Independent Bank (INDB) 8-K Independent Bank Corp. Records $1.9 Million, Non-cash Securities Impairment

Exhibit 99.1

Shareholder 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. RECORDS
$1.9 MILLION, NON-CASH SECURITIES IMPAIRMENT

     Rockland, Massachusetts (July 25, 2008). Independent Bank Corp. (NASDAQ: INDB), the parent of Rockland Trust Company, announced that the Company has recognized a non-cash, pre-tax charge of approximately $1.9 million as of June 30, 2008 for the other-than-temporary impairment of two investment securities. This non-cash charge will reduce previously announced earnings for the quarter ending June 30, 2008 as described more fully below and as set forth in the attached financial statements.

     The two investments for which the impairment charge has been recognized are trust preferred pooled securities issued by banks and insurers which were rated investment grade (BBB) at inception, currently remain rated investment grade (BBB), and are classified as available for sale. The Company has not incurred any loss on either security, and the Company has the ability and intention to continue to hold them until a recovery of fair value, which may be until maturity.

     There are ninety-three (93) issuers in one of the trust preferred pooled securities, and seventy-three (73) issuers in the other. No issuer in either of the two trust preferred pooled securities has issued more than five percent (5%) of the aggregate amount of the pool. Two (2) of the ninety-three (93) pooled issuers for one security and one (1) of the seventy-three (73) pooled issuers for the other have invoked their original contractual right to defer interest payments. There have been no defaults in either security, and the tranche of the securities held by the Company continues to pay as agreed.

     As previously announced, as of June 30, 2008 the Company had approximately $3.4 billion in total assets. The $1.9 million non-cash impairment charge amounts to

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less than one-half of one percent (0.50%) of the Company’s $488.6 million overall securities portfolio as of June 30, 2008.

     On Tuesday, July 22, 2008 KPMG LLP, the Company’s independent registered public accounting firm, advised the Company that it was KPMG’s opinion that the accounting guidance known as EITF 99-20 might require the Company to recognize, as of June 30, 2008, a non-cash securities impairment charge of approximately $1.9 million in the aggregate, comprised of a $1.45 million impairment for one security with a par value of $3.5 million and a $400,000 impairment for the another security with a par value of $1 million. Although the analysis originally conducted by the Company did not suggest that an impairment charge as of June 30, 2008 was required, Management has – after further consultation with KPMG — recognized the impairment charge.

     The recognition of this impairment charge has only a minor impact on the Company’s equity position as of June 30, 2008, decreasing equity from $301.1 million to $301.0 million, because the securities had already been marked to market. Recognition of the impairment charge as of June 30, 2008, however, decreases net income for the quarter ending June 30, 2008 from the previously announced $8.1 million and diluted earnings per share of $0.50 to net income of $6.8 million and diluted earnings per share of $0.42. The financial statements which accompany this press release set forth any other impacts arising from the recognition of this non-cash impairment charge.

     As a consequence of the $.08 per share impact of this non-cash impairment charge, the Company has revised the operating earnings guidance provided for the remainder of 2008 by Management during the earnings call on Friday July 18, 2008 from a range of $2.14 to $2.18 per share to a range of $2.06 to $2.10 per share. Management does not believe that the recognition of this non-cash impairment charge has any other implications for the Company’s business fundamentals or its outlook.

     Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Company, currently has approximately $3.4 billion in assets. Rockland Trust offers commercial banking, retail banking, investment management, and insurance sales services from: 63 retail branches, 9 commercial lending centers, and 5 mortgage origination offices located throughout southeastern Massachusetts and on Cape Cod; and, from 4 investment management offices located throughout southeastern Massachusetts, on Cape Cod, and in Rhode Island. To find out more about the products and services available at Rockland Trust, please visit https://www.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.

     This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. These non-GAAP measures may exclude significant gains or losses that are unusual in nature, such as securities losses. Because these gains and losses and their impact on the Company’s performance are difficult to

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predict, management believes that presentations of adjusted financial measures excluding the impact of these gains and losses provide useful information that is essential to a proper understanding of the operating results of the Company. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.

