Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2020 fourth quarter net income of $34.6 million, or $1.05 per diluted share, compared to net income of $34.9 million, or $1.06 per diluted share, reported for the third quarter of 2020. Fourth quarter results included $5.2 million of pretax cost related to the pending closure of two branches and the sale of non-strategic investments. Full year 2020 net income was $121.2 million, or $3.64 on a diluted per share basis, a decrease of $44.0 million, or 26.6%, as compared to the prior year. On an operating basis, full year 2020 net income was $121.7 million, or $3.66 on a diluted per share basis, which excluded a loss on terminated hedges of $684,000 recognized during the third quarter, and represents a decrease of $63.0 million, or 34.1%, as compared to 2019, which excluded certain merger and acquisition expenses as well as a gain on sale of loans. Decreases in the full year 2020 results were primarily driven by the negative impact of the Coronavirus ("COVID-19") pandemic, which resulted in elevated provision for credit losses as compared to the prior year, as well as a lower interest-rate environment.