Rockland-based Independent Bank Corp., parent of Rockland Trust Co., has reported first-quarter net income of $6.4 million, compared to net income of $3 million for the fourth quarter of 2008 and $6.3 million for the first quarter in 2008.

The increase in earnings from the quarter, which ended Dec. 31, is primarily due to other-than-temporary impairment charges and higher loan provisions recorded in that quarter, the company said.

Loan and deposit balances grew during the first quarter of 2009, despite the challenging economic environment. The company said it took advantage of opportunities created by market turmoil.

Total loans increased by $16.7 million and total deposits increased by $74.7 million during the first quarter of 2009, when compared to Dec. 31, 2008.

On Jan. 9, the company raised approximately $78 million through the sale of preferred stock to the United States Treasury pursuant to the Capital Purchase Program (CPP). All of the proceeds from that transaction have been treated as Tier 1 capital for regulatory purposes, the company said.

The preferred dividend expense in the first quarter amounted to $1.2 million, or $0.07 on a per share basis.

On April 22, the company repaid all of the approximately $78 million CPP preferred stock investment.