Rockland’s Independent Bank Corp., parent of Rockland Trust Co., reported an almost 13 percent year-over-year increase in net income for 2011 to $45.4 million.

Net income for the fourth quarter of 2011 was $11.2 million, a decrease of 7 percent on a diluted per share basis as compared to the linked quarter results. These results include a $757,000 prepayment penalty during the fourth quarter that resulted in a 2 cent per share charge arising from the company’s use of excess cash to pay down borrowings.

"2011 was a strong year in terms of earnings, loan and deposit growth, and new customer acquisition," said Christopher Oddleifson, president and chief executive officer of Independent Bank Corp. and Rockland Trust Co. "Rockland Trust continues to demonstrate that our focus on customer intimacy, combined with a disciplined credit culture, is a strategy that produces solid results."

Total assets of $5 billion at Dec. 31, 2011 are up $70.5 million from the prior quarter and $274.5 million as compared to the year ago period. Total loans rose to $3.8 billion at Dec. 31, 2011, an increase of 7.6 percent from the prior quarter, on an annualized basis, and continue to be led by strong volumes in the commercial and home equity portfolios. For the full year, loans increased $238.7 million, or 6.7 percent.

Deposits increased by 9.4 percent, on an annualized basis, to $3.9 billion at Dec. 31, 2011, as compared to the prior quarter. For the full year, deposits increased $249 million, or 6.9 percent.