Independent Bank (INDB) 8-K Independent Bank Corp. Reports First Quarter Net Income of $11.2 Million

Exhibit 99.1

Independent Bank Corp. Reports First Quarter Net Income of $11.2 Million

Solid Asset Quality Trends and Continued Strong Loan Growth Drive Performance

ROCKLAND, Mass.--(BUSINESS WIRE)--April 14, 2011--Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced net income of $11.2 million for the first quarter of 2011, or $0.52 on a diluted earnings per share basis. The results of the first quarter 2011 represent an increase of $0.08, or 18.2%, on a diluted earnings per share basis as compared to the first quarter of 2010. As compared to the linked quarter, the diluted earnings per share results for the first quarter declined, as is typical for the Company, by $0.04, or 7.1%, primarily due to seasonality and the timing of certain revenue and expense items.

Christopher Oddleifson, the President and Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company, stated: “I’m pleased that Rockland Trust has had such a strong start to 2011. We continue to build upon the momentum created by our extraordinary 2010. Commercial and home equity lending continues to drive our growth, and we remain focused on increasing our core customer base. Rockland Trust’s products, services, and commitment to the markets we serve position us well for another solid year.”

BALANCE SHEET

Total assets of $4.6 billion at March 31, 2011 are down slightly from the prior quarter.

Total loans grew to $3.6 billion at March 31, 2011, an increase of $72.7 million, or 2.0%, compared with the prior quarter, or 8.3% on an annualized basis. The Company sustained growth in its commercial and industrial loan portfolio, which increased by $5.9 million, or 1.2%, in the first quarter, as the Company continued to add high-quality customers and expand existing relationships. Commercial real estate loan generation remained healthy, as the portfolio increased by $53.2 million, or 3.1%. The home equity portfolio also exhibited continued growth, rising $40.4 million, or 7.0%. Residential real estate loans declined by $11.8 million, or 2.5%, as loans refinanced into longer-term, fixed-rate loans, which are not commonly held in portfolio by the Company.

Total deposits decreased by $42.9 million, or 1.2%, during the quarter ended March 31, 2011. Core deposits were lower by $24.5 million, or 0.8%, driven by seasonality in the Company’s deposit base. The Company’s emphasis on lower cost core deposits has led to a steady reduction in time deposits which declined by $18.4 million, or 2.7%, in the first quarter. Core deposits to total deposits rose to 81.2% and the total cost of deposits continued to decline to 0.40% for the current quarter, down 5 basis points from the prior period.

Securities remained relatively flat quarter over quarter at $589.2 million. The Company purchased mortgage-backed securities to replace runoff of existing securities during the quarter.

Stockholders’ equity at March 31, 2011 increased by 2.6% to $448.0 million as compared to the level at December 31, 2010. The Tier 1 leverage capital ratio at March 31, 2011 rose to 8.5% from 8.2% in the prior quarter, maintaining the Company’s well-capitalized position.

NET INTEREST INCOME

Net interest income of $41.5 million was up from the prior quarter. The net interest margin in the first quarter of 2011 expanded to 4.02%, compared to 3.91% in the linked quarter period due largely to lower funding costs, as well as a reduction in the Company’s overnight cash position.

NON-INTEREST INCOME

The Company recorded non-interest income of $12.6 million during the first quarter of 2011 which represents a $1.7 million, or 11.7%, decrease from the prior quarter. The change in non-interest income is composed of the following:

• Interchange and ATM fees increased by $229,000, or 15.6%, due primarily to the reclassification of certain net interchange revenue between interchange revenue and other non-interest expense. Previously, the net amount was recorded in noninterest expense.
• Wealth management revenue increased by $261,000, or 8.8%. Assets under management in the wealth management division rose to $1.6 billion at March 31, 2011, an increase of $74.3 million compared to December 31, 2010.
• Mortgage banking income decreased by $903,000, due to reduced volume. The balance of the mortgage servicing rights asset was $1.6 million and represented 64 basis points of the servicing portfolio at March 31, 2011.
• Other non-interest income decreased by $1.0 million, or 34.3%, mainly due to fee revenue in the prior period associated with loan level interest rate derivatives.

