage of loans increased to 1.05%
at March 31, 2013 compared to 0.82% at December 31, 2012.
The allowance for loan losses was $51.9 million at March 31, 2013, an
increase of $72,000 from the prior quarter levels. The Company’s
allowance for loan losses was 1.16% and 1.15% as a percentage of total
loans at March 31, 2013 and December 31, 2012, respectively.
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 26, 2013. Internet access to the call is available
on the Company’s website at www.RocklandTrust.com
or by telephonic access by dial-in at 1-888-317-6016 reference: INDB. A
replay of the call will be available by calling 1-877-344-7529. Replay
Pass code: 10027151. The webcast replay will be available until April
26, 2014.
Independent Bank Corp., which has Rockland Trust Company as a
wholly-owned bank subsidiary, has approximately $5.7 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 find out why Rockland Trust is the bank Where Each
Relationship Matters®, 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 believes are unrelated to its core banking
business and will not have a material financial impact on operating
results in future periods, 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 such gains or losses.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 |
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
| | |
|
|
|
|
|
|
|
|
|
| | |
|
| | | | | | | | | | | | % Change | | | % Change |
| CONSOLIDATED BALANCE SHEETS | | | March 31, | | | December 31, | | | March 31, | | | Mar. 2013 vs. | | | Mar. 2013 vs. |
|
(Unaudited Dollars in thousands)
|
|
| 2013 |
|
| 2012 |
|
| 2012 |
|
| Dec. 2012 | | | Mar. 2012 |
| | | | | | | | | | | | | | |
|
| Assets | | | | | | | | | | | | | | | |
|
Cash and due from banks
| | |
$
|
70,434
| | | |
$
|
98,144
| | | |
$
|
57,658
| | | |
-28.23
|
%
| | |
22.16
|
%
|
|
Interest earning deposits with banks
| | | |
129,406
| | | | |
117,330
| | | | |
75,865
| | | |
10.29
|
%
| | |
70.57
|
%
|
|
Fed funds sold
| | | |
-
| | | | |
-
| | | | |
2,269
| | | |
0.00
|
%
| | |
-100.00
|
%
|
|
Securities
| | | | | | | | | | | | | | | |
|
Securities available for sale
| | | |
335,693
| | | | |
329,286
| | | | |
362,109
| | | |
1.95
|
%
| | |
-7.30
|
%
|
|
Securities held to maturity
| | |
|
209,090
|
| | |
|
178,318
|
| | |
|
200,921
|
| | |
17.26
|
%
| | |
4.07
|
%
|
|
Total securities
| | | |
544,783
| | | | |
507,604
| | | | |
563,030
| | | |
7.32
|
%
| | |
-3.24
|
%
|
| | | | | | | | | | | | | | |
|
|
Loans held for sale
| | | |
36,790
| | | | |
48,187
| | | | |
22,846
| | | |
-23.65
|
%
| | |
61.03
|
%
|
|
Loans
| | | | | | | | | | | | | | | |
|
Commercial and industrial
| | | |
702,486
| | | | |
687,511
| | | | |
599,603
| | | |
2.18
|
%
| | |
17.16
|
%
|
|
Commercial real estate
| | | |
2,123,778
| | | | |
2,122,153
| | | | |
1,853,711
| | | |
0.08
|
%
| | |
14.57
|
%
|
|
Commercial construction
| | | |
211,984
| | | | |
188,768
| | | | |
148,034
| | | |
12.30
|
%
| | |
43.20
|
%
|
|
Small business
| | |
|
77,220
|
| | |
|
78,594
|
| | |
|
79,937
|
| | |
-1.75
|
%
| | |
-3.40
|
%
|
|
Total commercial
| | | |
3,115,468
| | | | |
3,077,026
| | | | |
2,681,285
| | | |
1.25
|
%
| | |
16.19
|
%
|
|
Residential real estate
| | | |
547,649
| | | | |
604,668
| | | | |
402,910
| | | |
-9.43
|
%
| | |
35.92
|
%
|
|
Residential construction
| | | |
7,764
| | | | |
8,213
| | | | |
13,291
| | | |
-5.47
|
%
| | |
-41.58
|
%
|
|
Home equity - 1st position
| | | |
481,935
| | | | |
487,246
| | | | |
425,245
| | | |
