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%.