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Independent Bank Corp. reports banking results and capital actions as the holding company for Rockland Trust Company, a full-service commercial bank serving individuals, families and businesses. Recurring updates cover quarterly earnings, net interest income drivers, commercial and industrial lending, commercial real estate and construction portfolios, deposit trends, securities balances and credit-loss provisions.
Company announcements also include common-stock dividends, share repurchase activity, earnings-call schedules and integration matters following completed bank acquisitions. Rockland Trust's business mix includes retail branches, commercial banking offices, investment management, insurance services and digital banking across Massachusetts, New Hampshire and Rhode Island markets.
Independent Bank Corp. (NASDAQ: INDB) will have its executives participate in the 2020 Piper Sandler East Coast Financial Services Conference on November 10, 2020. The event is set to be virtual and will feature CEO Christopher Oddleifson and other key leaders from the company. Rockland Trust, the bank under Independent Bank Corp., has been recognized for its excellence, appearing on The Boston Globe’s “Top Places to Work” list for 11 consecutive years and ranked as the #1 Bank in Massachusetts by Forbes in 2020.
Independent Bank Corp. (INDB) reported a net income of $34.9 million, or $1.06 per diluted share, for Q3 2020, up from $24.9 million in Q2 2020. Year-to-date net income declined by 26.5% to $86.5 million, primarily due to increased provisions for credit losses amid the ongoing COVID-19 pandemic. Total assets reached $13.2 billion, a 14.2% increase from last year, driven by strong deposit growth. Despite challenges, the bank issued $810 million in PPP loans to support local businesses. The net interest margin decreased to 3.13%, reflecting competitive lending conditions.
Independent Bank Corp. (Nasdaq: INDB) will conduct its quarterly conference call to discuss third quarter results on October 23, 2020, at 10:00 AM ET. Access options include a dial-in number (888-336-7153) and online registration at dpregister.com. Participants can replay the call via 877-344-7529 until November 6, 2020. The bank, headquartered in Massachusetts, serves areas through around 100 branches and offers a broad array of financial services. It is recognized for its strong financial performance and community involvement.