Independent Bank (INDB) 8-K Other events

EXHIBIT 99.3

INDEPENDENT
BANK CORP.
Parent of Rockland Trust Company

Stockholder Relations	NEWS RELEASE
288 Union Street, Rockland, MA 02370	Contact:
		Chris Oddleifson
		President and
		Chief Executive Officer
		(781) 982-6660
		Denis K. Sheahan
		Chief Financial Officer
		(781) 982-6341

INDEPENDENT BANK CORP. ANNOUNCES FOURTH QUARTER 2003 EARNINGS

     Rockland, Massachusetts (January 8, 2004) Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced that net income for the quarter ended December 31, 2003, was $7.3 million, an increase of $288,000 from the quarter ended December 31, 2002. Diluted earnings per share were $0.49, a 2.1% increase compared to the same three month period last year. Comparing the year ended December 31, 2003 to the same period last year, net income was $26.4 million, representing a 5.5% increase, while diluted earnings per share were $1.79, representing an increase of 11.2%.

     Comparing fourth quarter 2003 to the fourth quarter 2002, net interest income decreased $1.6 million, or (6.3)%, and net interest income for the twelve months ended December 31, 2003 decreased $4.3 million, or (4.3)%, from the twelve months ended December 31, 2002. The net interest margin for the three month and twelve month periods ended December 31, 2003 was 4.26% and 4.40%, respectively. The Company’s continued ability to generate strong loan growth has served to somewhat mitigate the effects of a declining net interest margin. The net interest margin for the three and the twelve month periods ended December 31, 2002 was 4.83% and 4.88%, respectively.

     Non-interest income, improved by $58,000, or 0.9%, for the quarter and by $5.2 million, or 22.7%, during the twelve months ended December 31, 2003 proving to be the leading contributor to the Company’s core business growth year over year. Deposit service charge revenue increased by $291,000, or 11.0%, and $1.4 million, or 13.9%, for the three and twelve months ended December 31, 2003, respectively, as compared to the same periods in 2002, reflecting growth in core deposits and lower earnings credit

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rates. Investment Management revenue decreased $109,000, or (9.3)%, and $913,000, or (17.4)%, for the three and twelve months ended December 31, 2003, respectively, due to the general performance of the equities market over the past few years shifting customers’ bias towards fixed income products which generate lower fees, as well as higher estate and trust distribution fees in the quarter ending March 31, 2002. Mortgage Banking Income was down by $465,000, or (40.0)%, at $699,000 for the three months ended December 31, 2003 as compared to the three months ended December 31, 2002 attributable to the decline in the refinancing market beginning in the second half of 2003, where as year over year, mortgage banking income increased by $1.4 million, or 44.1% as the refinancing boom was at its strongest during the first half of 2003. The balance of the mortgage servicing asset is $3.2 million and loans serviced amounted to $398.9 million as of December 31, 2003. Security gains were $302,000 in the fourth quarter of 2003, and $2.6 million for the twelve months ended December 31, 2003. In an effort to improve the Company’s overall interest rate risk position as well as to improve the net interest margin, the Company prepaid $31.5 million of fixed, high rate borrowings and sold $20.0 million of investment securities during the second quarter of 2003. The prepayment penalty on the borrowings totaled $1.9 million and is recorded in non-interest expense, while the gain on the sale of the securities was $2.0 million. Other non-interest income increased $111,000 and $675,000 for the three and twelve months ending December 31, 2003, respectively, mainly due to prepayment penalties received on loan payoffs.

     Non-interest expense decreased by $1.1 million, or (5.7)%, and decreased $1.8 million, or (2.4)% for the three and twelve months ended December 31, 2003, as compared to the same periods in the prior year. Salaries and employee benefits decreased by $505,000, or (4.7)%, for the three months ended December 31, 2003 due to decreases in commissions and incentive programs. On a year over year basis salaries and employee benefits increased by $1.9 million, or 4.9%, due to additions to staff needed to support continued growth, merit increases, and pension expense, offset by lower executive retirement costs. As previously disclosed, Rockland Trust is a member of the Financial Institutions Retirement Fund, a defined benefit pension plan. Management has been notified by the administrator that, primarily due to the poor performance of the equities markets in the last several years, a contribution of $1.7 million will be required for the plan year beginning July 1, 2003 and ending June 30, 2004. The Company has therefore accrued $841,000 for pension expense during the second half of 2003. No pension expense was recorded in the comparative periods.