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

																March 31, 2008 vs.
	June 30,			December 31,			$			%			March 31,			June 30, 2008			%
CONSOLIDATED BALANCE SHEETS	2008			2007			Variance			Change			2008			Variance			Change
Assets
Cash and Due From Banks	$	89,719		$	67,416			22,303			33.08	%	$	80,598		$	9,121			11.32	%
Fed Funds Sold and Short Term Investments		100			—			—			—			—			100			n/a
Securities
Trading Assets		3,185			1,687			1,498			88.80	%		3,305			(120	)		-3.63	%
Securities Available for Sale		426,894			444,258			(17,364	)		-3.91	%		419,491			7,403			1.76	%
Securities Held to Maturity		33,895			45,265			(11,370	)		-25.12	%		39,335			(5,440	)		-13.83	%
Federal Home Loan Bank Stock		24,603			16,260			8,343			51.31	%		24,603			—			0.00	%
Total Securities		488,577			507,470			(18,893	)		-3.72	%		486,734			1,843			0.38	%
Loans
Commercial and Industrial		261,384			190,522			70,862			37.19	%		259,430			1,954			0.75	%
Commercial Real Estate		1,062,902			797,416			265,486			33.29	%		1,030,085			32,817			3.19	%
Commercial Construction		170,373			133,372			37,001			27.74	%		163,785			6,588			4.02	%
Business Banking		86,430			69,977			16,453			23.51	%		73,853			12,577			17.03	%
Residential Real Estate		417,304			323,847			93,457			28.86	%		426,674			(9,370	)		-2.20	%
Residential Construction		9,292			6,115			3,177			51.95	%		7,622			1,670			21.91	%
Residential Loans Held for Sale		9,171			11,128			(1,957	)		-17.59	%		15,577			(6,406	)		-41.12	%
Consumer — Home Equity		374,580			308,744			65,836			21.32	%		355,367			19,213			5.41	%
Consumer — Auto		141,046			156,006			(14,960	)		-9.59	%		147,232			(6,186	)		-4.20	%
Consumer — Other		42,783			45,825			(3,042	)		-6.64	%		44,317			(1,534	)		-3.46	%
Total Loans		2,575,265			2,042,952			532,313			26.06	%		2,523,942			51,323			2.03	%
Less — Allowance for Loan Losses		(33,231	)		(26,831	)		(6,400	)		23.85	%		(32,609	)		(622	)		1.91	%
Net Loans		2,542,034			2,016,121			525,913			26.09	%		2,491,333			50,701			2.04	%
Bank Premises and Equipment		34,749			39,085			(4,336	)		-11.09	%		51,559			(16,810	)		-32.60	%
Goodwill and Core Deposit Intangible		126,914			60,411			66,503			110.08	%		127,391			(477	)		-0.37	%
Other Assets		104,886			77,910			26,976			34.62	%		92,616			12,270			13.25	%
Total Assets	$	3,386,979		$	2,768,413			618,566			22.34	%	$	3,330,231		$	56,748			1.70	%
Liabilities and Stockholders’ Equity
Deposits
Demand Deposits	$	564,060		$	471,164			92,896			19.72	%	$	549,581		$	14,479			2.63	%
Savings and Interest Checking Accounts		696,457			587,474			108,983			18.55	%		686,808			9,649			1.40	%
Money Market		478,852			435,792			43,060			9.88	%		484,634			(5,782	)		-1.19	%
Time Certificates of Deposit		734,792			532,180			202,612			38.07	%		735,922			(1,130	)		-0.15	%
Total Deposits		2,474,161			2,026,610			447,551			22.08	%		2,456,945			17,216			0.70	%
Borrowings
Federal Home Loan Bank Borrowings		357,949			311,125			46,824			15.05	%		332,105			25,844			7.78	%
Fed Funds Purchased and Assets Sold Under Repurchase Agreements		157,114			138,603			18,511			13.36	%		138,633			18,481			13.33	%
Junior Subordinated Debentures		61,857			51,547			10,310			20.00	%		61,857			—			0.00	%
Other Borrowings		495			3,069			(2,574	)		-83.87	%		10,516			(10,021	)		-95.29	%
Total Borrowings		577,415			504,344			73,071			14.49	%		543,111			34,304			6.32	%
Total Deposits and Borrowings		3,051,576			2,530,954			520,622			20.57	%		3,000,056			51,520			1.72	%
Other Liabilities		34,381			16,994			17,387			102.31	%		29,518			4,863			16.47	%
Stockholders’ Equity		301,022			220,465			80,557			36.54	%		300,657			365			0.12	%
Total Liabilities and Stockholders’ Equity	$	3,386,979		$	2,768,413			618,566			22.34	%	$	3,330,231		$	56,748			1.70	%

