Independent Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
January 19, 2018 at 02:40 am IST
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Independent Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $72,876,000 against $63,428,000 a year ago. Net interest income was $67,832,000 against $58,752,000 a year ago. Net interest income after provision for loan losses was $66,532,000 against $54,752,000 a year ago. Income before income taxes was $36,979,000 against $24,877,000 a year ago. Net income was $22,064,000 against $17,179,000 a year ago. Basic and diluted earnings per share were $0.80 against $0.64 per share a year ago. Net operating earnings were $24,425,000 against $20,241,000 a year ago. Diluted earnings per share, on an operating basis were $0.89 against $0.76 per share a year ago. Return on average assets GAAP (calculated by dividing net income by average assets) was 1.08% against 0.89% a year ago. Return on average assets on an operating basis was 1.20% against 1.05% a year ago. Return on average common equity GAAP (calculated by dividing net income by average common equity) was 9.28% against 8.07% a year ago. Return on average common equity on an operating basis was 10.28% against 9.51% a year ago.
For the year, the company reported total interest income of $277,194,000 against $246,637,000 a year ago. Net interest income was $258,860,000 against $227,844,000 a year ago. Net interest income after provision for loan losses was $255,910,000 against $221,769,000 a year ago. Income before income taxes was $134,545,000 against $112,075,000 a year ago. Net income was $87,204,000 against $76,648,000 a year ago. Basic and diluted earnings per share were $3.19 against $2.90 per share a year ago. Net operating earnings were $91,717,000 against $80,377,000 a year ago. Diluted earnings per share, on an operating basis were $3.35 against $3.04 per share a year ago. Return on average assets GAAP (calculated by dividing net income by average assets) was 1.11% against 1.04% a year ago. Return on average assets on an operating basis was 1.16% against 1.09% a year ago. Return on average common equity GAAP (calculated by dividing net income by average common equity) was 9.55% against 9.43% a year ago. Return on average common equity on an operating basis was 10.05% against 9.89% a year ago.
For the fourth quarter, the company reported total net charge-offs of $367,000 against 639,000 a year ago.
For the year, the company expects overall tax rate for 2018 of approximately 23%.
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 Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Year 2018