Independent Bank Corp. Reports First Quarter 2009 Earnings

ROCKLAND, Mass.--(Business Wire)--
Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today
announced first quarter of 2009 net income of $6.4 million, and net income
available to common shareholders of $5.2 million, or $0.32 on a per diluted
share basis. This compares with net income of $3.0 million, or $0.18 on a
diluted earnings per share basis for the fourth quarter 2008, and net income of
$6.3 million, or $0.44 on a diluted earnings per share basis for the first
quarter of 2008. The increase in earnings from the quarter which ended December
31, 2008 is primarily due to other-than-temporary impairment charges and higher
loan provisions recorded during the fourth quarter of 2008.

Loan and deposit balances grew during the first quarter of 2009, despite the
challenging economic environment, as the Company took advantage of opportunities
created by market turmoil. Total loans increased by $16.7 million and total
deposits increased by $74.7 million during the first quarter of 2009 when
compared to December 31, 2008.

First quarter 2009 results included merger and acquisition expenses of $1.0
million after-tax and an after-tax gain of $0.9 million on the sale of
securities. Excluding these items, net operating earnings were $5.3 million, or
$0.33 on a per diluted share basis, for the quarter ended March 31, 2009
compared to net operating earnings and diluted earnings per share for the
quarters which ended December 31, 2008 and March 31, 2008 of $3.0 million and
$0.18, and $6.9 million and $0.48, respectively. A reconciliation table which
sets forth the computation of net operating earnings is included in the
financial statement schedules attached to this press release.

"Rockland Trust had solid financial performance during the first quarter of
2009," said Christopher Oddleifson, President and Chief Executive Officer. "The
stability and safety of our organization has distinguished us from our
competition in a challenging economic climate. Customers continue to turn to
Rockland Trust as a secure place for their deposits and as a lender that is
willing and able to meet their credit needs."

"We are eagerly looking forward to the upcoming integration of the Benjamin
Franklin Bank," added Oddleifson. "We are excited about expanding into new
territory and welcoming Benjamin Franklin customers and employees to Rockland
Trust next month."

CAPITAL PURCHASE PROGRAM REPAYMENT

On January 9, 2009, the Company raised approximately $78 million through the
sale of preferred stock to the United States Treasury pursuant to the Capital
Purchase Program (the "CPP"). All of the proceeds from that transaction have
been treated as Tier 1 capital for regulatory purposes. The preferred dividend
expense in the first quarter amounted to $1.2 million, or $0.07 on a per share
basis.

On April 22, 2009 the Company repaid all of the approximately $78 million CPP
preferred stock investment. The Company and Rockland Trust both continue to be
"well-capitalized" by applicable regulatory standards following that repayment.
Management will discuss the impact of the repayment of CPP funding on the second
quarter of 2009 and the remainder of the year on the earnings conference call.

NET INTEREST INCOME

Comparing the quarter ended March 31, 2009 to the quarter ended December 31,
2008, net interest income decreased $506,000, or (1.7%). The net interest margin
for the comparable periods was 3.55% and 3.81%, respectively. The primary reason
for this decline is the steady lowering of rates by the Federal Reserve in the
fourth quarter of 2008, which caused the Company`s asset yields to reprice
faster than its liability costs. A significant additional factor in the margin
compression was the Company`s large position in low-yielding, highly liquid
short term assets, averaging $121.4 million in the quarter, primarily due to
better than anticipated deposit growth during a period when the Company usually
experiences seasonal declines in deposit levels.

NON-INTEREST INCOME

The Company recorded non-interest income of $10.5 million during the first
quarter of 2009, an increase of $6.8 million when compared to the quarter ended
December 31, 2008. The change in non-interest income is attributable to the
following:

