Exhibit 99.1
INDEPENDENT
BANK CORP.
Parent of Rockland Trust Company
Shareholder Relations |
| NEWS RELEASE |
288 Union Street, Rockland, MA 02370 |
| Contact: Douglas H. Philipsen |
|
| Chairman of the Board |
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| President and |
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| Chief Executive Officer |
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| (781) 982-6613 |
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|
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| Denis K. Sheahan |
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| Chief Financial Officer |
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| (781) 982-6341 |
INDEPENDENT BANK CORP. ANNOUNCES A 31% INCREASE IN NET OPERATING EARNINGS FOR YEAR ENDED DECEMBER 31, 2002, AN 11% INCREASE IN FOURTH QUARTER NET OPERATING EARNINGS.
Rockland, Massachusetts (January 9, 2003). Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced that net operating earnings for the fourth quarter of 2002 were $7.0 million, an 11.3% increase from the operating earnings recorded in the same period last year. Diluted earnings per share on an operating basis increased by 11.6% to $0.48 for the quarter ended December 31, 2002 over the same quarter last year. For the year ended December 31, 2002, operating earnings were $27.6 million, a 30.7% increase from the same twelve month period last year. Diluted earnings per share on an operating basis were $1.89, an increase of 29.5% for the twelve months ended December 31, 2002 compared to the same period last year.
Net income for the quarter ended December 31, 2002 was $7.0 million, an increase of $0.7 million (+11.7%) from the final quarter of 2001, while net income for the twelve months ended December 31, 2002 was $25.1 million, an increase of $3.0 million (+13.7%) from the twelve months ended December 31, 2001. Diluted earnings per share were $0.48, an 11.6% increase and $1.61, a 5.2% increase, for the three and twelve months ended December 31, 2002 compared to the same time periods last year. Stockholders’ equity as of December 31, 2002 totaled $161.2 million. The Company’s Tier 1 leverage capital ratio at December 31, 2002 is estimated to be 7.05%.
The Company summarizes the financial results for the twelve months and three months ended December 31, 2002 and December 31, 2001 on both an operating basis (which excludes the impact of the trust preferred issuance costs write-off, net of tax, of $1.5 million in the first half of 2002, a $4.4 million impairment charge on WorldCom bonds in the second quarter 2002, and securities gains and losses) and on an actual basis. These results are as follows:
1
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| Net Operating Earnings |
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| Year To Date December 31, |
| Quarter Ended December 31, |
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| 2002 (2) |
| 2001 |
| % Change |
| 2002 |
| 2001 |
| % Change |
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Net Income |
| $ | 25,066 |
| $ | 22,052 |
| 13.7 | % | $ | 7,023 |
| $ | 6,289 |
| 11.7 | % |
Less - Net Gain on Sale of Securities, net of tax |
| $ | 0 |
| $ | 928 |
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|
| $ | 25 |
| $ | 0 |
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Add - Impairment Charge, net of tax |
| $ | 2,545 |
| $ | 0 |
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| $ | 0 |
| $ | 0 |
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Net Operating Earnings |
| $ | 27,611 |
| $ | 21,124 |
| 30.7 | % | $ | 6,998 |
| $ | 6,289 |
| 11.3 | % |
Diluted EPS Operating (1) |
| $ | 1.89 |
| $ | 1.46 |
| 29.5 | % | $ | 0.48 |
| $ | 0.43 |
| 11.6 | % |
ROAA |
| 1.23 | % | 1.02 | % |
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| 1.23 | % | 1.16 | % |
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ROAE |
| 19.02 | % | 16.69 | % |
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| 17.89 | % | 18.27 | % |
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| Net Income, as reported |
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| Year To Date December 31, |
| Quarter Ended December 31, |
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| 2002 (2) |
| 2001 |
| % Change |
| 2002 |
| 2001 |
| % Change |
| ||||
Net Income |
| $ | 25,066 |
| $ | 22,052 |
| 13.7 | % | $ | 7,023 |
| $ | 6,289 |
| 11.7 | % |
Trust Preferred Issuance costs write-off (3) |
| $ | 1,505 |
| $ | 0 |
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| $ | 0 |
| $ | 0 |
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Net Income Available to Common Shareholders |
| $ | 23,561 |
| $ | 22,052 |
| 6.8 | % | $ | 7,023 |
| $ | 6,289 |
| 11.7 | % |
Diluted EPS |
| $ | 1.61 |
| $ | 1.53 |
| 5.2 | % | $ | 0.48 |
| $ | 0.43 |
| 11.6 | % |
ROAA |
| 1.12 | % | 1.07 | % |
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| 1.23 | % | 1.16 | % |
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ROAE |
| 17.26 | % | 17.42 | % |
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| 17.95 | % | 18.27 | % |
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(1) Excludes trust preferred issuance costs write-off.
