Independent Bank Q2 Profit Declines - Quick Facts

(RTTNews) - Independent Bank Corp. (IBCP) on Thursday reported a decline in profit for the second quarter as higher revenues were more than offset by increases in expenses and provision for loan losses.

The company's second-quarter net income was $5.93 million, or $0.27 per share, down from $6.4 million or $0.30 per share in the prior-year period.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share. Analysts' estimates typically exclude special items.

The decline in net income primarily reflects increases in the provision for loan losses and in non-interest and income tax expenses, partially offset by increases in net interest income and in non-interest income.

Net interest income rose 9.5 percent to $21.49 million from $19.63 million in the year-ago period. Non-interest income increased to $10.45 million from $9.58 million last year. Analysts had a consensus revenue estimate of $21.39 million.

The company recorded a provision for loan losses of $583 thousand in the latest quarter, compared to a credit of $734 thousand in the prior-year period.

Under the terms of the 2017 share repurchase plan, the company is authorized to buy back up to 5 percent of its outstanding common stock.

The repurchase plan is authorized to last through December 31, 2017. Thus far in 2017, the company has not repurchased any shares.