Independent Bk Corp Mass Stock Price, News & Analysis

Independent Bank Corp. (INDB) reported a first quarter net income of $41.7 million or $1.26 per diluted share, up from $34.6 million in Q4 2020. This growth was aided by a $2.5 million release of loan loss provisions and increased interest income from PPP loans. Total assets rose to $13.8 billion, with deposits increasing by 5.5%. However, total loans decreased by 1.6%, hampered by ongoing refinancing. The company announced its acquisition of Meridian Bancorp, boosting its portfolio significantly.

Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) have entered a definitive merger agreement where Independent will acquire Meridian and Rockland Trust will acquire East Boston Savings Bank. Meridian stockholders will receive 0.2750 shares of Independent common stock per Meridian share. Valued at approximately $1.15 billion, the transaction is set to be tax-free for stockholders and is anticipated to enhance Independent’s tangible book value by 7.9% and its earnings per share by 23% in 2022. The merger is expected to close in Q4 2021, pending approvals.

Independent Bank Corp. (INDB) will hold its quarterly conference call on April 23, 2021, at 10:30 AM ET to discuss first-quarter results. Dial-in access is available at 888-336-7153, or participants can pre-register online for immediate access. The replay will be available until May 7, 2021. Rockland Trust, the company's banking subsidiary, was recognized in 2020 as one of Boston Globe’s “Top Places to Work” and ranked as the #1 bank in Massachusetts by Forbes. Rockland Trust operates approximately 100 branches across Massachusetts and Rhode Island, offering a comprehensive range of banking services.

The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) has declared a dividend of $0.48 per share, payable on April 9, 2021, to stockholders of record as of March 29, 2021. CEO Christopher Oddleifson expressed confidence in the company’s strategy, highlighting its strong fundamentals and financial stability as reasons for the dividend increase. Rockland Trust, the bank subsidiary, has been recognized as one of the top banks in Massachusetts, reflecting its deep community commitment and solid operational performance.

Independent Bank Corp. (NASDAQ: INDB) executives, including CEO Christopher Oddleifson, will attend the 2021 RBC Capital Markets Global Financials Conference on March 9, 2021. The event will take place virtually. Rockland Trust Company, the bank's subsidiary, has been recognized for its workplace quality and was ranked the #1 Bank in Massachusetts by Forbes in 2020. The bank emphasizes equity and inclusion with various initiatives and has received an 'Outstanding' rating in its recent Community Reinvestment Act evaluation. With around 100 branches, it offers a full range of banking services.

Independent Bank Corp. (NASDAQ: INDB) executives, including President Christopher Oddleifson and CFO Mark J. Ruggiero, will participate in the 2021 Virtual KBW Winter Financial Services Symposium on February 11, 2021. The bank, which operates Rockland Trust Company, is headquartered in Massachusetts and recognized for its workplace culture, ranking as the #1 Bank in Massachusetts by Forbes in 2020. Rockland Trust emphasizes equity and inclusion, offering a wide range of services through approximately 100 branches across eastern Massachusetts and Rhode Island.

Independent Bank Corp. (INDB) reported a net income of $34.6 million for Q4 2020, down slightly from $34.9 million in Q3 2020. Full-year net income fell by $44 million (26.6%) to $121.2 million, primarily due to the impacts of the COVID-19 pandemic and a low-interest-rate environment. Total assets increased by 15.9% year-over-year to $13.2 billion, while net interest income rose to $91.4 million. The bank's asset quality improved with nonperforming loans decreasing to $66.9 million. A conference call to discuss earnings will take place on January 22, 2021.

Independent Bank Corp. (NASDAQ: INDB) announced the appointment of Warren Fields and James O’Shanna Morton to its Board of Directors, effective February 1, 2021. Fields, a senior executive in the hospitality sector with over 30 years of experience, previously led Pyramid Hotel Group, while Morton serves as President and CEO of the YMCA of Greater Boston. Both bring extensive leadership skills and community-focused perspectives that aim to enhance the strategic direction and growth of Rockland Trust Company.

Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, will hold a quarterly conference call on January 22, 2021, at 10:00 AM ET to discuss its fourth-quarter results. Participants can access the call by dialing 888-336-7153 and referencing INDB. Alternatively, they can pre-register online for immediate access. A replay will be available until January 29, 2021, by calling 877-344-7529. Rockland Trust has recently been recognized as a top workplace and ranked #1 Bank in Massachusetts by Forbes, reflecting its commitment to community service and customer relations.