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Independent Bank Corp. Reports First Quarter 2006 Earnings.



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 NASDAQ
 in 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 March 31, 2006 was $7.9 million, the same as for the quarter ended March 31, 2005. On a per diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 share basis, net income for the quarter was $0.51, also the same as the quarter ended March 31, 2005.

GAAP GAAP

See: Generally Accepted Accounting Principles


GAAP

See generally accepted accounting principles (GAAP).
 earnings were impacted by certain non-core items in the first quarters of 2006 and 2005. First, the after-tax af·ter-tax also af·ter·tax
adj.
Relating to or being that which remains after payment, especially of income taxes: after-tax profits. 
 impact of losses on the sale of securities, which amounted to $1.2 million, or $0.07 per diluted share, for the current period and the after-tax impact of gains on the sale on securities which amounted to $223,000, or $0.01 per diluted share, for the first quarter of 2005. Second, the after-tax impact of Bank Owned Life Insurance ("BOLI BOLI Bank-Owned Life Insurance
BOLI Bureau of Labor and Industries
") benefit proceeds amounted to $1.3 million, or $0.08 per diluted share, for the current period. Excluding the above items, net operating earnings Operating Earnings

Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue.

Notes:
Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before
 for the quarter ended March 31, 2006 was $7.7 million, an increase of 0.6% from the first quarter of 2005. On a per diluted share basis, excluding the above items, operating earnings for the first quarter of 2006 was $0.50, unchanged from the comparable quarter last year.

Net interest income increased $438,000, or 1.7%. The net interest margin for the three months ended March 31, 2006 was 3.88%, as compared to 3.84% for the comparable period last year.

Non-interest income decreased by $253,000, or (3.8%), during the three months ended March 31, 2006, as compared to the same period in 2005. Excluding losses and gains on the sale of securities and BOLI benefit proceeds, non-interest income grew by $543,000, or 8.7%, for the quarter ended March 31, 2006 when compared to the prior year.

--Service charges on deposit accounts increased by $446,000, or 15.0%, for the three months ended March 31, 2006, as compared to the same period in 2005, reflecting increased revenue on overdrafts and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account.  service charges.

--Investment management income increased by $117,000, or 9.5%, for the three months ended March 31, 2006, compared to the same period in 2005 due to growth in managed assets. Assets under administration at March 31, 2006 were $699.4 million, an increase of $136.8 million, or 24.3%, as compared to March 31, 2005.

--Mortgage banking income decreased by $110,000, or (11.9%), for the three months ended March 31, 2006, as compared to the same period in 2005 as a result of a decline in mortgage sales. 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 $2.8 million and loans serviced amounted to $327.1 million as of March 31, 2006.

--Net gains and losses on the sale of securities totaled a loss of $1.8 million in the first quarter of 2006, a decrease of $2.1 million, when compared to the $343,000 gain recorded in the first quarter of 2005.

--Other non-interest income increased by $87,000, or 12.8%, for the three months ended March 31, 2006, as compared to the same period in 2005. The increase is primarily due to changes in the fair value of trading assets.

Non-interest expense increased by $594,000, or 3.0%, for the three months ended March 31, 2006, as compared to the same period in 2005.

--Salaries and employee benefits increased by $72,000, or 0.6%, for the three months ended March 31, 2006, as compared to the same period in 2005. The increase from the comparative quarter is largely the result of increases in pension expense partially offset by reductions in staffing levels.

--Occupancy and equipment related expense increased by $118,000, or 4.6%, for the three months ended March 31, 2006, as compared to the same period in 2005. The increase in this expense is driven by the timing of equipment maintenance and repairs.

--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 increased $98,000, or 10.2%, for the three months ended March 31, 2006, compared to the same period in 2005, largely as a result of contractual increases.

--Other non-interest expenses increased by $306,000, or 6.9%, for the three months ended March 31, 2006, as compared to the same period in the prior year. The increase is primarily attributable attributable

emanating from or pertaining to attribute.


attributable proportion
see attributable risk (below).

attributable risk
 to increases in debit card and ATM processing of $140,000, partially attributable to increased transaction volume and new fraud detection services, recruitment recruitment /re·cruit·ment/ (re-krldbomact´ment)
1. the gradual increase to a maximum in a reflex when a stimulus of unaltered intensity is prolonged.

