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EX - 99.1 2 exhibit991 - indb09x30x2021e.htm EX - 99.1 - Q3 2021 EARNINGS PRESS 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 THIRD QUARTER NET INCOME OF $ 40.0 MILLION Business line fundamentals drive solid performance Rockland , Massachusetts ( October 21 , 2021 ) Independent Bank Corp. ( Nasdaq Global Select Market : INDB ) , parent of Rockland Trust Company , today announced 2021 third quarter net income of $ 40.0 million , or $ 1.21 per diluted share , compared to net income of $ 37.6 million , or $ 1.14 per diluted share , reported for the second quarter of 2021. Third quarter results included merger - related costs of $ 1.9 million associated with the acquisition of Meridian Bancorp Inc. ( " Meridian " ) and its subsidiary , East Boston Savings Bank , which is expected to close in the fourth quarter of 2021. Excluding merger- related costs , net of tax , operating net income was $ 41.4 million , or $ 1.25 per diluted share , for the third quarter of 2021 compared to operating net income of $ 38.8 million , or $ 1.17 per diluted share for the second quarter of 2021. Please refer to " Reconciliation of Net Income ( GAAP ) to Operating Net Income ( Non - GAAP ) " below for a reconciliation of net income to operating net income . " We enjoyed another quarter of solid performance owing to our sound fundamentals , ” said Christopher Oddleifson , the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company . “ While remaining focused on organic growth and providing best - in - class customer services to our customers , we have been hard at work collaborating with our counterparts at East Boston Savings Bank to prepare for the anticipated fourth quarter closing of the transaction , and we continue to be excited by the prospects of the combined companies . I would like to thank each of my colleagues for their dedication and contributions toward ensuring Rockland Trust lives out its mission of being the bank Where Each Relationship MattersⓇ . " BALANCE SHEET Total assets of $ 14.5 billion at September 30 , 2021 increased by $ 339.1 million , or 2.4 % , from the prior quarter , and by $ 1.4 billion , or 10.3 % , as compared to the year ago period , driven by continued significant growth in deposits and cash balances . During the third quarter of 2021 , the Company accelerated its deployment of a portion of this excess cash into investment securities . Total loans at September 30 , 2021 decreased by $ 131.0 million , or 1.5 % ( 5.8 % annualized ) , when compared to the prior quarter which was primarily attributable to a net reduction in Paycheck Protection Program ( " PPP " ) loan balances . Exclusive of PPP loan activity , total loans declined $ 31.9 million , ( 1.5 % annualized ) reflecting ongoing heightened payoff activity , partially offset by continued strong closing activity . Excluding PPP loan activity , commercial loans increased $ 3.2 million , or 0.1 % ( 0.2 % annualized ) during the third quarter , primarily due to growth in construction balances of $ 18.9 million , or 3.8 % , and commercial and industrial of $ 13.3 million , or 1.07 % , offset by a decrease in commercial real estate balances of $ 30.3 million , or 0.7 % , from the prior quarter . New origination activity remained well diversified across various industries for the third quarter of 2021 , with the largest volume of new loans attributable to residential development properties . On the consumer side , despite strong volumes of new loan originations , the low interest - rate environment and excess consumer liquidity positions continued to drive elevated payoff activity and historically low home equity line utilization rates , which 1