Independent Bank Corp/MA - INDB STOCK NEWS

Independent Bank Corp. (INDB) reported a net income of $53.1 million, or $1.12 per diluted share for Q1 2022, a significant increase from $1.7 million in Q4 2021. Adjusted for merger-related costs, operating net income was $58.2 million. The bank's total assets reached $20.2 billion, while total loans remained stable at $13.6 billion. Despite a 1.8% decline in stockholders' equity, net interest income improved by 12.2%. However, noninterest income fell by 10.0%. Asset quality indicators showed a rise in nonperforming loans, reflecting concerns.

Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, will host its quarterly conference call on April 22, 2022, at 10:00 AM ET to discuss first-quarter results. Telephonic access is available by dialing 888-336-7153 with reference to INDB. The call can also be accessed via the company's website. Rockland Trust has been recognized in The Boston Globe's "Top Places to Work" for the 13th consecutive year and was named the #1 Bank in Massachusetts by Forbes for the second consecutive year.

The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) has declared a $0.51 per share dividend, payable on April 8, 2022, to shareholders on record as of March 28, 2022. CEO Christopher Oddleifson expressed confidence in the bank's fundamentals and announced a 6% increase in the dividend, demonstrating financial stability. Additionally, Rockland Trust Company, the bank's subsidiary, has been recognized as a top workplace and ranked #1 bank in Massachusetts by Forbes in 2021.

Independent Bank Corp. (NASDAQ: INDB) executives Robert D. Cozzone and Mark J. Ruggiero will attend the 2022 KBW Winter Financial Services Symposium on February 17, 2022, at The Boca Raton Resort, Florida. Independent Bank Corp., the parent company of Rockland Trust Company, has achieved significant accolades, such as being listed in The Boston Globe's "Top Places to Work" for 13 consecutive years and ranked #1 in Massachusetts by Forbes for two years running. The bank is deeply committed to equity, inclusion, and community engagement.

Independent Bank Corp. (INDB) reported a fourth-quarter net income of $1.7 million, down significantly from $40 million in Q3 2021, impacted by $37.2 million in merger-related costs from acquiring Meridian Bancorp. Adjusted operating net income rose to $65.7 million, reflecting strong asset growth to $20.4 billion and a 54.3% increase in total loans driven by the acquisition. Deposit balances also soared by 38% to $16.9 billion. The company maintains a robust capital position, initiating a $140 million stock buyback plan.

Independent Bank Corp. (INDB), the parent of Rockland Trust Company, will host its quarterly conference call on January 21, 2022, at 10:00 AM ET to discuss fourth quarter results. Investors can join by dialing 888-336-7153 or register online for immediate access. A replay will be available until January 28, 2022. Rockland Trust was recognized as a top workplace and ranked #1 Bank in Massachusetts by Forbes for the second consecutive year. The bank is committed to equity, inclusion, and community service, reflecting its values in its operations.

The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) declared a $0.48 per share dividend, payable on January 7, 2022, to stockholders of record as of December 27, 2021. Independent Bank Corp., the parent company of Rockland Trust, is recognized for its strong community engagement and has been listed as a top workplace for 13 consecutive years. In 2021, Rockland Trust was named the #1 bank in Massachusetts by Forbes.

The Drew Company has secured a $27.6 million construction loan from Rockland Trust Bank for the SkySail at Driftway residential project in Scituate, Massachusetts. This 109,842 sq. ft. luxury mixed-use development will feature 78 rental units, including 12 income-restricted units, combined with 8,914 sq. ft. of retail space and 160 parking spaces. The project aims to enhance the local community and offer a high-quality living experience, as well as convenient access to transportation options.

Independent Bank Corp., trading under the symbol INDB, has successfully acquired Meridian Bancorp, enhancing its position in the Boston financial market. The merger, finalized shortly before midnight, involves exchanging Meridian shares for 0.2750 shares of Independent's common stock. Approximately 14.3 million shares of Independent's stock will be distributed to former Meridian shareholders. This strategic move aims to broaden financial services for a larger consumer base and improve customer service. The integration will occur over the weekend, with no impact on existing Rockland Trust customers.