HANOVER, Mass. (AP) — HANOVER, Mass. (AP) — Independent Bank Corp. (INDB) on Thursday reported fourth-quarter net income of $50 million.
The bank, based in Hanover, Massachusetts, said it had earnings of $1.18 per share. Earnings, adjusted for costs related to mergers and acquisitions, came to $1.21 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.
The holding company for Rockland Trust posted revenue of $248.5 million in the period. Its revenue net of interest expense was $176.9 million, also topping Street forecasts.
For the year, the company reported profit of $192.1 million, or $4.52 per share. Revenue was reported as $689.7 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INDB at https://www.zacks.com/ap/INDB
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