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EX - 99.12 exhibit991 - indb03x31x2021e.htm EX - 99.1 - Q1 2021 EARNINGS RELEASE INDEPENDENT BANK CORP . Parent of Rockland Trust Shareholder Relations 288 Union Street Rockland , Ma . 02370 NEWS RELEASE Exhibit 99.1 INDEPENDENT BANK CORP . REPORTS FIRST QUARTER NET INCOME OF $ 41.7 MILLION First quarter performance represents growth over prior period results Rockland , Massachusetts ( April 22 , 2021 ) Independent Bank Corp. ( Nasdaq Global Select Market : INDB ) , parent of Rockland Trust Company , today announced 2021 first quarter net income of $ 41.7 million , or $ 1.26 per diluted share , compared to net income of $ 34.6 million , or $ 1.05 per diluted share , reported for the fourth quarter of 2020. First quarter results were positively impacted by a release of provision for loan loss in the amount of $ 2.5 million as well as elevated interest income from forgiven Paycheck Protection Program ( " PPP " ) loans , while fourth quarter 2020 results were negatively impacted by approximately $ 5.2 million in pre - tax expenses attributable to branch closing decisions and sale of investments that did not affect first quarter results . In a separate news release today the Company announced an agreement to acquire Meridian Bancorp Inc. , and its subsidiary East Boston Savings Bank , with $ 5.3 billion in loans and $ 5.1 billion in deposits as of March 31 , 2021 . " We enjoyed solid performance in the first quarter and we remain optimistic about the opportunities ahead of us . As we lap a full year of the pandemic , we have come to appreciate more than ever the importance of relationships with one another , with our customers , and with our communities . My colleagues inspire me with their incredible dedication and their discretionary effort , " said Christopher Oddleifson , the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company . " Throughout the pandemic and beyond , we have seen firsthand what we can achieve when we are aligned together in our shared vision of being the Bank Where Each Relationship MattersⓇ . ” BALANCE SHEET Total assets of $ 13.8 billion at March 31 , 2021 increased by $ 569.6 million , or 4.3 % , from the prior quarter , and by $ 1.8 billion , or 15.0 % , as compared to the year ago period , as government funded stimulus continued to fuel significant deposit and liquid asset growth . Total loans at March 31 , 2021 decreased by $ 146.2 million , or 1.6 % ( 6.3 % annualized ) , when compared to the prior quarter . Despite strong origination volumes and loan pipelines across all products , overall portfolio growth continued to be constrained by ongoing paydowns and re - financing activity . Exclusive of PPP activity , total commercial loans decreased 1.70 % during the first quarter , primarily reflecting a slowdown in new construction financing and notably lower line utilization levels within the commercial and industrial ( " C & I " ) portfolio , while commercial real estate balances remained relatively stable . Within C & I , PPP loan originations from the new 2021 program of $ 340.0 million outpaced PPP loan payoffs of $ 285.6 million on the prior year balances , resulting in a net PPP loan balance increase of $ 54.4 million for the first quarter of 2021 as compared to the fourth quarter of 2020. Within the consumer portfolios , the majority of mortgage production continued to be sold in the secondary market , while the low interest - rate environment and excess consumer liquidity position continued to drive elevated payoff 1