Independent Bank Corp. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015
January 22, 2016 at 02:43 am IST
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Independent Bank Corp. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $59,870,000, net interest income of $54,885,000, income before income taxes of $27,723,000, net income of $19,455,000 or $0.74 per basic and diluted share compared to the total interest income of $54,827,000, net interest income of $49,820,000, income before income taxes of $22,179,000, net income of $15,978,000 or $0.66 per diluted share for the same quarter a year ago. Return on average assets was 1.07% compared to 0.99% a year ago. Return on average common equity was 10.03% compared to 9.93% a year ago. Net operating earnings were $19,455,000 or $0.74 per diluted share compared to $16,558,000 or $0.69 per diluted share a year ago. Book value per share was $29.40 compared to $26.69 a year ago. Tangible book value per share was $21.29 compared to $19.18 a year ago. Net interest income for the fourth quarter was $54.9 million, remaining relatively consistent with the prior quarter as the effect of higher earning asset levels and a lower net interest margin basically offset each other.
For the year, the company reported total interest income of $235,545,000, net interest income of $214,928,000, income before income taxes of $92,178,000, net income of $64,960,000 or $2.50 per diluted share compared to the total interest income of $216,459,000, net interest income of $196,042,000, income before income taxes of $83,774,000, net income of $59,845,000 or $2.49 per diluted share for the previous year. Return on average assets was 0.93% compared to 0.95% a year ago. Return on average common equity was 8.79% compared to 9.66% a year ago. Net operating earnings were $71,733,000 or $2.76 per diluted share compared to $59,900,000 or $2.50 per diluted share a year ago.
For the fourth quarter, total negative net charge-offs were $120,000 compared to net charge-offs of $1,665,000 a year ago.
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. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter of 2015