* Service charges on deposit accounts decreased by $266,000, or (6.8%), mainly
due to declines in overdraft and insufficient fund fees.
* Wealth management revenue decreased by $250,000, or (9.7%). Despite very weak
stock market conditions in the first quarter, assets under management remain
stable at $1.1 billion.
* Mortgage banking income increased by $659,000, or 132.6%, as a result of
increased originations. The balance of the mortgage servicing asset was $1.5
million at both March 31, 2009 and December 31, 2008 and loans serviced amounted
to $237.9 million and $250.5 million, respectively.
* During the first quarter of 2009, the Company recorded a $1.4 million gain on
the sale of securities. There were no gains or losses on the sale of securities
during the fourth quarter of 2008.
* The Company recorded no Other-Than-Temporary Impairment ("OTTI") charges in
the first quarter of 2009. For the quarter and year ended December 31, 2008 the
Company recorded OTTI on certain investment grade pooled trust preferred
securities, which resulted in a negative charge to non-interest income of $4.6
million pre-tax and $7.2 million pre-tax, respectively. Pursuant to the recent
Financial Accounting Standards Board pronouncements, which stated that
previously recorded impairment charges which did not relate to credit loss
should be reclassified from retained earnings to other comprehensive income
("OCI"), during the first quarter of 2009 the Company recorded a cumulative
effect adjustment that increased retained earnings and decreased OCI by $6.0
million pre-tax or $3.8 million after-tax.
* Other non-interest income increased by $663,000, or 116.7%, due to increased
trading asset gains and interest rate swap income.

NON-INTEREST EXPENSE

The Company recorded non-interest expense of $28.3 million in the first quarter
of 2009, an increase of $1.7 million, or 6.5%, when compared to the quarter
which ended December 31, 2008.

* Salaries and employee benefits increased by $391,000, or 2.7%, primarily
attributable to an increase in payroll taxes and medical plan insurance.
* Occupancy and equipment expense increased by $286,000, or 8.4%, mainly due to
an increase in snow removal costs.
* The Company recorded merger and acquisition expenses of $1.5 million for the
quarter ended March 31, 2009, associated with the acquisition of Benjamin
Franklin Bancorp, Inc., consistent with new accounting standards effective
January 1, 2009 regarding business combinations. There were no merger and
acquisition expenses for the quarter ended December 31, 2008.
* Other non-interest expense decreased by $488,000, or (7.2%), which is
primarily attributable to decreases in other losses and charge-offs of $132,000
and amortization of intangible assets of $108,000.

The Company reported a return on average assets and a return on average common
equity in the first quarter of 2009 of 0.56% and 6.59%, respectively, as
compared to 0.34% and 3.92% for the quarter ended December 31, 2008.

BALANCE SHEET

Total assets increased by $138.0 million, or 3.8%, to $3.8 billion at March 31,
2009 as compared to December 31, 2008.

Total loans were $2.7 billion at both March 31, 2009 and December 31, 2008
compared to $2.5 billion at March 31, 2008. During the first quarter of 2009
loans grew by $16.7 million, or 2.5% on an annualized basis. The loan growth was
concentrated in the commercial and industrial category. Total commercial loans
(including small business) now represent 62.6% of the total loan portfolio. As
compared to a year ago, total loans grew by $153.6 million, or 6.1%.

Securities decreased by $43.9 million, or (6.6%), during the quarter ended March
31, 2009. The decrease is primarily attributable to pay downs of approximately
$33.0 million.

Total deposits increased by $74.7 million, or 2.9%, during the quarter ending
March 31, 2009, as compared to December 31, 2008. The Company believes that this
increase is attributable to customers retaining additional balances in deposit
accounts due to the turbulent stock market.

Borrowings decreased by $22.9 million, or 3.3%, during the quarter ending March
31, 2009, as compared to December 31, 2008, primarily attributable to scheduled
pay downs of outstanding Federal Home Loan Bank borrowings.

Stockholders` equity at March 31, 2009 totaled $393.5 million as compared to
$305.3 million at December 31, 2008, primarily due to the Company`s receipt of
the CPP preferred stock investment during the quarter which has since been
repaid. The Tier 1 leverage capital ratio at March 31, 2009 was 9.77%,
maintaining the Company`s well-capitalized position. The following table shows
the Company`s Capital Ratios at the dates indicated below.