(2) Reflects the restatement during the six months ended June 30, 2002 for the nonamortization of goodwill in accordance with SFAS No. 147.
(3) Write-off charged directly to equity and included in the EPS calculation in accordance with GAAP.
Operating earnings and net income were increased by $439,000 after tax, or $0.03 per diluted share, and $1.8 million after tax, or $0.12 per diluted share, for the three and twelve months ended December 31, 2002 attributable to ceasing amortization of goodwill in accordance with the Company’s adoption, in September 2002, of the Statement of Financial Accounting Standards (“SFAS”) No. 147, “Acquisition of Certain Financial Institutions,” which allowed the Company to retroactively reclassify intangible assets to goodwill and cease the amortization of these intangibles.
Comparing the three and twelve months ended December 31, 2002 to the same periods in 2001, net interest income increased $0.3 million (+1.0%) and $9.4 million (+10.4%), respectively. The net interest margin for the fourth quarter and the twelve months of 2002 was 4.83% and 4.88%, respectively and for the fourth quarter and twelve month periods ended December 31, 2001 it was 5.06% and 4.84%, respectively. Management anticipates that the net interest margin will contract in the coming months as assets continue to reprice at historically low levels without a corresponding decrease in rates paid. Management continues to take steps to protect the net interest margin and improve the Bank’s asset sensitivity such as emphasizing adjustable rate loan production, shorter term investments and longer term funding.
Non-interest income improved by $1.1 million (19.3%) and by $2.1 million (9.8%) during the three and twelve months ended December 31, 2002, respectively, as compared to the same periods last year. Non-interest income, excluding securities’ gains and losses, improved by $1.0 million (+18.6%) and $3.5 million (+17.7%), for the three and twelve months ended December 31, 2002, respectively, as compared to the same periods last year. Deposit service charge revenue increased by $0.3 million (+11.2%) and $1.2 million (+13.5%), for the three and twelve months ended December 31, 2002, respectively, reflecting growth in core deposits and lower earnings credit rates. Investment management revenue increased $0.1 million (+10.6%) and $0.8 million (+18.8%), for the three and twelve months ended December 31, 2002, respectively, as compared to the same period last year primarily due to estate and trust distribution fees. Mortgage banking income increased by $0.6 million (+69.7%) and $1.4 million (+55.2%) for the three and twelve months ended December 31, 2002, respectively. The increase in Mortgage Banking Income is attributable to strong refinancing activity. The balance of the mortgage servicing asset was $2.0 million and loans serviced amounted to $353.6 million as of December 31, 2002.
2
Non-interest expense increased by $1.3 million (+7.4%) and $7.3 million (+10.6%) during the three and twelve month periods ended December 31, 2002, respectively, as compared to the same periods last year. Non-interest expense, excluding the securities’ impairment charge taken in the second quarter of 2002, increased by $1.3 million (+7.4%) and $2.9 million (+4.2%) for the three and twelve month periods ended December 31, 2002, respectively, as compared to the same periods in the prior year. Salaries and employee benefits increased by $0.7 million (+6.4%) and $3.4 million (+9.1%) for the three and twelve month periods ended December 31, 2002, respectively, due to additions to staff needed to support continued growth, employees’ merit increases, an increase in performance based incentive compensation, and commissions related to mortgage originations. Occupancy and equipment-related expense decreased $0.8 million (-8.1%), for the twelve month period ended December 31, 2002 due to assets being fully depreciated during the year. The Company recorded a decrease in goodwill amortization associated with the adoption of SFAS No. 147, in September 2002. The favorable variance amounted to $0.6 million and $2.6 million for the three and twelve month periods ended December 31, 2002, respectively. Other non-interest expenses increased by $1.1 million (+32.8%) and $3.0 million (+19.3%) for the three and twelve month periods ended December 31, 2002, respectively. A portion of which is due to a $0.5 million and a $0.9 million unrealized loss recorded on an equity investment made for Community Reinvestment Act purposes for the three and twelve months ended December 31, 2002. Other items associated with this increase are information technology consulting, executive recruitment costs, advertising, and legal costs for each of the periods.