2.
 expense of $89,000 associated with the hiring of three new experienced commercial lenders Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
  • In much of the world and especially in the UK, the phrase commercial lender
, and education and training expense of $83,000.

Total assets decreased by $117.7 million, or (3.9%), from December December: see month.  31, 2005 to $2.9 billion at March 31, 2006. This decrease is due, in part, to short-term Short-term

Any investments with a maturity of one year or less.


short-term

1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time.
 fluctuation Fluctuation

A price or interest rate change.
 in cash levels as well as the impact of a flat treasury yield curve environment. As a result of this environment, management continues to decrease the Company's securities portfolio while focusing on the commercial and home equity lending categories.

--Fed funds sold and short term investments decreased by $51.7 million, or (81.2%), during the first quarter of 2006.

--Securities decreased by $58.6 million, or (8.2%), during the three months ending March 31, 2006. This resulted mainly from the sale of $31.4 million in lower coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due.

Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer
 securities and the decision not to reinvest re·in·vest  
tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests
To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares.
 pay-downs on the securities portfolio in the current rate environment. The ratio of securities to total assets as of March 31, 2006 was 22.5%, as compared to 23.6% at December 31, 2005 and 27.5% at March 31, 2005.

--Total loans decreased by $216,000, or (0.01%), during the three months ended March 31, 2006. Total commercial loans increased by $4.6 million, or 0.5%, as a result of a $7.9 million, or 5.1%, increase in commercial and industrial loans. Consumer loans decreased $2.0 million, or (0.4%), with a decrease in the auto loan portfolio of $12.2 million, offsetting $11.1 million, or 4.4%, increase in home equity lending. Business banking loans totaled $54.2 million, representing growth of 5.5%, and residential loans decreased $5.7 million, or (1.3%), during the first three months of 2006.

Total deposits of $2.1 billion at March 31, 2006 decreased $85.8 million, or (3.9%), compared to December 31, 2005, due to seasonality and the competitive pricing environment. Borrowings decreased by $31.1 million, or (5.3%), during the three months ended March 31, 2006.

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.
 at March 31, 2006 totaled $227.0 million, as compared to $228.2 million at December 31, 2005. The Tier 1 leverage capital ratio at March 31, 2006 was 7.86%, maintaining the Company's well-capitalized position.

As previously announced on January January: see month.  19, 2006 the Company's Board of Directors approved a common stock repurchase Stock repurchase

A firm's repurchase of outstanding shares of its common stock.
 program. Under the program, the Company is authorized au·thor·ize  
tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es
1. To grant authority or power to.

2. To give permission for; sanction:
 to repurchase re·pur·chase  
tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es
To buy (something) again.

n.
The act of buying something that one previously sold or owned.

Noun 1.
 up to 800,000 shares, or approximately ap·prox·i·mate  
adj.
1. Almost exact or correct: the approximate time of the accident.

2.
 5% of the Company's outstanding common stock. The stock repurchase program has begun and is ongoing.

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 $4.6 million at March 31, 2006 (0.16% of total assets), as compared to $3.3 million (0.11% of total assets) reported at December 31, 2005. The allowance for loan losses increased to $26.7 million at March 31, 2006 compared to $26.6 million at December 31, 2005. The provision for loan losses decreased by $180,000, or (19.4%), for quarter ended March 31, 2006 as compared to the same period in 2005. Provision expense for the quarter ending March 31, 2006 was $750,000, which covered net charge-offs by 1.2 times. The Company's allowance for loan losses as a percentage of loans was 1.31% at March 31, 2006.