     Occupancy and equipment related expense decreased by $187,000, or (8.6)%, for the three months ended December 31, 2003 and increased $47,000, or 0.5%, for the twelve months ended December 31, 2003.

     During the twelve months ending December 31, 2002, the Company recognized an impairment charge of $4.4 million, pre-tax, on an investment in corporate bonds issued by WorldCom, which is a significant factor in the decrease in non-interest expense when comparing this period to the twelve months ending December 31, 2003. As mentioned above the Company incurred a prepayment penalty on borrowings of $1.9 million in the second quarter of 2003 which is recorded in non-interest expense. Other non-interest expenses decreased by $388,000, or (8.4)%, and decreased $1.6 million or (8.4)%, for the three and twelve months ended December 31, 2003, respectively, mainly due to decreases in costs associated with a lower loss on a CRA equity investment, information technology consulting, office supplies, and executive recruitment.

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     For the twelve month period ending December 31, 2003, the provision for income taxes reflects the previously disclosed settlement of a state tax dispute with the Massachusetts Department of Revenue (“DOR”) resulting in an after tax charge of $2.0 million, or $0.14 per share.

     Total assets increased by $151.4 million, or 6.6%, from fiscal year-end 2002 to a total of $2.4 billion at December 31, 2003. Total loans increased by $149.5 million, or 10.5%, during the twelve months ended December 31, 2003. The increases were mainly in commercial real estate, residential real estate, and commercial construction, which increased $53.8 million, or 10.5%, $53.9 million, or 20.0%, and $26.3 million, or 53.5%, respectively. Consumer loans increased $6.4 million, or 1.5%, primarily due to an increase in home equity lines. Residential loans held for sale decreased $9.8 million. Investments increased by $3.5 million, or 0.5%, during the twelve months ended December 31, 2003.

     Total deposits of $1.8 billion at December 31, 2003 increased $94.6 million, or 5.6%, compared to December 31, 2002. The increase is attributable to a $117.7 million, or 9.7%, growth in core deposits. Borrowings increased by $53.2 million, or 14.7%, during the twelve months ended December 31, 2003.

     Stockholders’ equity as of December 31, 2003 totaled $171.8 million, as compared to $161.2 million at December 31, 2002. The Tier 1 leverage capital ratio at December 31, 2003 was 7.60%, maintaining the Company’s well capitalized position.

     Non-performing assets totaled $3.5 million at December 31, 2003 (0.14% of total assets), as compared to the $3.1 million (0.13% of total assets) reported at December 31, 2002. The provision for loan losses decreased to $630,000 from $1.1 million in the fourth quarter of 2003 and decreased to $3.4 million from $4.7 million for the year, reflecting the Company’s strong asset quality and the prospects of an improving economy. The Company’s total allowances for loan losses (which included a credit quality discount of $0.5 million at December 31, 2002), as a percentage of the loan portfolio was 1.46% at December 31, 2003 and 1.53% at December 31, 2002.

     In comparing the results for 2003 to 2002 please note the following:

• In the third quarter of 2002 the Company adopted the Statement of Financial Accounting Standards No. 147, “Acquisition of Certain Financial Institutions.” This accounting standard provided for the nonamortization of goodwill effective January 1, 2002 and requires that prior periods be adjusted to reflect the new standard. The impact of this adjustment is an increase of $443,000, or $0.03 per diluted share, and $444,000, or $0.03 per diluted share to net income in the first and second quarters of 2002, respectively.

