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Independent Bank Corp. Announces Net Income Growth of 21% for the Second Quarter of 2005.

ROCKLAND, Mass. -- Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced that net income for the quarter ended June 30, 2005 was $8.0 million, an increase of 21.5% from the same period last year and that diluted earnings per share for the quarter were $0.52, an increase of $0.07 diluted earnings per share compared to $0.45 for the quarter ended June 30, 2004. For the six months ended June 30, 2005, net income was $16.0 million and diluted earnings per share were $1.03, an increase of $2.6 million or $0.13 diluted earnings per share, respectively, when compared to net income of $13.3 million and diluted earnings per share of $0.90 for the six months ended June 30, 2004.

Comparing the three months ending June 30, 2005 to the same period last year, net interest income increased $3.4 million, or 14.7%, while net interest income for the six month ended June 30, 2005 increased $5.8 million, or 12.5% from the six months ended June 30, 2004. The net interest margin was 3.84% for both the three and six months ended June 30, 2005, as compared to 3.84% and 3.99%(1) for the three and six months ended June 30, 2004, respectively.

Non-interest income increased by $252,000, or 3.9%, and decreased by $417,000, or (3.0%) during the three and six months ended June 30, 2005, respectively, as compared to the same periods in the prior year.

--Service charges on deposit accounts increased by $126,000, or 4.1%, and by $187,000, or 3.1% for the three and six months ended June 30, 2005, respectively, as compared to the same periods in 2004, reflecting growth in core deposits.

--Investment management services income increased by $165,000, or 13.2%, and $323,000, or 13.9%, for the three and six months ended June 30, 2005, compared to the same periods last year due to growth in managed assets. Assets under administration increased by 19.5% from the same period last year to $603.0 million.

--Mortgage banking income decreased by $273,000, or (31.9%), and by $80,000, or (5.0%) for the three and six months ended June 30, 2005 as compared to the same periods in 2004. Loan originations decreased in 2005 as compared to the prior year due, at least in part, to inclement weather that lasted well into spring.

--The balance of the mortgage servicing asset is $3.0 million and loans serviced amounted to $363.1 million as of June 30, 2005.

--Gains on sale of securities totaled $273,000 in the second quarter of 2005. There were no gains realized on sale of securities in the second quarter of 2004. For the six months ended June 30, 2005 the gain on sale of securities totaled $616,000 a decrease of $381,000, or (38.2%) from the $997,000 recorded in the six months ended June 30, 2004.

--Other non-interest income increased by $75,000, or 10.5%, and decreased by $393,000, or (21.1%) for the three and six months ended June 30, 2005, as compared to the same period in 2004. The decrease in the six month comparison is primarily due to a decrease in commercial loan prepayment fees.

Non-interest expense increased by $1.4 million, or 7.7%, and by $2.3 million, or 6.0% for the three and six months ended June 30, 2005, as compared to the same periods in the prior year.

--Salaries and employee benefits increased by $2.2 million, or 21.9%, and by $3.0 million, or 14.4% for the three and six months ended June 30, 2005, as compared to the same periods in the prior year. Salaries increased by $896,000, or 11.5%, and by $1.3 million, or 8.4%, respectively, for the three and six months ended June 30, 2005, compared to the same periods in 2004 as a result of annual merit increases for employees and select additions to staff to support strategic initiatives. Accruals for incentive compensation increased by $1.0 million and $1.2 million for the three months the six months ended June 30, 2005, respectively, as compared to the same periods last year due to improved operating performance.

--Occupancy and equipment related expense increased by $388,000 or 17.6%, and by $695,000, or 15.5% for the three and six months ended June 30, 2005 as compared to the same periods in the prior year. The increase in this expense is primarily driven by facility's rent associated with the Falmouth Bancorp, Inc. acquisition which closed in mid 2004, lease buyout expense, two de novo branches, and increased depreciation expense related to a new phone system installed in 2004. Snow removal expense due to inclement weather also contributed to the increase in occupancy and equipment related expense for the six months ended June 30, 2005 as compared to the same period in 2004.