Christopher Oddleifson, President and Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company, stated that, "We view the actions to reduce the size of the balance sheet as prudent in the current rate environment, and I am pleased with the first quarter 2006 results. Management continues to focus on creating long-term Long-term

Three or more years. In the context of accounting, more than 1 year.


long-term

1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term.
 shareholder value through a disciplined approach to asset generation and deposit pricing, a commitment to superior customer service, and through targeted expansion, such as the opening of our new commercial lending office in New Bedford New Bedford, city (1990 pop. 99,922), seat of Bristol co., SE Mass., at the mouth of the Acushnet River on Buzzard's Bay; settled 1640, set off from Dartmouth 1787, inc. as a city 1847. , MA on March 20, 2006."

Christopher Oddleifson, and Denis Denis, king of Portugal: see Diniz.  K. Sheahan Sheahan may refer to:
  • Bill Sheahan
  • Frankie Sheahan
  • John Sheahan
  • Larry Sheahan
  • Maurie Sheahan
  • Michael F. Sheahan
  • Mike Sheahan
  • Paul Sheahan
  • Tom Sheahan
  • William Sheahan

This page or section lists people with the surname
, Chief Financial Officer, of Independent Bank Corp., will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Wednesday Wednesday: see week. , April 12, 2006. 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 by calling 1-877-660-6853, Account Number: 286, Conference ID: 197435. The webcast replay will be available until July July: see month.  12, 2006 and the telephone replay will be available until April 17, 2006.

Independent Bank Corp.'s sole bank subsidiary, Rockland Trust Company, currently has $2.9 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 out 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.

This press release contains financial information determined by methods other than in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]

As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh.
 with accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire,  ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These non-GAAP measures may exclude significant gains or losses that are unusual in nature, such as securities gains. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
----------------------------------------------------------------
(Unaudited - Dollars in Thousands)

CONSOLIDATED BALANCE SHEETS     March 31,  December 31,   $       %
                                     2006       2005   Variance Change
----------------------------------------------------------------------
Assets
Cash and Due From Banks        $   59,011 $   66,289    (7,278)-10.98%
Fed Funds Sold and Short Term
 Investments                       12,000     63,662   (51,662)-81.15%
Securities
   Trading Assets                   1,598      1,557        41   2.63%
   Securities Available for
    Sale                          523,315    581,516   (58,201)-10.01%
   Securities Held to Maturity    103,818    104,268      (450) -0.43%
   Federal Home Loan Bank Stock    29,287     29,287         -   0.00%
                                --------------------------------------
Total Securities                  658,018    716,628   (58,610) -8.18%
                                --------------------------------------
Loans
  Commercial and Industrial       163,024    155,081     7,943   5.12%
  Commercial Real Estate          681,025    683,240    (2,215) -0.32%
  Commercial Construction         139,557    140,643    (1,086) -0.77%
  Business Banking                 54,188     51,373     2,815   5.48%
  Residential Real Estate         419,732    428,343    (8,611) -2.01%
  Residential Construction          7,460      8,316      (856)-10.29%
  Residential Loans Held for
   Sale                             8,831      5,021     3,810  75.88%
  Consumer - Home Equity          262,931    251,852    11,079   4.40%
  Consumer - Auto                 251,025    263,179   (12,154) -4.62%
  Consumer - Other                 52,819     53,760      (941) -1.75%
                                --------------------------------------
Total Loans                     2,040,592  2,040,808      (216) -0.01%
  Less - Allowance for Loan
   Losses                         (26,746)   (26,639)     (107)  0.40%
                                --------------------------------------
       Net Loans                2,013,846  2,014,169      (323) -0.02%
                                --------------------------------------
Bank Premises and Equipment        36,955     37,431      (476) -1.27%
Goodwill and Core Deposit
 Intangible                        56,778     56,858       (80) -0.14%
Other Assets                       87,375     86,648       727   0.84%
                                --------------------------------------
       Total Assets            $2,923,983 $3,041,685  (117,702) -3.87%
                                ======================================