-1.09
|
%
| | |
13.33
|
%
|
|
Home equity - 2nd position
| | |
|
310,695
|
| | |
|
314,903
|
| | |
|
310,578
|
| | |
-1.34
|
%
| | |
0.04
|
%
|
|
Total consumer real estate
| | | |
1,348,043
| | | | |
1,415,030
| | | | |
1,152,024
| | | |
-4.73
|
%
| | |
17.02
|
%
|
|
Other consumer
| | |
|
23,967
|
| | |
|
26,955
|
| | |
|
36,447
|
| | |
-11.09
|
%
| | |
-34.24
|
%
|
|
Total loans
| | |
|
4,487,478
|
| | |
|
4,519,011
|
| | |
|
3,869,756
|
| | |
-0.70
|
%
| | |
15.96
|
%
|
|
Less - allowance for loan losses
| | |
|
(51,906
|
)
| | |
|
(51,834
|
)
| | |
|
(48,340
|
)
| | |
0.14
|
%
| | |
7.38
|
%
|
|
Net loans
| | | |
4,435,572
| | | | |
4,467,177
| | | | |
3,821,416
| | | |
-0.71
|
%
| | |
16.07
|
%
|
| Federal Home Loan Bank stock
| | | |
38,674
| | | | |
41,767
| | | | |
33,564
| | | |
-7.41
|
%
| | |
15.22
|
%
|
|
Bank premises and equipment
| | | |
55,160
| | | | |
55,227
| | | | |
49,678
| | | |
-0.12
|
%
| | |
11.04
|
%
|
|
Goodwill and core deposit intangible
| | | |
161,616
| | | | |
162,144
| | | | |
140,323
| | | |
-0.33
|
%
| | |
15.17
|
%
|
|
Other assets
| | |
|
248,685
|
| | |
|
259,405
|
| | |
|
219,090
|
| | |
-4.13
|
%
| | |
13.51
|
%
|
|
Total assets
| | |
$
|
5,721,120
|
| | |
$
|
5,756,985
|
| | |
$
|
4,985,739
|
| | |
-0.62
|
%
| | |
14.75
|
%
|
| | | | | | | | | | | | | | |
|
| Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | |
|
Deposits
| | | | | | | | | | | | | | | |
|
Demand deposits
| | |
$
|
1,199,623
| | | |
$
|
1,248,394
| | | |
$
|
1,015,231
| | | |
-3.91
|
%
| | |
18.16
|
%
|
|
Savings and interest checking accounts
| | | |
1,711,477
| | | | |
1,691,187
| | | | |
1,501,826
| | | |
1.20
|
%
| | |
13.96
|
%
|
|
Money market
| | | |
872,044
| | | | |
853,971
| | | | |
803,744
| | | |
2.12
|
%
| | |
8.50
|
%
|
|
Time certificates of deposit
| | |
|
768,266
|
| | |
|
753,125
|
| | |
|
624,912
|
| | |
2.01
|
%
| | |
22.94
|
%
|
|
Total deposits
| | | |
4,551,410
| | | | |
4,546,677
| | | | |
3,945,713
| | | |
0.10
|
%
| | |
15.35
|
%
|
|
Borrowings
| | | | | | | | | | | | | | | |
| Federal Home Loan Bank and other borrowings
| | | |
267,091
| | | | |
283,569
| | | | |
194,580
| | | |
-5.81
|
%
| | |
37.27
|
%
|
|
Wholesale repurchase agreements
| | | |
50,000
| | | | |
50,000
| | | | |
50,000
| | | |
0.00
|
%
| | |
0.00
|
%
|
|
Customer repurchase agreements
| | | |
129,618
| | | | |
153,359
| | | | |
147,678
| | | |
-15.48
|
%
| | |
-12.23
|
%
|
|
Junior subordinated debentures
| | | |
74,073
| | | | |
74,127
| | | | |
61,857
| | | |
-0.07
|
%
| | |
19.75
|
%
|
|
Subordinated debentures
| | |
|
30,000
|
| | |
|
30,000
|
| | |
|
30,000
|
| | |
0.00
|
%
| | |
0.00
|
%
|
|
Total borrowings
| | | |
550,782
| | | | |
591,055
| | | | |
484,115
| | | |
-6.81
|
%
| | |
13.77
|
%
|
|
Total deposits and borrowings
| | | |
5,102,192
| | | | |
5,137,732
| | | | |
4,429,828
| | | |
-0.69
|
%
| | |
15.18
|
%
|
|
Other liabilities
| | | |
81,353
| | | | |
89,933
| | | | |
77,048
| | | |
-9.54
|
%
| | |
5.59
|
%
|
|
Stockholders' equity
| | | | | | | | | | | | | | | |
|
Common stock
| | | |
226
| | | | |
225
| | | | |
213
| | | |
0.44
|
%
| | |
6.10
|
%
|
|
Additional paid in capital
| | | |
270,927
| | | | |
269,950
| | | | |
235,381
| | | |
0.36
|
%
| | |
15.10
|
%
|
|
Retained earnings
| | | |
270,891
| | | | |
263,671
| | | | |
247,097
| | | |
2.74
|
%
| | |
9.63
|
%
|
|
Accumulated other comprehensive loss, net of tax
| | |
|
(4,469
|
)
| | |
|
(4,526
|
)
| | |
|
(3,828
|
)
| | |
-1.26
|
%
| | |
16.75
|
%
|
|
Total stockholders' equity