Total assets increased by $86.2 million (+3.9%) from year-end 2001 to a total of $2.3 billion at December 31, 2002. Total investments decreased $54.0 million during 2002. Significant prepayments in the mortgage backed securities portfolio were partially offset by purchases in short term U.S. Government Agencies and Collateralized Mortgage Obligations which intentionally decreased the duration of the investment portfolio. Total loans increased by $132.7 million (+10.2%) during the twelve months ended December 31, 2002 as compared to total loans at December 31, 2001. The increases were mainly in residential real estate, commercial real estate, and real estate construction, primarily attributable to adjustable rate loans, which increased $52.3 million, $48.1 million and $12.2 million, respectively, and consumer loans, which increased $19.8 million primarily attributable to an increase in prime based home equity lines.
Total deposits increased by $107.1 million (+6.8%) since year-end 2001. Core deposits increased by $173.0 million (+16.6%), particularly in relationship deposit products, which enabled the Company to reduce the balance of the more expensive time deposits by $65.9 million (-12.2%).
Non-performing assets totaled $3.1 million at December 31, 2002 (0.13% of total assets), as compared to the $3.0 million (0.14% of total assets) reported at December 31, 2001. The Company’s total reserves for loan losses (including the credit quality discount of $0.5 million at December 31, 2002 and $0.8 million at December 31, 2001), as a percentage of the loan portfolio was 1.53% at December 31, 2002 and 1.46% at December 31, 2001.
3
The provision for loan losses was $1.1 million for the quarter ended December 31, 2002, compared to $1.8 million for the same period last year and $4.7 million for the twelve months ended December 31, 2002, compared to $4.6 million for the same period in 2001.
Douglas H. Philipsen, Chief Executive Officer, stated that he is very pleased with the Company’s performance in 2002. “The Company experienced record earnings in 2002 driven by remarkable balance sheet growth in loans, across all categories, and deposits as well as a stable net interest margin.”
Douglas H. Philipsen and Denis K. Sheahan, Chief Financial Officer of Independent Bank Corp., will host a conference call to discuss fourth quarter earnings at 10:00 a.m. Eastern Daylight Time on Monday, January 13, 2003. Internet access to the call is available by going to the Company’s website at http://www.rocklandtrust.com or telephonic access by dial-in at 888-588-7930 (password — INDB). A replay of the call will be available two hours after the completion of the conference call from January 13, 2003 to January 16, 2003 at midnight by calling 800-642-1687 (Conference ID 7407708).
Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Company, currently has $2.3 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 at 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.
4
INDEPENDENT BANK CORP. FINANCIAL SUMMARY |
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(Dollars in Thousands — Unaudited) |
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CONSOLIDATED BALANCE SHEETS |
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| December 31, |
| December 31, |
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| 2002 |
| 2001 |
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Assets |
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Cash and Due From Banks |
| $ | 71,317 |
| $ | 66,967 |
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Fed Funds Sold & Short Term Investments |
| 3,169 |
| 6,000 |
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Trading Assets |
| 1,075 |
| 1,150 |
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Investments Available for Sale |
| 501,828 |
| 569,288 |
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Investments Held to Maturity |
| 149,071 |
| 132,754 |
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Federal Home Loan Bank Stock |
| 17,036 |
| 17,036 |
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Loans |
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Commercial & Industrial |
| 151,591 |
| 151,287 |
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Commercial Real Estate |
| 511,102 |
| 463,052 |
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Residential Real Estate |
| 281,452 |
| 229,123 |
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Real Estate Construction |
| 59,371 |
| 47,208 |
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Consumer — Installment |
| 323,501 |
| 324,271 |
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Consumer — Other |
| 104,585 |
| 83,997 |
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Total Loans |
| 1,431,602 |
| 1,298,938 |
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Less — Reserve for Loan Losses |
| (21,387 | ) | (18,190 | ) | ||
Net Loans |
| 1,410,215 |
| 1,280,748 |
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Bank Premises and Equipment |
| 30,872 |
| 29,919 |
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Goodwill |
| 36,236 |
| 36,236 |
