Compass Point Downgrades Independent Bank (INDB) to Neutral

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Go back to Compass Point Downgrades Independent Bank (INDB) to Neutral

Independent Bank Corp. Reports First Quarter Operating Net Income of $15.8 Million

April 16, 2015 4:07 PM EDT

ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, today announced 2015 first quarter net income of $9.5 million, or $0.38 per diluted share as compared to $16.0 million, or $0.66 per diluted share in the prior quarter. The decrease in the Companys earnings was largely attributable to merger and acquisition costs of $6.3 million, net of tax, recognized during the first quarter, relating to the February 20, 2015 acquisition of Peoples Federal Bancshares, Inc. (Peoples). When excluding these expenses and other items that the Company considers to be non-core, net operating earnings for the first... More