Independent Bank (INDB) 8-K Independent Bank Corp. Reports First Quarter Net Income of $12.2 Million

Exhibit 99.1

Independent Bank Corp. Reports First Quarter Net Income of $12.2 Million

Strong Fundamentals Drive 8% Increase in Earnings Per Share

ROCKLAND, Mass.--(BUSINESS WIRE)--April 12, 2012--Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced net income of $12.2 million for the first quarter of 2012, or $0.56 on a diluted earnings per share basis. The results of the first quarter 2012 represent an increase of $0.04, or 7.7%, on a diluted earnings per share basis as compared to the fourth quarter of 2011. The Company’s organic customer growth continues to be strong, fueling deposit, loan and fee income growth.

Christopher Oddleifson, President and Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company, stated: “Starting the year with a terrific quarter provides momentum for the rest of 2012. While the current interest rate environment remains challenging, we’re running on all cylinders right now to counter its impact - with customer growth driving strong business volumes and profitability.”

BALANCE SHEET

Total assets of $5.0 billion at March 31, 2012 are up $15.5 million from the prior quarter and $340.0 million, or 7.3%, as compared to the year ago period.

Total loans rose to $3.9 billion at March 31, 2012, an increase of 8.0% from the prior quarter, on an annualized basis, and continue to be led by robust volumes in the commercial loan and first position home equity loan portfolios. The Company has consistently generated steady loan growth, as customers continue to realize that Rockland Trust’s high level of service, industry expertise, and flexible lending solutions are an attractive alternative to national banks.

Deposits increased by 7.1%, on an annualized basis, to $3.9 billion at March 31, 2012, as compared to the prior quarter. Core deposits increased by $74.1 million to $3.3 billion during the quarter and grew to 83.9% of total deposits. The Company’s cost of total deposits continued its steady decline to 0.29%, down 2 basis points from the prior quarter, reflecting management’s emphasis on core deposits, as new core relationships replace single service certificates of deposits.

The securities portfolio of $563.0 million increased by $44.5 million during the quarter as a result of purchases made to increase securities available for collateral purposes.

Stockholders’ equity at March 31, 2012 increased by 2.1% to $478.9 million as compared to December 31, 2011. The Tier 1 leverage capital ratio at March 31, 2012 remained strong at 8.77%, maintaining the Company’s well-capitalized position.

NET INTEREST INCOME

Net interest income of $41.9 million remained consistent when compared to the prior quarter. The net interest margin in the first quarter of 2012 increased to 3.82%, as compared to 3.78% in the linked quarter, as excess liquidity was largely deployed into higher yielding loans and securities. The margin also benefited from the prepayment of higher cost wholesale borrowings in the prior quarter.

NONINTEREST INCOME

The Company recorded noninterest income of $13.9 million during the first quarter of 2012 which represents a $406,000, or 2.8%, decrease from the prior quarter. Significant changes in noninterest income included the following:

• Service charges on deposit accounts decreased by $365,000, or 8.6%, due to lower overdraft fees.
• Interchange and ATM fees increased by $316,000, or 15.4%, due to strong debit card income growth related to successful sales and marketing programs.
• Investment management revenue increased by $341,000, or 10.6%. Assets under administration in the investment management division were $2.0 billion at March 31, 2012, an increase of $328.3 million, or 19.9% as compared to the linked quarter.
• Mortgage banking income decreased by $230,000, or 14.7%, due to lower volumes of mortgage originations.
• Other noninterest income decreased by $373,000. This was largely due to reduced loan level interest rate swap activity in the quarter, resulting in a revenue decline of $524,000 partially offset by a gain on the purchase of Massachusetts historical tax credit certificates of $176,000.

NONINTEREST EXPENSE

The Company recorded noninterest expense of $37.4 million during the first quarter of 2012 which represents a $406,000, or 1.1% increase from the prior quarter. Significant changes in noninterest expense included the following:

• Salaries and employee benefits increased by $743,000, or 3.6%, due to increases in payroll taxes and stock compensation, partially offset by a decrease in incentive program accruals.
• Occupancy and equipment expense increased by $330,000, or 8.3%, due primarily to increases in winter-related costs of $115,000 and added equipment depreciation expense of $79,000, due to the installation of new image-enabled ATMs.
• Noninterest expense in the prior quarter was impacted by the prepayment of $28.0 million of borrowings, resulting in a prepayment penalty of $757,000, pre-tax. There were no prepayment penalties on borrowings in the first quarter of 2012.