Independent Capital Ratios
Actual Estimated
Before CPP with CPP
12/31/2008 3/31/2009
Leverage Ratio 7.55 % 9.77 %
Tier 1 Capital to
Risk Weighted Assets Ratio 9.50 % 12.59 %
Total Risk Weighted Assets Ratio 11.85 % 14.91 %

ASSET QUALITY

The allowance for loan losses was $37.5 million at March 31, 2009 as compared to
$37.0 million at December 31, 2008. Nonperforming loans totaled $29.0 million,
or 1.08% of total loans at March 31, 2009, as compared to $26.9 million, or
1.01% of total loans at December 31, 2008. The Company`s allowance for loan
losses as a percentage of loans was 1.40% and 1.39% at March 31, 2009 and
December 31, 2008, respectively. The provision for loan losses was $4.0 million
and $5.6 million, for the quarter ended March 31, 2009 and December 31, 2008,
respectively. Net charge-offs were $3.6 million and $1.8 million for the periods
ending March 31, 2009 and December 31, 2008, respectively. Of the $3.6 million
in net charge-offs, $2.1 million was related to one commercial relationship that
was provided for in the fourth quarter of 2008. The provision was increased in
the first quarter of 2009 and fourth quarter of 2008 to account for loan growth
experienced in the quarters in addition to the increase in non-performing loans.

Christopher Oddleifson and Denis K. Sheahan, Chief Financial Officer, of
Independent Bank Corp. and Rockland Trust Company, will host a conference call
to discuss first quarter earnings at 4:45 p.m. Eastern Time on Wednesday, April
29, 2009. Internet access to the call is available on the Company`s website at
http://www.RocklandTrust.com or by telephonic access by dial-in at
1-800-860-2442 reference: INDB. A replay of the call will be available by
calling 1-877-344-7529, Replay Passcode: 428956. The web cast replay will be
available until April 29, 2010 and the telephone replay will be available until
May 15, 2009.

Independent Bank Corp., which has Rockland Trust Company as a wholly-owned bank
subsidiary, currently has approximately $4.6 billion in assets. Rockland Trust
offers a wide range of commercial banking products and services, retail banking
products and services, business and consumer loans, insurance products and
services, and investment management services. When the anticipated merger of
Benjamin Franklin Bank into Rockland Trust is completed in May 2009, Rockland
Trust will have: 71 retail branches, 10 commercial lending centers, and 2
mortgage banking centers located in eastern Massachusetts and on Cape Cod; and,
4 investment management offices located in southeastern Massachusetts, on Cape
Cod, and in Rhode Island. To discover why Rockland Trust is the bank Where Each
Relationship Matters®, visit www.RocklandTrust.com.

This press release contains certain "forward-looking statements" with respect to
the financial condition, results of operations and business of the
Company.Actual results may differ from those contemplated by these
statements.The Company wishes to caution readers not to place undue reliance on
any forward-looking statements. The Company disclaims any intent or obligation
to update publicly any such forward-looking statements, whether in response to
new information, future events or otherwise.

This press release contains financial information determined by methods other
than in accordance with accounting principles generally accepted in the United
States of America ("GAAP"). The Company`s management uses these non-GAAP
measures in its analysis of the Company`s performance. These non-GAAP measures
may exclude significant gains or losses that are unusual in nature, such as
securities losses. Because these gains and losses and their impact on the
Company`s performance are difficult to predict, management believes that
presentations of adjusted financial measures excluding the impact of these gains
and losses provide useful information that is essentialto a proper understanding
of the operating results of the Company. These disclosures should not be viewed
as a substitute for operating results determined in accordance with GAAP, nor
are they necessarily comparable to non-GAAP performance measures which may be
presented by other companies.

INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands)

% Change % Change
CONSOL March 31, December 31, March 31, Mar. 2009 vs. Mar. 2009 vs.
IDATED
BALANC
E
SHEETS
2009 2008 2008 Dec. 2008 Mar. 2008