NON-INTEREST EXPENSE

The Company recorded non-interest expense of $36.5 million in the first quarter of 2011, a decrease of $206,000, or 0.6%, when compared to the quarter ended December 31, 2010. Significant changes of non-interest expense included the following:

• Occupancy and equipment increased $632,000, or 16.0% primarily due to costs related to snow removal.
• Other non-interest expense decreased by $816,000, or 8.6%, which is primarily attributable to lower credit-related loan workout expenses of $727,000.

The Company generated a return on average assets and a return on average common equity in the first quarter of 2011 of 0.98% and 10.24%, respectively, as compared to 1.01% and 10.85% for the quarter ended December 31, 2010.

ASSET QUALITY

The Company experienced continued solid asset quality trends during the quarter. Net charge-offs decreased to $2.0 million, or 0.23% on an annualized basis of average loans, for the first quarter of 2011 compared to $2.9 million, or 0.33% for the quarter ended December 31, 2010. The provision for loan losses was $2.2 million and $3.6 million for the quarters ended March 31, 2011 and December 31, 2010, respectively. Nonperforming loans increased slightly to $23.4 million, or 0.64% of total loans at March 31, 2011, from $23.1 million, or 0.65% of total loans at December 31, 2010. Delinquency as a percent of loans was 1.19% at March 31, 2011 compared to 1.11% at December 31, 2010.

The allowance for loan losses was $46.4 million at March 31, 2011, compared with the prior quarter level of $46.3 million. The Company’s allowance for loan losses was 1.28%, as a percentage of total loans at March 31, 2011, compared to 1.30%, at December 31, 2010.

Christopher Oddleifson and Denis K. Sheahan, Chief Financial Officer, of Independent Bank Corp. and Rockland Trust Company, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 15, 2011. Internet access to the call is available on the Company’s website at www.RocklandTrust.com or by telephonic access by dial-in at 1-877-317-6789 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Pass code: 449867. The web cast replay will be available until April 15, 2012.

