Independent reports loss

September 21, 2009
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Independent Bank Corp. (Nasdaq: IBCP) reported a second quarter 2009 net loss applicable to common stock of $6.2 million, or $0.26 per share, versus net income of $3.3 million, or $0.14 per diluted share, in the prior-year period. The net loss applicable to common stock for the six months ended June 30, 2009, was $25.9 million, or $1.09 per share, compared to net income of $3.7 million, or $0.16 per diluted share, in the prior-year six-month period.

"While we are disappointed in the reported loss for the quarter, we remain encouraged by the growth in our pre-tax, pre-provision core operating earnings, which rose more than 10 percent when compared with the year-ago quarter, and by about 3 percent when compared to first quarter of 2009,” said Michael M. Magee, president and CEO. “Our exceptionally strong net-interest margin, solid level of non-interest income, and effective management of non-credit related costs will help us weather these challenging times."

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