Assets
Cash $ 70,554 $ 50,007 $ 80,598 41.09 % -12.46 %
and
Due
From
Banks
Fed 149,729 100 - 149629.00 % n/a
Funds
Sold
and
Short
Term
Invest
ments
Securi
ties
Tradin 2,580 2,701 3,305 -4.48 % -21.94 %
g
Assets
Securi 558,541 600,291 419,491 -6.95 % 33.15 %
ties
Availa
ble
for
Sale
Securi 30,804 32,789 39,335 -6.05 % -21.69 %
ties
Held
to
Maturi
ty
Federa 24,603 24,603 24,603 0.00 % 0.00 %
l Home
Loan
Bank
Stock
Total 616,528 660,384 486,734 -6.64 % 26.67 %
Securi
ties
Loans
Commer 286,178 270,832 259,430 5.67 % 10.31 %
cial
and
Indust
rial
Commer 1,136,411 1,126,295 1,030,085 0.90 % 10.32 %
cial
Real
Estate
Commer 166,272 171,955 163,785 -3.30 % 1.52 %
cial
Constr
uction
Small 87,137 86,670 73,853 0.54 % 17.99 %
Busine
ss
Total 1,675,998 1,655,752 1,527,153 1.22 % 9.75 %
Commer
cial
Reside 406,119 413,024 426,674 -1.67 % -4.82 %
ntial
Real
Estate
Reside 9,727 10,950 7,622 -11.17 % 27.62 %
ntial
Constr
uction
Reside 22,412 8,351 15,577 168.38 % 43.88 %
ntial
Loans
Held
for
Sale
Total 438,258 432,325 449,873 1.37 % -2.58 %
Reside
ntial
Consum 411,097 406,240 355,367 1.20 % 15.68 %
er -
Home
Equity
Consum 116,375 127,956 147,232 -9.05 % -20.96 %
er -
Auto
Consum 35,847 38,614 44,317 -7.17 % -19.11 %
er -
Other
Total 563,319 572,810 546,916 -1.66 % 3.00 %
Consum
er
Total 2,677,575 2,660,887 2,523,942 0.63 % 6.09 %
Loans
Less - (37,488 ) (37,049 ) (32,609 ) 1.18 % 14.96 %
Allowa
nce
for
Loan
Losses
Net 2,640,087 2,623,838 2,491,333 0.62 % 5.97 %
Loans
Bank 36,733 36,429 51,559 0.83 % -28.76 %
Premis
es and
Equipm
ent
Goodwi 125,726 125,710 127,391 0.01 % -1.31 %
ll and
Core
Deposi
t
Intang
ible
Other 127,082 132,001 92,616 -3.73 % 37.21 %
Assets
Total $ 3,766,439 $ 3,628,469 $ 3,330,231 3.80 % 13.10 %
Assets

Liabil
ities
and
Stockh
olders
'
Equity
Deposi
ts
Demand $ 541,038 $ 519,326 $ 549,581 4.18 % -1.55 %
Deposi
ts
Saving 765,258 725,313 686,808 5.51 % 11.42 %
s and
Intere
st
Checki
ng
Accoun
ts
Money 536,808 488,345 484,634 9.92 % 10.77 %
Market
Time 810,637 846,096 735,922 -4.19 % 10.15 %
Certif
icates
of
Deposi
t
Total 2,653,741 2,579,080 2,456,945 2.89 % 8.01 %
Deposi
ts
Borrow
ings
Federa 408,480 429,634 332,105 -4.92 % 23.00 %
l Home
Loan
Bank
Borrow
ings
Fed
Funds
Purcha
sed
and
Assets
Sold
Under 169,616 170,880 138,633 -0.74 % 22.35 %
Repurc
hase
Agreem
ents
Junior 61,857 61,857 61,857 0.00 % 0.00 %
Subord
inated
Debent
ures
Subord 30,000 30,000 - 0.00 % n/a
inated
Debent
ures
Other 2,442 2,946 10,516 -17.11 % -76.78 %
Borrow
ings
Total 672,395 695,317 543,111 -3.30 % 23.80 %
Borrow
ings
Total 3,326,136 3,274,397 3,000,056 1.58 % 10.87 %
Deposi
ts and
Borrow
ings
Other 46,780 48,798 29,518 -4.14 % 58.48 %
Liabil
ities
Stockh
olders
'
Equity
Prefer 73,578 - - n/a n/a
red
Stock
Common 163 163 163 0.00 % 0.00 %
Stock
Additi 142,140 137,488 137,054 3.38 % 3.71 %
onal
Paid
in
Capita
l
Retain 184,387 177,493 168,383 3.88 % 9.50 %
ed
Earnin
gs
Accumu (6,745 ) (9,870 ) (4,943 ) -31.66 % 36.46 %
lated
Other
Compre
hensiv
e
Loss,
Net of
Tax
Total 393,523 305,274 300,657 28.91 % 30.89 %
Stockh
olders
'
Equity
Total $ 3,766,439 $ 3,628,469 $ 3,330,231 3.80 % 13.10 %
Liabil
ities
and
Stockh
olders
'
Equity

