Independent Bank Corp. in Rockland, Mass., reported that first-quarter earnings rose 21.3% from a year earlier, to $11.2 million, as credit costs waned and noninterest income rose.

The $4.6 billion-asset company said Thursday that noninterest income increased 25% from a year earlier, to $12.6 million, due to increases in service charges on deposit accounts and fees for interchange and automated teller machines.

Independent's provision for loan losses fell 52% from a year earlier, to $2.2 million.

Independent reported a 30% reduction in interest expense from a year earlier, at $7.5 million, which it attributed to lower funding costs and a reduction in its overnight cash position.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.