Independent Bank Corp., which has Rockland Trust Company as a wholly-owned bank subsidiary, has $4.6 billion in assets. Rockland Trust offers a wide range of commercial banking products and services, retail banking products and services, business and consumer loans, insurance products and services, and investment management services. To find out why Rockland Trust is the bank Where Each Relationship Matters^®, visit 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”). Operating earnings, which is a non-GAAP financial measure, excludes gain or loss due to items that management does not believe are related to its core banking business, such as gains or losses on the sales of securities, merger and acquisition expenses, and other items. The Company’s management uses operating earnings to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by gains or losses which management deems not to be core to the Company’s operations. The Company has included information on operating earnings because management believes that investors may find it useful to have access to the same analytical tool used by management and may also find that it facilitates the comparison of the Company to other companies in the financial services industry. Non-GAAP operating earnings should not be viewed as a substitute for operating results determined in accordance with GAAP. An item which management deems to be non-core and excludes when computing non-GAAP operating earnings can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP operating earnings are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands)
										% Change		% Change
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			March 31,			March 2011 vs.		March 2011 vs.
		2011			2010			2010		Dec. 2010		March 2010
Assets
Cash and Due From Banks	$	49,242		$	42,112		$	60,824		16.93	%	-19.04	%
Interest Earning Deposits with Banks		17,042			119,170			158,231		-85.70	%	-89.23	%
Fed Funds Sold and Short Term Investments		417			-			-		100.00	%	100.00	%
Securities
Trading Assets		8,521			7,597			7,399		12.16	%	15.16	%
Securities Available for Sale		341,362			377,457			473,515		-9.56	%	-27.91	%
Securities Held to Maturity		239,305			202,732			91,059		18.04	%	162.80	%
Total Securities		589,188			587,786			571,973		0.24	%	3.01	%
Loans Held for Sale		8,643			27,917			7,570		-69.04	%	14.17	%
Loans
Commercial and Industrial		508,839			502,952			387,785		1.17	%	31.22	%
Commercial Real Estate		1,770,324			1,717,118			1,645,251		3.10	%	7.60	%
Commercial Construction		123,428			129,421			167,161		-4.63	%	-26.16	%
Small Business		80,817			80,026			81,696		0.99	%	-1.08	%
Total Commercial		2,483,408			2,429,517			2,281,893		2.22	%	8.83	%
Residential Real Estate		462,110			473,936			539,709		-2.50	%	-14.38	%
Residential Construction		3,256			4,175			7,732		-22.01	%	-57.89	%
Consumer - Home Equity		619,727			579,278			484,413		6.98	%	27.93	%
Total Consumer Real Estate		1,085,093			1,057,389			1,031,854		2.62	%	5.16	%
Total Other Consumer		59,873			68,773			98,045		-12.94	%	-38.93	%
Total Loans		3,628,374			3,555,679			3,411,792		2.04	%	6.35	%
Less - Allowance for Loan Losses		(46,444	)		(46,255	)		(45,278	)	0.41	%	2.58	%
Net Loans		3,581,930			3,509,424			3,366,514		2.07	%	6.40	%
Federal Home Loan Bank Stock		35,854			35,854			35,854		0.00	%	0.00	%
Bank Premises and Equipment		46,481			45,712			44,850		1.68	%	3.64	%
Goodwill and Core Deposit Intangible		141,951			141,956			143,371		0.00	%	-0.99	%
Other Assets		175,035			185,807			158,020		-5.80	%	10.77	%
Total Assets	$	4,645,783		$	4,695,738		$	4,547,207		-1.06	%	2.17	%
Liabilities and Stockholders' Equity
Deposits
Demand Deposits	$	837,705		$	842,067		$	720,246		-0.52	%	16.31	%
Savings and Interest Checking Accounts		1,348,242			1,375,254			1,170,194		-1.96	%	15.22	%
Money Market		724,203			717,286			719,761		0.96	%	0.62	%
Time Certificates of Deposit		674,776			693,176			863,652		-2.65	%	-21.87	%
Total Deposits		3,584,926			3,627,783			3,473,853		-1.18	%	3.20	%
Borrowings
Federal Home Loan Bank Borrowings		277,285			302,414			327,807		-8.31	%	-15.41	%
Fed Funds Purchased and Assets Sold
Under Repurchase Agreements		184,738			168,119			184,436		9.89	%	0.16	%
Junior Subordinated Debentures		61,857			61,857			61,857		0.00	%	0.00	%
Subordinated Debentures		30,000			30,000			30,000		0.00	%	0.00	%
Other Borrowings		2,838			3,044			2,873		-6.77	%	-1.22	%
Total Borrowings		556,718			565,434			606,973		-1.54	%	-8.28	%
Total Deposits and Borrowings		4,141,644			4,193,217			4,080,826		-1.23	%	1.49	%
Other Liabilities		56,154			66,049			48,157		-14.98	%	16.61	%
Stockholders' Equity
Common Stock		212			210			209		0.95	%	1.44	%
Additional Paid in Capital		230,581			226,708			225,373		1.71	%	2.31	%
Retained Earnings		217,443			210,320			190,064		3.39	%	14.41	%
Accumulated Other Comprehensive Income/(Loss), Net of Tax		(251	)		(766	)		2,578		-67.23	%	-109.74	%
Total Stockholders' Equity		447,985			436,472			418,224		2.64	%	7.12	%
Total Liabilities and Stockholders' Equity	$	4,645,783		$	4,695,738		$	4,547,207		-1.06	%	2.17	%