--Data processing and facilities management expense has decreased $162,000, or (14.1%) and $257,000, or (11.6%), for the three and six months ended June 30, 2005 compared to the same period in 2004, respectively, as a result of a new data processing contract finalized in the latter part of 2004.

--Other non-interest expenses decreased by $746,000, or (14.0%), and by $959,000, or (9.6%), for the three and six months ended June 30, 2005, as compared to the same periods in the prior year. The decrease in other non-interest expenses for the year is primarily attributable to decreases in telephone expense of $321,000 due to the implementation of the aforementioned new phone system, lower consultant fees of $534,000 associated with commercial lending process improvement and data warehousing studies in 2004, and the timing of advertising campaigns of $377,000.

Total assets increased by $46.5 million, or 1.6%, from December 31, 2004 to $3.0 billion at June 30, 2005.

--Securities decreased by $65.9 million, or (8.1%), during the six months ended June 30, 2005. This resulted from the sale of $53.3 million in longer duration securities for the three months ended June 30, 2005 and $62.9 million for the six months ended June 30, 2005. The ratio of securities to total assets as of June 30, 2005 is 25.2%.

--Total loans increased by $93.8 million, or 4.9%, during the six months ended June 30, 2005. Commercial loans increased by $50.5 million, or 5.6%. Consumer loans in total increased $36.4 million, or 6.9%, primarily due to promotional growth in variable rate Home Equity lines of credit. The Consumer - Auto loan portfolio decreased by $2.4 million, or (0.9%), during the first six months as production in this segment of the loan portfolio was de-emphasized due to narrowing spreads. Business banking loans totaled $48.7 million, representing growth of 11.6% during the first six months of 2005. Residential loans increased $1.9 million, or 0.4%, during the first six months of 2005.

Total deposits of $2.1 billion at June 30, 2005 increased $89.2 million, or 4.3%, compared to December 31, 2004. The Company experienced growth in core deposits of $41.5 million, or 2.6%, partially attributable to seasonal inflows. Time deposits increased by $47.7 million, or 10.6%, due to promotional certificate offerings. Borrowings decreased by $52.8 million, or (8.1%), during the six months ended June 30, 2005.

Stockholders' equity as of June 30, 2005 totaled $220.5 million, as compared to $210.7 million at December 31, 2004. The Tier 1 leverage capital ratio at June 30, 2005 was 7.28%, maintaining the Company's well-capitalized position.

Nonperforming assets totaled $2.1 million at June 30, 2005 (0.07% of total assets), as compared to $2.7 million (0.09% of total assets) reported at December 31, 2004. The allowance for loan losses increased slightly to $26.1 million at June 30, 2005 compared to $25.2 million at December 31, 2004. The Company's allowance for loan losses covered nonperforming loans 12.4 times at June 30, 2005 compared to 9.3 times coverage at December 31, 2004. The Company maintained a reserve to loan ratio of 1.30% at June 30, 2005.

Chris Oddleifson, Chief Executive Officer and President of Independent Bank Corp. and Rockland Trust Company, stated that; "I am pleased with the earnings growth experienced in the second quarter. I remain confident that our commitment to customers, the expansion of our product offerings, our focus on continuous process improvement, and our prudent underwriting practices will continue to deliver strong financial performance."

Christopher Oddleifson, Chief Executive Officer and President, and Denis K. Sheahan, Chief Financial Officer, of Independent Bank Corp., will host a conference call to discuss second quarter earnings at 10:00 a.m. Eastern Time on Friday, July 22, 2005. Internet access to the call is available on the Company's website at http://www.RocklandTrust.com or by telephonic access by dial-in at 1-877-407-8031 reference: INDB. A replay of the call will be available until 11:59 p.m. on July 27, 2005 by calling 1-877-660-6853 Account Number: 286, Conference ID: 159129. The webcast replay will be available until October 22, 2005.

Independent Bank Corp.'s sole bank subsidiary, Rockland Trust Company, currently has $3.0 billion in assets. Rockland Trust Company is a full-service community bank serving southeastern Massachusetts and Cape Cod. To find our more about the products and services available at Rockland Trust Company, please visit our website at www.RocklandTrust.com.

