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Massachusetts-based Independent Bank Q3 EPS up nearly 26% YOY

Rockland, Mass.-based Independent Bank Corp. reported third-quarter net income of $51.8 million, or $1.51 per share, up from $33.0 million, or $1.20 per share, in the year-ago period.

The company's total assets amounted to $11.54 billion at Sept. 30, compared with $8.38 billion at the end of the third quarter of 2018. Total loans climbed to $8.91 billion, from $6.53 billion at the end of the prior-year quarter. Total deposits came to $9.33 billion, compared with $6.98 billion at Sept. 30, 2018.

Net interest margin for the three months ended Sept. 30 was 4.03%, compared with 3.94% for the same period in 2018.

During the third quarter, the company recorded total net recoveries of $982,000, due to a $1.0 million recovery from the settlement of a previous charge-off. As such, there was no provision for loan losses for the period.

For the third quarter of 2018, the company's provision for loan losses was $1.1 million, while net charge-offs amounted to $397,000.