| | |
|
537,575
|
| | |
|
529,320
|
| | |
|
478,863
|
| | |
1.56
|
%
| | |
12.26
|
%
|
|
Total liabilities and stockholders' equity
| | |
$
|
5,721,120
|
| | |
$
|
5,756,985
|
| | |
$
|
4,985,739
|
| | |
-0.62
|
%
| | |
14.75
|
%
|
| | | | | | | | | | | | | | | | | | | | | | |
|
| CONSOLIDATED STATEMENTS OF INCOME |
|
| Three Months Ended |
|
| |
|
| |
|
(Unaudited Dollars in thousands)
| | | |
|
| |
|
| | | | % Change | | | % Change |
| | | March 31, | | | December 31, | | | March 31, | | | Mar. 2013 vs. | | | Mar. 2013 vs. |
| | | 2013 | | | 2012 | | | 2012 | | | Dec. 2012 | |
| Mar. 2012 |
| | | | | | | | | | | | | | |
|
| Interest income | | | | | | | | | | | | | | | |
|
Interest on fed funds sold and short term investments
| | |
$
|
34
| | | |
$
|
47
| | | |
$
|
33
| | | |
-27.66
|
%
| | |
3.03
|
%
|
|
Interest and dividends on securities
| | | |
3,540
| | | | |
3,753
| | | | |
4,556
| | | |
-5.68
|
%
| | |
-22.30
|
%
|
|
Interest on loans
| | | |
46,978
| | | | |
47,166
| | | | |
43,077
| | | |
-0.40
|
%
| | |
9.06
|
%
|
|
Interest on loans held for sale
| | |
|
268
|
| | |
|
448
|
| | |
|
130
|
| | |
-40.18
|
%
| | |
106.15
|
%
|
|
Total interest income
| | | |
50,820
| | | | |
51,414
| | | | |
47,796
| | | |
-1.16
|
%
| | |
6.33
|
%
|
| Interest expense | | | | | | | | | | | | | | | |
|
Interest on deposits
| | | |
2,665
| | | | |
2,658
| | | | |
2,739
| | | |
0.26
|
%
| | |
-2.70
|
%
|
|
Interest on borrowed funds
| | |
|
3,293
|
| | |
|
3,277
|
| | |
|
3,204
|
| | |
0.49
|
%
| | |
2.78
|
%
|
|
Total interest expense
| | |
|
5,958
|
| | |
|
5,935
|
| | |
|
5,943
|
| | |
0.39
|
%
| | |
0.25
|
%
|
Net interest income
| | | |
44,862
| | | | |
45,479
| | | | |
41,853
| | | |
-1.36
|
%
| | |
7.19
|
%
|
|
Less - provision for loan losses
| | |
|
1,300
|
| | |
|
4,350
|
| | |
|
1,600
|
| | |
-70.11
|
%
| | |
-18.75
|
%
|
|
Net interest income after provision for loan losses
| | | |
43,562
| | | | |
41,129
| | | | |
40,253
| | | |
5.92
|
%
| | |
8.22
|
%
|
| Noninterest income | | | | | | | | | | | | | | | |
|
Deposit account fees
| | | |
4,217
| | | | |
4,159
| | | | |
3,889
| | | |
1.39
|
%
| | |
8.43
|
%
|
|
Interchange and ATM fees
| | | |
2,328
| | | | |
2,594
| | | | |
2,368
| | | |
-10.25
|
%
| | |
-1.69
|
%
|
|
Investment management
| | | |
3,884
| | | | |
3,666
| | | | |
3,563
| | | |
5.95
|
%
| | |
9.01
|
%
|
|
Mortgage banking income
| | | |
2,281
| | | | |
2,261
| | | | |
1,330
| | | |
0.88
|
%
| | |
71.50
|
%
|
|
Increase in cash surrender value of life insurance policies
| | | |
746
| | | | |
903
| | | | |
713
| | | |
-17.39
|
%
| | |
4.63
|
%
|
|
Loan level derivative income
| | | |
532
| | | | |
711
| | | | |
328
| | | |
-25.18
|
%
| | |
62.20
|
%
|
|
Other noninterest income
| | |
|
1,736
|
| | |
|
2,722
|
| | |
|
1,718
|
| | |
-36.22
|
%
| | |
1.05
|
%
|
|
Total noninterest income
| | | |
15,724
| | | | |
17,016
| | | | |
13,909
| | | |
-7.59
|
%
| | |
13.05
|
%
|
| Noninterest expense | | | | | | | | | | | | | | | |
|
Salaries and employee benefits
| | | |
22,715
| | | | |
22,099
| | | | |
21,436
| | | |
2.79
|
%
| | |
5.97
|
%
|
|
Occupancy and equipment expenses
| | | |
5,249
| | | | |
4,555
| | | | |
4,300
| | | |
15.24
|
%
| | |
22.07
|
%
|
|
Data processing and facilities management
| | | |
1,184
| | | | |
1,227
| | | | |
1,175
| | | |
-3.50
|
%
| | |
0.77
|
%
|
| FDIC assessment
| | | |
821
| | | | |
878
| | | | |
749
| | | |
-6.49
|
%
| | |
9.61
|
%
|
|
Merger and acquisition expenses
| | | |
1,345
| | | | |