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Other Assets |
| 64,553 |
| 59,090 |
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Total Assets |
| $ | 2,285,372 |
| $ | 2,199,188 |
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Liabilities and Stockholders’ Equity |
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Deposits |
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Demand Deposits |
| $ | 429,042 |
| $ | 378,663 |
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Savings and Interest Checking Accounts |
| 464,318 |
| 413,198 |
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Money Market and Super Interest Checking Accounts |
| 320,819 |
| 249,328 |
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Time Certificates of Deposit |
| 474,553 |
| 540,429 |
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Total Deposits |
| 1,688,732 |
| 1,581,618 |
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Fed Funds Purchased and Assets Sold |
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Under Repurchase Agreements |
| 58,092 |
| 66,176 |
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Federal Home Loan Bank Borrowings |
| 297,592 |
| 313,934 |
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Treasury Tax and Loan Notes |
| 6,471 |
| 6,967 |
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Total Borrowings |
| 362,155 |
| 387,077 |
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Total Deposits and Borrowings |
| 2,050,887 |
| 1,968,695 |
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Other Liabilities |
| 25,469 |
| 21,903 |
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Company-Obligated Mandatory Redeemable Securities of |
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Subsidiary Trust Holding Solely Parent Company Debentures of the Corporation |
| 47,774 |
| 75,329 |
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Stockholders’ Equity |
| 161,242 |
| 133,261 |
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Total Liabilities and Stockholders’ Equity |
| $ | 2,285,372 |
| $ | 2,199,188 |
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CREDIT QUALITY RATIOS: |
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Non-performing Loans |
| 3,077 |
| 3,015 |
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Non-performing Assets |
| 3,077 |
| 3,015 |
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Non-performing Loans/Gross Loans |
| 0.21 | % | 0.23 | % | ||
Reserve for Loan Loss/Non-performing Loans |
| 695.06 | % | 603.32 | % | ||
Loans/Total Deposits |
| 84.77 | % | 82.13 | % | ||
Reserve/Total Loans |
| 1.49 | % | 1.40 | % | ||
Total Reserves for Loan Loss (including Credit Quality Discount)/Non-performing Loans |
| 711.89 | % | 630.18 | % | ||
Total Reserve (including Credit Quality Discount)/Total Loans |
| 1.53 | % | 1.46 | % | ||
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FINANCIAL RATIOS: |
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Tier 1 Leverage Capital Ratio |
| 7.05 | %* | 6.31 | % | ||
Book Value per Share |
| $ | 11.15 |
| $ | 9.30 |
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Tangible Capital/Tangible Asset |
| 5.56 | % | 4.49 | % | ||
Tangible Book Value per Share |
| $ | 8.64 |
| $ | 6.77 |
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Tangible Book Value per Share (proforma to include the deductibility of goodwill) |
| $ | 9.52 |
| $ | 7.66 |
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| * Estimated numbers |
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5
INDEPENDENT BANK CORP. FINANCIAL SUMMARY |
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(Dollars in Thousands — Unaudited) |
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CONSOLIDATED STATEMENTS OF INCOME |
| YEAR ENDED |
| QUARTER ENDED |
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| DECEMBER 31, |
| DECEMBER 31, |
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| 2002 (1) |
| 2001 |
| 2002 |
| 2001 |
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INTEREST INCOME |
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Interest on Fed Funds Sold & Short Term Investments |
| $ | 378 |
| $ | 679 |
| $ | 48 |
| $ | 15 |
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Interest and Dividends on Securities |
| 41,780 |
| 42,911 |
| 10,056 |
| 11,312 |
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Interest on Loans |
| 98,667 |
| 101,479 |
| 24,361 |
| 25,392 |
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Total Interest Income |
| 140,825 |
| 145,069 |
| 34,465 |
| 36,719 |
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INTEREST EXPENSE |
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Interest on Deposits |
| 24,869 |
| 38,550 |
| 5,260 |
| 7,777 |
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Interest on Borrowed Funds |
| 15,925 |
| 15,928 |
| 3,924 |
| 3,911 |
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Total Interest Expense |
| 40,794 |
| 54,478 |
| 9,184 |
| 11,688 |
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Net Interest Income |
| 100,031 |
| 90,591 |
| 25,281 |
| 25,031 |
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Less — Provision for Loan Losses |