CONSOL Three Months Ended
IDATED
STATEM
ENTS
OF
INCOME
% Change % Change
March 31, December 31, March 31, Mar. 2009 vs. Mar. 2009 vs.
2009 2008 2008 Dec. 2008 Mar. 2008

INTERE
ST
INCOME
Intere $ 198 $ 51 $ 19 288.24 % 942.11 %
st on
Fed
Funds
Sold
and
Short
Term
Invest
ments
Intere 7,267 7,351 5,892 -1.14 % 23.34 %
st and
Divide
nds on
Securi
ties
Intere 35,946 38,080 35,168 -5.60 % 2.21 %
st on
Loans
Total 43,411 45,482 41,079 -4.55 % 5.68 %
Intere
st
Income
INTERE
ST
EXPENS
E
Intere 8,407 9,964 10,315 -15.63 % -18.50 %
st on
Deposi
ts
Intere 5,015 5,023 4,999 -0.16 % 0.32 %
st on
Borrow
ed
Funds
Total 13,422 14,987 15,314 -10.44 % -12.35 %
Intere
st
Expens
e
Net 29,989 30,495 25,765 -1.66 % 16.39 %
Intere
st
Income
Less - 4,000 5,575 1,342 -28.25 % 198.06 %
Provis
ion
for
Loan
Losses
Net 25,989 24,920 24,423 4.29 % 6.41 %
Intere
st
Income
after
Provis
ion
for
Loan
Losses
NON
-INTER
EST
INCOME
Servic 3,648 3,914 3,635 -6.80 % 0.36 %
e
Charge
s on
Deposi
t
Accoun
ts
Wealth 2,330 2,580 2,676 -9.69 % -12.93 %
Manage
ment
Mortga 1,156 497 1,114 132.60 % 3.77 %
ge
Bankin
g
Income
BOLI 729 739 520 -1.35 % 40.19 %
Income
Net 1,379 - (609 ) n/a -326.44 %
Gain/(
Loss)
on
Sale
of
Securi
ties
Other - (4,646 ) - -100.00 % n/a
-Than
-Tempo
rary
-Impai
rment
on
Certai
n
Pooled
Trust
Prefer
red
Securi
ties
Other 1,231 568 902 116.73 % 36.47 %
Non
-Inter
est
(Loss)
/Incom
e
Total 10,473 3,652 8,238 186.77 % 27.13 %
Non
-Inter
est
Income
NON
-INTER
EST
EXPENS
E
Salari 14,859 14,468 14,143 2.70 % 5.06 %
es and
Employ
ee
Benefi
ts
Occupa 3,705 3,419 2,903 8.37 % 27.63 %
ncy
and
Equipm
ent
Expens
es
Data 1,416 1,403 1,284 0.93 % 10.28 %
Proces
sing
and
Facili
ties
Manage
ment
Merger 1,538 - 744 n/a n/a
&
Acquis
ition
Expens
e
WorldC - - (418 ) n/a n/a
om
Bond
Loss
Recove
ry
FDIC 536 559 58 -4.11 % 824.14 %
assess
ment
Other 6,253 6,741 5,318 -7.24 % 17.58 %
Non
-Inter
est
Expens
e
Total 28,307 26,590 24,032 6.46 % 17.79 %
Non
-Inter
est
Expens
e
INCOME 8,155 1,982 8,629 311.45 % -5.49 %
BEFORE
INCOME
TAXES
PROVIS 1,767 (1,039 ) 2,321 -270.07 % -23.87 %
ION
FOR
INCOME
TAXES
NET $ 6,388 $ 3,021 $ 6,308 111.45 % 1.27 %
INCOME

