Independent Bank (INDB) in Rockland, Mass., reported a jump in second-quarter profit as interest revenue and fee income rose.
The $5.9 billion-asset company said Thursday that second-quarter earnings rose 44% from a year earlier, to $12.8 million.
Net interest income rose 7% from a year earlier, to $45.6 million, largely due to a 14% increase in total loans, to $4.5 billion. Asset quality improved; the loan-loss provision fell 64% from the second quarter of 2012, to $3.1 million, and net chargeoffs fell 76%, to $2 million.
Noninterest income rose 11% from a year earlier, to $16.7 million, including a 14% increase in investment-management fees, to $4.4 million.
Quarterly expenses tied to Independent's most recent acquisitions totaled $754,000. In May 2012, Independent agreed to pay $55 million for Central Bancorp in Somerville, Mass. Earlier this year, it struck a deal to buy Mayflower Bancorp in Middleboro, Mass., for $37 million in a deal that is expected to close in the fourth quarter.