5,474
| | | | |
-
| | | |
-75.43
|
%
| | |
100.00
|
%
|
|
Other noninterest expense
| | |
|
11,606
|
| | |
|
10,817
|
| | |
|
9,698
|
| | |
7.29
|
%
| | |
19.67
|
%
|
|
Total noninterest expense
| | | |
42,920
| | | | |
45,050
| | | | |
37,358
| | | |
-4.73
|
%
| | |
14.89
|
%
|
|
Income before income taxes
| | |
|
16,366
|
| | |
|
13,095
|
| | |
|
16,804
|
| | |
24.98
|
%
| | |
-2.61
|
%
|
|
Provision for income taxes
| | |
|
4,114
|
| | |
|
3,127
|
| | |
|
4,621
|
| | |
31.56
|
%
| | |
-10.97
|
%
|
|
Net income
| | |
$
|
12,252
|
| | |
$
|
9,968
|
| | |
$
|
12,183
|
| | |
22.91
|
%
| | |
0.57
|
%
|
| | | | | | | | | | | | | | |
|
|
Basic earnings per share
| | |
$
|
0.54
| | | |
$
|
0.45
| | | |
$
|
0.57
| | | |
20.00
|
%
| | |
-5.26
|
%
|
|
Diluted earnings per share
| | |
$
|
0.54
| | | |
$
|
0.45
| | | |
$
|
0.56
| | | |
20.00
|
%
| | |
-3.57
|
%
|
|
Basic average shares
| | | |
22,823,753
| | | | |
22,286,841
| | | | |
21,561,006
| | | | | | | |
|
Diluted average shares
| | | |
22,869,793
| | | | |
22,318,343
| | | | |
21,585,487
| | | | | | | |
| | | | | | | | | | | | | | |
|
Performance ratios | | | | | | | | | | | | | | | |
|
Net interest margin (FTE)
| | | |
3.58
|
%
| | | |
3.68
|
%
| | | |
3.82
|
%
| | | | | | |
|
Return on average assets
| | | |
0.88
|
%
| | | |
0.73
|
%
| | | |
1.00
|
%
| | | | | | |
|
Return on average common equity
| | | |
9.25
|
%
| | | |
7.68
|
%
| | | |
10.31
|
%
| | | | | | |
| | | | | | | | | | | | | | |
|
Reconciliation table - non-GAAP financial
information | | | | | | | | | | | | | | | |
|
Net income
| | |
$
|
12,252
| | | |
$
|
9,968
| | | |
$
|
12,183
| | | |
22.91
|
%
| | |
0.57
|
%
|
|
Noninterest income components
| | | | | | | | | | | | | | | |
|
Less - gain on sale of securities, net of tax
| | | |
-
| | | | |
(3
|
)
| | | |
-
| | | | | | | |
|
Noninterest expense components
| | | | | | | | | | | | | | | |
|
Add - prepayment fees on borrowings, net of tax
| | | |
-
| | | | |
4
| | | | |
-
| | | | | | | |
|
Add - severance, net of tax
| | | |
192
| | | | |
-
| | | | |
-
| | | | | | | |
|
Add - merger & acquisition expenses, net of tax
| | |
|
856
|
| | |
|
3,710
|
| | |
|
-
|
| | |
| | |
|
|
Net operating earnings
| | |
$
|
13,300
|
| | |
$
|
13,679
|
| | |
$
|
12,183
|
| | |
-2.77
|
%
| | |
9.17
|
%
|
| | | | | | | | | | | | | | |
|
|
Diluted earnings per share, on an operating basis
| | |
$
|
0.58
|
| | |
$
|
0.61
|
| | |
$
|
0.56
|
| | |
-4.92
|
%
| | |
3.57
|
%
|
| | | | | | | | | | | | | | | | | | | | | | |
|
Reconciliation table - non-GAAP financial
information |
|
(Unaudited Dollars in thousands)
|
|
| Three Months Ended |
|
| |
| | | |
|
| |
|
| |
|
| % Change |
|
| % Change | | | |
| | | March 31, | | | December 31, | | | March 31, | | | Mar. 2013 vs. | | | Mar. 2013 vs. | | | |
| | | 2013 | | | 2012 | | | 2012 | | | Dec. 2012 | | | Mar. 2012 | | | |
| | | | | | | | | | | | | | | | | |
|
|
Noninterest income GAAP
| | |
$
|
15,724
| | | |
$
|
17,016
| | | |
$
|
13,909
| | | | |
-7.59
|
%
| | | |
13.05
|
%
| | | |
|
Less - net gain on sale of securities
| | |
|
-
|
| | |
|
(5
|
)
| | |
|
-
|
| | |
|
100.00
|
%
| | |
|
n/a
|
| | | |
|
Total noninterest income as adjusted
| | |
$
|
15,724
|
| | |
$
|
17,011
|
| | |
$
|
13,909
|
| | |
|
-7.57
|
%
| | |
|
13.05
|
%
| | | |
| | | | | | | | | | | | | | | | | |
|
|
Noninterest expense GAAP
| | |
$
|
42,920
| | | |
$
|
45,050
| | | |
$
|
37,358
| | | | |
-4.73
|
%
| | | |
14.89
|
%
| | | |
|
Less - prepayment fee on borrowings
| | | |
-
| | | | |
(7
|
)