PREFER $ 1,173 $ - $ - n/a n/a
RED
STOCK
DIVIDE
ND

NET $ 5,215 $ 3,021 $ 6,308 72.62 % -17.33 %
INCOME
AVAILA
BLE TO
COMMON
SHAREH
OLDERS

BASIC $ 0.32 $ 0.19 $ 0.44 68.42 % -27.27 %
EARNIN
GS PER
SHARE
DILUTE $ 0.32 $ 0.18 $ 0.44 77.78 % -27.27 %
D
EARNIN
GS PER
SHARE
BASIC 16,285,955 16,280,552 14,386,845 0.03 % 13.20 %
AVERAG
E
SHARES
DILUTE 16,303,836 16,331,118 14,459,978 -0.17 % 12.75 %
D
AVERAG
E
SHARES

PERFOR
MANCE
RATIOS
:
Net 3.55 % 3.81 % 3.90 % -6.82 % -8.97 %
Intere
st
Margin
(FTE)
Return 0.56 % 0.34 % 0.87 % 64.71 % -35.63 %
on
Averag
e
Assets
Return 6.59 % 3.92 % 10.01 % 68.37 % -34.07 %
on
Averag
e
Common
Equity

RECONC
ILIATI
ON
TABLE
- NON
-GAAP
FINANC
IAL
INFORM
ATION
NET $ 5,215 $ 3,021 $ 6,308 72.62 % -17.33 %
INCOME
AVAILA
BLE TO
COMMON
SHAREH
OLDERS
(GAAP)
Non
-Inter
est
Income
Compon
ents
(Less) (896 ) - 396
/Add -
Net
(Gain)
/ Loss
on
Sale
of
Securi
ties,
net of
tax
Non
-Inter
est
Expens
e
Compon
ents
Add - 1,000 - 484
Merger
and
Acquis
ition
Expens
es,
net of
tax
Less - - - (272 )
WorldC
om
Bond
Loss
Recove
ry,
net of
tax
NET $ 5,319 $ 3,021 $ 6,916 76.07 % -23.08 %
OPERAT
ING
EARNIN
GS

Dilute $ 0.33 $ 0.18 $ 0.48 83.33 % -31.25 %
d
Earnin
gs Per
Share,
on an
Operat
ing
Basis

RECONCILIATION TABLE - NON-GAAP FINANCIAL INFORMATION
Certain non-core items are included in the computation of earnings in accordance with United States of America generally accepted accounting principles ("GAAP") in both 2008 and 2007 as indicated by the table below. In an effort to provide investors with information regarding the Company's results, the Company has disclosed the following non-GAAP information, which management believes provides useful information to the investor. This information should not be viewed as a substitute for operating results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP information which may be presented by other companies.
Three Months Ended
% Change % Change
March 31, December 31, March 31, Mar. 2009 vs. Mar. 2009 vs.
2009 2008 2008 Dec. 2008 Mar. 2008

Non $ 10,473 $ 3,652 $ 8,238 186.77 % 27.13 %
-Inter
est
Income
GAAP
(Less) (1,379 ) - 609 n/a n/a
/Add -
Net
(Gain)
/ Loss
on
Sale
of
Securi
ties
Add -
Other
-Than
-Tempo
rary
-Impai
rment
on
Certai
n
Pooled - 4,646 - -100.00 % n/a
Trust
Prefer
red
Securi
ties
Non $ 9,094 $ 8,298 $ 8,847 9.59 % 2.79 %
-Inter
est
Income
as
Adjust
ed

Non $ 28,307 $ 26,590 $ 24,032 6.46 % 17.79 %
-Inter
est
Expens
e GAAP
Less - (1,538 ) - (744 ) n/a 106.72 %
Merger
&
Acquis
ition
Expens
es
Add - - - 418 n/a -100.00 %
WorldC
om
Bond
Loss
Recove
ry
Non $ 26,769 $ 26,590 $ 23,706 0.67 % 12.92 %
-Inter
est
Expens
e as
Adjust
ed

ASSET
QUALIT
Y
For the Period Ending
March 31, December 31, March 31,
2009 2008 2008