The Company generated a return on average assets and a return on average common equity in the first quarter of 2012 of 1.00% and 10.31% respectively, as compared to 0.91% and 9.45% for the quarter ended December 31, 2011.

ASSET QUALITY

The Company continued to maintain a solid credit profile during the quarter. The provision for loan losses was $1.6 million for the first quarter compared to $3.8 million for the quarter ended December 31, 2011. The provision for loan loss exceeded net charge-offs in both periods. For the quarter, net charge-offs decreased to $1.5 million, or 0.16%, on an annualized basis of average loans compared to $2.8 million, or 0.30%, for the quarter ended December 31, 2011. Nonperforming loans increased to $31.6 million, or 0.82% of total loans at March 31, 2012, from $29.0 million, or 0.76% of total loans, at December 31, 2011. Nonperforming assets totaled $40.7 million at the end of the first quarter compared to $37.1 million in the linked quarter. Delinquency as a percentage of loans decreased to 0.92% at March 31, 2012 compared to 1.01% at December 31, 2011.

The allowance for loan losses was $48.3 million at March 31, 2012, slightly above the prior quarter levels. The Company’s allowance for loan losses was 1.25% and 1.27% as a percentage of total loans at March 31, 2012 and December 31, 2011, respectively.

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 13, 2012. 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: 10012384. The webcast replay will be available until April 13, 2013.

Independent Bank Corp., which has Rockland Trust Company as a wholly-owned bank subsidiary, has approximately $5.0 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
										% Change		% Change
CONSOLIDATED BALANCE SHEETS	March 31, 2012			December 31, 2011			March 31, 2011			Mar. 2012 vs. Dec. 2011		Mar. 2012 vs. Mar. 2011
Assets
Cash and Due From Banks	$	57,658		$	58,301		$	49,242		-1.10	%	17.09	%
Interest Earning Deposits with Banks		75,865			179,203			17,042		-57.67	%	345.16	%
Fed Funds Sold		2,269			-			417		100.00	%	444.12	%
Securities
Trading Assets		-			8,240			8,521		-100.00	%	-100.00	%
Securities Available for Sale		362,109			305,332			341,362		18.60	%	6.08	%
Securities Held to Maturity		200,921			204,956			239,305		-1.97	%	-16.04	%
Total Securities		563,030			518,528			589,188		8.58	%	-4.44	%
Loans Held for Sale		22,846			20,500			8,643		11.44	%	164.33	%
Loans
Commercial and Industrial		599,603			575,716			508,839		4.15	%	17.84	%
Commercial Real Estate		1,853,711			1,847,654			1,770,324		0.33	%	4.71	%