• In addition the Company wrote off $738,000, and $767,000, net of tax, of unamortized issuance costs related to the redemption of trust preferred securities as a direct charge to equity in the first and second quarters of 2002, respectively, in accordance with Generally Accepted Accounting Principles (“GAAP”). This charge is included in the calculation of earnings per share.

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     Chris Oddleifson, Chief Executive Officer and President of Independent Bank Corp. and Rockland Trust Company, stated that: “I am pleased with our fourth quarter and 2003 performance because we were able to over come the decline in net interest income by growing assets and controlling expenses. Moreover, the Rockland Team worked hard in 2003 to enhance our businesses to foster growth and improved performance in the future”.

     Christopher Oddleifson, and Denis K. Sheahan, Chief Executive Officer and President, and Chief Financial Officer, respectively, of Independent Bank Corp., will host a conference call to discuss fourth quarter earnings at 9:00 a.m. Eastern Daylight Time on Friday, January 9, 2004. Internet access to the call is available by going to the Company’s website athttp://www.rocklandtrust.com or by telephonic access by dial-in at 1-800-901-5213 (password – INDB). A replay of the call will be available on Monday at 10:00 a.m. on January 12, 2004 until 11:59 p.m. on January 14, 2004 by calling 1-888-286-8010 (Passcode 54395915).

     Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Company, currently has $2.4 billion in assets, 52 retail branches, seven Commercial Lending Centers and three Investment Management offices located in the Plymouth, Barnstable, Norfolk and Bristol counties of Southeastern Massachusetts. To find out more about Rockland Trust Company and its products visit our web site atwww.rocklandtrust.com.

     This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.

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INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Dollars in Thousands — Unaudited)

CONSOLIDATED BALANCE SHEETS

					December 31,			December 31,			Percent
					2003			2002			Change
Assets
Cash and Due From Banks					$	75,495		$	71,317			5.86	%
Fed Funds Sold & Short Term Investments						—			3,169			-100.00	%
Investments
		Trading Assets				1,171			1,075			8.93	%
		Investments Available for Sale				527,507			501,828			5.12	%
		Investments Held to Maturity				121,894			149,071			-18.23	%
		Federal Home Loan Bank Stock				21,907			17,036			28.59	%
Total Investments						672,479			669,010			0.52	%
Loans
	Commercial & Industrial					171,230			151,591			12.96	%
	Commercial Real Estate					564,890			511,102			10.52	%
	Residential Real Estate					324,052			270,161			19.95	%
	Residential Loans Held for Sale					1,471			11,291			-86.97	%
	Commercial Construction					75,380			49,113			53.48	%
	Residential Construction					9,633			10,258			-6.09	%
	Consumer — Installment					301,801			323,501			-6.71	%
	Consumer — Other					132,678			104,585			26.86	%
Total Loans						1,581,135			1,431,602			10.45	%
	Less — Allowance for Loan Losses					(23,163	)		(21,387	)		8.30	%
				Net Loans		1,557,972			1,410,215			10.48	%
Bank Premises and Equipment						32,477			30,872			5.20	%
Goodwill						36,236			36,236			0.00	%
Other Assets						62,096			64,553			-3.81	%
				Total Assets	$	2,436,755		$	2,285,372			6.62	%
Liabilities and Stockholders’ Equity
Deposits
			Demand Deposits		$	448,452		$	429,042			4.52	%
			Savings and Interest Checking Accounts			535,870			464,318			15.41	%
			Money Market and Super Interest Checking Accounts			347,530			320,819			8.33	%
			Time Certificates of Deposit			451,486			474,553			-4.86	%
				Total Deposits		1,783,338			1,688,732			5.60	%
Fed Funds Purchased and Assets Sold
			Under Repurchase Agreements			39,425			58,092			-32.13	%
Federal Home Loan Bank Borrowings						371,136			297,592			24.71	%
Treasury Tax and Loan Notes						4,808			6,471			-25.70	%
				Total Borrowings		415,369			362,155			14.69	%
				Total Deposits and Borrowings		2,198,707			2,050,887			7.21	%
Other Liabilities						18,344			25,469			-27.98	%
Company-Obligated Mandatory Redeemable Securities of
	Subsidiary Holding Solely Parent Company Debenture of the Corporation					47,857			47,774			0.17	%
				Stockholders’ Equity		171,847			161,242			6.58	%
				Total Liabilities and Stockholders’ Equity	$	2,436,755		$	2,285,372			6.62	%

