Independent Bank Corp., reported second-quarter earnings of $11.1 million, a 38.5% increase over the year-ago period.
The Rockland, Mass.-based company's chief executive officer and president, Christopher Oddleifson, said in a statement Thursday that the increase was fueled by "robust loan and deposit growth as well as ongoing momentum in our investment management business."
The $4.8 billion-asset holding company of Rockland Trust Co. said total loans in the second quarter were $3.7 billion, an 8.6% increase over the year-ago period.
Second-quarter diluted earnings per share were 52 cents, below the 54 cents per share estimate of analysts, according to Thomson Reuters.
Independent reported second-quarter loan-loss provisions of $3.48 million, a 49.8% decrease from $6.9 million a year ago. Nonperforming assets for the quarter totaled $31 million.
