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%.