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Dollars in Thousands — Unaudited)

CONSOLIDATED STATEMENTS OF INCOME

					Three Months Ended									Twelve Months Ended
					December 31,						Percent			December 31,						Percent
					2003			2002			Change			2003			2002(1)			Change
INTEREST INCOME
Interest on Fed Funds Sold & Short Term Investments					$	—		$	48			-100.00	%	$	—		$	378			-100.00	%
Interest and Dividends on Securities						7,835			10,056			-22.09	%		32,640			41,780			-21.88	%
Interest on Loans						23,464			24,361			-3.68	%		95,666			98,667			-3.04	%
				Total Interest Income		31,299			34,465			-9.19	%		128,306			140,825			-8.89	%
INTEREST EXPENSE
Interest on Deposits						4,339			5,260			-17.51	%		17,801			24,869			-28.42	%
Interest on Borrowed Funds						3,269			3,924			-16.69	%		14,732			15,925			-7.49	%
			Total Interest Expense			7,608			9,184			-17.16	%		32,533			40,794			-20.25	%
Net Interest Income						23,691			25,281			-6.29	%		95,773			100,031			-4.26	%
		Less — Provision for Loan Losses				630			1,050			-40.00	%		3,420			4,650			-26.45	%
Net Interest Income after Provision for Loan Losses						23,061			24,231			-4.83	%		92,353			95,381			-3.17	%
NON-INTEREST INCOME
Service Charges on Deposit Accounts						2,936			2,645			11.00	%		11,409			10,013			13.94	%
Investment Management Services Income						1,065			1,174			-9.28	%		4,340			5,253			-17.38	%
Mortgage Banking Income						699			1,164			-39.95	%		4,451			3,088			44.14	%
BOLI Income						452			486			-7.00	%		1,862			1,862			0.00	%
Net Gain/(Loss) on Sale of Securities						302			38			694.74	%		2,629			—			100.00	%
Other Non-Interest Income						775			664			16.72	%		3,103			2,428			27.80	%
				Total Non-Interest Income		6,229			6,171			0.94	%		27,794			22,644			22.74	%
NON-INTEREST EXPENSE
Salaries and Employee Benefits						10,264			10,769			-4.69	%		41,508			39,561			4.92	%
Occupancy and Equipment Expenses						1,985			2,172			-8.61	%		8,692			8,645			0.54	%
Data Processing & Facilities Management						1,130			1,110			1.80	%		4,517			4,295			5.17	%
Pre-payment Penalty on Borrowings						—			—			—			1,941			—			100.00	%
Impairment Charge						—			—			—			—			4,372			-100.00	%
Other Non-Interest Expense						4,231			4,619			-8.40	%		17,169			18,752			-8.44	%
				Total Non-Interest Expense		17,610			18,670			-5.68	%		73,827			75,625			-2.38	%
Minority Interest						1,084			1,091			-0.64	%		4,353			5,041			-13.65	%
INCOME BEFORE INCOME TAXES						10,596			10,641			-0.42	%		41,967			37,359			12.33	%
PROVISION FOR INCOME TAXES						3,285			3,618			-9.20	%		15,536			12,293			26.38	%
				NET INCOME	$	7,311		$	7,023			4.10	%	$	26,431		$	25,066			5.45	%
Less: Trust Preferred Issuance Costs Write-off (net of tax)					$	—		$	—			—		$	—		$	1,505			-100.00	%
				Net Income Available to Common Shareholders	$	7,311		$	7,023			4.10	%	$	26,431		$	23,561			12.18	%
BASIC EARNINGS PER SHARE					$	0.50		$	0.49			2.04	%	$	1.82		$	1.63			11.66	%
DILUTED EARNINGS PER SHARE					$	0.49		$	0.48			2.08	%	$	1.79		$	1.61			11.18	%
BASIC AVERAGE SHARES						14,622,273			14,456,521			1.15	%		14,558,031			14,415,570			0.99	%
DILUTED AVERAGE SHARES						14,834,854			14,639,323			1.34	%		14,738,078			14,619,560			0.81	%
PERFORMANCE RATIOS:
	Net Interest Margin (FTE)					4.26	%		4.83	%		-11.80	%		4.40	%		4.88	%		-9.84	%
	Return on Average Assets					1.20	%		1.23	%		-2.44	%		1.11	%		1.12	%		-0.89	%
	Return on Average Equity					17.35	%		17.95	%		-3.34	%		15.89	%		17.26	%		-7.94	%