| 4,650 |
| 4,619 |
| 1,050 |
| 1,832 |
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Net Interest Income after Provision for Loan Losses |
| 95,381 |
| 85,972 |
| 24,231 |
| 23,199 |
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NON-INTEREST INCOME |
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Service Charges on Deposit Accounts |
| 10,013 |
| 8,823 |
| 2,645 |
| 2,379 |
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Investment Management Services Income |
| 5,253 |
| 4,423 |
| 1,174 |
| 1,062 |
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Mortgage Banking Income |
| 3,801 |
| 2,449 |
| 1,495 |
| 881 |
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BOLI Income |
| 1,862 |
| 1,807 |
| 486 |
| 462 |
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Net Gain on Sale of Securities |
| 0 |
| 1,428 |
| 38 |
| — |
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Other Non-Interest Income |
| 2,428 |
| 2,348 |
| 664 |
| 668 |
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Total Non-Interest Income |
| 23,357 |
| 21,278 |
| 6,502 |
| 5,452 |
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NON-INTEREST EXPENSE |
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Salaries and Employee Benefits |
| 40,274 |
| 36,904 |
| 11,100 |
| 10,431 |
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Occupancy and Equipment Expenses |
| 8,645 |
| 9,411 |
| 2,172 |
| 2,034 |
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Data Processing & Facilities Management |
| 4,295 |
| 4,182 |
| 1,110 |
| 1,045 |
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Intangible Assets Amortization |
| — |
| 2,832 |
| — |
| 708 |
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Impairment Charge |
| 4,372 |
| — |
| — |
| — |
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Other Non Interest Expense |
| 18,752 |
| 15,718 |
| 4,619 |
| 3,480 |
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Total Non-Interest Expense |
| 76,338 |
| 69,047 |
| 19,001 |
| 17,698 |
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Minority Interest |
| 5,041 |
| 5,666 |
| 1,091 |
| 1,509 |
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INCOME BEFORE INCOME TAXES |
| 37,359 |
| 32,537 |
| 10,641 |
| 9,444 |
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PROVISION FOR INCOME TAXES |
| 12,293 |
| 10,485 |
| 3,618 |
| 3,155 |
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NET INCOME |
| $ | 25,066 |
| $ | 22,052 |
| $ | 7,023 |
| $ | 6,289 |
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Less: Trust Preferred Issuance Costs Write-off (net of tax) |
| $ | 1,505 |
| $ | — |
| $ | — |
| $ | — |
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Net Income Available to Common Shareholders |
| $ | 23,561 |
| $ | 22,052 |
| $ | 7,023 |
| $ | 6,289 |
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BASIC EARNINGS PER SHARE |
| $ | 1.63 |
| $ | 1.54 |
| $ | 0.49 |
| $ | 0.44 |
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DILUTED EARNINGS PER SHARE |
| $ | 1.61 |
| $ | 1.53 |
| $ | 0.48 |
| $ | 0.43 |
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BASIC AVERAGE SHARES |
| 14,415,570 |
| 14,290,504 |
| 14,456,521 |
| 14,323,404 |
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DILUTED AVERAGE SHARES |
| 14,619,560 |
| 14,445,243 |
| 14,639,323 |
| 14,510,859 |
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PERFORMANCE RATIOS: |
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Net Interest Margin (FTE) |
| 4.88 | % | 4.84 | % | 4.83 | % | 5.06 | % | ||||
Return on Average Assets |
| 1.12 | % | 1.07 | % | 1.23 | % | 1.16 | % | ||||
Return on Average Equity |
| 17.26 | % | 17.42 | % | 17.95 | % | 18.27 | % | ||||
EXCLUDING SECURITIES GAINS, IMPAIRMENT CHARGE AND TRUST PREFERRED ISSUANCE COSTS WRITE-OFF |
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Net Income |
| $ | 25,066 |
| $ | 22,052 |
| $ | 7,023 |
| $ | 6,289 |
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Less — Net Gain on Sale of Securities, net of tax |
| — |
| 928 |
| 25 |
| — |
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Add — Impairment Charge, net of tax |
| 2,545 |
| — |
| — |
| — |
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Net Operating Earnings |
| $ | 27,611 |
| $ | 21,124 |
| $ | 6,998 |
| $ | 6,289 |
|
Diluted Operating Earnings Per Share (2) |
| $ | 1.89 |
| $ | 1.46 |
| $ | 0.48 |
| $ | 0.43 |
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Return on Average Assets |
| 1.23 | % | 1.02 | % | 1.23 | % | 1.16 | % | ||||
Return on Average Equity |
| 19.02 | % | 16.69 | % | 17.89 | % | 18.27 | % | ||||
OPERATING CASH EARNINGS (3) |
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Net Operating Cash Earnings |
| $ | 27,611 |
| $ | 22,965 |
| $ | 6,998 |
| $ | 6,749 |
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Diluted Operating Cash Earnings Per Share |
| $ | 1.89 |
| $ | 1.59 |
| $ | 0.48 |
| $ | 0.47 |
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(1) Reflects the restatement of the six months ended June 30, 2002 for the nonamortization of goodwill in accordance with SFAS No. 147.