| | | |
-
| | | | |
100.00
|
%
| | | |
n/a
| | | | |
|
Less - severance
| | | |
(325
|
)
| | | |
-
| | | | |
-
| | | | |
-100.00
|
%
| | | |
-100.00
|
%
| | | |
|
Less - merger and acquisition expenses
| | |
|
(1,345
|
)
| | |
|
(5,474
|
)
| | |
|
-
|
| | |
|
-75.43
|
%
| | |
|
-100.00
|
%
| | | |
|
Total noninterest expense as adjusted
| | |
$
|
41,250
|
| | |
$
|
39,569
|
| | |
$
|
37,358
|
| | |
|
4.25
|
%
| | |
|
10.42
|
%
| | | |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
Asset quality | | | Nonperforming Assets | | | Net Charge-Offs |
| | | At | | | For the Three Months Ending |
| | | March 31, | | | December 31, | | | March 31, | | | March 31, | | | December 31, | | | March 31, |
| | | 2013 | | | 2012 | | | 2012 | | | 2013 |
|
| 2012 | | | 2012 |
| | | | | | | | | | | | | | | | | |
|
|
Nonperforming loans
| | | | | | | | | | | | | | | | | | |
|
Commercial & industrial loans
| | |
$
|
3,188
| | | |
$
|
2,666
| | | |
$
|
2,429
| | | |
$
|
287
| | | | |
($326 |
)
| | | |
($185 |
)
|
|
Commercial real estate loans
| | | |
9,355
| | | | |
6,574
| | | | |
15,015
| | | | |
407
| | | | |
990
| | | | |
604
| |
|
Small business loans
| | | |
680
| | | | |
570
| | | | |
544
| | | | |
106
| | | | |
197
| | | | |
118
| |
|
Residential real estate loans
| | | |
11,950
| | | | |
11,472
| | | | |
10,465
| | | | |
61
| | | | |
581
| | | | |
109
| |
|
Home equity
| | | |
7,687
| | | | |
7,311
| | | | |
2,773
| | | | |
256
| | | | |
646
| | | | |
737
| |
|
Other consumer
| | |
|
231
|
| | |
|
173
|
| | |
|
420
|
| | |
|
111
|
| | |
|
174
|
| | |
|
137
|
|
|
Total Nonperforming Loans / Total Net Charge-offs
| | |
$
|
33,091
|
| | |
$
|
28,766
|
| | |
$
|
31,646
|
| | |
$
|
1,228
|
| | |
$
|
2,262
|
| | |
$
|
1,520
|
|
|
Nonaccrual securities
| | | |
1,903
| | | | |
1,511
| | | | |
1,400
| | | | | | | | | | |
|
Other assets in possession
| | | |
176
| | | | |
176
| | | | |
92
| | | | | | | | | | |
|
Other real estate owned
| | |
|
11,645
|
| | |
|
11,974
|
| | |
|
7,598
|
| | | | | | | | | |
|
Total nonperforming assets
| | |
$
|
46,815
|
| | |
$
|
42,427
|
| | |
$
|
40,736
|
| | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Nonperforming loans/gross loans
| | | |
0.74
|
%
| | | |
0.64
|
%
| | | |
0.82
|
%
| | | | | | | | | |
|
Allowance for loan losses/nonperforming loans
| | | |
156.86
|
%
| | | |
180.19
|
%
| | | |
152.75
|
%
| | | | | | | | | |
|
Gross loans/total deposits
| | | |
98.60
|
%
| | | |
99.39
|
%
| | | |
98.07
|
%
| | | | | | | | | |
|
Allowance for loan losses/total loans
| | | |
1.16
|
%
| | | |
1.15
|
%
| | | |
1.25
|
%
| | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
|
Net charge-offs to average loans (quarter annualized)
| | | | | | | | | | | | |
0.11
|
%
| | | |
0.21
|
%
| | | |
0.16
|
%
|
| | | Troubled Debt Restructurings | | | | | | | | | |
| | | At | | | | | | | | | |
| | | March 31, | | | December 31, | | | March 31, | | | | | | | | | |
| | | 2013 | | | 2012 | | | 2012 | | | | | | | | | |
|
Troubled debt restructurings on accrual status
| | |
$
|
41,682
| | | |
$
|
46,764
| | | |
$
|
38,006
| | | | | | | | | | |
|
Troubled debt restructurings on nonaccrual status
| | |
|
8,748
|
|
|
|
|
6,554
|
|
|
|
|
9,189
|
| | | | | | | | | |
|
Total troubled debt restructurings
| | |
$
|
50,430
|
|
|
|
$
|
53,318
|
|
|
|
$
|
47,195
|
| | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | Three Months Ending | | | Three Months Ending | | | Three Months Ending | | | | | | | | | |
| | | March 31, | | | December 31, | | | March 31, | | | | | | | | | |
