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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.
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Independent Bank Corp. (INDB) reported a first quarter net income of $61.2 million, or $1.36 per diluted share, down from $77.0 million or $1.69 per share in Q4 2022. This decline resulted from rising interest expenses due to increased deposit costs and borrowings amid reduced deposit balances. The company’s return on average assets and common equity fell to 1.30% and 8.63%, respectively. Total assets stood at $19.4 billion, a 0.8% increase from the previous quarter but a 3.6% decrease year-over-year. Loans rose slightly to $13.9 billion, while deposits fell by 3.8% to $15.3 billion. Noninterest income also dropped 12.6% to $28.2 million. The bank managed its liquidity by increasing borrowings significantly. Despite share repurchases, the book value per share increased by 1.5% to $64.17.
Independent Bank Corp. (NASDAQ: INDB) will host its quarterly conference call on April 21, 2023, at 10:00 AM ET to discuss the first quarter results. Participants can access the call by dialing 888-336-7153 or pre-registering for a unique PIN to join. A replay will be available until April 28, 2023, by calling 877-344-7529.
Independent Bank Corp. is the parent of Rockland Trust Company, a Massachusetts-based full-service commercial bank recognized in The Boston Globe's 2022
The Board of Directors of Independent Bank Corp. (Nasdaq: INDB) has declared a dividend of $0.55 per share, set to be paid on April 6, 2023, to shareholders of record by the close of business on March 27, 2023. This ongoing dividend demonstrates the bank's commitment to returning value to its shareholders. Independent Bank Corp., the parent of Rockland Trust Company, has been recognized for exceptional customer satisfaction in retail banking in New England and has received accolades for workplace culture and community commitment, reflecting its strong operational performance.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) announces participation in the 2023 KBW Winter Financial Services Conference on February 16, 2023. The event will be held at The Boca Raton Resort in Boca Raton, FL. Robert D. Cozzone, Executive Vice President and COO, and Mark J. Ruggiero, CFO, will represent the bank. Independent Bank Corp. is the parent company of Rockland Trust Company, recognized as one of The Boston Globe's 'Top Places to Work' for 14 consecutive years and ranked #1 in Customer Satisfaction with Retail Banking in New England in 2022. Rockland Trust is committed to community service and offers extensive banking services through its 120+ branches in eastern Massachusetts and Rhode Island.