Liabilities and Stockholders'
 Equity
Deposits
     Demand Deposits           $  485,283 $  511,920   (26,637) -5.20%
     Savings and Interest
      Checking Accounts           576,126    613,840   (37,714) -6.14%
     Money Market                 532,007    550,677   (18,670) -3.39%
     Time Certificates of
      Deposit                     526,247    529,057    (2,810) -0.53%
                                --------------------------------------
       Total Deposits           2,119,663  2,205,494   (85,831) -3.89%
                                --------------------------------------
Borrowings
     Federal Home Loan Bank
      Borrowings                  392,448    417,477   (25,029) -6.00%
     Fed Funds Purchased and
      Assets Sold
       Under Repurchase
        Agreements                112,484    113,335      (851) -0.75%
     Junior Subordinated
      Debentures                   51,546     51,546         -   0.00%
     Treasury Tax and Loan
      Notes                           225      5,452    (5,227)-95.87%
                                --------------------------------------
Total Borrowings                  556,703    587,810   (31,107) -5.29%
                                --------------------------------------
Total Deposits and Borrowings   2,676,366  2,793,304  (116,938) -4.19%
Other Liabilities                  20,610     20,229       381   1.88%
       Stockholders' Equity       227,007    228,152    (1,145) -0.50%
                                --------------------------------------
       Total Liabilities and
        Stockholders' Equity   $2,923,983 $3,041,685  (117,702) -3.87%
                                ======================================


                                      --------------------------------
                                                  March 31,
                                       March 31,  2006 v 2005   %
                                            2005  Variance    Change
                                      --------------------------------
Assets
Cash and Due From Banks               $   67,474    (8,463) -12.54%
Fed Funds Sold and Short Term
 Investments                               1,891    10,109  534.58%
Securities
   Trading Assets                          1,527        71    4.65%
   Securities Available for Sale         686,969  (163,654) -23.82%
   Securities Held to Maturity           107,297    (3,479)  -3.24%
   Federal Home Loan Bank Stock           28,413       874    3.08%
                                       ---------- ----------------
Total Securities                         824,206  (166,188) -20.16%
                                       ---------- ----------------
Loans
  Commercial and Industrial              159,476     3,548    2.22%
  Commercial Real Estate                 629,086    51,939    8.26%
  Commercial Construction                133,626     5,931    4.44%
  Business Banking                        46,211     7,977   17.26%
  Residential Real Estate                426,834    (7,102)  -1.66%
  Residential Construction                 7,404        56    0.76%
  Residential Loans Held for Sale          6,475     2,356   36.39%
  Consumer - Home Equity                 206,770    56,161   27.16%
  Consumer - Auto                        287,053   (36,028) -12.55%
  Consumer - Other                        51,422     1,397    2.72%
                                       ---------- ----------------
Total Loans                            1,954,357    86,235    4.41%
  Less - Allowance for Loan Losses       (25,505)   (1,241)   4.87%
                                       ---------- ----------------
       Net Loans                       1,928,852    84,994    4.41%
                                       ---------- ----------------
Bank Premises and Equipment               36,575       380    1.04%
Goodwill and Core Deposit Intangible      57,207      (429)  -0.75%
Other Assets                              82,308     5,067    6.16%
                                       ---------- ----------------
       Total Assets                   $2,998,513   (74,530)  -2.49%
                                       ========== ================

Liabilities and Stockholders' Equity
Deposits
     Demand Deposits                  $  496,436   (11,153)  -2.25%
     Savings and Interest Checking
      Accounts                           619,293   (43,167)  -6.97%
     Money Market                        511,440    20,567    4.02%
     Time Certificates of Deposit        511,745    14,502    2.83%
                                       ---------- ----------------
       Total Deposits                  2,138,914   (19,251)  -0.90%
                                       ---------- ----------------
Borrowings
     Federal Home Loan Bank Borrowings   516,561  (124,113) -24.03%
     Fed Funds Purchased and Assets
      Sold Under Repurchase Agreements    59,848    52,636   87.95%
     Junior Subordinated Debentures       51,546         -    0.00%
     Treasury Tax and Loan Notes           1,366    (1,141) -83.53%
                                       ---------- ----------------
Total Borrowings                         629,321   (72,618) -11.54%
                                       ---------- ----------------
Total Deposits and Borrowings          2,768,235   (91,869)  -3.32%
Other Liabilities                         19,689       921    4.68%
       Stockholders' Equity              210,589    16,418    7.80%
                                       ---------- ----------------
       Total Liabilities and
        Stockholders' Equity          $2,998,513   (74,530)  -2.49%
                                       ========== ================







