Independent Bank Corp., parent of Rockland Trust Co. reported a first quarter profit of $12.2 million, an increase of nearly 9 percent compared to the $11.2 million it reported for the same period a year prior.

The bank reported an $11.2 million profit for the fourth quarter of 2011.

Deposits increased 7.1 percent to $3.9 billion. Total assets were $5 billion, up $15.5 million from the fourth quarter and $340 million from the first quarter of 2011.

Net interest income remained flat at $41.9 million. It was $41.5 million a year earlier. Net interest margin was 3.82 percent compared to 3.78 percent in the previous quarter and 4.02 percent a year prior.

Non-interest income declined to $13.9 million from $14.3 million in the fourth quarter, but increased compared to the $12.6 million the bank reported for the first quarter of 2011.

Non-interest expense increased 1.1 percent to $37.4 million from $37 million in the fourth quarter and 2.4 percent from $36.5 million a year ago.

Non-performing assets hit $40.7 million compared to $37.1 million in the previous quarter and $33.9 million in the same quarter a year ago.

In a prepared statement, Christopher Oddleifson, president and CEO of Independent Bank Corp. and Rockland Trust said the "terrific" first quarter "provides momentum for the rest of 2012."