Independent Bank (INDB) in Rockland, Mass., reported lower quarterly earnings after a series of "noncore" items largely dinged its bottom line.
Net income fell 3% from a year earlier, to $11.6 million. Independent listed a series of items that worked against its results, including a $2.2 million goodwill impairment charge and $595,000 in expenses associated with its pending acquisition of Central Bancorp (CEBK) in Somerville, Mass. Those hits were partially offset by $1.3 million in income from life insurance policies.
Without the special items, the $5.2 billion-asset company said its third-quarter net income would have been $12 million.
Independent is on schedule to complete its $54.8 million acquisition of Central by the end of this year.
