Rockland-based Independent Bank Corp., parent of Rockland Trust Co., has reported net income of $3 million for the three months ending Dec. 31, compared to $7.7 million for the same period in 2007, a 61 percent drop.

Net income for 2008 was $24 million, compared to $28.4 million in 2007, a 15.5 percent decline.

The decline in earnings from the prior period is primarily the result of Other-Than-Temporary Impairment (OTTI) losses recorded in the fourth quarter, according to the bank. The quarterly comparisons also reflect higher loan loss provisioning in the fourth quarter to increase loan loss reserves in light of economic weakening, the bank said in a statement.