(Dollars in Thousands, Except Per Share Data)
Nonper
formin
g
Loans
Commer $ 3,884 $ 1,942 $ 516
cial &
Indust
rial
Loans
Small 1,638 1,111 584
Busine
ss
Loans
Commer 10,833 12,370 3,578
cial
Real
Estate
Loans
Reside 8,521 9,394 3,733
ntial
Real
Estate
Loans
Instal 2,940 1,090 1,208
lment
Loans
- Home
Equity
Instal 665 813 933
lment
Loans
- Auto
Instal 479 213 346
lment
Loans
-
Other
Total $ 28,960 26,933 10,898
Nonper
formin
g
Loans
Non 1,698 910 -
-Accru
al
Securi
ties
Other 224 231 -
Assets
in
Posses
sion
Other 1,764 1,809 1,019
Real
Estate
Owned
Nonper 32,646 29,883 11,917
formin
g
Assets

Nonper 1.08 % 1.01 % 0.43 %
formin
g
Loans/
Gross
Loans
Allowa 129.45 % 137.56 % 299.22 %
nce
for
Loan
Losses
/Nonpe
rformi
ng
Loans
Gross 100.90 % 103.17 % 102.73 %
Loans/
Total
Deposi
ts
Allowa 1.40 % 1.39 % 1.29 %
nce
for
Loan
Losses
/Total
Loans

Net $ 3,560 $ 1,813 $ 1,089
charge
-offs
(quart
er-to
-date)
Net 0.53 % 0.28 % 0.20 %
charge
-offs
to
averag
e
loans
(annua
lized)

Financ
ial
Ratios
Book $ 19.64 $ 18.75 $ 18.48
Value
per
Common
Share
Tangib 5.83 % 5.67 % 5.86 %
le
Common
Capita
l/Tang
ible
Asset
(profo
rma to
includ
e the
tax
deduct
ibilit
y of
goodwi
ll and
exclud
e
impact
of
CPP)
Tangib $ 12.81 $ 12.19 $ 11.54
le
Common
Book
Value
per
Share
(profo
rma to
includ
e the
tax
deduct
ibilit
y of
goodwi
ll and
exclud
e
impact
of
CPP)

Capita
l
Adequa
cy
Tier 9.77 % 7.55 % 8.55 %
one
levera
ge
capita
l
ratio
(1)
(1)
Estima
ted
number
for
March
31,
2009

INDEPE
NDENT
BANK
CORP.
SUPPLE
MENTAL
FINANC
IAL
INFORM
ATION
CONSOL Three Months Ended
IDATED
AVERAG
E
BALANC
E
SHEETS
AND
AVERAG
E RATE
DATA
(Unaud March 31, 2009 December 31, 2008 March 31, 2008
ited -
Dollar
s in
Thousa
nds)
Interest Interest Interest
Average Earned/ Yield/ Average Earned/ Yield/ Average Earned/ Yield/
Balance Paid Rate Balance Paid Rate Balance Paid Rate
Intere
st
-Earni
ng
Assets
:

Federa $ 121,394 $ 198 0.65 % $ 19,979 $ 51 1.02 % $ 624 $ 19 12.18 %
l
Funds
Sold
and
Short
Term
Invest
ments
Securi
ties:
Tradin 2,706 25 3.70 % 3,036 45 5.93 % 2,579 28 4.34 %
g
Assets
Taxabl 590,400 6,937 4.70 % 558,345 6,937 4.97 % 423,783 5,386 5.08 %
e
Invest
ment
Securi
ties
Non 30,161 469 6.22 % 38,461 568 5.91 % 45,833 735 6.41 %
-taxab
le
Invest
ment
Securi
ties
(1)
Total 623,267 7,431 4.77 % 599,842 7,550 5.03 % 472,195 6,149 5.21 %
Securi
ties:
Loans 2,667,073 36,065 5.41 % 2,617,938 38,200 5.84 % 2,207,337 35,285 6.39 %
(1)
Total $ 3,411,734 $ 43,694 5.12 % $ 3,237,759 $ 45,801 5.66 % $ 2,680,156 $ 41,453 6.19 %
Intere
st
-Earni
ng
Assets
Cash 60,079 65,772 60,598
and
Due
from
Banks
Other 251,307 244,772 170,328
Assets
Total $ 3,723,120 $ 3,548,303 $ 2,911,082
Assets
Intere
st
-beari
ng
Liabil
ities:
Deposi
ts:
Saving $ 740,020 $ 996 0.54 % $ 720,695 $ 1,490 0.83 % $ 607,387 $ 1,591 1.05 %
s and
Intere
st
Checki
ng
Accoun
ts
Money 518,438 1,696 1.31 % 498,845 2,356 1.89 % 454,460 2,578 2.27 %
Market
Time 831,196 5,715 2.75 % 859,894 6,118 2.85 % 607,399 6,146 4.05 %
Deposi
ts
Total $ 2,089,654 $ 8,407 1.61 % $ 2,079,434 $ 9,964 1.92 % $ 1,669,246 $ 10,315 2.47 %
intere
st
-beari
ng
deposi
ts:
Borrow
ings:
Federa $ 410,126 $ 2,675 2.61 % $ 309,653 $ 2,335 3.02 % $ 300,577 $ 2,942 3.92 %
l Home
Loan
Bank
Borrow
ings
Federa
l
Funds
Purcha
sed
and
Assets
Sold
Under 172,884 856 1.98 % 168,343 1,144 2.72 % 139,276 1,153 3.31 %
Repurc
hase
Agreem
ent
Junior 61,857 947 6.12 % 61,857 995 6.43 % 55,059 860 6.25 %
Subord
inated
Debent
ures
Subord 30,000 537 7.16 % 30,000 546 7.28 % - - -
inated
Debent
ures
Other 1,772 - 0.00 % 2,736 3 0.44 % 4,439 44 3.96 %
Borrow
ings
Total 676,639 5,015 2.96 % 572,589 5,023 3.51 % 499,351 4,999 4.00 %
Borrow
ings:
Total $ 2,766,293 $ 13,422 1.94 % $ 2,652,023 $ 14,987 2.26 % $ 2,168,597 $ 15,314 2.82 %
Intere
st
-Beari
ng
Liabil
ities
Demand 530,425 550,073 475,020
Deposi
ts

Other 42,405 38,261 15,471
Liabil
ities
Total $ 3,339,123 $ 3,240,357 $ 2,659,088
Liabil
ities
Stockh 383,997 307,946 251,994
olders
'
Equity
Total $ 3,723,120 $ 3,548,303 $ 2,911,082
Liabil
ities
and
Stockh
olders
'
Equity

Net $ 30,272 $ 30,814 $ 26,139
Intere
st
Income

Intere 3.18 % 3.40 % 3.37 %
st
Rate
Spread
(2)

Net 3.55 % 3.81 % 3.90 %
Intere
st
Margin
(3)

Supple
mental
Inform
ation:
Total $ 2,620,079 $ 8,407 $ 2,629,507 $ 9,964 $ 2,144,266 $ 10,315
Deposi
ts,
includ
ing
Demand
Deposi
ts
Cost 1.28 % 1.52 % 1.92 %
of
Total
Deposi
ts
Total $ 3,296,718 $ 13,422 $ 3,202,096 $ 14,987 $ 2,643,617 $ 15,314
Fundin
g
Liabil
ities,
includ
ing
Demand
Deposi
ts
Cost 1.63 % 1.87 % 2.32 %
of
Total
Fundin
g
Liabil
ities

(1) The total amount of
adjustment to present
interest income and yield
on a fully tax-equivalent
basis is $283, $319, and
$374 for the three months
ended March 31, 2009,
December 31, 2008, and
March 31, 2008,
respectively.
(2) Interest rate spread
represents the difference
between the weighted
average yield on interest
-earning assets and the
weighted average cost of
interest-bearing
liabilities.
(3) Net interest margin
represents annualized net
interest income as a
percentage of average
interest-earning assets.

Certain amounts in prior year financial statement have been reclassified to
conform to the current year's presentation.

Independent Bank Corp
Chris Oddleifson, 781-982-6660
President and Chief Executive Officer
or
Denis K. Sheahan, 781-982-6341
Chief Financial Officer

Copyright Business Wire 2009