This press release contains certain "forward-looking statements" with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.

Footnote:

(1) A major reason for the variance in the net interest margin between the six months ended June 30, 2005 and June 30, 2004 was the implementation, during the first quarter of 2004, of FIN 46R: Financial Accounting Standards Board ("FASB") Interpretation ("FIN") No. 46 Revised, "Consolidation of Variable Interest Entities - an Interpretation of Accounting Research Bulletin No. 51". FIN 46R addresses limited purpose trusts formed to issue trust preferred securities. FIN 46R required the Company to deconsolidate its two subsidiary trusts (Independent Capital Trust III and Independent Capital Trust IV) on March 31, 2004. The result of deconsolidating these subsidiary trusts is that trust preferred securities of the trusts, which were classified between liabilities and equity on the balance sheet (mezzanine section), no longer appear on the consolidated balance sheet of the Company. The related minority interest expense also is no longer included in the consolidated statement of income. Due to FIN 46R, the junior subordinated debentures of the parent company that were previously eliminated in consolidation are now included on the consolidated balance sheet within total borrowings. The interest expense on the junior subordinated debentures is included in the calculation of net interest margin of the consolidated company, negatively impacting the net interest margin by approximately 0.19% on an annualized basis. There is no impact on net income as the amount of interest previously recognized as minority interest is equal to the amount of interest expense that is recognized currently in the net interest margin offset by the dividend income on the subsidiary trusts common stock recognized in other non-interest income.
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
----------------------------------------
(Unaudited - Dollars in Thousands)


 -------------------------------------
CONSOLIDATED BALANCE SHEETS June 30, December 31, $ %
 2005 2004 Variance Change
----------------------------------------------------------------------

Assets
Cash and Due From Banks $ 76,454 $ 62,961 13,493 21.43%
Fed Funds Sold and Short Term
 Investments 3,564 2,735 829 30.31%
Securities
 Trading Assets 1,539 1,572 (33) -2.10%
 Securities Available for Sale 614,760 680,286 (65,526) -9.63%
 Securities Held to Maturity 106,724 107,967 (1,243) -1.15%
 Federal Home Loan Bank Stock 29,287 28,413 874 3.08%
 ---------- --------------------------
Total Securities 752,310 818,238 (65,928) -8.06%
 ---------- --------------------------
Loans
 Commercial and Industrial 160,345 156,260 4,085 2.61%
 Commercial Real Estate 635,977 613,300 22,677 3.70%
 Commercial Construction 150,340 126,632 23,708 18.72%
 Business Banking 48,742 43,673 5,069 11.61%
 Residential Real Estate 426,753 427,556 (803) -0.19%
 Residential Construction 9,423 7,316 2,107 28.80%
 Residential Loans Held for
 Sale 11,511 10,933 578 5.29%
 Consumer - Home Equity 229,899 194,458 35,441 18.23%
 Consumer - Auto 281,564 283,964 (2,400) -0.85%
 Consumer - Other 55,583 52,266 3,317 6.35%
 -------------------------------------
Total Loans 2,010,137 1,916,358 93,779 4.89%
 Less - Allowance for Loan
 Losses (26,050) (25,197) (853) 3.39%
 -------------------------------------
 Net Loans 1,984,087 1,891,161 92,926 4.91%
 -------------------------------------
Bank Premises and Equipment 36,303 36,449 (146) -0.40%
Goodwill and Core Deposit
 Intangible 57,127 57,288 (161) -0.28%
Other Assets 80,539 75,094 5,445 7.25%
 -------------------------------------
 Total Assets $2,990,384 $2,943,926 46,458 1.58%
 =====================================

