Independent Bank Corp., the parent company of Rockland Trust Company, announced its net income for 2012 was $42.6 million, down 6.2 percent from the $45.4 million reported in 2011.

Income for the fourth quarter of 2012 was $10 million, down 10.8 percent from $11.2 for the same period in 2011.

The company completed its acquisition of Central Bancorp on Nov. 10, 2012 and therefore included Central in the financial results.

Total assets increased 15.8 percent, or $786.7 million, from about $5 billion in 2011 to $5.8 billion last year. Total loans rose to $4.5 billion at Dec. 31, 2012, including the acquisition, which represented an increase of $462.9 million from the prior quarter, or 45.4 percent on an annualized basis. Loans increased by $724.6 million, or 19.1 percent compared with the end of 2011.

Independent Bank Corp. 2012 Income Down 6.2 Percent

by Banker & Tradesman time to read: <1 min
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