SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
Commission File Number: 1-9047
Independent Bank Corp.
(Exact name of registrant as specified in its charter)
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Massachusetts |
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04-2870273 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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288 Union Street, Rockland, Massachusetts 02370 |
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(Address of principal executive offices, including zip code) |
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(781) 878-6100 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
As of November 1, 2002, there were 14,457,919 shares of the issuer’s common stock outstanding, par value $.01 per share.
INDEX
2
INDEPENDENT BANK CORP.
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September
30, |
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December
31, |
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(In Thousands, Except Share Amounts) |
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(Unaudited) |
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ASSETS |
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CASH AND DUE FROM BANKS |
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$ |
66,791 |
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$ |
66,967 |
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FEDERAL FUNDS SOLD & SHORT TERM INVESTMENTS |
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14,700 |
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6,000 |
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TRADING ASSETS |
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1,051 |
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1,150 |
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SECURITIES AVAILABLE FOR SALE |
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554,821 |
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569,288 |
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SECURITIES HELD TO MATURITY (fair value $161,682 and $128,599) |
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157,535 |
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132,754 |
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FEDERAL HOME LOAN BANK STOCK |
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17,036 |
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17,036 |
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LOANS |
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Commercial & Industrial |
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150,981 |
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151,287 |
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Commercial Real Estate |
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472,088 |
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463,052 |
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Residential Real Estate |
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262,423 |
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229,123 |
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Real Estate Construction |
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65,672 |
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47,208 |
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Consumer - Installment |
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332,394 |
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324,271 |
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Consumer - Other |
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101,008 |
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83,997 |
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TOTAL LOANS |
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1,384,566 |
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1,298,938 |
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LESS: RESERVE FOR LOAN LOSSES |
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(20,836 |
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(18,190 |
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NET LOANS |
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1,363,730 |
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1,280,748 |
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BANK PREMISES AND EQUIPMENT, Net |
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31,002 |
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29,919 |
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GOODWILL |
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36,236 |
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36,236 |
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MORTGAGE SERVICING RIGHTS |
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1,594 |
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1,538 |
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BANK OWNED LIFE INSURANCE |
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36,647 |
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35,233 |
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OTHER ASSETS |
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20,041 |
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22,319 |
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TOTAL ASSETS |
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$ |
2,301,184 |
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$ |
2,199,188 |
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LIABILITIES |
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DEPOSITS |
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Demand Deposits |
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$ |
427,112 |
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$ |
378,663 |
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Savings and Interest Checking Accounts |
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444,128 |
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413,198 |
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Money Market and Super Interest Checking Accounts |
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342,125 |
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249,328 |
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Time Certificates of Deposit over $100,000 |
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102,292 |
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132,545 |
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Other Time Certificates of Deposits |
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376,387 |
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407,884 |
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TOTAL DEPOSITS |
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1,692,044 |
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1,581,618 |
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FEDERAL FUNDS PURCHASED AND ASSETS SOLD UNDER REPURCHASE AGREEMENTS |
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75,397 |
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66,176 |
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TREASURY TAX AND LOAN NOTES |
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3,199 |
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6,967 |
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FEDERAL HOME LOAN BANK BORROWINGS |
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293,629 |
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313,934 |
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OTHER LIABILITIES |
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35,520 |
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21,903 |
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TOTAL LIABILITIES |
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$ |
2,099,789 |
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$ |
1,990,598 |
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CORPORATION-OBLIGATED MANDATORILY REDEEMABLE TRUST PREFERRED SECURITIES OF SUBSIDIARY TRUST HOLDING SOLELY JUNIOR SUBORDINATED DEBENTURES OF THE CORPORATION |
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$ |
47,746 |
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$ |
75,329 |
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STOCKHOLDERS’ EQUITY |
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Preferred Stock, $.01 par value. Authorized: 1,000,000 Shares Outstanding: None |
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— |
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— |
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Common Stock, $.01 par value. Authorized: 30,000,000 Issued: 14,863,821 Shares at September 30, 2002 and December 31, 2001 |
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149 |
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149 |
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Treasury Stock: 415,055 Shares at September 30, 2002 and 536,285 at December 31, 2001 |
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(6,491 |
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(8,369 |
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Total Outstanding Stock: 14,448,766 at September 30, 2002 and 14,327,536 at December 31, 2001 |
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Paid-in-Capital |
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42,043 |
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43,633 |
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Retained Earnings |
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105,633 |
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92,779 |
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Other Accumulated Comprehensive Income, Net of Tax |
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12,315 |
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5,069 |
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TOTAL STOCKHOLDERS’ EQUITY |
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153,649 |
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133,261 |
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TOTAL LIABILITIES, MINORITY INTEREST IN SUBSIDIARIES, AND STOCKHOLDERS’ EQUITY |
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$ |
2,301,184 |
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$ |
2,199,188 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
INDEPENDENT BANK CORP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - - In Thousands, Except Share and Per Share Amounts)
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NINE
MONTHS ENDED |
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THREE
MONTHS ENDED |
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2002 (1) |
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2001 |
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2002 |
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2001 |
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INTEREST INCOME |
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Interest on Loans |
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$ |
74,306 |
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$ |
76,087 |
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$ |
24,907 |
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$ |
25,684 |
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Interest and Dividends on Securities |
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31,703 |
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31,594 |
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10,430 |
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11,063 |
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