INDEPENDENT BANK CORP. FINANCIAL SUMMARY
----------------------------------------------------------------
(Unaudited - Dollars in Thousands, Except Per Share Data)



CONSOLIDATED STATEMENTS
OF INCOME                               Quarter Ended
                            ---------------------------------
                                    March 31,           $       %
                                  2006        2005  Variance  Change
                            ------------------------------------------
INTEREST INCOME
Interest on Fed Funds Sold
 and Short Term Investments  $     100 $        30      70  233.33%
Interest and Dividends on
 Securities                      7,898       8,818    (920) -10.43%
Interest on Loans               32,703      28,128   4,575   16.26%
                            ---------------------------------------
      Total Interest Income     40,701      36,976   3,725   10.07%
                            ---------------------------------------
INTEREST EXPENSE
Interest on Deposits             8,460       5,254   3,206   61.02%
Interest on Borrowed Funds       5,935       5,854      81    1.38%
                            ---------------------------------------
     Total Interest Expense     14,395      11,108   3,287   29.59%
                            ---------------------------------------
Net Interest Income             26,306      25,868     438    1.69%
    Less - Provision for
     Loan Losses                   750         930    (180) -19.35%
                            ---------------------------------------
Net Interest Income after
 Provision for Loan Losses      25,556      24,938     618    2.48%
                            ---------------------------------------
NON-INTEREST INCOME
Service Charges on Deposit
 Accounts                        3,418       2,972     446   15.01%
Investment Management
 Services Income                 1,355       1,238     117    9.45%
Mortgage Banking Income            818         928    (110) -11.85%
BOLI Income                      1,743         424   1,319  311.08%
Net Loss/Gain on Sale of
 Securities                     (1,769)        343  (2,112)-615.74%
Other Non-Interest Income          769         682      87   12.76%
                            ---------------------------------------
       Total Non-Interest
        Income                   6,334       6,587    (253)  -3.84%
                            ---------------------------------------
NON-INTEREST EXPENSE
Salaries and Employee
 Benefits                       11,864      11,792      72    0.61%
Occupancy and Equipment
 Expenses                        2,713       2,595     118    4.55%
Data Processing and
 Facilities Management           1,060         962      98   10.19%
Other Non-Interest Expense       4,747       4,441     306    6.89%
                            ---------------------------------------
       Total Non-Interest
        Expense                 20,384      19,790     594    3.00%
                            ---------------------------------------
INCOME BEFORE INCOME TAXES      11,506      11,735    (229)  -1.95%
                            ---------------------------------------
PROVISION FOR INCOME TAXES       3,602       3,821    (219)  -5.73%
                            ---------------------------------------
       NET INCOME          $     7,904 $     7,914     (10)  -0.13%
                            =======================================

BASIC EARNINGS PER SHARE   $      0.52 $      0.52            0.00%
DILUTED EARNINGS PER SHARE $      0.51 $      0.51            0.00%
BASIC AVERAGE SHARES        15,343,807  15,347,540           -0.02%
DILUTED AVERAGE SHARES      15,497,431  15,512,220           -0.10%

PERFORMANCE RATIOS:
---------------------------
   Net Interest Margin
    (FTE)                         3.88%       3.84%           1.04%
   Return on Average Assets       1.07%       1.08%          -0.93%
   Return on Average Equity      13.74%      14.87%          -7.60%

RECONCILIATION TABLE - NON-
 GAAP FINANCIAL INFORMATION
---------------------------
       NET INCOME (GAAP)   $     7,904 $     7,914     (10)  -0.13%
               Add   - Net
                Loss on
                Sale of
                Securities,
                net of tax       1,150           -   1,150  100.00%
               Less - Net
                Gain on
                Sale of
                Securities,
                net of tax           -        (223)    223  100.00%
               Less - BOLI
                Benefit
                Proceeds        (1,316)          -  (1,316)-100.00%
                            ----------- ----------- -------
       NET OPERATING
        EARNINGS           $     7,738 $     7,691      47    0.61%
                            =========== =========== =======