Liabilities and Stockholders'
 Equity
Deposits
 Demand Deposits $ 528,295 $ 495,500 32,795 6.62%
 Savings and Interest
 Checking Accounts 611,050 614,481 (3,431) -0.56%
 Money Market 513,181 501,065 12,116 2.42%
 Time Certificates of
 Deposit 496,871 449,189 47,682 10.62%
 -------------------------------------
 Total Deposits 2,149,397 2,060,235 89,162 4.33%
 -------------------------------------
Federal Home Loan Bank
 Borrowings 460,784 537,919 (77,135)-14.34%
Fed Funds Purchased and Assets
 Sold
 Under Repurchase Agreements 86,976 61,533 25,443 41.35%
Junior Subordinated Debentures 51,546 51,546 0 0.00%
Treasury Tax and Loan Notes 3,047 4,163 (1,116)-26.81%
 -------------------------------------
 Total Borrowings 602,353 655,161 (52,808) -8.06%
 -------------------------------------
 Total Deposits and
 Borrowings 2,751,750 2,715,396 36,354 1.34%
Other Liabilities 18,106 17,787 319 1.79%
 Stockholders' Equity 220,528 210,743 9,785 4.64%
 -------------------------------------
 Total Liabilities and
 Stockholders' Equity $2,990,384 $2,943,926 46,458 1.58%
 =====================================


INDEPENDENT BANK CORP. FINANCIAL SUMMARY
----------------------------------------
(Unaudited - Dollars in Thousands)



CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
 --------------------------------
 June 30, Percent
 2005 2004 Change
---------------------------------------------------------------------

INTEREST INCOME
Interest on Fed Funds Sold and Short
 Term Investments $ 36 $ 0 100.00%
Interest and Dividends on Securities 8,821 8,602 2.55%
Interest on Loans 29,769 23,540 26.46%
 --------------------------------
 Total Interest Income 38,626 32,142 20.17%
 --------------------------------
INTEREST EXPENSE
Interest on Deposits 6,080 4,589 32.49%
Interest on Borrowed Funds 6,202 4,584 35.30%
 --------------------------------
 Total Interest Expense 12,282 9,173 33.89%
 --------------------------------
Net Interest Income 26,344 22,969 14.69%
 Less - Provision for Loan Losses 1,105 744 48.52%
 --------------------------------
Net Interest Income after Provision
 for Loan Losses 25,239 22,225 13.56%
 --------------------------------
NON-INTEREST INCOME
Service Charges on Deposit Accounts 3,178 3,052 4.13%
Investment Management Services
 Income 1,413 1,248 13.22%
Mortgage Banking Income 583 856 -31.89%
BOLI Income 474 588 -19.39%
Net Gain on Sale of Securities 273 - 100.00%
Other Non-Interest Income 788 713 10.52%
 --------------------------------
 Total Non-Interest Income 6,709 6,457 3.90%
 --------------------------------
NON-INTEREST EXPENSE
Salaries and Employee Benefits 12,162 9,976 21.91%
Occupancy and Equipment Expenses 2,597 2,209 17.56%
Data Processing and Facilities
 Management 991 1,153 -14.05%
Merger and Acquisition Expense - 221 -100.00%
Other Non-Interest Expense 4,586 5,332 -13.99%
 --------------------------------
 Total Non-Interest Expense 20,336 18,891 7.65%
 --------------------------------
Minority Interest - - -
 --------------------------------
INCOME BEFORE INCOME TAXES 11,612 9,791 18.60%
 --------------------------------
PROVISION FOR INCOME TAXES 3,571 3,170 12.65%
 --------------------------------
 NET INCOME $ 8,041 $ 6,621 21.45%
 ================================

BASIC EARNINGS PER SHARE $ 0.52 $ 0.45 15.56%
DILUTED EARNINGS PER SHARE $ 0.52 $ 0.45 15.56%
BASIC AVERAGE SHARES 15,372,253 14,688,789 4.65%
DILUTED AVERAGE SHARES 15,504,976 14,853,750 4.38%

PERFORMANCE RATIOS:
------------------------------------
 Net Interest Margin (FTE) 3.84% 3.84% 0.00%
 Return on Average Assets 1.07% 1.01% 5.94%
 Return on Average Equity 14.85% 15.00% -1.00%


CONSOLIDATED STATEMENTS OF INCOME Six Months ended
 --------------------------------
 June 30, Percent
 2005 2004 Change
------------------------------------ --------------------------------