(1) Reflects the restatement of the six months ended June 30, 2002 for the nonamortization of goodwill in accordance with SFAS No. 147.

INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)

					Three Months Ended December 31,
					2003				2002
							Interest							Interest
			Ending		Average		Earned/		Yield/			Average		Earned/		Yield/
			Balance		Balance		Paid		Rate			Balance		Paid		Rate
Interest-earning Assets:
Federal Funds Sold and Assets Purchased Under Resale Agreement			$	—	$	—		—		—		$	11,986	$	48		1.60	%
Trading Assets				1,171		1,146		4		1.40	%		1,052		5		1.90	%
Taxable Investment Securities				603,095		634,316		7,106		4.48	%		662,061		9,418		5.69	%
Non-taxable Investment Securities (1)				68,213		68,065		1,115		6.55	%		54,940		959		6.98	%
Loans (1)				1,581,135		1,562,790		23,546		6.03	%		1,395,325		24,436		7.01	%
Total Interest-Earning Assets			$	2,253,614	$	2,266,317		31,771		5.61	%	$	2,125,364	$	34,866		6.56	%
Cash and Due from Banks				75,495		62,721							59,529
Other Assets				107,646		103,206							95,588
		Total Assets	$	2,436,755	$	2,432,244						$	2,280,481
Interest-bearing Liabilities:
Savings and Interest Checking Accounts			$	535,870	$	539,447		762		0.57	%	$	446,424	$	570		0.51	%
Money Market & Super Interest Checking Accounts				347,530		359,603		1,079		1.20	%		338,324		1,172		1.39	%
Time Deposits				451,486		455,758		2,498		2.19	%		475,725		3,518		2.96	%
Federal Funds Sold and Assets Purchased Under Resale Agreement				39,425		46,540		102		0.88	%		66,280		189		1.14	%
Treasury Tax and Loan Notes				4,808		2,915		3		0.41	%		4,227		9		0.85	%
Federal Home Loan Bank borrowings				371,136		344,047		3,164		3.68	%		291,063		3,726		5.12	%
Total Interest-Bearing Liabilities			$	1,750,255	$	1,748,310		7,608		1.74	%	$	1,622,043	$	9,184		2.26	%
Demand Deposits				448,452		449,200							420,207
Company-Obligated Mandatorily Redeemable Securities of Subsidiary Holding Solely Parent
	Company Debentures of the Corporation			47,857		47,843							47,756
Other Liabilities				18,344		18,351							34,011
		Total Liabilities	$	2,264,908	$	2,263,704						$	2,124,017
Stockholders’ Equity				171,847		168,540							156,464
		Total Liabilities and Stockholders’ Equity	$	2,436,755	$	2,432,244						$	2,280,481
Net Interest Income							$	24,163						$	25,682
Interest Rate Spread (2)										3.87	%						4.30	%
Net Interest Margin										4.26	%						4.83	%

(1)	The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $473 for the three months ended December 31, 2003 and $401 for the three months ended December 31, 2002.
(2)	Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)