       Diluted Earnings Per
        Share (GAAP)       $      0.51 $      0.51            0.00%
               Add -
                Effects of
                Net Loss on
                Sale of
                Securities,
                net of tax        0.07           -
               Less -
                Effects of
                Net Gain on
                Sale of
                Securities,
                net of tax           -       (0.01)
               Less -
                Effects of
                BOLI
                Benefit
                Proceeds         (0.08)          -
                            ----------- -----------
       Diluted Earnings Per
        Share, on an
        Operating Basis    $      0.50 $      0.50            0.00%
                            =========== ===========



INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA


(Unaudited - Dollars in Thousands)


                         Ending
                        Balance
-------------------------------
Interest-Earning Assets:
    Federal Funds
     Sold and Short
     Term Investments  $ 12,000
Securities:
    Trading Assets        1,598
    Taxable
     Investment
     Securities         595,936
    Non-taxable
     Investment
     Securities (1)      60,484
                      ----------
         Total
          Securities:   658,018
Loans  (1)            2,040,592
                      ----------
Total Interest-
 Earning Assets      $2,710,610
                      ----------
Cash and Due from
 Banks                   59,011
Other Assets            154,362
                      ----------
     Total Assets    $2,923,983
                      ==========
Interest-bearing
 Liabilities:
Deposits:
    Savings and
     Interest
     Checking
     Accounts        $  576,126
    Money Market        532,007
    Time Deposits       526,247
                      ----------
         Total
          interest-
          bearing
          deposits:   1,634,380
Borrowings:
    Federal Home Loan
     Bank Borrowings $  392,448
    Federal Funds
     Purchased and
     Assets Sold
       Under
        Repurchase
        Agreement       112,484
    Junior
     Subordinated
     Debentures          51,546
    Treasury Tax and
     Loan Notes             225
                      ----------
         Total
          Borrowings:   556,703
                      ----------
Total Interest-
 Bearing Liabilities $2,191,083
                      ----------
Demand Deposits         485,283

Other Liabilities        20,610
                      ----------
     Total
      Liabilities    $2,696,976
Stockholders' Equity    227,007
                      ----------
     Total
      Liabilities and
      Stockholders'
      Equity         $2,923,983
                      ==========

Net Interest Income

Interest Rate Spread
 (2)

Net Interest Margin
 (2)

Supplemental
 Information:
Total Deposits,
 including Demand
 Deposits            $2,119,663
Cost of Total
 Deposits
Total Funding
 Liabilities,
 including Demand
 Deposits            $2,676,366
Cost of Total Funding
 Liabilities


                                   Quarter Ended March 31,
                        ----------------------------------------------
                                  2006                  2005
                        ----------------------------------------------

                                 Interest               Interest
                        Average  Earned/ Yield/ Average Earned/ Yield/
                        Balance    Paid  Rate   Balance  Paid   Rate

