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Independent Bank Corp. Reports First Quarter Net Income of $27.6 Million

Independent Bank Corp (INDB)  More Company Research Source: Business Wire
Last independent bank corp earnings: 10/18 04:10 pm Check Earnings Report
PDF Solid Earnings Growth and Healthy Returns ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2018 first quarter net income of $27.6 million, or $1.00 per diluted share, compared to net income of $22.1 million, or $0.80 per diluted share, reported in the fourth quarter of 2017. During the fourth quarter of 2017, the Tax Cuts and Jobs Act ("the Tax Act") was signed into law, requiring the Company to revalue its deferred tax assets and liabilities and reassess the value of its low-income housing project investments, resulting in additional tax expense which was considered to be noncore. Excluding these items, operating net income for the fourth quarter was $24.4 million, or $0.89 per diluted share. There were no adjustments to net income during the first quarter of 2018 which the Company considers to be noncore. [Read more]

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