Independent Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 04:18 pm EST
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Independent Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income for the fourth quarter was $58.8 million, representing a $1.1 million, or 1.9%, increase over the prior quarter. The increase was mainly attributable to higher levels of interest earning assets, inclusive of the NEB acquisition. The company generated a return on average assets and a return on average common equity of 0.89% and 8.07%, respectively, in the fourth quarter, as compared to 1.09% and 9.98%, respectively, for the prior quarter. Additionally, on an operating basis, the Company generated a return on average assets and return on average common equity of 1.05% and 9.51%, respectively, in the fourth quarter, as compared to 1.10% and 10.03%, respectively, for the prior quarter. Total interest income was $63.428 million against $59.870 million a year ago. Income before income taxes was $24.877 million against $27.723 million a year ago. Net Income was $17.179 million or $0.64 per basic and diluted share against $19.455 million or $0.74 per basic and diluted share a year ago. Net operating earnings were $20.241 million or $0.76 per diluted share against $19.455 million or $0.74 per diluted share a year ago.
For the year, the company reported total interest income was $246.637 million against $235.545 million a year ago. Net interest income was $227.844 million against $214.928 million a year ago. Income before income taxes was $112.075 million against $92.178 million a year ago. Net Income was $76.648 million or $2.90 per diluted share against $64.960 million or $2.50 per diluted share a year ago. Net operating earnings were $80.377 million or $3.04 per diluted share against $71.733 million or $2.76 per diluted share a year ago. Return on average assets GAAP (calculated by dividing net income by average assets) was 1.04% against 0.93% a year ago. Return on average assets on an operating basis (calculated by dividing net operating earnings by average assets) was 1.09% against 1.03% a year ago. Return on average common equity GAAP (calculated by dividing net income by average common equity) was 9.43% against 8.79% a year ago. Return on average common equity on an operating basis (calculated by dividing net operating earnings by average common equity) was 9.89% against 9.70% a year ago. Book value per share GAAP was $32.02 against $29.40 a year ago.
During the fourth quarter, the company recorded total net charge-offs of $639,000, or 0.04% of average loans on an annualized basis, compared to net charge-offs of $472,000 in the prior quarter.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016