Independent Bank Corporation (INDB) has reported an 11.70 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $17.18 million, or $0.64 a share in the quarter, compared with $19.46 million, or $0.74 a share for the same period last year.
Revenue during the quarter grew 3.11 percent to $76.51 million from $74.21 million in the previous year period. Net interest income for the quarter rose 7.05 percent over the prior year period to $58.75 million. Non-interest income for the quarter rose 9.78 percent over the last year period to $21.76 million.
Independent Bank Corporation has made provision of $4 million for loan losses during the quarter, up 700 percent from $0.50 million in the same period last year.
Net interest margin improved 2 basis points to 3.36 percent in the quarter from 3.34 percent in the last year period.
“Rockland Trust’s financial performance reached new heights in 2016 as we achieved another annual earnings per share record,” said Christopher Oddleifson, the president and chief executive officer of Independent Bank Corp. and Rockland Trust. “In 2016 my colleagues' devotion to superior customer service produced steady organic growth in both loans and deposits. Those efforts were complemented by the Bank of Cape Cod acquisition, which we announced early in 2016 and closed during the fourth quarter.”
Deposits stood at $6,412.25 million as on Dec. 31, 2016, up 7.04 percent compared with $5,990.70 million on Dec. 31, 2015.
Investments stood at $851.52 million as on Dec. 31, 2016, up 0.76 percent or $6.41 million from year-ago. Shareholders equity was at $864.69 million as on Dec. 31, 2016.
Return on assets moved down 2 basis points to 1.05 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity decreased 196 basis points to 8.07 percent in the quarter from 10.03 percent in the last year period.
Nonperforming assets moved up 106.31 percent or $31.73 million to $61.58 million on Dec. 31, 2016 from $29.85 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.80 percent in the quarter, up from 0.41 percent in the last year period.
Book value per share was $32.02 for the quarter, up 8.91 percent or $2.62 compared to $29.40 for the same period last year.
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