Independent Bank Corp. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017
October 19, 2017 at 04:18 pm
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Independent Bank Corp. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported net income of $23.9 million, or $0.87 per diluted share, compared to $20.6 million, or $0.75 per diluted share, reported in the prior quarter and net income of $20.5 million or $0.78 per diluted share in last year. Adjusted net income was $23.9 million to $0.87 per diluted share compared to $22.4 million, or $0.82 per diluted share in second quarter of 2017. Third quarter 2017 results compared to the adjusted second quarter 2017 results reflect an increase in adjusted net income of $1.5 million, or 6.6%, and an increase in adjusted diluted earnings per share of $0.05, or 6.1%. In 2016 third quarter the company reported adjusted net income of $20.6 million to $0.78 per diluted share. Net interest income increased 5.2% to $67.1 million compared to $63.8 million in the prior quarter, which was attributable to both higher levels of interest-earning assets and a higher net interest margin. Net interest income was $57.7 million in third quarter of 2016. The company reported total interest income of $71.8 million compared to $62.3 million and income before income taxes of $36.5 million compared to $30.3 million in the last year. The company generated a return on average assets and a return on average common equity of 1.18% and 10.18%, respectively compared to 1.09% and 9.98%, respectively in last year. On non-GAAP basis the company generated a return on average assets and return on average equity of 1.18% and 10.18%, respectively compared to 1.10% and 10.03, respectively in the last year.
For the nine months, the company reported net income of $65.1 million, or $2.38 per diluted share compared to $59.5 million or $2.26 per diluted share in last year. Income before income taxes was $97.6 million compared to $87.2 million in 2016. The company reported total interest income of $204.3 million compared to $183.2 million and net interest income of $191.0 million compared to $169.1 million in the last year. The company generated a return on average assets and a return on average common equity of 1.11% and 9.65%, respectively compared to 1.09% and 9.92%, respectively in last year. On non-GAAP basis the company generated a return on average assets and return on average equity of 1.15% and 9.96%, respectively compared to 1.10% and 10.03, respectively in the last year. Book value per share GAAP was $33.94 against $31.09 a year ago. Tangible book value per share was $25.12 against $23.08 a year ago.
The tax rate for the fourth quarter of 2017 is expected to approximate 34.5%.
Independent Bank Corp. is a bank holding company of Rockland Trust Company (the Bank). The Bank provides a range of banking, investment and financial services, operating with over 120 retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, Worcester County, and Rhode Island. The Bank also offers a full suite of mobile, online, and telephone banking services. The Bankâs commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents of and businesses located in the Bankâs market area. Its commercial loans consist of commercial real estate loans, commercial construction loans, commercial and industrial loans, and small business loans. The Bankâs consumer portfolio consists of real estate loans comprised of residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans.
Independent Bank Corp. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for the Fourth Quarter of 2017