Independent Bank Profit Drops Amid Merger Preparation

Dow Jones

Jan 17, 2025

By Katherine Hamilton

Independent Bank's profit fell about 9% as the company spent about $2 million on a merger.

The holding company of Rockland Trust bank posted a profit of $50 million, or $1.18 a share, in the three months ended Dec. 31, compared with $54.8 million, or $1.26 a share, a year earlier.

The full-year profit for 2024 was $192.1 million, or $4.52 a share, down from $239.5 million, or $5.42 a share, in 2023.

Borrowing fell about 42% in the fourth quarter compared with the same period the prior year.

The bank company's total assets of $19.4 billion, as of Dec. 31, are up .14% from the previous year.

The company spent $1.9 million pre-tax on costs related to its acquisition of Enterprise Bancorp and its subsidiary Enterprise Bank, which was announced on Dec. 9. The deal is expected to close in the second half of 2025 and be valued at about $562 million.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

January 16, 2025 16:49 ET (21:49 GMT)

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The deal is expected to close in the second half of 2025 and be valued at about $562 million.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","INDB":"美国独立银行"},"translate_title":"独立银行利润因合并准备而下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"INDB":0.9},"content_text":"By Katherine Hamilton \n\n\n \n\n\n  Independent Bank's profit fell about 9% as the company spent about $2 million on a merger. \n\n\n  The holding company of Rockland Trust bank posted a profit of $50 million, or $1.18 a share, in the three months ended Dec. 31, compared with $54.8 million, or $1.26 a share, a year earlier. \n\n\n  The full-year profit for 2024 was $192.1 million, or $4.52 a share, down from $239.5 million, or $5.42 a share, in 2023. \n\n\n  Borrowing fell about 42% in the fourth quarter compared with the same period the prior year. \n\n\n  The bank company's total assets of $19.4 billion, as of Dec. 31, are up .14% from the previous year. \n\n\n  The company spent $1.9 million pre-tax on costs related to its acquisition of Enterprise Bancorp and its subsidiary Enterprise Bank, which was announced on Dec. 9. 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