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
										% Change		% Change
	March 31,			December 31,			March 31,			March 2011 vs.		March 2011 vs.
		2011			2010			2010		Dec. 2010		March 2010
INTEREST INCOME
Interest on Fed Funds Sold and Short Term Investments	$	17		$	71		$	24		-76.06	%	-29.17	%
Interest and Dividends on Securities		5,606			5,827			6,671		-3.79	%	-15.96	%
Interest on Loans		43,216			43,797			44,047		-1.33	%	-1.89	%
Interest on Loans Held for Sale		119			276			106		-56.88	%	12.26	%
Total Interest Income		48,958			49,971			50,848		-2.03	%	-3.72	%
INTEREST EXPENSE
Interest on Deposits		3,485			4,029			5,939		-13.50	%	-41.32	%
Interest on Borrowed Funds		4,000			4,553			4,699		-12.15	%	-14.88	%
Total Interest Expense		7,485			8,582			10,638		-12.78	%	-29.64	%
Net Interest Income		41,473			41,389			40,210		0.20	%	3.14	%
Less - Provision for Loan Losses		2,200			3,575			4,650		-38.46	%	-52.69	%
Net Interest Income after Provision for Loan Losses		39,273			37,814			35,560		3.86	%	10.44	%
NON-INTEREST INCOME
Service Charges on Deposit Accounts		3,959			4,057			3,131		-2.42	%	26.45	%
Interchange and ATM Fees		1,702			1,473			1,090		15.55	%	56.15	%
Wealth Management		3,216			2,955			2,728		8.83	%	17.89	%
Mortgage Banking Income		1,047			1,950			1,000		-46.31	%	4.70	%
BOLI Income		706			839			721		-15.85	%	-2.08	%
Other-Than-Temporary Impairment Losses on Available-for-Sale Debt Securities:
Gross Change on Write-Down of Certain Investments to Fair Value		249			172			180		44.77	%	38.33	%
Less: Portion of Other-Than-Temporary Impairment Recognized in Other Comprehensive Income		(289	)		(238	)		(358	)	21.43	%	-19.27	%
Net Impairment Losses Recognized in Earnings on Available-for-Sale Debt Securities		(40	)		(66	)		(178	)	-39.39	%	-77.53	%
Other Non-Interest /Income		2,008			3,055			1,558		-34.27	%	28.88	%
Total Non-Interest Income		12,598			14,263			10,050		-11.67	%	25.35	%
NON-INTEREST EXPENSE
Salaries and Employee Benefits		20,252			20,322			18,464		-0.34	%	9.68	%
Occupancy and Equipment Expenses		4,575			3,943			4,135		16.03	%	10.64	%
Data Processing and Facilities Management		1,638			1,578			1,294		3.80	%	26.58	%
FDIC Assessment		1,291			1,303			1,321		-0.92	%	-2.27	%
Other Non-Interest Expense		8,726			9,542			8,374		-8.55	%	4.20	%
Total Non-Interest Expense		36,482			36,688			33,588		-0.56	%	8.62	%
INCOME BEFORE INCOME TAXES		15,389			15,389			12,022		0.00	%	28.01	%
PROVISION FOR INCOME TAXES		4,201			3,551			2,795		18.30	%	50.30	%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	11,188		$	11,838		$	9,227		-5.49	%	21.25	%
BASIC EARNINGS PER SHARE	$	0.53		$	0.56		$	0.44		-5.36	%	20.45	%
DILUTED EARNINGS PER SHARE	$	0.52		$	0.56		$	0.44		-7.14	%	18.18	%
BASIC AVERAGE SHARES		21,298,257			21,208,509			20,937,589
DILUTED AVERAGE SHARES		21,344,339			21,238,482			21,008,422
PERFORMANCE RATIOS:
Net Interest Margin (FTE)		4.02	%		3.91	%		4.08	%
Return on Average Assets		0.98	%		1.01	%		0.84	%
Return on Average Common Equity		10.24	%		10.85	%		8.95	%
RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS (GAAP)	$	11,188		$	11,838		$	9,227		-5.49	%	21.25	%
NET OPERATING EARNINGS	$	11,188		$	11,838		$	9,227		-5.49	%	21.25	%
Diluted Earnings Per Share, on an Operating Basis	$	0.52		$	0.56		$	0.44		-7.14	%	18.18	%

