| Over a week ago | ||||
The company generated a… The company generated a return on average assets and a return on average common equity of 1.56% and 10.70%, respectively, for the fourth quarter of 2022, as compared to 1.43% and 9.90%, respectively, for the prior quarter. For the full year 2022, the Company generated a return on average assets and return on average common equity of 1.33% and 9.05%, respectively, as compared to 0.81% and 6.34%, respectively, for 2021, or 1.35% and 9.22%, respectively, on an operating basis for 2022, compared to 1.26% and 9.83% on an operating basis for 2021. "Due to the tireless efforts of my colleagues we were well positioned for rising interest rates, recognized the full year benefit of our most recent acquisition, and increased our loan portfolio," said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. "Rockland Trust enjoyed another banner year in 2022, capped off with our recent announcement of my successor. It has been an honor to serve as CEO for over twenty years and, as I pass the baton, I am confident that Rockland Trust will continue to thrive." | ||||
Rockland Trust Company… Rockland Trust Company and its bank holding company parent Independent Bank announced the appointment of Jeffrey Tengel as the successor to current Chief Executive Officer, Christopher Oddleifson, effective on or about February 6 . Jeffrey J. Tengel Oddleifson has served as the Bank's CEO since 2003. Under his leadership, Rockland Trust has grown total assets from just over $2B to nearly $20B and expanded from its southeastern Massachusetts roots to a bank with over 120 retail branches, commercial and residential lending centers, and investment management offices. | ||||
| Over a month ago | ||||
Raymond James analyst… Raymond James analyst Steve Moss initiated coverage of Independent Bank with a Market Perform rating and no price target. Moss expects the bank will continue to stick to its knitting of modest loan growth, accretive acquisitions, and active capital management, which support its 40% premium valuation, and the analyst tells investors in a research note that the firm's Market Perform rating is due to valuation and a competitive New England market, which could be a challenge as the Fed rapidly increases rates. | ||||
Raymond James analyst… Raymond James analyst Steve Moss initiated coverage of Independent Bank with a Market Perform rating and no price target. | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Christopher McGratty downgraded Independent Bank to Market Perform from Outperform with a $100 price target. The firm also downgraded the U.S. banks sector to Market weight from Overweight. Further share outperformance is likely to be more challenging as the "peak" net interest income narrative is "growing louder," McGratty tells investors in a research note. The analyst is pivoting away from his "spread-based lenders" call to now include a greater allocation toward mega-cap banks and those with meaningful capital markets exposure. | ||||
The dividend will be… The dividend will be payable on January 6, 2023, to stockholders of record as of the close of business on December 27, 2022. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 28 hosted by Piper Sandler. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 28 hosted by Piper Sandler. | ||||
| Over a quarter ago | ||||
The company generated a… The company generated a return on average assets and a return on average common equity of 1.43% and 9.90%, respectively, for the third quarter of 2022, as compared to 1.24% and 8.49%, respectively, for the prior quarter. "The strength of our third quarter performance is attributable to our long-term, sustained focus on building core relationships and disciplined growth combined with astute balance sheet management," said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. "Our results reflect the tireless commitment and dedication of our colleagues, who each day live out our shared mission of forging enduring relationships with each other and with the customers and communities that Rockland Trust serves." | ||||
Reports Q2 NII $144.9M… Reports Q2 NII $144.9M vs. $93.3M y/y. Reports Q2 NII 3.27% vs. 2.99% y/y. "We generated solid results while continuing our focus on disciplined growth. Our core fundamentals were on full display this quarter as evidenced by revenue and loan growth along with a continuing sound balance sheet," said Christopher Oddleifson, CEO. "Our ongoing success is a testament to the dedication of my talented colleagues and the enduring relationships they forge with each other and with the customers and communities that Rockland Trust serves. In these uncertain economic times, we remain committed to serving the needs of all our constituents and being the bank Where Each Relationship Matters." | ||||