Nonperforming assets reconciliation | | | 2013 | | | 2012 | | | 2012 | | | | | | | | | |
|
Nonperforming assets beginning balance
| | |
$
|
42,427
| | | |
$
|
41,529
| | | |
$
|
37,149
| | | | | | | | | | |
|
New to Nonperforming
| | | |
10,243
| | | | |
6,927
| | | | |
8,803
| | | | | | | | | | |
|
Loans charged-off
| | | |
(1,574
|
)
| | | |
(3,053
|
)
| | | |
(1,944
|
)
| | | | | | | | | |
|
Loans paid-off
| | | |
(2,402
|
)
| | | |
(2,438
|
)
| | | |
(1,172
|
)
| | | | | | | | | |
|
Loans transferred to other real estate owned/other assets
| | | |
(771
|
)
| | | |
(1,632
|
)
| | | |
(1,503
|
)
| | | | | | | | | |
|
Loans restored to accrual status
| | | |
(1,096
|
)
| | | |
(2,194
|
)
| | | |
(1,870
|
)
| | | | | | | | | |
|
New to other real estate owned
| | | |
771
| | | | |
1,632
| | | | |
1,503
| | | | | | | | | | |
|
Acquired other real estate owned
| | | |
-
| | | | |
2,633
| | | | |
-
| | | | | | | | | | |
|
Sale of other real estate owned
| | | |
(918
|
)
| | | |
(1,281
|
)
| | | |
(1,587
|
)
| | | | | | | | | |
|
Other
| | |
|
135
|
| | |
|
304
|
| | |
|
1,357
|
| | | | | | | | | |
|
Nonperforming assets ending balance
| | |
$
|
46,815
|
| | |
$
|
42,427
|
| | |
$
|
40,736
|
| | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
| | | March 31, | | | December 31, | | | March 31, | | | | | | | | | |
Financial ratios | | | 2013 | | | 2012 | | | 2012 | | | | | | | | | |
|
Book value per common share
| | |
$
|
23.50
| | | |
$
|
23.24
| | | |
$
|
22.16
| | | | | | | | | | |
|
Tangible common book value per share (proforma to include
| | | | | | | | | | | | | | | | | | |
|
the tax deductibility of goodwill) - non-GAAP
| | |
$
|
17.31
| | | |
$
|
17.00
| | | |
$
|
16.59
| | | | | | | | | | |
|
Tangible common capital/tangible assets
| | | |
6.76
|
%
| | | |
6.56
|
%
| | | |
6.99
|
%
| | | | | | | | | |
|
Tangible common capital/tangible asset (proforma to include
| | | | | | | | | | | | | | | | | | |
|
the tax deductibility of goodwill) - non-GAAP
| | | |
7.09
|
%
| | | |
6.90
|
%
| | | |
7.37
|
%
| | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
Capital adequacy | | | | | | | | | | | | | | | | | | |
|
Tier one leverage capital ratio (1)
| | | |
8.51
|
%
| | | |
8.65
|
%
| | | |
8.77
|
%
| | | | | | | | | |
|
Tier one common ratio (1)
| | | |
8.98
|
%
| | | |
8.76
|
%
| | | |
9.18
|
%
| | | | | | | | | |
| (1) Estimated number for March 31, 2013 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
INDEPENDENT BANK CORP. SUPPLEMENTAL
FINANCIAL INFORMATION |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
(Unaudited - Dollars in thousands)
| | | Three Months Ended |
| | | March 31, 2013 |
|
| December 31, 2012 |
| March 31, 2012 |
| | | | | | 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 earning deposits with banks, federal funds sold, and short
term investments
| | |
$
|
53,149
| | |
$
|
34
| | |
0.26
|
%
| | |
$
|
79,894
| | |
$
|
47
| | |
0.23
|
%
| | |
$
|
53,228
| | |
$
|
33
| | |
0.25
|
%
|
|
Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Trading assets
| | | |
-
| | | |
-
| | |
-
| | | | |
-
| | | |
-
| | |
-
| | | | |
5,490
| | | |
38
| | |
2.78
|
%
|
|
Taxable investment securities
| | | |
523,550
| | | |
3,529
| | |
2.73
|
%
| | | |
509,289
| | | |
3,742
| | |
2.92
|
%
| | | |
530,323
| | | |
4,489
| | |
3.40
|
%
|
|
Nontaxable investment securities (1)
| | |
|
916
| | |
|
18
| | |
7.97
|
%
| | |
|
915
| | |
|
19
| | |
8.26
|
%
| | |
|
2,493
| | |
|
49
| | |
7.91
|
%
|
Total securities
