Rockland Trust parent reports solid gains
Independent Bank Corp., the parent of Rockland Trust Co. which operates branches in Bellingham, Franklin and Milford, reported third-quarter net income of $15.7 million, or 66 cents per diluted share, which represents increases of 6.7 and 8.2 percent, respectively, up from $14.7 million, or 61 cents per diluted share, in the prior quarter.
The company also reported total assets of $6.4 billion for the quarter, an increase of $36.1 million (0.6 percent) from the prior quarter and a $489 million jump (8.3 percent) compared to the third quarter of 2013, the company reported.
For the quarter, Independent Bank issued loans totaling $4.9 billion, an increase of $62.4 million (5.1 percent) from the previous quarter, it said.
The bank said loan growth in the third quarter was strongest in the commercial real estate and commercial construction sectors, where the company has a longstanding lending presence.
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