    Federal Funds
     Sold and Short
     Term Investments$    9,856 $    100 4.06%  $  4,885 $    30 2.46%
Securities:
    Trading Assets        1,555       12 3.09%     1,571      12 3.06%
    Taxable
     Investment
     Securities         640,048    7,216 4.51%   739,914   8,142 4.40%
    Non-taxable
     Investment
     Securities (1)      61,538    1,031 6.70%    62,656   1,022 6.52%
                      ------------------------ -----------------------
         Total
          Securities:   703,141    8,259 4.70%   804,141   9,176 4.56%
Loans  (1)            2,042,984   32,797 6.42% 1,932,768  28,214 5.84%
                      ------------------------ ---------- ------------
Total Interest-
 Earning Assets      $2,755,981 $ 41,156 5.97%$2,741,794 $37,420 5.46%
                      ------------------------ ---------- ------------
Cash and Due from
 Banks                   61,022                   61,613
Other Assets            150,329                  140,558
                      ----------               ----------
     Total Assets    $2,967,332               $2,943,965
                      ==========               ==========
Interest-bearing
 Liabilities:
Deposits:
    Savings and
     Interest
     Checking
     Accounts        $  573,944 $    933 0.65%$  598,734 $   658 0.44%
    Money Market        545,491    3,322 2.44%   499,468   1,830 1.47%
    Time Deposits       537,454    4,205 3.13%   497,328   2,766 2.22%
                      ------------------------ ---------- ------------
         Total
          interest-
          bearing
          deposits:   1,656,889    8,460 2.04% 1,595,530   5,254 1.32%
Borrowings:
    Federal Home Loan
     Bank Borrowings $  416,084 $  4,165 4.00%$  508,971 $ 4,538 3.57%
    Federal Funds
     Purchased and
     Assets Sold
       Under
        Repurchase
        Agreement       107,249      636 2.37%    64,729     194 1.20%
    Junior
     Subordinated
     Debentures          51,546    1,118 8.68%    51,546   1,117 8.67%
    Treasury Tax and
     Loan Notes           1,442       16 4.44%     2,016       5 0.99%
                      ------------------------ ---------- ------------
         Total
          Borrowings:   576,321    5,935 4.12%   627,262   5,854 3.73%
                      ------------------------ ---------- ------------
Total Interest-
 Bearing Liabilities $2,233,210 $ 14,395 2.58%$2,222,792 $11,108 2.00%
                      ------------------------ ---------- ------------
Demand Deposits         485,997                  491,093

Other Liabilities        17,948                   17,203
                      ----------               ----------
     Total
      Liabilities    $2,737,155               $2,731,088
Stockholders' Equity    230,177                  212,877
                      ----------               ----------
     Total
      Liabilities and
      Stockholders'
      Equity         $2,967,332               $2,943,965
                      ==========               ==========

Net Interest Income              $26,761                  $26,312
                                 ========                 ========

Interest Rate Spread
 (2)                                     3.39%                   3.46%
                                         =====                   =====


Net Interest Margin
 (2)                                     3.88%                   3.84%
                                         =====                   =====

Supplemental
 Information:
Total Deposits,
 including Demand
 Deposits            $2,142,886 $  8,460      $2,086,623 $  5,254
Cost of Total
 Deposits                                1.58%                   1.01%
Total Funding
 Liabilities,
 including Demand
 Deposits            $2,719,207 $ 14,395      $2,713,885 $ 11,108
Cost of Total Funding
 Liabilities                             2.12%                   1.64%



(1) The total amount of adjustment to present interest income and
    yield on a fully tax-equivalent basis is $455 for the three months
    ended March 31, 2006 and $444 for the three months ended March 31,
    2005.

(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
                                          March   December
                                            31,      31,
Asset Quality                               2006     2005
------------------------------------------------- --------
                                            (Dollars in
                                             Thousands,
                                             Except Per
                                             Share Data)
Nonperforming Loans                       $4,627   $3,339
Nonperforming Assets                      $4,627   $3,339
Net charge-offs (year to date)              $643   $2,733
Net charge-offs to average loans
 (annualized)                               0.13%    0.14%
Loans 90 days past due & still accruing     $267     $227
Nonperforming Loans/Gross Loans             0.23%    0.16%
Allowance for Loan Losses/Nonperforming
 Loans                                    578.04%  797.81%
Loans/Total Deposits                       96.27%   92.53%
Allowance for Loan Losses/Total Loans       1.31%    1.31%

Financial Ratios
------------------------------------------
     Book Value per Share                 $14.88   $14.81
     Tangible Capital/Tangible Asset        5.94%    5.74%
     Tangible Capital/Tangible Asset
      (proforma to include
       the deductibility of goodwill)       6.44%    6.23%
     Tangible Book Value per Share        $11.16   $11.12
     Tangible Book Value per Share
      (proforma to include
       the deductibility of goodwill)     $12.11   $12.06

Capital Adequacy
------------------------------------------
Tier one leverage capital ratio (1)         7.86%    7.71%
(1) Estimated number for March 31, 2006
------------------------------------------------- --------
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