Independent Bank Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013
January 25, 2013 at 02:33 am IST
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Independent Bank Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total interest income of $51,414,000, net interest income of $45,479,000, net interest income after provision for loan losses of $41,129,000, income before income taxes of $13,095,000 and net income of $9,968,000 or $0.45 per diluted share compared to total interest income of $48,382,000, net interest income of $41,854,000, net interest income after provision for loan losses of $38,054,000, income before income taxes of $15,288,000 and net income of $11,169,000 or $0.52 per diluted share a year ago period. Return on average assets was 0.73% compared to 0.91% a year ago period. Return on average equity was 7.68% compared to 9.45% a year ago period. Net operating earnings were $13,679,000 or $0.61 per diluted share compared to $11,617,000 or $0.54 per diluted share a year ago period.
For the full year, the company reported total interest income of $196,192,000, net interest income of $172,799,000, net interest income after provision for loan losses of $154,743,000, income before income taxes of $57,300,000 and net income of $42,627,000 or $1.95 per diluted share compared to total interest income of $195,751,000, net interest income of $167,079,000, net interest income after provision for loan losses of $155,597,000, income before income taxes of $62,584,000 and net income of $45,436,000 or $2.12 per diluted share a year ago period. Return on average assets was 0.83% compared to 0.96% a year ago period. Return on average equity was 8.66% compared to 9.93% a year ago period. Net operating earnings were $47,097,000 or $2.16 per diluted share compared to $45,456,000 or $2.12 per diluted share a year ago period. Book value per common share at December 31, 2012 was $23.24.
For 2013, the company anticipates operating diluted earnings per share performance of between $2.28 and $2.38. This represents a meaningful increase in earnings per share over 2012's performance. Tax rate is expected to be approximately 25%.
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 the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013