				Twelve Months Ended December 31,
				2003				2002
						Interest							Interest
		Ending		Average		Earned/		Yield/			Average		Earned/		Yield/
		Balance		Balance		Paid		Rate			Balance		Paid		Rate
Interest-earning Assets:
Federal Funds Sold and Assets Purchased Under Resale Agreement		$	—	$	34		—		—		$	20,692	$	378		1.83	%
Trading Assets			1,171		1,116		36		3.23	%		1,115		26		2.33	%
Taxable Investment Securities			603,095		639,361		29,724		4.65	%		658,272		39,191		5.95	%
Non-taxable Investment Securities (1)			68,213		64,967		4,416		6.80	%		55,396		3,884		7.01	%
Loans (1)			1,581,135		1,512,997		95,994		6.34	%		1,345,720		98,950		7.35	%
Total Interest-Earning Assets		$	2,253,614	$	2,218,475		130,170		5.87	%	$	2,081,195	$	142,429		6.84	%
Cash and Due from Banks			75,495		64,529							59,631
Other Assets			107,646		100,618							102,075
	Total Assets	$	2,436,755	$	2,383,622						$	2,242,901	$
Interest-bearing Liabilities:
Savings and Interest Checking Accounts		$	535,870	$	494,498		2,302		0.47	%	$	426,104	$	2,994		0.70	%
Money Market & Super Interest Checking Accounts			347,530		350,118		4,278		1.22	%		322,539		5,594		1.73	%
Time Deposits			451,486		462,453		11,222		2.43	%		499,475		16,282		3.26	%
Federal Funds Sold and Assets Purchased Under Resale Agreement			39,425		51,803		482		0.93	%		68,796		795		1.16	%
Treasury Tax and Loan Notes			4,808		2,764		13		0.47	%		4,267		44		1.03	%
Federal Home Loan Bank borrowings			371,136		356,152		14,237		4.00	%		297,813		15,085		5.07	%
Total Interest-Bearing Liabilities		$	1,750,255	$	1,717,788		32,534		1.89	%	$	1,618,994	$	40,794		2.52	%
Demand Deposits			448,452		428,396							398,901
Company-Obligated Mandatorily Redeemable Securities of Subsidiary Holding Solely Parent Company Debentures of the Corporation			47,857		47,814							53,608
Other Liabilities			18,344		23,256							26,182
	Total Liabilities	$	2,264,908	$	2,217,254						$	2,097,685
Stockholders’ Equity			171,847		166,368							145,216
	Total Liabilities and Stockholders’ Equity	$	2,436,755	$	2,383,622						$	2,242,901
Net Interest Income						$	97,636						$	101,635
Interest Rate Spread (2)									3.98	%						4.32	%
Net Interest Margin									4.40	%						4.88	%

(1)	The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $1,864 for the twelve months ended December 31, 2003 and $1,604 for the twelve months ended December 31, 2002.
(2)	Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

		As Of
		December 31,			December 31,
Asset Quality		2003			2002
Non-performing Loans			3,514			3,077
Non-performing Assets			3,514			3,077
Net charge-offs (year to date)			1,645			1,453
Net charge-offs to average loans (annualized)			0.11	%		0.11	%
Loans 90 days past due & still accruing			156			261
Non-performing Loans/Gross Loans			0.22	%		0.21	%
Allowance for Loan Loss/Non-performing Loans			659.16	%		695.06	%
Loans/Total Deposits			88.66	%		84.77	%
Allowance for Loan Loss/Total Loans			1.46	%		1.49	%
Total Allowances for Loan Loss (including Credit Quality Discount)/Non-performing Loans			659.16	%		711.89	%
Total Allowances for Loan Loss (including Credit Quality Discount)/Total Loans			1.46	%		1.53	%
Financial Ratios
	Book Value per Share	$	11.75		$	11.15
	Tangible Capital/Tangible Asset		5.65	%		5.56	%
	Tangible Book Value per Share	$	9.27		$	8.64
	Tangible Book Value per Share (proforma to include the deductibility of goodwill)	$	10.14		$	9.52
Capital Adequacy
Tier one leverage capital ratio (1)			7.60	%		7.10	%

(1) Estimated number for December 31, 2003.