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INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited — Dollars in Thousands, Except Per Share Data)

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended												Six Months Ended
	June 30,						$			%			June 30,						$			%
	2008			2007			Variance			Change			2008			2007			Variance			Change
INTEREST INCOME
Interest on Fed Funds Sold and Short Term Investments	$	15		$	289		$	(274	)		-94.81	%	$	35		$	733		$	(698	)		-95.23	%
Interest and Dividends on Securities		5,883			5,526			357			6.46	%		11,775			11,506			269			2.34	%
Interest on Loans		38,657			33,788			4,869			14.41	%		73,825			67,487			6,338			9.39	%
Total Interest Income		44,555			39,603			4,952			12.50	%		85,635			79,726			5,909			7.41	%
INTEREST EXPENSE
Interest on Deposits		9,539			10,816			(1,277	)		-11.81	%		19,854			21,910			(2,056	)		-9.38	%
Interest on Borrowed Funds		4,929			5,354			(425	)		-7.94	%		9,928			10,395			(467	)		-4.49	%
Total Interest Expense		14,468			16,170			(1,702	)		-10.53	%		29,782			32,305			(2,523	)		-7.81	%
Net Interest Income		30,087			23,433			6,654			28.40	%		55,853			47,421			8,432			17.78	%
Less — Provision for Loan Losses		1,902			584			1,318			225.68	%		3,245			1,475			1,770			120.00	%
Net Interest Income after Provision for Loan Losses		28,185			22,849			5,336			23.35	%		52,608			45,946			6,662			14.50	%
NON-INTEREST INCOME
Service Charges on Deposit Accounts		3,963			3,531			432			12.23	%		7,598			6,941			657			9.47	%
Wealth Management		3,114			2,180			934			42.84	%		5,790			3,994			1,796			44.97	%
Mortgage Banking Income		960			820			140			17.07	%		2,073			1,594			479			30.05	%
BOLI Income		637			427			210			49.18	%		1,158			915			243			26.56	%
Net Loss on Sale of Securities		—			—			—			n/a			(609	)		—			(609	)		n/a
Loss on Write-Down of Investments to Fair Value		(1,850	)		—			(1,850	)		n/a			(1,850	)		—			(1,850	)		n/a
Other Non-Interest Income		838			1,081			(243	)		-22.48	%		1,740			2,388			(648	)		-27.14	%
Total Non-Interest Income		7,662			8,039			(377	)		-4.69	%		15,900			15,832			68			0.43	%
NON-INTEREST EXPENSE
Salaries and Employee Benefits		14,945			13,013			1,932			14.85	%		29,088			26,166			2,922			11.17	%
Occupancy and Equipment Expenses		3,235			2,607			628			24.09	%		6,138			5,161			977			18.93	%