INTEREST INCOME
Interest on Fed Funds Sold and Short
 Term Investments $ 66 $ 0 100.00%
Interest and Dividends on Securities 17,638 16,397 7.57%
Interest on Loans 57,897 46,819 23.66%
 --------------------------------
 Total Interest Income 75,601 63,216 19.59%
 --------------------------------
INTEREST EXPENSE
Interest on Deposits 11,333 8,886 27.54%
Interest on Borrowed Funds 12,056 7,927 52.09%
 --------------------------------
 Total Interest Expense 23,389 16,813 39.11%
 --------------------------------
Net Interest Income 52,212 46,403 12.52%
 Less - Provision for Loan Losses 2,035 1,488 36.76%
 --------------------------------
Net Interest Income after Provision
 for Loan Losses 50,177 44,915 11.72%
 --------------------------------
NON-INTEREST INCOME
Service Charges on Deposit Accounts 6,149 5,962 3.14%
Investment Management Services
 Income 2,651 2,328 13.87%
Mortgage Banking Income 1,512 1,592 -5.03%
BOLI Income 897 970 -7.53%
Net Gain on Sale of Securities 616 997 -38.21%
Other Non-Interest Income 1,470 1,863 -21.10%
 --------------------------------
 Total Non-Interest Income 13,295 13,712 -3.04%
 --------------------------------
NON-INTEREST EXPENSE
Salaries and Employee Benefits 23,953 20,942 14.38%
Occupancy and Equipment Expenses 5,192 4,497 15.45%
Data Processing and Facilities
 Management 1,953 2,210 -11.63%
Merger and Acquisition Expense - 221 -100.00%
Other Non-Interest Expense 9,027 9,986 -9.60%
 --------------------------------
 Total Non-Interest Expense 40,125 37,856 5.99%
 --------------------------------
Minority Interest - 1,072 -100.00%
 --------------------------------
INCOME BEFORE INCOME TAXES 23,347 19,699 18.52%
 --------------------------------
PROVISION FOR INCOME TAXES 7,392 6,378 15.90%
 --------------------------------
 NET INCOME $ 15,955 $ 13,321 19.77%
 ================================

BASIC EARNINGS PER SHARE $ 1.04 $ 0.91 14.29%
DILUTED EARNINGS PER SHARE $ 1.03 $ 0.90 14.44%
BASIC AVERAGE SHARES 15,359,374 14,670,858 4.69%
DILUTED AVERAGE SHARES 15,508,024 14,856,008 4.39%

PERFORMANCE RATIOS:
-------------------
 Net Interest Margin (FTE) 3.84% 3.99% -3.76%
 Return on Average Assets 1.07% 1.05% 1.90%
 Return on Average Equity 14.86% 15.08% -1.46%


INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA
(Unaudited - Dollars in Thousands)
 Three Months Ended June 30,
 -------------------------
 2005
 -------------------------
 Interest
 Ending Average Earned/ Yield/
 Balance Balance Paid Rate
----------------------------------------------------------------------
Interest-Earning Assets:

 Federal Funds Sold and Assets
 Purchased Under Resale
 Agreement $ 3,564 $ 5,028 $ 36 2.86%
Securities:
 Trading Assets 1,539 1,527 5 1.31%
 Taxable Investment Securities 688,250 741,518 8,142 4.39%
 Non-taxable Investment
 Securities (1) 62,521 62,444 1,037 6.64%
 ---------- -------------------------
 Total Securities: 752,310 805,489 9,184 4.56%
Loans (1) 2,010,137 1,983,148 29,855 6.02%
 ---------- -------------------------
Total Interest-Earning Assets $2,766,011 $2,793,665 $ 39,075 5.59%
 ---------- -------------------------
Cash and Due from Banks 76,454 65,267
Other Assets 147,919 144,838
 ---------- ----------
 Total Assets $2,990,384 $3,003,770
 ========== ==========
Interest-bearing Liabilities:
Deposits:
 Savings and Interest Checking
 Accounts $ 611,050 $ 597,232 $ 662 0.44%
 Money Market and Super
 Interest Checking Accounts 513,181 533,563 2,334 1.75%
 Time Deposits 496,871 502,743 3,084 2.45%
 ---------- -------------------------
 Total interest-bearing
 deposits: 1,621,102 1,633,538 6,080 1.49%
Borrowings:
 Federal Home Loan Bank
 Borrowings $ 460,784 $ 502,255 $ 4,804 3.83%
 Federal Funds Purchased and
 Assets Sold Under Repurchase
 Agreement 86,976 69,992 270 1.54%
 Junior Subordinated
 Debentures 51,546 51,546 1,118 8.68%
 Treasury Tax and Loan Notes 3,047 1,681 10 2.38%
 ---------- -------------------------
 Total Borrowings: 602,353 625,474 6,202 3.97%
 ---------- -------------------------
Total Interest-Bearing
 Liabilities $2,223,455 $2,259,012 $ 12,282 2.17%
 ---------- -------------------------
Demand Deposits 528,295 510,879