Commercial Construction		148,034			128,904			123,428		14.84	%	19.94	%
Small Business		79,937			78,509			80,817		1.82	%	-1.09	%
Total Commercial		2,681,285			2,630,783			2,483,408		1.92	%	7.97	%
Residential Real Estate		402,910			416,570			462,110		-3.28	%	-12.81	%
Residential Construction		13,291			9,631			3,256		38.00	%	308.20	%
Consumer - Home Equity - 1st Position		425,245			381,766			305,715		11.39	%	39.10	%
Consumer - Home Equity - 2nd Position		310,578			314,297			314,012		-1.18	%	-1.09	%
Total Consumer Real Estate		1,152,024			1,122,264			1,085,093		2.65	%	6.17	%
Total Other Consumer		36,447			41,343			59,873		-11.84	%	-39.13	%
Total Loans		3,869,756			3,794,390			3,628,374		1.99	%	6.65	%
Less - Allowance for Loan Losses		(48,340	)		(48,260	)		(46,444	)	0.17	%	4.08	%
Net Loans		3,821,416			3,746,130			3,581,930		2.01	%	6.69	%
Federal Home Loan Bank Stock		33,564			35,854			35,854		-6.39	%	-6.39	%
Bank Premises and Equipment		49,678			48,252			46,481		2.96	%	6.88	%
Goodwill and Core Deposit Intangible		140,323			140,722			141,951		-0.28	%	-1.15	%
Other Assets		219,090			222,750			175,035		-1.64	%	25.17	%
Total Assets	$	4,985,739		$	4,970,240		$	4,645,783		0.31	%	7.32	%
Liabilities and Stockholders' Equity
Deposits
Demand Deposits	$	1,015,231		$	992,418		$	837,705		2.30	%	21.19	%
Savings and Interest Checking Accounts		1,501,826			1,473,812			1,348,242		1.90	%	11.39	%
Money Market		803,744			780,437			724,203		2.99	%	10.98	%
Time Certificates of Deposit		624,912			630,162			674,776		-0.83	%	-7.39	%
Total Deposits		3,945,713			3,876,829			3,584,926		1.78	%	10.06	%
Borrowings
Federal Home Loan Bank and Other Borrowings		194,580			229,701			280,123		-15.29	%	-30.54	%
Wholesale Repurchase Agreements		50,000			50,000			50,000		0.00	%	0.00	%
Customer Repurchase Agreements		147,678			166,128			134,738		-11.11	%	9.60	%
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	%
Total Borrowings		484,115			537,686			556,718		-9.96	%	-13.04	%
Total Deposits and Borrowings		4,429,828			4,414,515			4,141,644		0.35	%	6.96	%
Other Liabilities		77,048			86,668			56,154		-11.10	%	37.21	%
Stockholders' Equity
Common Stock		213			213			212		0.00	%	0.47	%
Additional Paid in Capital		235,381			233,878			230,581		0.64	%	2.08	%
Retained Earnings		247,097			239,452			217,443		3.19	%	13.64	%
Accumulated Other Comprehensive Loss, Net of Tax		(3,828	)		(4,486	)		(251	)	-14.67	%	1425.10	%
Total Stockholders' Equity		478,863			469,057			447,985		2.09	%	6.89	%
Total Liabilities and Stockholders' Equity	$	4,985,739		$	4,970,240		$	4,645,783		0.31	%	7.32	%

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
										% Change		% Change
	March 31, 2012			December 31, 2011			March 31, 2011			Mar. 2012 vs. Dec. 2011		Mar. 2012 vs. Mar. 2011
INTEREST INCOME
Interest on Fed Funds Sold and Short Term Investments	$	33		$	81		$	17		-59.26	%	94.12	%
Interest and Dividends on Securities		4,556			4,592			5,606		-0.78	%	-18.73	%
Interest on Loans		43,077			43,533			43,216		-1.05	%	-0.32	%
Interest on Loans Held for Sale		130			176			119		-26.14	%	9.24	%
Total Interest Income		47,796			48,382			48,958		-1.21	%	-2.37	%
INTEREST EXPENSE
Interest on Deposits		2,739			2,907			3,485		-5.78	%	-21.41	%
Interest on Borrowed Funds		3,204			3,621			4,000		-11.52	%	-19.90	%
Total Interest Expense		5,943			6,528			7,485		-8.96	%	-20.60	%
Net Interest Income		41,853			41,854			41,473		0.00	%	0.92	%
Less - Provision for Loan Losses		1,600			3,800			2,200		-57.89	%	-27.27	%
Net Interest Income after Provision for Loan Losses		40,253			38,054			39,273		5.78	%	2.50	%
NONINTEREST INCOME
Service Charges on Deposit Accounts		3,889			4,254			3,959		-8.58	%	-1.77	%
Interchange and ATM Fees		2,368			2,052			1,702		15.40	%	39.13	%
Investment Management		3,563			3,222			3,216		10.58	%	10.79	%
Mortgage Banking Income		1,330			1,560			1,047		-14.74	%	27.03	%
Increase in Cash Surrender Value of Life Insurance Policies		713			847			706		-15.82	%	0.99	%
Gross Change on Write-Down of Certain Investments to Fair Value		274			(48	)		249		-670.83	%	10.04	%
Less: Portion of Other-Than-Temporary Impairment Losses    Recognized in OCI		(274	)		9			(289	)	-3144.44	%	-5.19	%
Net Loss on Write-Down of Certain Investments to Fair Value		-			(39	)		(40	)	-100.00	%	-100.00	%
Other Noninterest Income		2,046			2,419			2,008		-15.42	%	1.89	%
Total Noninterest Income		13,909			14,315			12,598		-2.84	%	10.41	%
NONINTEREST EXPENSE
Salaries and Employee Benefits		21,436			20,693			20,252		3.59	%	5.85	%
Occupancy and Equipment Expenses		4,300			3,970			4,575		8.31	%	-6.01	%
Data Processing and Facilities Management		1,175			1,063			1,638		10.54	%	-28.27	%
FDIC Assessment		749			736			1,291		1.77	%	-41.98	%
Prepayment Fee on Borrowings		-			757			-		-100.00	%	n/a
Other Noninterest Expense		9,698			9,733			8,726		-0.36	%	11.14	%
Total Noninterest Expense		37,358			36,952			36,482		1.10	%	2.40	%
INCOME BEFORE INCOME TAXES		16,804			15,417			15,389		9.00	%	9.19	%
PROVISION FOR INCOME TAXES		4,621			4,248			4,201		8.78	%	10.00	%
NET INCOME	$	12,183		$	11,169		$	11,188		9.08	%	8.89	%
BASIC EARNINGS PER SHARE	$	0.57		$	0.52		$	0.53		9.62	%	7.55	%
DILUTED EARNINGS PER SHARE	$	0.56		$	0.52		$	0.52		7.69	%	7.69	%
BASIC AVERAGE SHARES		21,561,006			21,484,695			21,298,257
DILUTED AVERAGE SHARES		21,585,487			21,504,053			21,344,339
PERFORMANCE RATIOS:
Net Interest Margin (FTE)		3.82	%		3.78	%		4.02	%
Return on Average Assets		1.00	%		0.91	%		0.98	%
Return on Average Common Equity		10.31	%		9.45	%		10.24	%
RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
NET INCOME	$	12,183		$	11,169		$	11,188		9.08	%	8.89	%
Noninterest Expense Components, net of tax
Add - Prepayment Fees on Borrowings		-			448			-
NET OPERATING EARNINGS	$	12,183		$	11,617		$	11,188		4.87	%	8.89	%
Diluted Earnings Per Share, on an Operating Basis	$	0.56		$	0.54		$	0.52		3.70	%	7.69	%

RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
	Three Months Ended
											% Change			% Change
	March 31, 2012			December 31, 2011			March 31, 2011			Mar. 2012 vs. Dec. 2011			Mar. 2012 vs. Mar. 2011
Noninterest Income GAAP	$	13,909		$	14,315		$	12,598			-2.84	%		10.41	%
Add - Other-Than-Temporary-Impairment on Securities		-			39			40			-100.00	%		-100.00	%
Noninterest Income as Adjusted	$	13,909		$	14,354		$	12,638			-3.10	%		10.06	%
Noninterest Expense GAAP	$	37,358		$	36,952		$	36,482			1.10	%		2.40	%
Less - Prepayment Fee on Borrowings		-			(757	)		-			-100.00	%		n/a
Noninterest Expense as Adjusted	$	37,358		$	36,195		$	36,482			3.21	%		2.40	%
ASSET QUALITY	Nonperforming Assets At									Net Charge-Offs For the Three Months Ending
	March 31, 2012			December 31, 2011			March 31, 2011			March 31, 2012			December 31, 2011			March 31, 2011
Nonperforming Loans
Commercial & Industrial Loans	$	2,429		$	1,883		$	3,011			($185	)	$	361		$	686
Small Business Loans		544			542			617			118			132			238
Commercial Real Estate Loans		15,015			13,109			9,229			604			1,246			602
Residential Real Estate Loans		10,465			9,867			7,299			109			69			122
Installment Loans - Home Equity		2,773			3,130			2,589			737			692			74
Installment Loans - Other		420			422			652			137			318			289
Total Nonperforming Loans / Total Net Charge-offs	$	31,646		$	28,953		$	23,397		$	1,520		$	2,818		$	2,011
Nonaccrual Securities		1,400			1,272			1,054
Other Assets in Possession		92			266			59
Other Real Estate Owned		7,598			6,658			9,346
Nonperforming Assets	$	40,736		$	37,149		$	33,856
Nonperforming Loans/Gross Loans		0.82	%		0.76	%		0.64	%
Allowance for Loan Losses/Nonperforming Loans		152.75	%		166.68	%		198.50	%
Gross Loans/Total Deposits		98.07	%		97.87	%		101.21	%
Allowance for Loan Losses/Total Loans		1.25	%		1.27	%		1.28	%
Net charge-offs to average loans (quarter annualized)											0.16	%		0.30	%		0.23	%
Nonperforming Assets Reconciliation	Three Months Ending March 31, 2012			Three Months Ending December 31, 2011			Three Months Ending March 31, 2011
Nonperforming Assets Beginning Balance	$	37,149		$	36,647		$	31,493
New to Nonperforming		8,803			9,279			9,046
Loans Charged-Off		(1,944	)		(3,155	)		(2,484	)
Loans Paid-Off		(1,172	)		(821	)		(1,934	)
Loans Transferred to Other Real Estate Owned/Other Assets		(1,503	)		(650	)		(3,061	)
Loans Restored to Accrual Status		(1,870	)		(2,296	)		(1,116	)
New to Other Real Estate Owned		1,503			650			3,061
Sale of Other Real Estate Owned		(1,587	)		(2,508	)		(457	)
Other		1,357			3			(692	)
Nonperforming Assets Ending Balance	$	40,736		$	37,149		$	33,856
Financial Ratios	March 31, 2012			December 31, 2012			March 31, 2011
Book Value per Common Share	$	22.16			21.82		$	20.93
Tangible Common Book Value per Share (proforma    to include the tax deductibility of goodwill) - Non-GAAP	$	16.59		$	16.21		$	15.26
Tangible Common Capital/Tangible Assets		6.99	%		6.80	%		6.79	%
Tangible Common Capital/Tangible Asset (proforma    to include the tax deductibility of goodwill) - Non-GAAP		7.37	%		7.18	%		7.22	%
Capital Adequacy
Tier one leverage capital ratio (1)		8.77	%		8.61	%		8.48	%
Tier one common ratio (1)		9.17	%		9.16	%		8.83	%
(1) Estimated number for March 31, 2012

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited - Dollars in Thousands)	Three Months Ended
	March 31, 2012						December 31, 2011						March 31, 2011
	Interest						Interest						Interest
	Average Balance		Earned/ Paid		Yield/ Rate		Average Balance		Earned/ Paid		Yield/ Rate		Average Balance		Earned/ Paid		Yield/ Rate
Interest-Earning Assets:
Interest Earning Deposits with Banks, Federal Funds Sold, and Short Term Investments	$	53,228	$	33	0.25	%	$	129,956	$	81	0.25	%	$	27,652	$	17	0.25	%
Securities:
Trading Assets		5,490		38	2.78	%		8,152		80	3.89	%		8,124		63	3.15	%
Taxable Investment Securities		530,323		4,489	3.40	%		511,302		4,467	3.47	%		568,933		5,430	3.87	%
Non-taxable Investment Securities (1)		2,493		49	7.91	%		4,066		76	7.42	%		10,175		191	7.61	%
Total Securities		538,306		4,576	3.42	%		523,520		4,623	3.50	%		587,232		5,684	3.93	%
Loans Held for Sale		17,189		130	3.04	%		23,237		176	3.00	%		14,190		119	3.40	%
Loans:
Commercial and Industrial		579,087		5,901	4.10	%		562,638		5,917	4.17	%		500,202		5,401	4.38	%
Commercial Real Estate		1,848,121		22,734	4.95	%		1,830,429		23,294	5.05	%		1,749,292		23,197	5.38	%
Commercial Construction		142,729		1,543	4.35	%		122,518		1,417	4.59	%		123,501		1,410	4.63	%
Small Business		78,706		1,137	5.81	%		77,477		1,136	5.82	%		80,286		1,179	5.96	%
Total Commercial		2,648,643		31,315	4.76	%		2,593,062		31,764	4.86	%		2,453,281		31,187	5.16	%
Residential Real Estate		410,604		4,466	4.37	%		426,442		4,721	4.39	%		468,146		5,399	4.68	%
Residential Construction		11,622		130	4.50	%		7,703		88	4.53	%		3,712		44	4.81	%
Consumer - Home Equity		717,620		6,660	3.73	%		673,509		6,370	3.75	%		601,624		5,622	3.79	%
Total Consumer Real Estate		1,139,846		11,256	3.97	%		1,107,654		11,179	4.00	%		1,073,482		11,065	4.18	%
Total Other Consumer		38,698		771	8.01	%		44,242		865	7.76	%		64,066		1,229	7.78	%
Total Loans		3,827,187		43,342	4.55	%		3,744,958		43,808	4.64	%		3,590,829		43,481	4.91	%
Total Interest-Earning Assets	$	4,435,910	$	48,081	4.36	%	$	4,421,671	$	48,688	4.37	%	$	4,219,903	$	49,301	4.74	%
Cash and Due from Banks		58,226						58,257						52,023
Federal Home Loan Bank Stock		35,275						35,854						35,854
Other Assets		367,401						357,871						320,658
Total Assets	$	4,896,812					$	4,873,653					$	4,628,438
Interest-bearing Liabilities:
Deposits:
Savings and Interest Checking Accounts	$	1,424,455	$	697	0.20	%	$	1,401,182	$	768	0.22	%	$	1,289,201	$	760	0.24	%
Money Market		769,891		639	0.33	%		742,344		687	0.37	%		723,946		785	0.44	%
Time Deposits		626,478		1,403	0.90	%		624,458		1,453	0.92	%		672,893		1,940	1.17	%
Total interest-bearing deposits:	$	2,820,824	$	2,739	0.39	%	$	2,767,984	$	2,908	0.42	%	$	2,686,040	$	3,485	0.53	%
Borrowings:
Federal Home Loan Bank and Other Borrowings	$	226,365	$	1,344	2.39	%	$	256,907	$	1,731	2.67	%	$	338,218	$	1,910	2.29	%
Wholesale Repurchase Agreements		50,000		289	2.32	%		50,000		292	2.32	%		50,000		519	4.21	%
Customer Repurchase Agreements		158,489		110	0.28	%		163,738		125	0.30	%		128,185		132	0.42	%
Junior Subordinated Debentures		61,857		920	5.98	%		61,857		925	5.93	%		61,857		904	5.93	%
Subordinated Debentures		30,000		541	7.25	%		30,000		547	7.23	%		30,000		535	7.23	%
Total Borrowings		526,711		3,204	2.45	%		562,502		3,620	2.55	%		608,260		4,000	2.67	%
Total Interest-Bearing Liabilities	$	3,347,535	$	5,943	0.71	%	$	3,330,486	$	6,528	0.78	%	$	3,294,300	$	7,485	0.92	%
Demand Deposits		985,455						994,500						831,032
Other Liabilities		88,598						79,842						59,791
Total Liabilities	$	4,421,588					$	4,404,828					$	4,185,123
Stockholders' Equity		475,224						468,825						443,315
Total Liabilities and Stockholders' Equity	$	4,896,812					$	4,873,653					$	4,628,438
Net Interest Income			$	42,138					$	42,160					$	41,816
Interest Rate Spread (2)					3.65	%					3.59	%					3.82	%
Net Interest Margin (3)					3.82	%					3.78	%					4.02	%
Supplemental Information:
Total Deposits, including Demand Deposits	$	3,806,279	$	2,739			$	3,762,484	$	2,908			$	3,517,072	$	3,485
Cost of Total Deposits					0.29	%					0.31	%					0.40	%
Total Funding Liabilities, including Demand Deposits	$	4,332,990	$	5,943			$	4,324,986	$	6,528			$	4,125,332	$	7,485
Cost of Total Funding Liabilities					0.55	%					0.60	%					0.74	%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $285, $306, and $343 for the three months ended March 31, 2012, December 31, 2011, and March 31, 2011, 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.

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