(2) Excludes trust preferred issuance costs write-off.
(3) Operating Earnings before amortization of intangible assets.
6
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
|
|
|
| INTEREST |
|
|
| ||
|
| AVERAGE |
| EARNED/ |
| AVERAGE |
| ||
|
| BALANCE |
| PAID |
| YIELD |
| ||
FOR THE TWELVE MONTHS ENDED DECEMBER 31, |
| 2002 |
| 2002 |
| 2002 |
| ||
|
|
|
|
|
|
|
| ||
Interest-earning Assets: |
|
|
|
|
|
|
| ||
Federal Funds Sold and Assets Purchased under Resale Agreement |
| $ | 20,692 |
| $ | 378 |
| 1.83 | % |
Trading Assets |
| 1,115 |
| 26 |
| 2.33 | % | ||
Taxable Investment Securities |
| 658,272 |
| 39,191 |
| 5.95 | % | ||
Non-taxable Investment Securities (1) |
| 55,396 |
| 3,884 |
| 7.01 | % | ||
Loans (1) |
| 1,345,720 |
| 98,950 |
| 7.35 | % | ||
Total Interest-Earning Assets |
| $ | 2,081,195 |
| $ | 142,429 |
| 6.84 | % |
Cash and Due from Banks |
| 59,631 |
|
|
|
|
| ||
Other Assets |
| 102,075 |
|
|
|
|
| ||
Total Assets |
| $ | 2,242,901 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Interest-bearing Liabilities: |
|
|
|
|
|
|
| ||
Savings and Interest Checking Accounts |
| $ | 426,104 |
| $ | 2,994 |
| 0.70 | % |
Money Market & Super Interest Checking Accounts |
| 322,539 |
| 5,594 |
| 1.73 | % | ||
Time Deposits |
| 499,475 |
| 16,282 |
| 3.26 | % | ||
Federal Funds Sold and Assets Purchased under Resale Agreement |
| 68,796 |
| 795 |
| 1.16 | % | ||
Treasury Tax and Loan Notes |
| 4,267 |
| 44 |
| 1.03 | % | ||
Federal Home Loan Bank borrowings |
| 297,813 |
| 15,085 |
| 5.07 | % | ||
Total Interest-Bearing Liabilities |
| $ | 1,618,994 |
| $ | 40,794 |
| 2.52 | % |
Demand Deposits |
| 398,901 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Company-Obligated Mandatorily Redeemable |
|
|
|
|
|
|
| ||
Securities of Subsidiary Holding Solely Parent |
|
|
|
|
|
|
| ||
Company Debentures of the Corporation |
| 53,608 |
|
|
|
|
| ||
Other Liabilities |
| 26,182 |
|
|
|
|
| ||
Total Liabilities |
| $ | 2,097,685 |
|
|
|
|
| |
Stockholders’ Equity |
| 145,216 |
|
|
|
|
| ||
Total Liabilities and Stockholders’ Equity |
| $ | 2,242,901 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Net Interest Income |
|
|
| $ | 101,635 |
|
|
| |
|
|
|
|
|
|
|
| ||
Interest Rate Spread (2) |
|
|
|
|
| 4.32 | % | ||
|
|
|
|
|
|
|
| ||
Net Interest Margin (2) |
|
|
|
|
| 4.88 | % | ||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $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 percent of average interest-earning assets.