Data Processing and Facilities Management		1,421			1,202			219			18.22	%		2,705			2,290			415			18.12	%
Merger & Acquisition Expense		376			—			376			n/a			1,120			—			1,120			n/a
WorldCom Bond Loss Recovery		—			—			—			—			(418	)		—			(418	)		n/a
Other Non-Interest Expense		6,585			6,444			141			2.19	%		11,961			11,102			859			7.74	%
Total Non-Interest Expense		26,562			23,266			3,296			14.17	%		50,594			44,719			5,875			13.14	%
INCOME BEFORE INCOME TAXES		9,285			7,622			1,663			21.82	%		17,914			17,059			855			5.01	%
PROVISION FOR INCOME TAXES		2,444			1,908			536			28.09	%		4,766			4,720			46			0.97	%
NET INCOME	$	6,841		$	5,714		$	1,127			19.72	%	$	13,148		$	12,339		$	809			6.56	%
BASIC EARNINGS PER SHARE	$	0.42		$	0.41						2.44	%	$	0.87		$	0.86						1.16	%
DILUTED EARNINGS PER SHARE	$	0.42		$	0.40						5.00	%	$	0.86		$	0.86						0.00	%
BASIC AVERAGE SHARES		16,268,009			14,101,468						15.36	%		15,193,327			14,282,226						6.38	%
DILUTED AVERAGE SHARES		16,346,749			14,231,264						14.87	%		15,269,941			14,428,323						5.83	%
PERFORMANCE RATIOS:
Net Interest Margin (FTE)		4.01	%		3.85	%					4.16	%		3.96	%		3.84	%					3.13	%
Return on Average Assets		0.82	%		0.85	%					3.53	%		0.84	%		0.91	%					-7.69	%
Return on Average Equity		9.02	%		10.44	%					-13.60	%		9.47	%		11.09	%					-14.61	%
RECONCILIATION TABLE — NON-GAAP FINANCIAL INFORMATION
NET INCOME (GAAP)	$	6,841		$	5,714		$	1,127			19.72	%	$	13,148		$	12,339		$	809			6.56	%
Net Interest Income Components
Add — Write-Off of Debt Issuance Cost, net of tax		—			590			(590	)								590			(590	)
Non-Interest Income Components
Add — Net Loss on Sale of Securities, net of tax		—			—			—						396			—			396
Non-Interest Expense Components
Add — Executive Early Retirement Costs, net of tax		—			—			—						—			264			(264	)
Add — Merger and Acquisition Expenses, net of tax		244			—			244						728			—			728
Add — Litigation Reserve, net of tax		—			885			(885	)								885			(885	)
Less — WorldCom Bond Loss Recovery, net of tax		—			—			—						(272	)		—			(272	)
NET OPERATING EARNINGS	$	7,085		$	7,189		$	(104	)		-1.44	%	$	14,000		$	14,078		$	(78	)		-0.55	%
Diluted Earnings Per Share, on an Operating Basis	$	0.43		$	0.51		$	(0.08	)		-15.69	%	$	0.92		$	0.98		$	(0.06	)		-6.12	%

