Independent Bank Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $12.25 million, or $0.54 per diluted share, versus net income of $12.18 million, or $0.56 per diluted share, in the prior-year period. Net interest income was $44.86 million compared to $41.85 million a year ago. Total interest income was $50.82 million compared to $47.80 million reported a year ago. Income before income tax was $16.37 million compared to $16.80 million reported a year ago. The company generated a return on average assets and a return on average common equity in the first quarter of 2013 of 0.88% and 9.25%, respectively, as compared to 1.00% and 10.31% for the quarter ended March 31, 2012. On an operating basis the return on average assets and the return on average common equity were 0.96% and 10.04%, respectively, in the first quarter, as compared to 1.00% and 10.54% in the fourth quarter. Book value per common share was $23.50 compared to $22.16 a year ago. The company previously anticipated operating diluted earnings per share performance for the year 2013 of between $2.28 and $2.38, which equates to 6% to 10% earnings per share growth. The company continues to expect that performance. Loan net charge-offs were particularly low in the first quarter, the company expects the full-year guidance of $10 million to $14 million to remain the same. In other words, don’t continue to expect 11 basis points charge-off performance. The company expects charge-off to increase modestly in the coming quarters, ending the year somewhere around 20 to 25 basis points.

Independent Bank Corp., Q1 2013 Earnings Call, Apr 26, 2013

Independent Bank Corp. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on Apr 25, 2013