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Independent Bank Corp. has spent recent years looking for a way to break into Boston without overpaying. It recently found a steal in Peoples Federal, a former mutual, in a deal that boosts earnings and tangible book value.
August 6 -
Independent Bank Corp. (INDB) of Rockland, Mass., reported net income Thursday of $10.6 million for the fourth quarter of 2013, a 6.2% increase from the same quarter in 2012.
January 24 -
Independent Bank Corp. (INDB) and its commercial banking unit, Rockland Trust Co., announced a number of management changes Friday.
September 6
Independent Bank in Rockland, Mass., reported
The $6.4 billion-asset company's fourth-quarter earnings rose 51%, to $16 million, compared to a year earlier. Earnings per share were 66 cents, falling one penny short of a Bloomberg analyst poll.
The results come as Independent the parent company of Rockland Trust prepares to complete its acquisition of the $600 million-asset
Independent's operating expenses fell 7%, to $44.4 million. The decline was due, in large part, to lower merger-related costs from the company's purchase of the $244 million-asset Mayflower Cooperative a year earlier.
Net interest income rose 6%, to $49.8 million. Total loans grew 5%, to $5 billion. The net interest margin fell 3 basis points, to 3.42%.
An uptick in fee-based income also boosted profits, rising 6%, to $18.5 million.