| | | |
524,466
| | | |
3,547
| | |
2.74
|
%
| | | |
510,204
| | | |
3,761
| | |
2.93
|
%
| | | |
538,306
| | | |
4,576
| | |
3.42
|
%
|
|
Loans held for sale
| | | |
41,890
| | | |
268
| | |
2.59
|
%
| | | |
48,091
| | | |
448
| | |
3.71
|
%
| | | |
17,189
| | | |
130
| | |
3.04
|
%
|
|
Loans
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Commercial and industrial
| | | |
693,284
| | | |
6,838
| | |
4.00
|
%
| | | |
666,606
| | | |
6,666
| | |
3.98
|
%
| | | |
579,087
| | | |
5,901
| | |
4.10
|
%
|
|
Commercial real estate (1)
| | | |
2,121,824
| | | |
23,729
| | |
4.54
|
%
| | | |
2,027,330
| | | |
24,702
| | |
4.85
|
%
| | | |
1,848,121
| | | |
22,734
| | |
4.95
|
%
|
|
Commercial construction
| | | |
199,303
| | | |
2,016
| | |
4.10
|
%
| | | |
182,293
| | | |
1,882
| | |
4.11
|
%
| | | |
142,729
| | | |
1,543
| | |
4.35
|
%
|
|
Small business
| | |
|
77,688
| | |
|
1,060
|
|
|
5.53
|
%
| | |
|
78,719
| | |
|
1,120
|
|
|
5.66
|
%
| | |
|
78,706
| | |
|
1,137
| | |
5.81
|
%
|
|
Total commercial
| | | |
3,092,099
| | | |
33,643
| | |
4.41
|
%
| | | |
2,954,948
| | | |
34,370
| | |
4.63
|
%
| | | |
2,648,643
| | | |
31,315
| | |
4.76
|
%
|
|
Residential real estate
| | | |
572,715
| | | |
5,837
| | |
4.13
|
%
| | | |
514,605
| | | |
5,055
| | |
3.91
|
%
| | | |
410,604
| | | |
4,466
| | |
4.37
|
%
|
|
Residential construction
| | | |
7,902
| | | |
81
| | |
4.16
|
%
| | | |
8,419
| | | |
87
| | |
4.11
|
%
| | | |
11,622
| | | |
130
| | |
4.50
|
%
|
|
Home equity
| | |
|
797,204
| | |
|
7,094
|
|
|
3.61
|
%
| | |
|
797,792
| | |
|
7,289
|
|
|
3.63
|
%
| | |
|
717,620
| | |
|
6,660
| | |
3.73
|
%
|
|
Total consumer real estate
| | | |
1,377,821
| | | |
13,012
| | |
3.83
|
%
| | | |
1,320,816
| | | |
12,431
| | |
3.74
|
%
| | | |
1,139,846
| | | |
11,256
| | |
3.97
|
%
|
|
Other consumer
| | |
|
25,884
| | |
|
561
| | |
8.79
|
%
| | |
|
27,490
| | |
|
615
| | |
8.90
|
%
| | |
|
38,698
| | |
|
771
| | |
8.01
|
%
|
|
Total loans
| | |
|
4,495,804
|
|
|
|
47,216
|
|
|
4.26
|
%
| | |
|
4,303,254
|
|
|
|
47,416
|
|
|
4.38
|
%
| | |
|
3,827,187
|
|
|
|
43,342
|
|
|
4.55
|
%
|
|
Total interest-earning assets
| | |
$
|
5,115,309
|
|
|
$
|
51,065
|
|
|
4.05
|
%
| | |
$
|
4,941,443
|
|
|
$
|
51,672
|
|
|
4.16
|
%
| | |
$
|
4,435,910
|
|
|
$
|
48,081
|
|
|
4.36
|
%
|
|
Cash and due from banks
| | | |
68,653
| | | | | | | | | |
70,404
| | | | | | | | | |
58,226
| | | | | | |
| Federal Home Loan Bank stock
| | | |
41,045
| | | | | | | | | |
38,201
| | | | | | | | | |
35,275
| | | | | | |
|
Other assets
| | |
|
420,470
| | | | | | | | |
|
405,179
| | | | | | | | |
|
367,401
| | | | | | |
|
Total assets
| | |
$
|
5,645,477
| | | | | | | | |
$
|
5,455,227
| | | | | | | | |
$
|
4,896,812
| | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deposits
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Savings and interest checking accounts
| | |
$
|
1,612,395
| | |
$
|
707
| | |
0.18
|
%
| | |
$
|
1,548,798
| | |
$
|
729
| | |
0.19
|
%
| | |
$
|
1,424,455
| | |
$
|
697
| | |
0.20
|
%
|
|
Money market
| | | |
868,405
| | | |
578
| | |
0.27
|
%
| | | |
842,574
| | | |
586
| | |
0.28
|
%
| | | |
769,891
| | | |
639
| | |
0.33
|
%
|
|
Time deposits
| | |
|
758,504
|
|
|
|
1,380
|
|
|
0.74
|
%
| | |
|
697,599
|
|
|
|
1,343
|
|
|
0.77
|
%
| | |
|
626,478
|
|
|
|
1,403
|
|
|
0.90
|
%
|
|
Total interest-bearing deposits
| | |
$
|
3,239,304
| | |
$
|
2,665
| | |
0.33
|
%
| | |
$
|
3,088,971
| | |
$
|
2,658
| | |
0.34
|
%
| | |
$
|
2,820,824
| | |
$
|
2,739
| | |