Company-Obligated Mandatorily
 Redeemable Securities of
 Subsidiary Holding Solely
 Parent Company Debentures of
 the Corporation - -
Other Liabilities 18,106 17,230
 ---------- ----------
 Total Liabilities $2,769,856 $2,787,121
Stockholders' Equity 220,528 216,649
 ---------- ----------
 Total Liabilities and
 Stockholders' Equity $2,990,384 $3,003,770
 ========== ==========

Net Interest Income $26,793
 ========

Interest Rate Spread (2) 3.42%
 ======

Net Interest Margin (2) 3.84%
 ======

Supplemental Information:
Total Deposits, including Demand
 Deposits $2,149,397 $2,144,417 $ 6,080
Cost of Total Deposits 1.13%
Total Funding Liabilities,
 including Demand Deposits $2,751,750 $2,769,891 $ 12,282
Cost of Total Funding Liabilities 1.77%


 Three Months Ended June 30,
 2004
 --------------------------
 Interest
 Average Earned/ Yield/
 Balance Paid Rate
----------------------------------------------------------------------
Interest-Earning Assets:

 Federal Funds Sold and Assets Purchased
 Under Resale Agreement $ - $ - -
Securities:
 Trading Assets 1,530 5 1.31%
 Taxable Investment Securities 719,125 7,902 4.40%
 Non-taxable Investment Securities (1) 64,369 1,069 6.64%
 ---------- --------------
 Total Securities: 785,024 8,976 4.57%
Loans (1) 1,657,043 23,620 5.70%
 ---------- --------------
Total Interest-Earning Assets $2,442,067 $ 32,596 5.34%
 ---------- --------------
Cash and Due from Banks 67,175
Other Assets 107,780
 ----------
 Total Assets $2,617,022
 ==========
Interest-bearing Liabilities:
Deposits:
 Savings and Interest Checking Accounts $ 542,451 $ 753 0.56%
 Money Market and Super Interest Checking
 Accounts 432,485 1,255 1.16%
 Time Deposits 471,974 2,582 2.19%
 ---------- --------------
 Total interest-bearing deposits: 1,446,910 4,590 1.27%
Borrowings:
 Federal Home Loan Bank Borrowings $ 388,976 $ 3,278 3.37%
 Federal Funds Purchased and Assets Sold
 Under Repurchase Agreement 75,907 207 1.09%
 Junior Subordinated Debentures 51,546 1,095 8.50%
 Treasury Tax and Loan Notes 3,526 4 0.45%
 -------------------------
 Total Borrowings: 519,955 4,584 3.53%
 ---------- --------------
Total Interest-Bearing Liabilities $1,966,865 $ 9,174 1.87%
 ---------- --------------
Demand Deposits 458,660

Company-Obligated Mandatorily Redeemable
 Securities of Subsidiary Holding Solely
 Parent Company Debentures of the
 Corporation -
Other Liabilities 14,879
 ----------
 Total Liabilities $2,440,404
Stockholders' Equity 176,618
 ----------
 Total Liabilities and Stockholders'
 Equity $2,617,022
 ==========

Net Interest Income $23,422
 ========

Interest Rate Spread (2) 3.47%
 ======

Net Interest Margin (2) 3.84%
 ======

Supplemental Information:
Total Deposits, including Demand Deposits $1,905,570 $ 4,590
Cost of Total Deposits 0.96%
Total Funding Liabilities, including Demand
 Deposits $2,425,525 $ 9,174
Cost of Total Funding Liabilities 1.51%

 (1) The total amount of adjustment to present interest income and
 yield on a fully tax-equivalent basis is $449 for the three
 months ended June 30, 2005 and $453 for the three months ended
 June 30, 2004.