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands, Except Per Share Data)
RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
	Three Months Ended
										% Change			% Change
	March 31,			December 31,			March 31,			March 2011 vs.			March 2011 vs.
		2011			2010			2010		Dec. 2010			March 2010
Non-Interest Income GAAP	$	12,598		$	14,263		$	10,050			-11.67	%		25.35	%
Add - Other-Than-Temporary-Impairment on Securities		40			66			178			-39.39	%		-77.53	%
Non-Interest Income as Adjusted	$	12,638		$	14,329		$	10,228			-11.80	%		23.56	%
Certain non-core items are included in the computation of earnings in accordance with United States of America generally accepted accounting principles (“GAAP”) in both 2011 and 2010 as indicated by the table above. In an effort to provide investors with information regarding the Company's results, the Company has disclosed the following non-GAAP information, which management believes provides useful information to the investor. This information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP information which may be presented by other companies.
ASSET QUALITY	Nonperforming Assets									Net Charge-Offs
	For the Period Ending									For the Three Months Ending
	March 31,			December 31,			March 31,			March 31,			December 31,			March 31,
		2011			2010			2010			2011			2010			2010
Nonperforming Loans
Commercial & Industrial Loans	$	3,011		$	3,123		$	7,252		$	686		$	1,037		$	527
Small Business Loans		617			887			1,294			238			495			251
Commercial Real Estate Loans		9,229			9,836			23,645			602			594			198
Residential Real Estate Loans		7,299			6,728			8,092			122			46			135
Installment Loans - Home Equity		2,589			1,756			948			74			378			234
Installment Loans - Other		652			778			609			289			388			388
Total Nonperforming Loans / Total Net Charge-offs	$	23,397		$	23,108		$	41,840		$	2,011		$	2,938		$	1,733
Non-Accrual Securities		1,054			1,051			899
Other Assets in Possession		59			61			98
Other Real Estate Owned		9,346			7,273			5,990
Nonperforming Assets	$	33,856		$	31,493		$	48,827
Nonperforming Loans/Gross Loans		0.64	%		0.65	%		1.23	%
Allowance for Loan Losses/Nonperforming Loans		198.50	%		200.17	%		108.22	%
Gross Loans/Total Deposits		101.21	%		98.01	%		98.21	%
Allowance for Loan Losses/Total Loans		1.28	%		1.30	%		1.33	%
Net charge-offs to average loans (quarter annualized)											0.23	%		0.33	%		0.21	%
	QTD
	March 31,
Nonperforming Assets Reconciliation		2011
Nonperforming Assets Beginning Balance	$	31,493
New to Nonperforming		9,046
Loans Charged-Off		(2,484	)
Loans Paid-Off		(1,934	)
Loans Transferred to Other Real Estate Owned/Other Assets		(3,061	)
Loans Restored to Accrual Status		(1,116	)
New to Other Real Estate Owned		3,061
Sale of Other Real Estate Owned		(457	)
Other		(692	)
Nonperforming Assets Ending Balance	$	33,856
	March 31,			December 31,			March 31,
Financial Ratios		2011			2010			2010
Book Value per Common Share	$	20.93		$	20.57		$	19.76
Tangible Common Book Value per Share (proforma to include the tax deductibility of goodwill and exclude impact of CPP) - Non-GAAP	$	15.26		$	14.86		$	13.97
Tangible Common Capital/Tangible Assets		6.79	%		6.47	%		6.24	%
Tangible Common Capital/Tangible Asset (proforma to include the tax deductibility of goodwill and exclude impact of CPP) - Non-GAAP		7.22	%		6.89	%		6.68	%
Capital Adequacy
Tier one leverage capital ratio (1)		8.48	%		8.19	%		8.06	%
Tier one common ratio (1)		8.81	%		8.61	%		8.29	%
(1) Estimated number for March 31, 2011

INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA	Three Months Ended
	March 31, 2011						December 31, 2010						March 31, 2010
			Interest						Interest						Interest
	Average		Earned/		Yield/		Average		Earned/		Yield/		Average		Earned/		Yield/
	Balance		Paid		Rate		Balance		Paid		Rate		Balance		Paid		Rate
	(Unaudited - Dollars in Thousands)
Interest-Earning Assets:
Interest Earning Deposits with Banks, Federal Funds Sold, and Short Term Investments	$	27,652	$	17	0.25	%	$	113,325	$	71	0.25	%	$	23,144	$	24	0.42	%
Securities:
Trading Assets		8,124		63	3.15	%		7,469		80	4.25	%		6,800		60	3.58	%
Taxable Investment Securities		568,933		5,430	3.87	%		588,797		5,627	3.79	%		568,550		6,409	4.57	%
Non-taxable Investment Securities (1)		10,175		191	7.61	%		10,816		203	7.45	%		19,111		342	7.26	%
Total Securities:		587,232		5,684	3.93	%		607,082		5,910	3.86	%		594,461		6,811	4.65	%
Loans Held for Sale		14,190		119	3.40	%		34,252		276	3.20	%		7,125		106	6.03	%
Loans
Commercial and Industrial		500,202		5,401	4.38	%		486,845		5,405	4.40	%		377,855		4,248	4.56	%
Commercial Real Estate		1,749,292		23,197	5.38	%		1,667,304		23,384	5.56	%		1,630,944		23,258	5.78	%
Commercial Construction		123,501		1,410	4.63	%		136,831		1,540	4.47	%		171,535		2,076	4.91	%
Small Business		80,286		1,179	5.96	%		79,863		1,190	5.91	%		82,476		1,217	5.98	%
Total Commercial		2,453,281		31,187	5.16	%		2,370,843		31,519	5.27	%		2,262,810		30,799	5.52	%
Residential Real Estate		468,146		5,399	4.68	%		490,439		5,810	4.70	%		548,533		6,765	5.00	%
Residential Construction		3,712		44	4.81	%		4,842		59	4.83	%		9,102		118	5.26	%
Consumer - Home Equity		601,624		5,622	3.79	%		542,979		5,229	3.82	%		478,324		4,522	3.83	%
Total Consumer Real Estate		1,073,482		11,065	4.18	%		1,038,260		11,098	4.24	%		1,035,959		11,405	4.46	%
Total Other Consumer		64,066		1,229	7.78	%		72,781		1,412	7.70	%		105,140		2,012	7.76	%
Total Loans		3,590,829		43,481	4.91	%		3,481,884		44,029	5.02	%		3,403,909		44,216	5.27	%
Total Interest-Earning Assets	$	4,219,903	$	49,301	4.74	%	$	4,236,543	$	50,286	4.71	%	$	4,028,639	$	51,157	5.15	%
Cash and Due from Banks		52,023						55,541						66,405
Federal Home Loan Bank Stock		35,854						35,854						35,854
Other Assets		320,658						331,791						304,200
Total Assets	$	4,628,438					$	4,659,729					$	4,435,098
Interest-bearing Liabilities:
Deposits:
Savings and Interest Checking Accounts	$	1,289,201	$	760	0.24	%	$	1,271,639	$	876	0.27	%	$	1,056,156	$	1,184	0.45	%
Money Market		723,946		785	0.44	%		736,700		866	0.47	%		702,390		1,320	0.76	%
Time Deposits		672,893		1,940	1.17	%		721,970		2,287	1.26	%		889,449		3,435	1.57	%
Total interest-bearing deposits:	$	2,686,040	$	3,485	0.53	%	$	2,730,309	$	4,029	0.59	%	$	2,647,995	$	5,939	0.91	%
Borrowings:
Federal Home Loan Bank Borrowings	$	335,457	$	1,910	2.31	%	$	306,075	$	2,391	3.10	%	$	340,301	$	2,432	2.90	%
Federal Funds Purchased and Assets Sold
Under Repurchase Agreement		178,185		651	1.48	%		182,501		693	1.51	%		184,624		830	1.82	%
Junior Subordinated Debentures		61,857		904	5.93	%		61,857		922	5.91	%		61,857		902	5.91	%
Subordinated Debentures		30,000		535	7.23	%		30,000		547	7.23	%		30,000		535	7.23	%
Other Borrowings		2,761		-	0.00	%		3,093		-	0.00	%		2,360		-	0.00	%
Total Borrowings:		608,260		4,000	2.67	%		583,526		4,553	3.10	%		619,142		4,699	3.08	%
Total Interest-Bearing Liabilities	$	3,294,300	$	7,485	0.92	%	$	3,313,835	$	8,582	1.03	%	$	3,267,137	$	10,638	1.32	%
Demand Deposits		831,032						841,440						702,833
Other Liabilities		59,791						71,785						47,020
Total Liabilities	$	4,185,123					$	4,227,060					$	4,016,990
Stockholders' Equity		443,315						432,669						418,108
Total Liabilities and Stockholders' Equity	$	4,628,438					$	4,659,729					$	4,435,098
Net Interest Income			$	41,816					$	41,704					$	40,519
Interest Rate Spread (2)					3.82	%					3.68	%					3.83	%
Net Interest Margin (3)					4.02	%					3.91	%					4.08	%
Supplemental Information:
Total Deposits, including Demand Deposits	$	3,517,072	$	3,485			$	3,571,749	$	4,029			$	3,350,828	$	5,939
Cost of Total Deposits					0.40	%					0.45	%					0.72	%
Total Funding Liabilities, including Demand Deposits	$	4,125,332	$	7,485			$	4,155,275	$	8,582			$	3,969,970	$	10,638
Cost of Total Funding Liabilities					0.74	%					0.82	%					1.09	%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $343, 315, and $309 for the three months ended March 31, 2011, December 31, 2010, and March 31, 2010, 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 average interest-earning assets.
Certain amounts in prior year financial statement have been reclassified to conform to the current year's presentation.

CONTACT:
Independent Bank Corp.
Chris Oddleifson, 781-982-6660
President and
Chief Executive Officer
or
Denis K. Sheahan, 781-982-6341
Chief Financial Officer