7
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
|
|
|
| INTEREST |
|
|
| ||
|
| AVERAGE |
| EARNED/ |
| AVERAGE |
| ||
|
| BALANCE |
| PAID |
| YIELD |
| ||
FOR THE TWELVE MONTHS ENDED DECEMBER 31, |
| 2001 |
| 2001 |
| 2001 |
| ||
|
|
|
|
|
|
|
| ||
Interest-earning Assets: |
|
|
|
|
|
|
| ||
Federal Funds Sold and Assets Purchased under Resale Agreement |
| $ | 15,845 |
| $ | 679 |
| 4.29 | % |
Trading Assets |
| 451 |
| 7 |
| 1.55 | % | ||
Taxable Investment Securities |
| 602,109 |
| 40,823 |
| 6.78 | % | ||
Non-taxable Investment Securities (1) |
| 41,561 |
| 3,152 |
| 7.58 | % | ||
Loans (1) |
| 1,237,230 |
| 101,722 |
| 8.22 | % | ||
Total Interest-Earning Assets |
| $ | 1,897,196 |
| $ | 146,383 |
| 7.72 | % |
Cash and Due from Banks |
| 62,240 |
|
|
|
|
| ||
Other Assets |
| 105,454 |
|
|
|
|
| ||
Total Assets |
| $ | 2,064,890 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Interest-bearing Liabilities: |
|
|
|
|
|
|
| ||
Savings and Interest Checking Accounts |
| $ | 377,250 |
| $ | 4,598 |
| 1.22 | % |
Money Market & Super Interest Checking Accounts |
| 232,568 |
| 6,022 |
| 2.59 | % | ||
Time Deposits |
| 567,189 |
| 27,930 |
| 4.92 | % | ||
Federal Funds Sold and Assets Purchased |
|
|
|
|
|
|
| ||
Under Resale Agreement |
| 71,828 |
| 2,122 |
| 2.95 | % | ||
Treasury Tax and Loan Notes |
| 4,486 |
| 123 |
| 2.74 | % | ||
Federal Home Loan Bank borrowings |
| 260,663 |
| 13,683 |
| 5.25 | % | ||
Total Interest-Bearing Liabilities |
| $ | 1,513,984 |
| $ | 54,478 |
| 3.60 | % |
Demand Deposits |
| 348,431 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Company-Obligated Mandatorily Redeemable |
|
|
|
|
|
|
| ||
Securities of Subsidiary Holding Solely Parent |
|
|
|
|
|
|
| ||
Company Debentures of the Corporation |
| 52,739 |
|
|
|
|
| ||
Other Liabilities |
| 23,172 |
|
|
|
|
| ||
Total Liabilities |
| $ | 1,938,326 |
|
|
|
|
| |
Stockholders’ Equity |
| 126,564 |
|
|
|
|
| ||
Total Liabilities and Stockholders’ Equity |
| $ | 2,064,890 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Net Interest Income |
|
|
| $ | 91,905 |
|
|
| |
|
|
|
|
|
|
|
| ||
Interest Rate Spread (2) |
|
|
|
|
| 4.12 | % | ||
|
|
|
|
|
|
|
| ||
Net Interest Margin (2) |
|
|
|
|
| 4.84 | % | ||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $1,314 for the twelve months ended December 31, 2001.
(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 percent of average interest-earning assets.
8
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
|
|
|
| INTEREST |
|
|
| ||
|
| AVERAGE |
| EARNED/ |
| AVERAGE |
| ||
|
| BALANCE |
| PAID |
| YIELD |
| ||
FOR THE THREE MONTHS ENDED DECEMBER 31, |
| 2002 |
| 2002 |
| 2002 |
| ||
|
|
|
|
|
|
|
| ||
Interest-earning Assets: |
|
|
|
|
|
|
| ||
Federal Funds Sold and Assets Purchased under Resale Agreement |
| $ | 11,986 |
| $ | 48 |
| 1.60 | % |
Trading Assets |
| 1,052 |
| 5 |
| 1.90 | % | ||
Taxable Investment Securities |
| 662,061 |
| 9,418 |
| 5.69 | % | ||
Non-taxable Investment Securities (1) |
| 54,940 |
| 959 |
| 6.98 | % | ||
Loans (1) |
| 1,395,325 |
| 24,436 |
| 7.01 | % | ||
Total Interest-Earning Assets |
| $ | 2,125,364 |
| $ | 34,866 |
| 6.56 | % |
Cash and Due from Banks |
| 59,529 |
|
|
|
|
| ||
Other Assets |
| 95,588 |
|
|
|
|
| ||
Total Assets |
| $ | 2,280,481 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Interest-bearing Liabilities: |
|
|
|
|
|
|
| ||
Savings and Interest Checking Accounts |
| $ | 446,424 |
| $ | 570 |
| 0.51 | % |
Money Market & Super Interest Checking Accounts |
| 338,324 |
| 1,172 |
| 1.39 | % | ||
Time Deposits |
| 475,725 |
| 3,518 |
| 2.96 | % | ||
Federal Funds Sold and Assets Purchased under Resale Agreement |
| 66,280 |
| 189 |
| 1.14 | % | ||
Treasury Tax and Loan Notes |
| 4,227 |
| 9 |
| 0.85 | % | ||
Federal Home Loan Bank borrowings |
| 291,063 |
| 3,726 |
| 5.12 | % | ||
Total Interest-Bearing Liabilities |
| $ | 1,622,043 |
| $ | 9,184 |
| 2.26 | % |
Demand Deposits |
| 420,207 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Company-Obligated Mandatorily Redeemable |
|
|
|
|
|
|
| ||
Securities of Subsidiary Holding Solely Parent |
|
|
|
|
|
|
| ||
Company Debentures of the Corporation |
| 47,756 |
|
|
|
|
| ||
Other Liabilities |
| 34,011 |
|
|
|
|
| ||
Total Liabilities |
| $ | 2,124,017 |
|
|
|
|
| |
Stockholders’ Equity |
| 156,464 |
|
|
|
|
| ||
Total Liabilities and Stockholders’ Equity |
| $ | 2,280,481 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Net Interest Income |
|
|
| $ | 25,682 |
|
|
| |
|
|
|
|
|
|
|
| ||
Interest Rate Spread (2) |
|
|
|
|
| 4.30 | % | ||
|
|
|
|
|
|
|
| ||
Net Interest Margin (2) |
|
|
|
|
| 4.83 | % | ||
(1) The total amount of adjustments to present interest income and yield on a fully tax-equivalent basis is $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 percent of average interest-earning assets.