 (2) Interest rate spread represents the difference between the
 weighted average yield on interest-earning assets and the
 weighted average cost of interest-bearing liabilities. Net
 interest margin represents annualized net interest income as a
 percentage of average interest-earning assets.


INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA
(Unaudited - Dollars in Thousands)
 Six Months Ended June 30,
 -------------------------
 2005
 -------------------------
 Interest
 Ending Average Earned/ Yield/
 Balance Balance Paid Rate
----------------------------------------------------------------------
Interest-earning Assets:

 Federal Funds Sold and
 Assets Purchased Under
 Resale Agreement $ 3,564 $ 4,957 $ 66 2.66%
Securities:
 Trading Assets 1,539 1,549 16 2.07%
 Taxable Investment Securities 688,250 740,721 16,283 4.40%
 Non-taxable Investment
 Securities (1) 62,521 62,549 2,059 6.58%
 -------------------------
 Total Securities: 752,310 804,819 18,358 4.56%
Loans (1) 2,010,137 1,958,097 58,070 5.93%
 ---------- -------------------------
Total Interest-Earning Assets $2,766,011 $2,767,873 $ 76,494 5.53%
 ---------- -------------------------
Cash and Due from Banks 76,454 63,450
Other Assets 147,919 142,710
 ---------- ----------
 Total Assets $2,990,384 $2,974,033
 ========== ==========
Interest-bearing Liabilities:
Deposits:
 Savings and Interest Checking
 Accounts $ 611,050 $ 597,979 1,320 0.44%
 Money Market and Super
 Interest Checking Accounts 513,181 516,610 4,164 1.61%
 Time Deposits 496,871 500,050 5,849 2.34%
 ---------- -------------------------
 Total interest-bearing
 deposits: 1,621,102 1,614,639 11,333 1.40%
Borrowings:
 Federal Home Loan Bank
 borrowings $ 460,784 $ 505,597 $ 9,342 3.70%
 Federal Funds Purchased and
 Assets Sold Under
 Repurchase Agreement 86,976 67,372 464 1.38%
 Junior Subordinated
 Debentures 51,546 51,546 2,235 8.67%
 Treasury Tax and Loan Notes 3,047 1,848 15 1.62%
 ---------- -------------------------
 Total borrowings: 602,353 626,363 12,056 3.85%
 ---------- -------------------------
Total Interest-Bearing
 Liabilities $2,223,455 $2,241,002 $ 23,389 2.09%
 ---------- -------------------------
Demand Deposits 528,295 501,041

Company-Obligated Mandatorily
 Redeemable Securities of
 Subsidiary Holding Solely
 Parent Company Debentures of
 the Corporation - -
Other Liabilities 18,106 17,217
 ---------- ----------
 Total Liabilities $2,769,856 $2,759,260
Stockholders' Equity 220,528 214,773
 ---------- ----------
 Total Liabilities and
 Stockholders' Equity $2,990,384 $2,974,033
 ========== ==========

Net Interest Income $53,105
 ========

Interest Rate Spread (2) 3.44%
 ======

Net Interest Margin (2) 3.84%
 ======

Supplemental Information:
Total Deposits, including Demand
 Deposits $2,149,397 $2,115,680 $ 11,333
Cost of Total Deposits 1.07%
Total Funding Liabilities,
 including Demand Deposits $2,751,750 $2,742,043 $ 23,389
Cost of Total Funding Liabilities 1.71%

 Six Months Ended June 30,
 2004
 --------------------------
 Interest
 Average Earned/ Yield/
 Balance Paid Rate
----------------------------------------------------------------------
Interest-earning Assets:

 Federal Funds Sold and Assets Purchased
 Under Resale Agreement $ - $ - -
Securities:
 Trading Assets 1,518 19 2.50%
 Taxable Investment Securities 678,262 14,937 4.40%
 Non-taxable Investment Securities (1) 65,592 2,218 6.76%
 ---------- --------------
 Total Securities: 745,372 17,174 4.61%
Loans (1) 1,629,941 46,980 5.76%
 ---------- --------------
Total Interest-Earning Assets $2,375,313 $ 64,154 5.40%
 ---------- --------------
Cash and Due from Banks 66,263
Other Assets 105,921
 ----------
 Total Assets $2,547,497 $
 ==========
Interest-bearing Liabilities:
Deposits:
 Savings and Interest Checking Accounts $ 531,527 $ 1,440 0.54%
 Money Market and Super Interest Checking
 Accounts 399,424 2,325 1.16%
 Time Deposits 470,578 5,121 2.18%
 ---------- --------------
 Total interest-bearing deposits: 1,401,529 8,886 1.27%
Borrowings:
 Federal Home Loan Bank borrowings $ 391,465 $ 6,511 3.33%
 Federal Funds Purchased and Assets Sold
 Under Repurchase Agreement 59,703 300 1.00%
 Junior Subordinated Debentures 26,056 1,107 8.50%
 Treasury Tax and Loan Notes 3,682 8 0.43%
 -------------------------
 Total borrowings: 480,906 7,926 3.30%
 ---------- --------------
Total Interest-Bearing Liabilities $1,882,435 $ 16,812 1.79%
 ---------- --------------
Demand Deposits 448,063

Company-Obligated Mandatorily Redeemable
 Securities of Subsidiary Holding Solely
 Parent Company Debentures of the
 Corporation 23,668
Other Liabilities 16,669
 ----------
 Total Liabilities $2,370,835
Stockholders' Equity 176,662
 ----------
 Total Liabilities and Stockholders'
 Equity $2,547,497
 ==========

Net Interest Income $47,342
 ========

Interest Rate Spread (2) 3.61%
 ======

Net Interest Margin (2) 3.99%
 ======

Supplemental Information:
Total Deposits, including Demand Deposits $1,849,592 $ 8,886
Cost of Total Deposits 0.96%
Total Funding Liabilities, including Demand
 Deposits $2,330,498 $ 16,812
Cost of Total Funding Liabilities 1.44%


 (1) The total amount of adjustment to present interest income and
 yield on a fully tax-equivalent basis is $893 for the six
 months ended June 30, 2005 and $939 for the six months ended
 June 30, 2004.

 (2) Interest rate spread represents the difference between the
 weighted average yield on interest-earning assets and the
 weighted average cost of interest-bearing liabilities. Net
 interest margin represents annualized net interest income as a
 percentage of average interest-earning assets.


 As Of
 June 30, December 31,
Asset Quality 2005 2004
----------------------------------------- ----------------------------

Nonperforming Loans 2,099 2,702
Nonperforming Assets 2,099 2,702
Net charge-offs (year to date) 1,182 1,853
Net charge-offs to average loans
 (annualized) 0.12% 0.11%
Loans 90 days past due & still accruing 218 245
Nonperforming Loans/Gross Loans 0.10% 0.14%
Allowance for Loan Losses/Nonperforming
 Loans 1241.07% 932.53%
Loans/Total Deposits 93.52% 93.02%
Allowance for Loan Losses/Total Loans 1.30% 1.31%

Financial Ratios
-----------------------------------------
 Book Value per Share $14.34 $13.75
 Tangible Capital/Tangible Asset 5.57% 5.32%
 Tangible Capital/Tangible Asset
 (proforma to include
 the deductibility of goodwill) 6.07% 5.82%
 Tangible Book Value per Share $10.62 $10.01
 Tangible Book Value per Share
 (proforma to include
 the deductibility of goodwill) $11.57 $10.96

Capital Adequacy
-----------------------------------------
Tier one leverage capital ratio (1) 7.28% 7.06%

(1) Estimated number for June 30, 2005
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Geographic Code:1USA
Date:Jul 21, 2005
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