ROCKLAND TRUST CO

A stable rank hides a real sale

Rockland's Alphabet share count fell from 447,247 to 407,768 — a genuine 8.8% reduction, worth $14.1 million in net outflow by share-count terms. But because the stock rallied over the quarter, the position's reported dollar value actually rose by $17.1 million. Read the value line alone and it looks like conviction; read the share count and it's a real trim dressed up by price. The same thing happened one rung down the list: Independent Bank Corp Mass, Rockland's #2 holding and a fellow Massachusetts institution, saw its share count cut 2.9% (a real $3.6 million outflow) while its reported value climbed $9.0 million. Two of the bank's three largest positions were quietly reduced in share terms this quarter, even as both looked like gainers on paper.