9
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEET AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
|
|
|
| INTEREST |
|
|
| ||
|
| AVERAGE |
| EARNED/ |
| AVERAGE |
| ||
|
| BALANCE |
| PAID |
| YIELD |
| ||
FOR THE THREE MONTHS ENDED DECEMBER 31, |
| 2001 |
| 2001 |
| 2001 |
| ||
|
|
|
|
|
|
|
| ||
Interest-earning Assets: |
|
|
|
|
|
|
| ||
Federal Funds Sold and Assets Purchased Under Resale Agreement |
| $ | 3,531 |
| $ | 15 |
| 1.70 | % |
Trading Assets |
| 445 |
| 2 |
| 1.80 | % | ||
Taxable Investment Securities |
| 664,664 |
| 10,707 |
| 6.44 | % | ||
Non-taxable Investment Securities (1) |
| 46,661 |
| 913 |
| 7.83 | % | ||
Loans (1) |
| 1,293,852 |
| 25,455 |
| 7.87 | % | ||
Total Interest-Earning Assets |
| $ | 2,009,153 |
| $ | 37,092 |
| 7.38 | % |
Cash and Due from Banks |
| 58,291 |
|
|
|
|
| ||
Other Assets |
| 104,257 |
|
|
|
|
| ||
Total Assets |
| $ | 2,171,701 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Interest-bearing Liabilities: |
|
|
|
|
|
|
| ||
Savings and Interest Checking Accounts |
| $ | 410,147 |
| $ | 785 |
| 0.77 | % |
Money Market & Super Interest Checking Accounts |
| 239,818 |
| 1,260 |
| 2.10 | % | ||
Time Deposits |
| 560,207 |
| 5,732 |
| 4.09 | % | ||
Federal Funds Sold and Assets Purchased Under Resale Agreement |
| 82,632 |
| 356 |
| 1.72 | % | ||
Treasury Tax and Loan Notes |
| 5,208 |
| 21 |
| 1.61 | % | ||
Federal Home Loan Bank borrowings |
| 280,719 |
| 3,534 |
| 5.04 | % | ||
Total Interest-Bearing Liabilities |
| $ | 1,578,731 |
| $ | 11,688 |
| 2.96 | % |
Demand Deposits |
| 371,267 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Company-Obligated Mandatorily Redeemable |
|
|
|
|
|
|
| ||
Securities of Subsidiary Holding Solely Parent |
|
|
|
|
|
|
| ||
Company Debentures of the Corporation |
| 56,868 |
|
|
|
|
| ||
Other Liabilities |
| 27,148 |
|
|
|
|
| ||
Total Liabilities |
| $ | 2,034,014 |
|
|
|
|
| |
Stockholders’ Equity |
| 137,687 |
|
|
|
|
| ||
Total Liabilities and Stockholders’ Equity |
| $ | 2,171,701 |
|
|
|
|
| |
|
|
|
|
|
|
|
| ||
Net Interest Income |
|
|
| $ | 25,404 |
|
|
| |
|
|
|
|
|
|
|
| ||
Interest Rate Spread (2) |
|
|
|
|
| 4.42 | % | ||
|
|
|
|
|
|
|
| ||
Net Interest Margin (2) |
|
|
|
|
| 5.06 | % | ||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $373 for the three months ended December 31, 2001
(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 percent of average interest-earning assets.
10