0.39
|
%
|
|
Borrowings
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal Home Loan Bank and other borrowings
| | |
$
|
279,258
| | |
$
|
1,420
| | |
2.06
|
%
| | |
$
|
253,758
| | |
$
|
1,398
| | |
2.19
|
%
| | |
$
|
226,365
| | |
$
|
1,344
| | |
2.39
|
%
|
|
Wholesale repurchase agreements
| | | |
50,000
| | | |
286
| | |
2.32
|
%
| | | |
50,000
| | | |
292
| | |
2.32
|
%
| | | |
50,000
| | | |
289
| | |
2.32
|
%
|
|
Customer repurchase agreements
| | | |
147,966
| | | |
49
| | |
0.13
|
%
| | | |
176,624
| | | |
57
| | |
0.13
|
%
| | | |
158,489
| | | |
110
| | |
0.28
|
%
|
|
Junior subordinated debentures
| | | |
74,104
| | | |
999
| | |
5.47
|
%
| | | |
68,587
| | | |
983
| | |
5.70
|
%
| | | |
61,857
| | | |
920
| | |
5.98
|
%
|
|
Subordinated debentures
| | |
|
30,000
|
|
|
|
539
|
|
|
7.29
|
%
| | |
|
30,000
|
|
|
|
547
|
|
|
7.25
|
%
| | |
|
30,000
|
|
|
|
541
|
|
|
7.25
|
%
|
|
Total borrowings
| | |
$
|
581,328
|
|
|
$
|
3,293
|
|
|
2.30
|
%
| | |
$
|
578,969
|
|
|
$
|
3,277
|
|
|
2.25
|
%
| | |
$
|
526,711
|
|
|
$
|
3,204
|
|
|
2.45
|
%
|
|
Total interest-bearing liabilities
| | |
$
|
3,820,632
|
|
|
$
|
5,958
|
|
|
0.63
|
%
| | |
$
|
3,667,940
|
|
|
$
|
5,935
|
|
|
0.64
|
%
| | |
$
|
3,347,535
|
|
|
$
|
5,943
|
|
|
0.71
|
%
|
|
Demand deposits
| | | |
1,200,810
| | | | | | | | | |
1,178,975
| | | | | | | | | |
985,455
| | | | | | |
|
Other liabilities
| | |
|
86,769
| | | | | | | | |
|
92,158
| | | | | | | | |
|
88,598
| | | | | | |
|
Total liabilities
| | |
$
|
5,108,211
| | | | | | | | |
$
|
4,939,073
| | | | | | | | |
$
|
4,421,588
| | | | | | |
|
Stockholders' equity
| | |
|
537,266
| | | | | | | | |
|
516,154
| | | | | | | | |
|
475,224
| | | | | | |
|
Total liabilities and stockholders' equity
| | |
$
|
5,645,477
| | | | | | | | |
$
|
5,455,227
| | | | | | | | |
$
|
4,896,812
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net interest income
| | | | | |
$
|
45,107
| | | | | | | | |
$
|
45,737
| | | | | | | | |
$
|
42,138
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Interest rate spread (2)
| | | | | | | | |
3.42
|
%
| | | | | | | | |
3.53
|
%
| | | | | | | | |
3.65
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net interest margin (3)
| | | | | | | | |
3.58
|
%
| | | | | | | | |
3.68
|
%
| | | | | | | | |
3.82
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Supplemental Information | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total deposits, including demand deposits
| | |
$
|
4,440,114
| | |
$
|
2,665
| | | | | |
$
|
4,267,946
| | |
$
|
2,658
| | | | | |
$
|
3,806,279
| | |
$
|
2,739
| | | |
|
Cost of total deposits
| | | | | | | | |
0.24
|
%
| | | | | | | | |
0.25
|
%
| | | | | | | | |
0.29
|
%
|
|
Total funding liabilities, including demand deposits
| | |
$
|
5,021,442
| | |
$
|
5,958
| | | | | |
$
|
4,846,915
| | |
$
|
5,935
| | | | | |
$
|
4,332,990
| | |
$
|
5,943
| | | |
|
Cost of total funding liabilities
| | | | | | | | |
0.48
|
%
| | | | | | | | |
0.49
|
%
| | | | | | | | |
0.55
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(1) The total amount of adjustment to present interest income and yield
on a fully tax-equivalent basis is $245,000, $258,000, and $285,000 for
the three months ended March 31, 2013, December 31, 2012, and March 31,
2012, 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.
Independent Bank Corp.
Chris Oddleifson, 781-982-6660
President
and
Chief Executive Officer
or
Denis K.
Sheahan, 781-982-6341
Chief Financial Officer
Source: Independent Bank Corp.