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.
Rockland Trust has announced a $150,000 investment in the Community Investment Tax Credit Program (CITC), aimed at aiding thirteen Community Development Corporations (CDCs) in providing essential services to local communities. The CITC encourages collaboration between residents, CDCs, and various entities to enhance economic opportunities for low to moderate-income households. Gerry Nadeau, President of Rockland Trust, emphasized the bank's commitment to supporting local economies through these partnerships.
Independent Bank Corp. (INDB) reported a net income of $71.9 million for Q3 2022, up from $61.8 million in Q2 2022, driven by improved net interest income that increased 12.2% to $162.6 million. The return on average assets and equity rose to 1.43% and 9.90%, respectively. Total assets decreased by 1.4% from the prior quarter to $19.7 billion. The company repurchased 443,000 shares in Q3, completing its repurchase program. A new stock buyback plan of $120 million is set to expire on October 19, 2023.
Independent Bank Corp. (Nasdaq: INDB) will host its third quarter 2022 earnings conference call on Friday, October 21, 2022, at 10:00 AM Eastern Time. Participants can join by dialing 888-336-7153 or register online for a unique PIN. A replay will be available until October 28, 2022, by calling 877-344-7529. Rockland Trust Company, the bank's subsidiary, was recognized in The Boston Globe's 'Top Places to Work' for the 13th consecutive year and ranked #1 in New England for customer satisfaction in retail banking in 2022.
Independent Bank Corp. (NASDAQ: INDB) has declared a $0.51 per share dividend, set to be paid on October 7, 2022. The record date for shareholders is September 26, 2022. This dividend reflects the company's ongoing commitment to returning value to its shareholders. Additionally, Rockland Trust, a subsidiary of Independent Bank Corp., received top rankings in customer satisfaction and was recognized as one of The Boston Globe's 'Top Places to Work' for 13 consecutive years.
Independent Bank Corp. (Nasdaq: INDB) reported a strong second quarter for 2022, with net income rising to $61.8 million ($1.32 per diluted share), up from $53.1 million in the first quarter. Total loans increased by $95.7 million, or 2.8%, driven by strong consumer lending; however, total assets decreased by 0.9% from the previous quarter. Net interest income also rose by 5.4% to $144.9 million, reflecting asset repricing in a rising interest rate environment. The bank's commitment to disciplined growth and strong core fundamentals was highlighted by the decrease in noninterest expenses and stable credit quality metrics.
Independent Bank Corp. (NASDAQ: INDB) will host its quarterly conference call on July 22, 2022, at 10:00 AM ET to discuss second quarter results. Dial-in access is available at 888-336-7153, or participants can pre-register online for immediate access. The call can also be accessed via the company’s website. Rockland Trust, the bank's subsidiary, has received accolades including being named one of the 'Top Places to Work' by The Boston Globe and ranked #1 in Customer Satisfaction for Retail Banking in New England in 2022. A replay of the call will be available until July 29, 2022.
The Board of Directors of Independent Bank Corp. announced a $0.51 per share dividend, payable on July 8, 2022, to shareholders of record as of June 27, 2022. This dividend reflects the company's ongoing commitment to providing value to its investors. Independent Bank Corp. operates Rockland Trust Company, recognized for 13 consecutive years on The Boston Globe's "Top Places to Work" list and ranked #1 in Customer Satisfaction with Retail Banking in New England. The bank maintains a strong presence with over 120 branches in eastern Massachusetts and Rhode Island.
Independent Bank Corp. (INDB) reported a net income of $53.1 million, or $1.12 per diluted share for Q1 2022, a significant increase from $1.7 million in Q4 2021. Adjusted for merger-related costs, operating net income was $58.2 million. The bank's total assets reached $20.2 billion, while total loans remained stable at $13.6 billion. Despite a 1.8% decline in stockholders' equity, net interest income improved by 12.2%. However, noninterest income fell by 10.0%. Asset quality indicators showed a rise in nonperforming loans, reflecting concerns.
Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, will host its quarterly conference call on April 22, 2022, at 10:00 AM ET to discuss first-quarter results. Telephonic access is available by dialing 888-336-7153 with reference to INDB. The call can also be accessed via the company's website. Rockland Trust has been recognized in The Boston Globe's "Top Places to Work" for the 13th consecutive year and was named the #1 Bank in Massachusetts by Forbes for the second consecutive year.
The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) has declared a $0.51 per share dividend, payable on April 8, 2022, to shareholders on record as of March 28, 2022. CEO Christopher Oddleifson expressed confidence in the bank's fundamentals and announced a 6% increase in the dividend, demonstrating financial stability. Additionally, Rockland Trust Company, the bank's subsidiary, has been recognized as a top workplace and ranked #1 bank in Massachusetts by Forbes in 2021.