Independent Bank Corp. Announces Net Income Growth of 21% for the Second Quarter of 2005.ROCKLAND Rockland, industrial town (1990 pop. 16,123), Plymouth co., E Mass.; settled 1673, set off from Abington and inc. 1874. There is light manufacturing. , Mass. -- Independent Bank Corp., (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : INDB), parent of Rockland Trust Company, today announced that net income for the quarter ended June June: see month. 30, 2005 was $8.0 million, an increase of 21.5% from the same period last year and that diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. decreased in 2005 as compared to the prior year due, at least in part, to inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather that lasted well into spring. --The balance of the mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. 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 Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. 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 Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. 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 Falmouth, town, England Falmouth (făl`məth), town (1991 pop. 17,810), Cornwall, SW England, on a small peninsula between Falmouth Bay and Carrick Roads estuary. Bancorp, Inc. acquisition which closed in mid 2004, lease buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. expense, two de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. 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 Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term 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 The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. 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 data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a contract finalized See finalization. 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 attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to decreases in telephone expense of $321,000 due to the implementation of the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. new phone system, lower consultant fees of $534,000 associated with commercial lending process improvement and data warehousing See data warehouse. data warehousing - data warehouse studies in 2004, and the timing of advertising campaigns of $377,000. Total assets increased by $46.5 million, or 1.6%, from December December: see month. 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 (AUTOmatic) Refers to a wide variety of devices that perform unattended operations. 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 Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. 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 Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. 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 Chris Roy Oddleifson (born September 7, 1950 in Brandon, Manitoba) is a retired professional ice hockey player who played in the National Hockey League from 1972 until 1981. , 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 Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. practices will continue to deliver strong financial performance." Christopher Oddleifson, Chief Executive Officer and President, and Denis Denis, king of Portugal: see Diniz. K. Sheahan Sheahan may refer to:
This page or section lists people with the surname , 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 Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July July: see month. 22, 2005. Internet access See how to access the Internet. 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 October: see month. 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 full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. community bank serving southeastern Massachusetts Southeastern Massachusetts is a term that refers to those portions of Massachusetts which are, by their proximity, economically and culturally linked to Providence, Rhode Island as well as Boston. and Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. . 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." : (1) A major reason for the variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality 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 fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. 46R: Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). ("FASB FASB See: Financial Accounting Standards Board FASB See 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 mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. section), no longer appear on the consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. of the Company. The related minority interest expense also is no longer included in the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of income. Due to FIN 46R, the junior subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 0.19% on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. 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
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion