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Independent Bank Corp. Reports Third Quarter Net Income of $40.0 Million

Business line fundamentals drive solid performance

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2021 third quarter net income of $40.0 million, or $1.21 per diluted share, compared to net income of $37.6 million, or $1.14 per diluted share, reported for the second quarter of 2021. Third quarter results included merger-related costs of $1.9 million associated with the acquisition of Meridian Bancorp Inc. ("Meridian") and its subsidiary, East Boston Savings Bank, which is expected to close in the fourth quarter of 2021. Excluding merger-related costs, net of tax, operating net income was $41.4 million, or $1.25 per diluted share, for the third quarter of 2021 compared to operating net income of $38.8 million, or $1.17 per diluted share for the second quarter of 2021. Please refer to "Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)" below for a reconciliation of net income to operating net income.

“We enjoyed another quarter of solid performance owing to our sound fundamentals,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “While remaining focused on organic growth and providing best-in-class customer services to our customers, we have been hard at work collaborating with our counterparts at East Boston Savings Bank to prepare for the anticipated fourth quarter closing of the transaction, and we continue to be excited by the prospects of the combined companies. I would like to thank each of my colleagues for their dedication and contributions toward ensuring Rockland Trust lives out its mission of being the bank Where Each Relationship Matters®.”

BALANCE SHEET

Total assets of $14.5 billion at September 30, 2021 increased by $339.1 million, or 2.4%, from the prior quarter, and by $1.4 billion, or 10.3%, as compared to the year ago period, driven by continued significant growth in deposits and cash balances. During the third quarter of 2021, the Company accelerated its deployment of a portion of this excess cash into investment securities.

Total loans at September 30, 2021 decreased by $131.0 million, or 1.5% (5.8% annualized), when compared to the prior quarter which was primarily attributable to a net reduction in Paycheck Protection Program ("PPP") loan balances. Exclusive of PPP loan activity, total loans declined $31.9 million, (1.5% annualized) reflecting ongoing heightened payoff activity, partially offset by continued strong closing activity. Excluding PPP loan activity, commercial loans increased $3.2 million, or 0.1% (0.2% annualized) during the third quarter, primarily due to growth in construction balances of $18.9 million, or 3.8%, and commercial and industrial of $13.3 million, or 1.07%, offset by a decrease in commercial real estate balances of $30.3 million, or 0.7%, from the prior quarter. New origination activity remained well diversified across various industries for the third quarter of 2021, with the largest volume of new loans attributable to residential development properties. On the consumer side, despite strong volumes of new loan originations, the low interest-rate environment and excess consumer liquidity positions continued to drive elevated payoff activity and historically low home equity line utilization rates, which led to decreases in both residential and home equity loan balances of $17.4 million and $17.9 million, respectively, when compared to the prior quarter.

Deposit balances of $12.3 billion at September 30, 2021 increased by $273.2 million, or 2.3% (9.0% annualized), from the prior quarter, reflecting continued robust new account activity in both consumer and business product categories, as well as increases on existing balances. With continued reduction in time deposit balances, core deposits increased to 92.0% of total deposits at September 30, 2021. This reduction in higher cost time deposits, combined with further rate reductions, contributed to a total cost of deposits for the third quarter of 0.05%, representing a reduction of two basis points when compared to the prior quarter.

The securities portfolio increased by $636.0 million, or 37.8%, when compared to the prior quarter, reflecting the aforementioned strategy to deploy a portion of excess cash balances into investment securities. Total purchases for the quarter were $733.1 million, offset by paydowns, calls, and maturities.

Total borrowings decreased by $14.7 million, or 8.5% when compared to the prior quarter reflecting repayments of outstanding debt, including the maturity of a $10 million advance from the Federal Home Loan Bank.

Stockholders' equity at September 30, 2021 increased by 0.8% (3.3% annualized), as compared to the prior quarter, reflecting continued strong earnings retention. Book value per share increased by $0.42, or 0.8%, to $53.14 during the third quarter as compared to the prior quarter. The Company's ratio of common equity to assets of 12.08% decreased by 19 basis points from the prior quarter and by 75 basis points from the year ago period, reflecting the significant growth in liquid assets. The Company's tangible book value per share at September 30, 2021 rose by $0.46, or 1.3%, from the prior quarter to $37.24, representing an increase of 5.9% from the year ago period. The Company's ratio of tangible common equity to tangible assets of 8.79% at September 30, 2021 represents a decrease of 10 basis points from the prior quarter and a decrease of 38 basis points from the year ago period. Please refer to Appendix A for a detailed reconciliation of Non-GAAP metrics.

NET INTEREST INCOME

Net interest income for the third quarter decreased to $90.1 million compared to $93.4 million for the prior quarter, driven primarily by a reduction in PPP fee recognition of $5.0 million, as $2.2 million was recognized in the third quarter compared to $7.2 million for the prior quarter. The combination of lower PPP fees and increased balances in short term, lower yielding assets in the third quarter compared to the prior quarter contributed to a 23 basis point reduction in average earning asset yields. This reduction resulted in a net interest margin decline of 21 basis points from the prior quarter to 2.78%. Please refer to Appendix C for additional details regarding the net interest margin.

NONINTEREST INCOME

Noninterest income of $26.5 million for the third quarter of 2021 was $1.5 million, or 6.0%, higher than the prior quarter. Significant changes in noninterest income for the third quarter compared to the prior quarter included the following:

  • Deposit account fees increased by $476,000, or 12.5%, primarily driven by overdraft fees.
  • Interchange and ATM fees increased by $373,000, or 12.2%, as a result of increased volume during the third quarter, reflecting a rise in customer spending.
  • Investment management income increased by $302,000, or 3.4%, due primarily to increased insurance commissions. Additionally, assets under management as of September 30, 2021 remained consistent with the prior quarter's record high level at $5.4 billion.
  • Mortgage banking income grew by $120,000, or 4.4%, reflecting continued strong volume for the quarter, offset by a reduction in gain on sale margins.
  • Loan level derivative income increased by $470,000, due primarily to increased customer demand.
  • Other noninterest income decreased by $258,000, or 5.4%, primarily attributable to decreased unrealized gains on equity securities and income from other investments, partially offset by increases in commercial loan fees and income from like-kind exchanges.

NONINTEREST EXPENSE

Noninterest expense of $72.4 million for the third quarter of 2021 was $0.9 million, or 1.2% lower than the prior quarter. Significant changes in noninterest expense for the third quarter compared to the prior quarter included the following:

  • Salaries and employee benefits decreased by $400,000, or 0.9%, mainly due to decreases in payroll taxes and other commissions.
  • Occupancy and equipment decreased by $142,000, or 1.6%, mainly due to decreases in rent on leased property.
  • FDIC assessment increased by $205,000, or 26.5%, as the prior quarter benefited from a refund of prior period assessment fees of approximately $109,000, as well as an increased assessment base due to balance sheet growth.
  • The Company incurred merger and acquisition expenses of $1.9 million in the third quarter of 2021 and $1.7 million in the second quarter of 2021. All such costs were related to the Company's acquisition of Meridian.
  • Other noninterest expense decreased by 745,000, or 4.2%, primarily due to decreases in director equity compensation expense, legal fees, advertising, and provision for unfunded commitments, partially offset by increases in unrealized loss on equity securities, recruitment expense, and other miscellaneous expenses.

The Company generated a return on average assets and a return on average common equity of 1.11% and 9.04%, respectively, for the third quarter of 2021, as compared to 1.08% and 8.70%, respectively, for the prior quarter. On an operating basis, return on average assets and return on average common equity were 1.15% and 9.35%, respectively, for the third quarter of 2021 as compared to 1.12% and 8.98%, respectively for the prior quarter.

The tax rate of 26.1% for the third quarter was higher than the prior quarter rate of 24.9%, which was primarily driven by an increase in forecasted full year 2021 earnings.

ASSET QUALITY

During the third quarter, the Company recorded total net charge-offs of $111,000, which amounted to less than 0.1% of average loans on an annualized basis. Nonperforming loans decreased by 4.2% to $45.8 million, or 0.52% of total loans at September 30, 2021, as compared to $47.8 million, or 0.53% of total loans, at June 30, 2021.

In addition, total loans subject to a payment deferral remained relatively consistent with the prior quarter, amounting to $222.9 million, or 2.5% of total loans at September 30, 2021, with the highest concentration remaining in the accommodation industry portfolio. The majority of the loans subject to a payment deferral at September 30, 2021 were characterized as current loans. Delinquency as a percentage of total loans increased ten basis points from the prior quarter, yet remained low at 0.21%. Please refer to Appendix E for additional details regarding loans whose terms have been modified as a result of the COVID-19 pandemic.

The Company recorded credit reserve releases of $10.0 million during the third quarter of 2021, reflecting continued improvement in both expected asset quality metrics and overall macro-economic assumptions. The allowance for credit losses on total loans was $92.2 million at September 30, 2021, or 1.05% of total loans, as compared to $102.4 million at June 30, 2021, or 1.15% of total loans. The allowance for credit losses as a percentage of total loans, excluding PPP loans, was 1.09% and 1.21% at September 30, 2021 and June 30, 2021, respectively. Please refer to Appendix D for information regarding loan exposures within industries deemed highly impacted by the COVID-19 pandemic.

CONFERENCE CALL INFORMATION

Christopher Oddleifson, Chief Executive Officer, Robert Cozzone, Chief Operating Officer, Mark Ruggiero, Chief Financial Officer, and Gerard Nadeau, President and Chief Commercial Banking Officer will host a conference call to discuss third quarter earnings at 10:00 a.m. Eastern Time on Friday, October 22, 2021. Internet access to the call is available on the Company’s website at www.RocklandTrust.com or via telephonic access by dial-in at 1-888-336-7153 reference: INDB. A replay of the call will be available by calling 1-877-344-7529, Replay Conference Number: 10159135 and will be available through October 29, 2021. Additionally, a webcast replay will be available until October 22, 2022.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2020 list, an honor earned for the 12th consecutive year. In 2021, Rockland Trust was ranked the #1 Bank in Massachusetts according to Forbes World's Best Banks list for the second year in a row. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank "Where Each Relationship Matters®," please visit RocklandTrust.com.

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

  • further weakening in the United States economy in general and the regional and local economies within the New England region and the Company’s market area, including future weakening caused by the COVID-19 pandemic;
  • the length and extent of economic contraction as a result of the COVID-19 pandemic;
  • unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other external events;
  • adverse changes or volatility in the local real estate market;
  • adverse changes in asset quality and any unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships;
  • failure to consummate or a delay in consummating the acquisition of Meridian, which is subject to standard closing conditions, including the receipt of regulatory approvals;
  • acquisitions, including the acquisition of Meridian, may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;
  • additional regulatory oversight and related compliance costs, including the additional costs associated with the Company's increase in assets to over $10 billion;
  • changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
  • higher than expected tax expense, resulting from failure to comply with general tax laws and changes in tax laws;
  • changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR;
  • increased competition in the Company’s market areas;
  • adverse weather, changes in climate, natural disasters, the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic, other public health crises or man-made events could negatively affect our local economies or disrupt our operations, which would have an adverse effect on our business or results of operations;
  • a deterioration in the conditions of the securities markets;
  • a deterioration of the credit rating for U.S. long-term sovereign debt;
  • inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery;
  • electronic fraudulent activity within the financial services industry, especially in the commercial banking sector;
  • adverse changes in consumer spending and savings habits;
  • the effect of laws and regulations regarding the financial services industry;
  • changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business;
  • the Company's potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic;
  • changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters including, but not limited to, changes to how the Company accounts for credit losses;
  • cyber security attacks or intrusions that could adversely impact our businesses; and
  • other unexpected material adverse changes in our operations or earnings.

Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which is unknown at this time. Statements about the COVID-19 pandemic and its potential impact on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that actual results may differ, possibly materially, from what is reflected in such statements due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond our control, including the scope, duration and extent of the pandemic and any resurgences, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact on the Company’s employees, customers, business and third-parties with which the Company conducts business.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, 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. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

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”). This information includes operating net income and operating earnings per share ("EPS"), operating return on average assets, operating return on average common equity, core net interest margin ("core margin"), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets and operating return on average common equity exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as out-sized cash balances, unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles). The Company has included information on tangible book value per share and the tangible common equity ratio because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management deems to be noncore and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

(Unaudited, dollars in thousands)

 

 

 

 

 

 

 

% Change

 

% Change

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

Sept 2021 vs.

 

Sept 2021 vs.

 

 

 

 

 

Jun 2021

 

Sept 2020

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

138,148

 

 

$

141,953

 

 

$

125,103

 

 

(2.68

)%

 

10.43

%

Interest-earning deposits with banks

 

1,869,683

 

 

2,114,477

 

 

1,142,934

 

 

(11.58

)%

 

63.59

%

Securities

 

 

 

 

 

 

 

 

 

 

Trading

 

3,504

 

 

3,439

 

 

2,612

 

 

1.89

%

 

34.15

%

Equities

 

22,794

 

 

22,975

 

 

21,119

 

 

(0.79

)%

 

7.93

%

Available for sale

 

1,427,210

 

 

794,516

 

 

423,478

 

 

79.63

%

 

237.02

%

Held to maturity

 

865,249

 

 

861,821

 

 

659,573

 

 

0.40

%

 

31.18

%

Total securities

 

2,318,757

 

 

1,682,751

 

 

1,106,782

 

 

37.80

%

 

109.50

%

Loans held for sale

 

33,553

 

 

25,561

 

 

54,713

 

 

31.27

%

 

(38.67

)%

Loans

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

1,640,709

 

 

1,726,498

 

 

2,062,345

 

 

(4.97

)%

 

(20.44

)%

Commercial real estate

 

4,221,259

 

 

4,251,543

 

 

4,125,464

 

 

(0.71

)%

 

2.32

%

Commercial construction

 

515,415

 

 

496,539

 

 

573,334

 

 

3.80

%

 

(10.10

)%

Small business

 

184,138

 

 

182,863

 

 

167,632

 

 

0.70

%

 

9.85

%

Total commercial

 

6,561,521

 

 

6,657,443

 

 

6,928,775

 

 

(1.44

)%

 

(5.30

)%

Residential real estate

 

1,222,849

 

 

1,240,279

 

 

1,352,305

 

 

(1.41

)%

 

(9.57

)%

Home equity - first position

 

592,564

 

 

606,332

 

 

643,187

 

 

(2.27

)%

 

(7.87

)%

Home equity - subordinate positions

 

407,904

 

 

412,076

 

 

457,867

 

 

(1.01

)%

 

(10.91

)%

Total consumer real estate

 

2,223,317

 

 

2,258,687

 

 

2,453,359

 

 

(1.57

)%

 

(9.38

)%

Other consumer

 

23,175

 

 

22,858

 

 

23,059

 

 

1.39

%

 

0.50

%

Total loans

 

8,808,013

 

 

8,938,988

 

 

9,405,193

 

 

(1.47

)%

 

(6.35

)%

Less: allowance for credit losses

 

(92,246

)

 

(102,357

)

 

(115,625

)

 

(9.88

)%

 

(20.22

)%

Net loans

 

8,715,767

 

 

8,836,631

 

 

9,289,568

 

 

(1.37

)%

 

(6.18

)%

Federal Home Loan Bank stock

 

8,666

 

 

9,079

 

 

15,090

 

 

(4.55

)%

 

(42.57

)%

Bank premises and equipment, net

 

123,528

 

 

117,435

 

 

121,816

 

 

5.19

%

 

1.41

%

Goodwill

 

506,206

 

 

506,206

 

 

506,206

 

 

%

 

%

Other intangible assets

 

19,055

 

 

20,370

 

 

24,543

 

 

(6.46

)%

 

(22.36

)%

Cash surrender value of life insurance policies

 

244,573

 

 

242,963

 

 

199,453

 

 

0.66

%

 

22.62

%

Other assets

 

555,375

 

 

496,781

 

 

587,457

 

 

11.79

%

 

(5.46

)%

Total assets

 

$

14,533,311

 

 

$

14,194,207

 

 

$

13,173,665

 

 

2.39

%

 

10.32

%

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

4,590,492

 

 

$

4,370,852

 

 

$

3,715,528

 

 

5.03

%

 

23.55

%

Savings and interest checking accounts

 

4,484,208

 

 

4,445,903

 

 

3,912,703

 

 

0.86

%

 

14.61

%

Money market

 

2,399,878

 

 

2,352,897

 

 

2,164,436

 

 

2.00

%

 

10.88

%

Time certificates of deposit

 

785,562

 

 

817,319

 

 

1,058,641

 

 

(3.89

)%

 

(25.80

)%

Total deposits

 

12,260,140

 

 

11,986,971

 

 

10,851,308

 

 

2.28

%

 

12.98

%

Borrowings

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank borrowings

 

25,675

 

 

35,693

 

 

145,765

 

 

(28.07

)%

 

(82.39

)%

Long-term borrowings, net

 

18,750

 

 

23,425

 

 

37,447

 

 

(19.96

)%

 

(49.93

)%

Junior subordinated debentures, net

 

62,853

 

 

62,852

 

 

62,850

 

 

%

 

%

Subordinated debentures, net

 

49,767

 

 

49,743

 

 

49,672

 

 

0.05

%

 

0.19

%

Total borrowings

 

157,045

 

 

171,713

 

 

295,734

 

 

(8.54

)%

 

(46.90

)%

Total deposits and borrowings

 

12,417,185

 

 

12,158,684

 

 

11,147,042

 

 

2.13

%

 

11.39

%

Other liabilities

 

360,172

 

 

293,901

 

 

336,899

 

 

22.55

%

 

6.91

%

Total liabilities

 

12,777,357

 

 

12,452,585

 

 

11,483,941

 

 

2.61

%

 

11.26

%

Stockholders' equity

 

 

 

 

 

 

 

 

 

 

Common stock

 

329

 

 

329

 

 

328

 

 

%

 

0.30

%

Additional paid in capital

 

949,316

 

 

948,130

 

 

944,218

 

 

0.13

%

 

0.54

%

Retained earnings

 

787,742

 

 

763,596

 

 

696,546

 

 

3.16

%

 

13.09

%

Accumulated other comprehensive income, net of tax

 

18,567

 

 

29,567

 

 

48,632

 

 

(37.20

)%

 

(61.82

)%

Total stockholders' equity

 

1,755,954

 

 

1,741,622

 

 

1,689,724

 

 

0.82

%

 

3.92

%

Total liabilities and stockholders' equity

 

$

14,533,311

 

 

$

14,194,207

 

 

$

13,173,665

 

 

2.39

%

 

10.32

%

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

(Unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

% Change

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

Sept 2021 vs.

 

Sept 2021 vs.

 

 

 

 

 

Jun 2021

 

Sept 2020

Interest income

 

 

 

 

 

 

 

 

 

 

Interest on federal funds sold and short-term investments

 

$

815

 

 

$

513

 

 

$

254

 

 

58.87

%

 

220.87

%

Interest and dividends on securities

 

7,796

 

 

7,189

 

 

7,227

 

 

8.44

%

 

7.87

%

Interest and fees on loans

 

84,212

 

 

88,814

 

 

90,112

 

 

(5.18

)%

 

(6.55

)%

Interest on loans held for sale

 

193

 

 

186

 

 

326

 

 

3.76

%

 

(40.80

)%

Total interest income

 

93,016

 

 

96,702

 

 

97,919

 

 

(3.81

)%

 

(5.01

)%

Interest expense

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

1,633

 

 

2,017

 

 

5,432

 

 

(19.04

)%

 

(69.94

)%

Interest on borrowings

 

1,292

 

 

1,331

 

 

1,604

 

 

(2.93

)%

 

(19.45

)%

Total interest expense

 

2,925

 

 

3,348

 

 

7,036

 

 

(12.63

)%

 

(58.43

)%

Net interest income

 

90,091

 

 

93,354

 

 

90,883

 

 

(3.50

)%

 

(0.87

)%

Provision for credit losses

 

(10,000

)

 

(5,000

)

 

7,500

 

 

100.00

%

 

(233.33

)%

Net interest income after provision for credit losses

 

100,091

 

 

98,354

 

 

83,383

 

 

1.77

%

 

20.04

%

Noninterest income

 

 

 

 

 

 

 

 

 

 

Deposit account fees

 

4,298

 

 

3,822

 

 

3,428

 

 

12.45

%

 

25.38

%

Interchange and ATM fees

 

3,441

 

 

3,068

 

 

3,044

 

 

12.16

%

 

13.04

%

Investment management

 

9,174

 

 

8,872

 

 

7,571

 

 

3.40

%

 

21.17

%

Mortgage banking income

 

2,825

 

 

2,705

 

 

7,704

 

 

4.44

%

 

(63.33

)%

Increase in cash surrender value of life insurance policies

 

1,596

 

 

1,589

 

 

1,314

 

 

0.44

%

 

21.46

%

Loan level derivative income

 

586

 

 

116

 

 

2,457

 

 

405.17

%

 

(76.15

)%

Other noninterest income

 

4,537

 

 

4,795

 

 

3,829

 

 

(5.38

)%

 

18.49

%

Total noninterest income

 

26,457

 

 

24,967

 

 

29,347

 

 

5.97

%

 

(9.85

)%

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

42,235

 

 

42,635

 

 

38,409

 

 

(0.94

)%

 

9.96

%

Occupancy and equipment expenses

 

8,564

 

 

8,706

 

 

9,273

 

 

(1.63

)%

 

(7.65

)%

Data processing and facilities management

 

1,673

 

 

1,686

 

 

1,567

 

 

(0.77

)%

 

6.76

%

FDIC assessment

 

980

 

 

775

 

 

1,034

 

 

26.45

%

 

(5.22

)%

Merger and acquisition expense

 

1,943

 

 

1,731

 

 

 

 

12.25

 

 

100.00

%

Loss on termination of derivatives

 

 

 

 

 

684

 

 

n/a

 

 

(100.00

)

Other noninterest expenses

 

17,024

 

 

17,769

 

 

15,691

 

 

(4.19

)%

 

8.50

%

Total noninterest expenses

 

72,419

 

 

73,302

 

 

66,658

 

 

(1.20

)%

 

8.64

%

Income before income taxes

 

54,129

 

 

50,019

 

 

46,072

 

 

8.22

%

 

17.49

%

Provision for income taxes

 

14,122

 

 

12,447

 

 

11,199

 

 

13.46

%

 

26.10

%

Net Income

 

$

40,007

 

 

$

37,572

 

 

$

34,873

 

 

6.48

%

 

14.72

%

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares (basic)

 

33,043,716

 

 

33,033,578

 

 

32,951,918

 

 

 

 

 

Common share equivalents

 

15,554

 

 

21,270

 

 

24,758

 

 

 

 

 

Weighted average common shares (diluted)

 

33,059,270

 

 

33,054,848

 

 

32,976,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.21

 

 

$

1.14

 

 

$

1.06

 

 

6.14

%

 

14.15

%

Diluted earnings per share

 

$

1.21

 

 

$

1.14

 

 

$

1.06

 

 

6.14

%

 

14.15

%

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

 

 

 

 

 

 

Net income

 

$

40,007

 

 

$

37,572

 

 

$

34,873

 

 

 

 

 

Noninterest expense components

 

 

 

 

 

 

 

 

 

 

Add - loss on termination of derivatives

 

 

 

 

 

684

 

 

 

 

 

Add - merger and acquisition expenses

 

1,943

 

 

1,731

 

 

 

 

 

 

 

Noncore increases to income before taxes

 

1,943

 

 

1,731

 

 

684

 

 

 

 

 

Net tax benefit associated with noncore items (1)

 

(546

)

 

(487

)

 

(192

)

 

 

 

 

Noncore increases to net income

 

1,397

 

 

1,244

 

 

492

 

 

 

 

 

Operating net income (Non-GAAP)

 

$

41,404

 

 

$

38,816

 

 

$

35,365

 

 

6.67

%

 

17.08

%

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share, on an operating basis

 

$

1.25

 

 

$

1.17

 

 

$

1.07

 

 

6.84

%

 

16.82

%

 

 

 

 

 

 

 

 

 

 

 

(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.

 

 

 

 

 

 

 

 

 

 

 

Performance ratios

 

 

 

 

 

 

 

 

 

 

Net interest margin (FTE)

 

2.78

%

 

2.99

%

 

3.13

%

 

 

 

 

Return on average assets (GAAP) (calculated by dividing net income by average assets)

 

1.11

%

 

1.08

%

 

1.07

%

 

 

 

 

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)

 

1.15

%

 

1.12

%

 

1.08

%

 

 

 

 

Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

 

9.04

%

 

8.70

%

 

8.21

%

 

 

 

 

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)

 

9.35

%

 

8.98

%

 

8.32

%

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

(Unaudited, dollars in thousands, except per share data)

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

% Change

 

 

September 30

2021

 

September 30

2020

 

Sept 2021 vs.

 

 

 

 

Sept 2020

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

Interest on federal funds sold and short-term investments

 

$

1,654

 

 

$

546

 

 

202.93

%

Interest and dividends on securities

 

21,617

 

 

23,033

 

 

(6.15

)%

Interest and fees on loans

 

265,409

 

 

280,768

 

 

(5.47

)%

Interest on loans held for sale

 

675

 

 

917

 

 

(26.39

)%

Total interest income

 

289,355

 

 

305,264

 

 

(5.21

)%

Interest expense

 

 

 

 

 

 

Interest on deposits

 

6,361

 

 

23,351

 

 

(72.76

)%

Interest on borrowings

 

3,965

 

 

5,628

 

 

(29.55

)%

Total interest expense

 

10,326

 

 

28,979

 

 

(64.37

)%

Net interest income

 

279,029

 

 

276,285

 

 

0.99

%

Provision for credit losses

 

(17,500

)

 

52,500

 

 

(133.33

)%

Net interest income after provision for credit losses

 

296,529

 

 

223,785

 

 

32.51

%

Noninterest income

 

 

 

 

 

 

Deposit account fees

 

11,704

 

 

11,227

 

 

4.25

%

Interchange and ATM fees

 

9,229

 

 

13,154

 

 

(29.84

)%

Investment management

 

26,350

 

 

21,696

 

 

21.45

%

Mortgage banking income

 

11,270

 

 

13,570

 

 

(16.95

)%

Increase in cash surrender value of life insurance policies

 

4,508

 

 

3,902

 

 

15.53

%

Gain on life insurance benefits

 

258

 

 

692

 

 

(62.72

)%

Loan level derivative income

 

875

 

 

8,918

 

 

(90.19

)%

Other noninterest income

 

12,476

 

 

10,813

 

 

15.38

%

Total noninterest income

 

76,670

 

 

83,972

 

 

(8.70

)%

Noninterest expenses

 

 

 

 

 

 

Salaries and employee benefits

 

124,759

 

 

113,027

 

 

10.38

%

Occupancy and equipment expenses

 

26,543

 

 

27,863

 

 

(4.74

)%

Data processing and facilities management

 

5,024

 

 

4,684

 

 

7.26

%

FDIC assessment

 

2,805

 

 

1,537

 

 

82.50

%

Loss on termination of derivatives

 

 

 

684

 

 

(100.00

)%

Merger and acquisition expense

 

3,674

 

 

 

 

100.00

%

Other noninterest expenses

 

52,598

 

 

52,310

 

 

0.55

%

Total noninterest expenses

 

215,403

 

 

200,105

 

 

7.64

%

Income before income taxes

 

157,796

 

 

107,652

 

 

46.58

%

Provision for income taxes

 

38,506

 

 

21,126

 

 

82.27

%

Net Income

 

$

119,290

 

 

$

86,526

 

 

37.87

%

 

 

 

 

 

 

 

Weighted average common shares (basic)

 

33,024,386

 

 

33,358,879

 

 

 

Common share equivalents

 

18,238

 

 

27,871

 

 

 

Weighted average common shares (diluted)

 

33,042,624

 

 

33,386,750

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

3.61

 

 

$

2.59

 

 

39.38

%

Diluted earnings per share

 

$

3.61

 

 

$

2.59

 

 

39.38

%

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

 

 

 

 

 

 

Net Income

 

$

119,290

 

 

$

86,526

 

 

 

Noninterest expense components

 

 

 

 

 

 

Add - loss on termination of derivatives

 

 

 

684

 

 

 

Add - merger and acquisition expenses

 

3,674

 

 

 

 

 

Noncore increases to income before taxes

 

3,674

 

 

684

 

 

 

Net tax benefit associated with noncore items (1)

 

(1,033

)

 

(192

)

 

 

Noncore increases to net income

 

$

2,641

 

 

$

492

 

 

 

Operating net income (Non-GAAP)

 

$

121,931

 

 

$

87,018

 

 

40.12

%

 

 

 

 

 

 

 

Diluted earnings per share, on an operating basis

 

$

3.69

 

 

$

2.61

 

 

41.38

%

 

 

 

 

 

 

 

(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income.

 

 

 

 

 

 

 

Performance ratios

 

 

 

 

 

 

Net interest margin (FTE)

 

3.00

%

 

3.36

%

 

 

Return on average assets (GAAP) (calculated by dividing net income by average assets)

 

1.15

%

 

0.93

%

 

 

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets)

 

1.17

%

 

0.94

%

 

 

Return on average common equity (GAAP) (calculated by dividing net income by average common equity)

 

9.20

%

 

6.80

%

 

 

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity)

 

9.40

%

 

6.84

%

 

 

ASSET QUALITY

 

 

(Unaudited, dollars in thousands)

 

Nonperforming Assets At

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

Nonperforming loans

 

 

 

 

 

 

Commercial & industrial loans

 

$

19,275

 

 

$

20,831

 

 

$

36,851

 

Commercial real estate loans

 

11,788

 

 

9,031

 

 

38,164

 

Small business loans

 

46

 

 

558

 

 

542

 

Residential real estate loans

 

10,872

 

 

12,786

 

 

16,229

 

Home equity

 

3,746

 

 

4,517

 

 

6,159

 

Other consumer

 

83

 

 

95

 

 

80

 

Total nonperforming loans

 

45,810

 

 

47,818

 

 

98,025

 

Total nonperforming assets

 

$

45,810

 

 

$

47,818

 

 

$

98,025

 

 

 

 

 

 

 

 

Nonperforming loans/gross loans

 

0.52

%

 

0.53

%

 

1.04

%

Nonperforming assets/total assets

 

0.32

%

 

0.34

%

 

0.74

%

Allowance for credit losses/nonperforming loans

 

201.37

%

 

214.06

%

 

117.95

%

Allowance for credit losses/total loans

 

1.05

%

 

1.15

%

 

1.23

%

Delinquent loans/total loans

 

0.21

%

 

0.11

%

 

0.31

%

 

 

 

 

 

 

 

 

 

Nonperforming Assets Reconciliation for the Three Months Ended

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

 

 

 

 

 

 

Nonperforming assets beginning balance

 

$

47,818

 

 

$

59,201

 

 

$

48,814

 

New to nonperforming

 

4,613

 

 

2,233

 

 

60,850

 

Loans charged-off

 

(332

)

 

(481

)

 

(4,304

)

Loans paid-off

 

(3,488

)

 

(10,364

)

 

(5,050

)

Loans restored to performing status

 

(2,813

)

 

(2,771

)

 

(2,229

)

Other

 

12

 

 

 

 

(56

)

Nonperforming assets ending balance

 

$

45,810

 

 

$

47,818

 

 

$

98,025

 

 

 

Net Charge-Offs (Recoveries)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

September 30

2021

 

September 30

2020

Net charge-offs (recoveries)

 

 

 

 

 

 

 

 

 

 

Commercial and industrial loans

 

$

 

 

$

107

 

 

$

184

 

 

$

3,374

 

 

$

138

 

Commercial real estate loans

 

 

 

 

 

3,876

 

 

(57

)

 

3,876

 

Small business loans

 

33

 

 

31

 

 

47

 

 

119

 

 

186

 

Residential real estate loans

 

 

 

 

 

(1

)

 

(1

)

 

(2

)

Home equity

 

(49

)

 

24

 

 

(21

)

 

(38

)

 

(32

)

Other consumer

 

127

 

 

30

 

 

(34

)

 

249

 

 

469

 

Total net charge-offs

 

$

111

 

 

$

192

 

 

$

4,051

 

 

$

3,646

 

 

$

4,635

 

 

 

 

 

 

 

 

 

 

 

 

Net charge-offs to average loans (annualized)

 

0.00

%

 

0.01

%

 

0.17

%

 

0.05

%

 

0.07

%

 

 

Troubled Debt Restructurings At

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

Troubled debt restructurings on accrual status

 

$

15,950

 

 

$

19,495

 

 

$

17,521

 

Troubled debt restructurings on nonaccrual status

 

21,104

 

 

20,212

 

 

23,810

 

Total troubled debt restructurings

 

$

37,054

 

 

$

39,707

 

 

$

41,331

 

 

 

 

 

 

 

 

BALANCE SHEET AND CAPITAL RATIOS

 

 

 

 

 

 

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

Gross loans/total deposits

 

71.84

%

 

74.57

%

 

86.67

%

Common equity tier 1 capital ratio (1)

 

13.46

%

 

13.31

%

 

12.41

%

Tier 1 leverage capital ratio (1)

 

9.36

%

 

9.41

%

 

9.52

%

Common equity to assets ratio GAAP

 

12.08

%

 

12.27

%

 

12.83

%

Tangible common equity to tangible assets ratio (2)

 

8.79

%

 

8.89

%

 

9.17

%

Book value per share GAAP

 

$

53.14

 

 

$

52.72

 

 

$

51.27

 

Tangible book value per share (2)

 

$

37.24

 

 

$

36.78

 

 

$

35.17

 

(1) Estimated number for September 30, 2021.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, dollars in thousands)

 

Three Months Ended

 

 

September 30, 2021

 

June 30, 2021

 

September 30, 2020

 

 

 

 

Interest

 

 

 

 

Interest

 

 

 

 

Interest

 

 

 

 

Average

 

Earned/

Yield/

 

Average

 

Earned/

Yield/

 

Average

 

Earned/

 

Yield/

 

 

Balance

 

Paid (1)

 

Rate

 

Balance

 

Paid (1)

 

Rate

 

Balance

 

Paid (1)

 

Rate

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning deposits with banks, federal funds sold, and short term investments

 

$

2,135,031

 

 

$

815

 

 

0.15

%

 

$

1,882,285

 

 

$

513

 

 

0.11

%

 

$

997,921

 

 

$

254

 

 

0.10

%

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities - trading

 

3,498

 

 

 

 

%

 

3,359

 

 

 

 

%

 

2,607

 

 

 

 

%

Securities - taxable investments

 

1,880,863

 

 

7,792

 

 

1.64

%

 

1,514,336

 

 

7,184

 

 

1.90

%

 

1,139,843

 

 

7,218

 

 

2.52

%

Securities - nontaxable investments (1)

 

468

 

 

5

 

 

4.24

%

 

555

 

 

6

 

 

4.34

%

 

1,146

 

 

11

 

 

3.82

%

Total securities

 

$

1,884,829

 

 

$

7,797

 

 

1.64

%

 

$

1,518,250

 

 

$

7,190

 

 

1.90

%

 

$

1,143,596

 

 

$

7,229

 

 

2.51

%

Loans held for sale

 

30,143

 

 

193

 

 

2.54

%

 

28,279

 

 

186

 

 

2.64

%

 

50,709

 

 

326

 

 

2.56

%

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial (1)

 

1,640,422

 

 

15,309

 

 

3.70

%

 

1,944,026

 

 

20,351

 

 

4.20

%

 

2,033,385

 

 

17,724

 

 

3.47

%

Commercial real estate (1)

 

4,232,575

 

 

41,469

 

 

3.89

%

 

4,196,171

 

 

41,532

 

 

3.97

%

 

4,086,594

 

 

41,578

 

 

4.05

%

Commercial construction

 

507,393

 

 

4,916

 

 

3.84

%

 

514,935

 

 

4,777

 

 

3.72

%

 

568,007

 

 

5,126

 

 

3.59

%

Small business

 

181,953

 

 

2,341

 

 

5.10

%

 

178,525

 

 

2,302

 

 

5.17

%

 

168,662

 

 

2,303

 

 

5.43

%

Total commercial

 

6,562,343

 

 

64,035

 

 

3.87

%

 

6,833,657

 

 

68,962

 

 

4.05

%

 

6,856,648

 

 

66,731

 

 

3.87

%

Residential real estate

 

1,231,606

 

 

10,955

 

 

3.53

%

 

1,226,520

 

 

11,058

 

 

3.62

%

 

1,387,055

 

 

13,436

 

 

3.85

%

Home equity

 

1,007,371

 

 

9,043

 

 

3.56

%

 

1,024,798

 

 

8,591

 

 

3.36

%

 

1,107,685

 

 

9,658

 

 

3.47

%

Total consumer real estate

 

2,238,977

 

 

19,998

 

 

3.54

%

 

2,251,318

 

 

19,649

 

 

3.50

%

 

2,494,740

 

 

23,094

 

 

3.68

%

Other consumer

 

25,929

 

 

398

 

 

6.09

%

 

22,471

 

 

411

 

 

7.34

%

 

24,134

 

 

515

 

 

8.49

%

Total loans

 

$

8,827,249

 

 

$

84,431

 

 

3.79

%

 

$

9,107,446

 

 

$

89,022

 

 

3.92

%

 

$

9,375,522

 

 

$

90,340

 

 

3.83

%

Total interest-earning assets

 

$

12,877,252

 

 

$

93,236

 

 

2.87

%

 

$

12,536,260

 

 

$

96,911

 

 

3.10

%

 

$

11,567,748

 

 

$

98,149

 

 

3.38

%

Cash and due from banks

 

144,556

 

 

 

 

 

 

142,198

 

 

 

 

 

 

124,482

 

 

 

 

 

Federal Home Loan Bank stock

 

8,904

 

 

 

 

 

 

9,410

 

 

 

 

 

 

15,090

 

 

 

 

 

Other assets

 

1,268,199

 

 

 

 

 

 

1,258,056

 

 

 

 

 

 

1,313,194

 

 

 

 

 

Total assets

 

$

14,298,911

 

 

 

 

 

 

$

13,945,924

 

 

 

 

 

 

$

13,020,514

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings and interest checking accounts

 

$

4,426,106

 

 

$

338

 

 

0.03

%

 

$

4,339,645

 

 

$

384

 

 

0.04

%

 

$

3,836,488

 

 

$

838

 

 

0.09

%

Money market

 

2,375,492

 

 

443

 

 

0.07

%

 

2,347,852

 

 

429

 

 

0.07

%

 

2,087,822

 

 

945

 

 

0.18

%

Time deposits

 

795,943

 

 

852

 

 

0.42

%

 

843,090

 

 

1,204

 

 

0.57

%

 

1,076,546

 

 

3,649

 

 

1.35

%

Total interest-bearing deposits

 

$

7,597,541

 

 

$

1,633

 

 

0.09

%

 

$

7,530,587

 

 

$

2,017

 

 

0.11

%

 

$

7,000,856

 

 

$

5,432

 

 

0.31

%

Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank borrowings

 

31,118

 

 

165

 

 

2.10

%

 

35,704

 

 

191

 

 

2.15

%

 

145,766

 

 

408

 

 

1.11

%

Long-term borrowings

 

18,742

 

 

77

 

 

1.63

%

 

23,417

 

 

94

 

 

1.61

%

 

37,439

 

 

141

 

 

1.50

%

Junior subordinated debentures

 

62,852

 

 

432

 

 

2.73

%

 

62,852

 

 

429

 

 

2.74

%

 

62,850

 

 

438

 

 

2.77

%

Subordinated debentures

 

49,753

 

 

617

 

 

4.92

%

 

49,730

 

 

618

 

 

4.98

%

 

49,659

 

 

617

 

 

4.94

%

Total borrowings

 

$

162,465

 

 

$

1,291

 

 

3.15

%

 

$

171,703

 

 

$

1,332

 

 

3.11

%

 

$

295,714

 

 

$

1,604

 

 

2.16

%

Total interest-bearing liabilities

 

$

7,760,006

 

 

$

2,924

 

 

0.15

%

 

$

7,702,290

 

 

$

3,349

 

 

0.17

%

 

$

7,296,570

 

 

$

7,036

 

 

0.38

%

Noninterest-bearing demand deposits

 

4,502,045

 

 

 

 

 

 

4,237,135

 

 

 

 

 

 

3,700,902

 

 

 

 

 

Other liabilities

 

280,754

 

 

 

 

 

 

273,449

 

 

 

 

 

 

332,937

 

 

 

 

 

Total liabilities

 

$

12,542,805

 

 

 

 

 

 

$

12,212,874

 

 

 

 

 

 

$

11,330,409

 

 

 

 

 

Stockholders' equity

 

1,756,106

 

 

 

 

 

 

1,733,050

 

 

 

 

 

 

1,690,105

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

14,298,911

 

 

 

 

 

 

$

13,945,924

 

 

 

 

 

 

$

13,020,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

90,312

 

 

 

 

 

 

$

93,562

 

 

 

 

 

 

$

91,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread (2)

 

 

 

 

 

2.72

%

 

 

 

 

 

2.93

%

 

 

 

 

 

3.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

2.78

%

 

 

 

 

 

2.99

%

 

 

 

 

 

3.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including demand deposits

 

$

12,099,586

 

 

$

1,633

 

 

 

 

$

11,767,722

 

 

$

2,017

 

 

 

 

$

10,701,758

 

 

$

5,432

 

 

 

Cost of total deposits

 

 

 

 

 

0.05

%

 

 

 

 

 

0.07

%

 

 

 

 

 

0.20

%

Total funding liabilities, including demand deposits

 

$

12,262,051

 

 

$

2,924

 

 

 

 

$

11,939,425

 

 

$

3,349

 

 

 

 

$

10,997,472

 

 

$

7,036

 

 

 

Cost of total funding liabilities

 

 

 

 

 

0.09

%

 

 

 

 

 

0.11

%

 

 

 

 

 

0.25

%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $220,000, $209,000, and $230,000 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively, determined by applying the Company's marginal tax rates in effect during each respective quarter.

(2) Interest rate spread represents the difference between 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.

 

 

Nine Months Ended

 

 

September 30, 2021

 

September 30, 2020

 

 

 

 

Interest

 

 

 

 

 

Interest

 

 

 

 

Average

 

Earned/

 

Yield/

 

Average

 

Earned/

 

Yield/

 

 

Balance

 

Paid

 

Rate

 

Balance

 

Paid

 

Rate

Interest-earning assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning deposits with banks, federal funds sold, and short term investments

 

$

1,782,463

 

 

$

1,654

 

 

0.12

%

 

$

599,827

 

 

$

546

 

 

0.12

%

Securities

 

 

 

 

 

 

 

 

 

 

 

 

Securities - trading

 

3,267

 

 

 

 

%

 

2,421

 

 

 

 

%

Securities - taxable investments

 

1,550,859

 

 

21,603

 

 

1.86

%

 

1,178,671

 

 

23,006

 

 

2.61

%

Securities - nontaxable investments (1)

 

555

 

 

17

 

 

4.10

%

 

1,176

 

 

34

 

 

3.86

%

Total securities

 

$

1,554,681

 

 

$

21,620

 

 

1.86

%

 

$

1,182,268

 

 

$

23,040

 

 

2.60

%

Loans held for sale

 

35,953

 

 

675

 

 

2.51

%

 

43,150

 

 

917

 

 

2.84

%

Loans

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial (1)

 

1,898,100

 

 

58,706

 

 

4.14

%

 

1,784,715

 

 

52,027

 

 

3.89

%

Commercial real estate (1)

 

4,195,200

 

 

123,377

 

 

3.93

%

 

4,050,154

 

 

129,800

 

 

4.28

%

Commercial construction

 

525,652

 

 

14,976

 

 

3.81

%

 

554,222

 

 

17,341

 

 

4.18

%

Small business

 

178,294

 

 

6,924

 

 

5.19

%

 

172,575

 

 

7,253

 

 

5.61

%

Total commercial

 

6,797,246

 

 

203,983

 

 

4.01

%

 

6,561,666

 

 

206,421

 

 

4.20

%

Residential real estate

 

1,242,991

 

 

34,449

 

 

3.71

%

 

1,473,812

 

 

41,856

 

 

3.79

%

Home equity

 

1,027,311

 

 

26,391

 

 

3.43

%

 

1,125,817

 

 

31,617

 

 

3.75

%

Total consumer real estate

 

2,270,302

 

 

60,840

 

 

3.58

%

 

2,599,629

 

 

73,473

 

 

3.78

%

Other consumer

 

23,382

 

 

1,241

 

 

7.10

%

 

25,643

 

 

1,587

 

 

8.27

%

Total loans

 

$

9,090,930

 

 

$

266,064

 

 

3.91

%

 

$

9,186,938

 

 

$

281,481

 

 

4.09

%

Total interest-earning assets

 

$

12,464,027

 

 

$

290,013

 

 

3.11

%

 

$

11,012,183

 

 

$

305,984

 

 

3.71

%

Cash and due from banks

 

147,269

 

 

 

 

 

 

122,302

 

 

 

 

 

Federal Home Loan Bank stock

 

9,516

 

 

 

 

 

 

17,645

 

 

 

 

 

Other assets

 

1,256,066

 

 

 

 

 

 

1,256,074

 

 

 

 

 

Total assets

 

$

13,876,878

 

 

 

 

 

 

$

12,408,204

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

Savings and interest checking accounts

 

$

4,292,992

 

 

$

1,145

 

 

0.04

%

 

$

3,592,069

 

 

$

3,873

 

 

0.14

%

Money market

 

2,337,445

 

 

1,393

 

 

0.08

%

 

1,978,006

 

 

5,495

 

 

0.37

%

Time deposits

 

848,143

 

 

3,823

 

 

0.60

%

 

1,202,746

 

 

13,983

 

 

1.55

%

Total interest-bearing deposits

 

$

7,478,580

 

 

$

6,361

 

 

0.11

%

 

$

6,772,821

 

 

$

23,351

 

 

0.46

%

Borrowings

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank borrowings

 

34,185

 

 

544

 

 

2.13

%

 

205,244

 

 

1,369

 

 

0.89

%

Long-term borrowings

 

23,434

 

 

282

 

 

1.61

%

 

61,240

 

 

1,045

 

 

2.28

%

Junior subordinated debentures

 

62,852

 

 

1,287

 

 

2.74

%

 

62,849

 

 

1,362

 

 

2.89

%

Subordinated debentures

 

49,729

 

 

1,852

 

 

4.98

%

 

49,635

 

 

1,852

 

 

4.98

%

Total borrowings

 

$

170,200

 

 

$

3,965

 

 

3.11

%

 

$

378,968

 

 

$

5,628

 

 

1.98

%

Total interest-bearing liabilities

 

$

7,648,780

 

 

$

10,326

 

 

0.18

%

 

$

7,151,789

 

 

$

28,979

 

 

0.54

%

Noninterest-bearing demand deposits

 

4,213,764

 

 

 

 

 

 

3,257,058

 

 

 

 

 

Other liabilities

 

280,002

 

 

 

 

 

 

300,248

 

 

 

 

 

Total liabilities

 

$

12,142,546

 

 

 

 

 

 

$

10,709,095

 

 

 

 

 

Stockholders' equity

 

1,734,332

 

 

 

 

 

 

1,699,109

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

13,876,878

 

 

 

 

 

 

$

12,408,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

$

279,687

 

 

 

 

 

 

$

277,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate spread (2)

 

 

 

 

 

2.93

%

 

 

 

 

 

3.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin (3)

 

 

 

 

 

3.00

%

 

 

 

 

 

3.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits, including demand deposits

 

$

11,692,344

 

 

$

6,361

 

 

 

 

$

10,029,879

 

 

$

23,351

 

 

 

Cost of total deposits

 

 

 

 

 

0.07

%

 

 

 

 

 

0.31

%

Total funding liabilities, including demand deposits

 

$

11,862,544

 

 

$

10,326

 

 

 

 

$

10,408,847

 

 

$

28,979

 

 

 

Cost of total funding liabilities

 

 

 

 

 

0.12

%

 

 

 

 

 

0.37

%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $658,000 and $720,000 for the nine months ended September 30, 2021 and 2020, respectively.

(2) Interest rate spread represents the difference between 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.

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics

(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio, tangible book value per share, and loan and allowance metrics, exclusive of PPP loan balances at the dates indicated:

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

Tangible common equity

 

(Dollars in thousands, except per share data)

 

Stockholders' equity (GAAP)

 

$

1,755,954

 

 

$

1,741,622

 

 

$

1,689,724

 

(a)

Less: Goodwill and other intangibles

 

525,261

 

 

526,576

 

 

530,749

 

 

Tangible common equity

 

$

1,230,693

 

 

$

1,215,046

 

 

$

1,158,975

 

(b)

Tangible assets

 

 

 

 

 

 

 

Assets (GAAP)

 

$

14,533,311

 

 

$

14,194,207

 

 

$

13,173,665

 

(c)

Less: Goodwill and other intangibles

 

525,261

 

 

526,576

 

 

530,749

 

 

Tangible assets

 

$

14,008,050

 

 

$

13,667,631

 

 

$

12,642,916

 

(d)

 

 

 

 

 

 

 

 

Common Shares

 

33,043,812

 

 

33,037,859

 

 

32,955,547

 

(e)

 

 

 

 

 

 

 

 

Common equity to assets ratio (GAAP)

 

12.08

%

 

12.27

%

 

12.83

%

(a/c)

Tangible common equity to tangible assets ratio (Non-GAAP)

 

8.79

%

 

8.89

%

 

9.17

%

(b/d)

Book value per share (GAAP)

 

$

53.14

 

 

$

52.72

 

 

$

51.27

 

(a/e)

Tangible book value per share (Non-GAAP)

 

$

37.24

 

 

$

36.78

 

 

$

35.17

 

(b/e)

 

 

 

 

 

 

 

 

Total loans (GAAP)

 

$

8,808,013

 

 

$

8,938,988

 

 

$

9,405,193

 

 

Total loans, excluding PPP (Non-GAAP)

 

$

8,424,442

 

 

$

8,456,338

 

 

$

8,593,470

 

 

 

 

 

 

 

 

 

 

Allowance as a % of total loans (GAAP)

 

1.05

%

 

1.15

%

 

1.23

%

 

Allowance as a % of total loans, excluding PPP (Non-GAAP)

 

1.09

%

 

1.21

%

 

1.35

%

 

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

(Unaudited, dollars in thousands)

The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, as well as the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio for the periods indicated:

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30

2021

 

June 30

2021

 

September 30

2020

 

September 30

2021

 

September 30

2020

 

Net interest income (GAAP)

 

$

90,091

 

 

$

93,354

 

 

$

90,883

 

 

$

279,029

 

 

$

276,285

 

(a)

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income (GAAP)

 

$

26,457

 

 

$

24,967

 

 

$

29,347

 

 

$

76,670

 

 

$

83,972

 

(b)

Noninterest income on an operating basis (Non-GAAP)

 

$

26,457

 

 

$

24,967

 

 

$

29,347

 

 

$

76,670

 

 

$

83,972

 

(c)

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

$

72,419

 

 

$

73,302

 

 

$

66,658

 

 

$

215,403

 

 

$

200,105

 

(d)

Less:

 

 

 

 

 

 

 

 

 

 

 

Merger and acquisition expense

 

1,943

 

 

1,731

 

 

 

 

3,674

 

 

 

 

Loss on termination of derivatives

 

 

 

 

 

684

 

 

 

 

684

 

 

Noninterest expense on an operating basis (Non-GAAP)

 

$

70,476

 

 

$

71,571

 

 

$

65,974

 

 

$

211,729

 

 

$

199,421

 

(e)

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue (GAAP)

 

$

116,548

 

 

$

118,321

 

 

$

120,230

 

 

$

355,699

 

 

$

360,257

 

(a+b)

Total operating revenue (Non-GAAP)

 

$

116,548

 

 

$

118,321

 

 

$

120,230

 

 

$

355,699

 

 

$

360,257

 

(a+c)

 

 

 

 

 

 

 

 

 

 

 

 

Ratios

 

 

 

 

 

 

 

 

 

 

 

Noninterest income as a % of total revenue (GAAP based)

 

22.70

%

 

21.10

%

 

24.41

%

 

21.55

%

 

23.31

%

(b/(a+b))

Noninterest income as a % of total revenue on an operating basis (Non-GAAP)

 

22.70

%

 

21.10

%

 

24.41

%

 

21.55

%

 

23.31

%

(c/(a+c))

Efficiency ratio (GAAP based)

 

62.14

%

 

61.95

%

 

55.44

%

 

60.56

%

 

55.55

%

(d/(a+b))

Efficiency ratio on an operating basis (Non-GAAP)

 

60.47

%

 

60.49

%

 

54.87

%

 

59.52

%

 

55.36

%

(e/(a+c))

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin

 

 

Three Months Ended

 

 

September 30, 2021

 

June 30, 2021

 

 

Volume

 

Interest

 

Margin

Impact

 

Volume

 

Interest

 

Margin

Impact

 

 

 

 

 

 

 

 

(Dollars in thousands)

Reported total interest earning assets

 

$

12,877,252

 

 

$

90,247

 

 

2.78

%

 

$

12,535,962

 

 

$

93,564

 

 

2.99

%

Core adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

PPP volume @ 1%

 

(418,645

)

 

(1,064

)

 

 

 

(717,847

)

 

(1,794

)

 

 

PPP fee amortization

 

 

 

(2,242

)

 

 

 

 

 

(7,217

)

 

 

Total PPP impact

 

(418,645

)

 

(3,306

)

 

(0.01

)%

 

(717,847

)

 

(9,011

)

 

(0.12

)%

Acquisition fair value accretion

 

 

 

(1,927

)

 

(0.06

)%

 

 

 

(1,664

)

 

(0.06

)%

Nonaccrual interest

 

 

 

163

 

 

%

 

 

 

33

 

 

%

Other noncore adjustments

 

 

 

(415

)

 

(0.01

)%

 

 

 

(410

)

 

(0.01

)%

Core margin (Non-GAAP)

 

$

12,458,607

 

 

$

84,762

 

 

2.70

%

 

$

11,818,115

 

 

$

82,512

 

 

2.80

%

APPENDIX D: Commercial Loan Portfolio Characteristics

Commercial Industries Highly Impacted by COVID-19 Pandemic

While Rockland Trust is unable to know with certainty the direct, indirect, and likely far-reaching impacts of the COVID-19 pandemic, the Company continues to monitor daily the loan balances and the loan exposures for commercial loan categories deemed to be highly impacted by the pandemic (i.e., Accommodations, Food Services, Retail Trade, Other Services (except Public Administration) and Arts, Entertainments & Recreation). The Company does not have any material loan exposure to the Oil & Gas, Casino & Gambling, Aviation, or Cruise Line industries.

The table below provides total outstanding balances of commercial loans as of September 30, 2021, within industries that the Company has deemed to be highly impacted by the COVID-19 pandemic:

Highly Impacted COVID-19 Industries - Balances

 

 

 

September 30, 2021

 

(Dollars in thousands)

Accommodations

$

388,083

 

Food Services

142,059

 

Retail Trade

527,957

 

Other Services (except Public Administration)

139,679

 

Arts, Entertainment, and Recreation

99,699

 

Total (1)

$

1,297,477

 

(1) Amounts presented above exclude $122.7 million of outstanding PPP loans.

Highly Impacted COVID-19 Industries - Details

 

September 30, 2021

 

(Dollars in thousands)

Accommodations

 

Balance

$

388,083

 

Average borrower loan size

$

4,283

 

% secured by real estate

99.8

%

Weighted average loan to value

54.0

%

Other information:

 

– The accommodation portfolio consists of 65 properties representing a combination of flagged (61%) and non-flagged (39%) hotels, motels and inns.

– Loans secured by hotel properties deemed to be located in areas of leisure comprise $146.6 million, or 38% of the hotel portfolio.

– Approximately 89% of the balances outstanding are secured by properties located within the six New England states with the largest concentration in Massachusetts (60%).

 

 

Food Services

 

Balance

$

142,059

 

Average borrower loan size

$

384

 

% secured by real estate

67.7

%

Weighted average loan to value

50.5

%

Other information:

 

– The food services portfolio includes full-service restaurants (55%), limited service restaurants and fast food (43%), and other types of food service (caterers, bars, mobile food service 2%).

 

 

Retail Trade

 

Balance

$

527,957

 

Average borrower loan size

$

499

 

% secured by real estate

43.3

%

Weighted average loan to value

57.4

%

Other information:

 

– The retail trade portfolio consists broadly of food and beverage stores (47%), motor vehicle and parts dealers (24%), gasoline stations (14%). All other retailers account for 15% of the current outstanding balance.

– Collateral for these loans varies and may consist of real estate, motor vehicles inventories, other types of inventories and general business assets.

 

 

Other Services (except Public Administration)

 

Balance

$

139,679

 

Average borrower loan size

$

250

 

% secured by real estate

51.6

%

Weighted average loan to value

48.8

%

Other information:

 

– The other services portfolio consists of various for-profit and not-for-profit services diversified across religious, civic and social service organizations (43%), repair and maintenance businesses (31%) and other personal services, including beauty salons, laundry services, pet care and other types of services (26%).

 

 

Arts, Entertainment, and Recreation

 

Balance

$

99,699

 

Average borrower loan size

$

793

 

% secured by real estate

85.5

%

Weighted average loan to value

52.3

%

Other information:

 

– Amusement, gambling and recreational industries make up a majority of this category (95%) and include amusement/theme parks, bowling centers, fitness centers, golf courses, marinas, and other recreational industries. Other industries including museums, performing arts, and spectator sports account for the remaining outstanding balances (5%).

Other Commercial Loan Portfolio Characteristics

Average total loan size varies across the commercial portfolio with commercial real estate loans having an average size of $1.1 million, commercial and industrial loans having an average loan size of $140,000 and small business loans, which are each under $5.0 million, having an average loan size of $33,000. Additional details are provided below regarding loan sizes of the commercial real estate and commercial and industrial portfolios as of September 30, 2021:

Commercial Real Estate (Including Construction)

 

 

<$5M

 

$5-10M

 

$10-20M

 

>$20M

 

Total

Dollar Amount (in '000s)

 

$

2,662,491

 

 

$

922,711

 

 

$

754,931

 

 

$

396,541

 

 

$

4,736,674

 

# of loans

 

4,052

 

 

131

 

 

56

 

 

16

 

 

4,255

 

Commercial and Industrial (Including PPP)

 

 

<$5M

 

$5-10M

 

$10-20M

 

>$20M

 

Total

Dollar Amount (in '000s)

 

$

1,094,040

 

 

$

219,766

 

 

$

301,941

 

 

$

24,962

 

 

$

1,640,709

 

# of loans

 

11,649

 

 

33

 

 

22

 

 

1

 

 

11,705

 

APPENDIX E: COVID-19 Related Modifications Details

Deferrals by Modification Type

 

 

Deferral of

Principal

and

Interest

 

Deferral of

Principal

Only

 

Deferral of

Interest

Only

 

Total

Deferrals

 

Total

Portfolio

 

% Deferral

 

 

(Dollars in thousands)

Commercial and industrial

 

$

2,300

 

 

$

560

 

 

$

1,165

 

 

$

4,025

 

 

$

1,640,709

 

 

0.2

%

Commercial real estate (1)

 

7,950

 

 

210,335

 

 

 

 

218,285

 

 

4,736,674

 

 

4.6

%

Business banking

 

 

 

588

 

 

 

 

588

 

 

184,138

 

 

0.3

%

Residential real estate

 

 

 

 

 

 

 

 

 

1,222,849

 

 

%

Home equity

 

 

 

 

 

 

 

 

 

1,000,468

 

 

%

Consumer

 

 

 

 

 

 

 

 

 

23,175

 

 

%

Total active deferrals as of September 30, 2021

 

$

10,250

 

 

$

211,483

 

 

$

1,165

 

 

$

222,898

 

 

$

8,808,013

 

 

2.5

%

(1) Balances include commercial construction deferrals.

Deferrals by Industry

 

 

September 30, 2021

 

 

(Dollars in thousands)

Highly Impacted Industries

 

 

Accommodation

 

$

167,685

 

Arts, Entertainment, and Recreation

 

14,964

 

Total Highly Impacted Industries

 

182,649

 

 

 

 

Other Industries

 

 

Real Estate and Leasing

 

39,661

 

Transportation and Warehousing

 

588

 

Total Other Industries

 

40,249

 

Grand Total

 

$

222,898

 

 

Contacts

Chris Oddleifson

President and Chief Executive Officer

(781) 982-6660

Mark J. Ruggiero

Chief Financial Officer and Chief Accounting Officer

(781) 982-6281

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