Independent Bank Corp., parent of Rockland Trust Co., today said net income was $6.8 million for the third quarter this year, a 23 percent decline from the same period last year, when the company netted $8.8 million.

It was a major increase, however, from its second quarter net of $660,000, which the company said was due to large merger and acquisition expenses associated with the Benjamin Franklin Bancorp acquisition and a special FDIC deposit insurance premium fee.

Christopher Oddleifson, president and CEO, said in an e-mail, "Rockland Trust had an outstanding third quarter despite very difficult economic conditions. The drop in 2009 earnings from same time last year largely reflects the difficult economic conditions, as well as some accounting charges resulting from declines in the value of trust preferred securities.

"I’m also happy to report that we have fully integrated the former Benjamin Franklin franchise, and are looking forward to further increasing business with those customers in this new geographic territory for Rockland Trust," Oddleifson added.

On a diluted per-share basis, the company reported earnings of $0.33 for the quarter as compared to $0.51 cents per share in Q3 ‘08, and a loss of $0.19 per share for the previous quarter.

Independent blamed the repayment of the Treasury Department’s Capital Purchase Program preferred stock, which resulted in a onetime $4.4 million dividend charge that decreased net income available to common shareholders by $0.22 per diluted share.