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

				Three Months Ended June 30,
				2008							2007
						Interest							Interest
	Ending			Average		Earned/		Yield/			Average		Earned/		Yield/
	Balance			Balance		Paid		Rate			Balance		Paid		Rate
Interest-Earning Assets:
Federal Funds Sold and Short Term Investments	$	100		$	754	$	15		7.96	%	$	20,962	$	289		5.51	%
Securities:
Trading Assets		3,185			3,446		39		4.53	%		1,647		9		2.19	%
Taxable Investment Securities		446,303			444,807		5,370		4.83	%		418,893		4,975		4.75	%
Non-taxable Investment Securities (1)		39,089	��		41,722		730		7.00	%		51,893		834		6.43	%
Total Securities:		488,577			489,975		6,139		5.01	%		472,433		5,818		4.93	%
Loans (1)		2,575,265			2,550,066		38,768		6.08	%		1,987,156		33,911		6.83	%
Total Interest-Earning Assets	$	3,063,942		$	3,040,795	$	44,922		5.91	%	$	2,480,551	$	40,018		6.45	%
Cash and Due from Banks		89,719			67,974							60,949
Other Assets		233,318			228,547							148,885
Total Assets	$	3,386,979		$	3,337,316						$	2,690,385
Interest-bearing Liabilities:
Deposits:
Savings and Interest Checking Accounts	$	696,457		$	691,150	$	1,493		0.86	%	$	580,449	$	1,994		1.37	%
Money Market		478,852			482,638		2,124		1.76	%		467,846		3,509		3.00	%
Time Deposits		734,792			739,389		5,922		3.20	%		522,282		5,313		4.07	%
Total interest-bearing deposits:		1,910,101			1,913,177		9,539		1.99	%		1,570,577		10,816		2.75	%
Borrowings:
Federal Home Loan Bank Borrowings	$	357,949		$	330,881	$	2,762		3.34	%	$	238,246	$	2,668		4.48	%
Federal Funds Purchased and Assets Sold Under Repurchase Agreement		157,114			144,012		1,116		3.10	%		99,300		733		2.95	%
Junior Subordinated Debentures		61,857			61,857		989		6.40	%		59,760		1,935		12.95	%
Other Borrowings		495			10,757		62		2.31	%		997		18		7.22	%
Total Borrowings:		577,415			547,507		4,929		3.60	%		398,303		5,354		5.38	%
Total Interest-Bearing Liabilities	$	2,487,516		$	2,460,684	$	14,468		2.35	%	$	1,968,880	$	16,170		3.29	%
Demand Deposits		564,060			547,048							488,571
Other Liabilities		34,381			26,098							13,908
Total Liabilities	$	3,085,957		$	3,033,830						$	2,471,359
Stockholders’ Equity		301,022			303,486							219,026
Total Liabilities and Stockholders’ Equity	$	3,386,979		$	3,337,316						$	2,690,385
Net Interest Income						$	30,454						$	23,848
Interest Rate Spread (2)									3.56	%						3.16	%
Net Interest Margin (3)									4.01	%						3.85	%
Supplemental Information:
Total Deposits, including Demand Deposits	$	2,474,161		$	2,460,225	$	9,539				$	2,059,148	$	10,816
Cost of Total Deposits									1.55	%						2.10	%
Total Funding Liabilities, including Demand Deposits	$	3,051,576		$	3,007,732	$	14,468				$	2,457,451	$	16,170
Cost of Total Funding Liabilities									1.92	%						2.63	%

(1)	The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $367 and $415 for the three months ended June 30, 2008 and 2007, respectively.
(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.
(3)	Net interest margin represents annualized net interest income as a percentage of 10 average interest-earning assets.

6

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

			Six Months Ended June 30,
			2008							2007
					Interest							Interest
	Ending		Average		Earned/		Yield/			Average		Earned/		Yield/
	Balance		Balance		Paid		Rate			Balance		Paid		Rate
Interest-Earning Assets:
Federal Funds Sold and Short Term Investments	$	100	$	689	$	35		10.16	%	$	27,265	$	733		5.38	%
Securities:
Trading Assets		3,185		3,012		66		4.38	%		1,669		23		2.76	%
Taxable Investment Securities		446,303		434,295		10,756		4.95	%		433,625		10,377		4.79	%
Non-taxable Investment Securities (1)		39,089		43,778		1,466		6.70	%		52,722		1,701		6.45	%
Total Securities:		488,577		481,085		12,288		5.11	%		488,016		12,101		4.96	%
Loans (1)		2,575,265		2,378,702		74,053		6.23	%		1,995,143		67,727		6.79	%
Total Interest-Earning Assets	$	3,063,942	$	2,860,476	$	86,376		6.04	%	$	2,510,424	$	80,561		6.42	%
Cash and Due from Banks		89,719		64,286							60,142
Other Assets		233,318		199,437							148,565
Total Assets	$	3,386,979	$	3,124,199						$	2,719,131
Interest-bearing Liabilities:
Deposits:
Savings and Interest Checking Accounts	$	696,457	$	643,469	$	3,084		0.96	%	$	576,067	$	3,794		1.32	%
Money Market		478,852		474,349		4,702		1.98	%		468,603		7,049		3.01	%
Time Deposits		734,792		673,394		12,068		3.58	%		540,289		11,067		4.10	%
Total interest-bearing deposits:		1,910,101		1,791,212		19,854		2.22	%		1,584,959		21,910		2.76	%
Borrowings:
Federal Home Loan Bank Borrowings	$	357,949	$	315,730	$	5,704		3.61	%	$	245,471	$	5,459		4.45	%
Federal Funds Purchased and Assets Sold Under Repurchase Agreement		157,114		141,644		2,270		3.21	%		102,483		1,585		3.09	%
Junior Subordinated Debentures		61,857		58,458		1,848		6.32	%		68,492		3,326		9.71	%
Other Borrowings		495		7,597		106		2.79	%		792		25		6.31	%
Total Borrowings:		577,415		523,429		9,928		3.79	%		417,238		10,395		4.98	%
Total Interest-Bearing Liabilities	$	2,487,516	$	2,314,641	$	29,782		2.57	%	$	2,002,197	$	32,305		3.23	%
Demand Deposits		564,060		511,033							480,671
Other Liabilities		34,381		20,785							13,831
Total Liabilities	$	3,085,957	$	2,846,459						$	2,496,699
Stockholders’ Equity		301,022		277,740							222,432
Total Liabilities and Stockholders’ Equity	$	3,386,979	$	3,124,199						$	2,719,131
Net Interest Income					$	56,594						$	48,256
Interest Rate Spread (2)								3.47	%						3.19	%
Net Interest Margin (3)								3.96	%						3.84	%
Supplemental Information:
Total Deposits, including Demand Deposits	$	2,474,161	$	2,302,245	$	19,854				$	2,065,630	$	21,910
Cost of Total Deposits								1.72	%						2.12	%
Total Funding Liabilities, including Demand Deposits	$	3,051,576	$	2,825,674	$	29,782				$	2,482,868	$	32,305
Cost of Total Funding Liabilities								2.11	%						2.60	%

(1)	The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $741 for the six months ended June 30, 2008 and $835 for the six months ended June 30, 2007.
(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.
(3)	Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

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	As Of
	June 30,			December 31,			June 30,
	2008			2007			2007
	(Dollars in Thousands, Except Per Share Data)
Asset Quality
Nonperforming Loans
Commercial & Industrial Loans	$	403		$	306		$	301
Business Banking Loans		935			439			343
Commercial Real Estate Loans		2,263			2,568			2,013
Residential Real Estate Loans		4,460			2,380			1,927
Installment Loans — Home Equity		1,380			872			373
Installment Loans — Auto		934			833			810
Installment Loans — Other		290			246			91
Total Nonperforming Loans		10,665			7,644			5,858
Other Real Estate Owned		1,393			681			305
Nonperforming Assets	$	12,058		$	8,325		$	6,163
Net charge-offs (year to date)	$	2,369		$	3,114		$	1,639
Net charge-offs to average loans (annualized)		0.19	%		0.16	%		0.16	%
Nonperforming Loans/Gross Loans		0.41	%		0.37	%		0.30	%
Allowance for Loan Losses/Nonperforming Loans		311.59	%		351.01	%		454.93	%
Loans/Total Deposits		104.09	%		100.81	%		96.53	%
Allowance for Loan Losses/Total Loans		1.29	%		1.31	%		1.35	%
Financial Ratios
Book Value per Share	$	18.50		$	16.04		$	15.25
Tangible Capital/Tangible Asset		5.34	%		5.91	%		5.91	%
Tangible Capital/Tangible Asset (proforma to include the deductibility of goodwill)		5.79	%		6.45	%		6.47	%
Tangible Book Value per Share	$	10.70		$	11.64		$	11.05
Tangible Book Value per Share (proforma to include the deductibility of goodwill)	$	11.59		$	12.70		$	12.09
Capital Adequacy
Tier one leverage capital ratio (1)		7.66	%		8.02	%		7.94	%

(1) Estimated number for June 30, 2008

Certain amounts in prior year financial statement have been reclassified to conform to the current year’s presentation.

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