It was all happy talk from executives at the parent of Rockland Trust, as the bank turned in solid growth and huge profits in the second quarter.

The company reported net income of $31.1 million, or $1.13 per diluted share, compared to net income of $20.6 million in the second quarter of 2017. Net interest income for the quarter was roughly $73.2 million, up about $10 million from the second quarter of last year.

The net interest margin jumped 12 basis points from the linked quarter, reaching 3.89 percent, which is 29 basis points higher from this time last year.

“The stars did align in our favor this quarter to generate superior results,” Christopher Oddleifson, CEO of Rockland Trust and its parent company, said on a recent earnings call. “Virtually every key financial measure moved in a favorable direction.”

Total assets at the end of the quarter were roughly $8.38 billion, up over $320 million year-over-year. Total deposits at the end of the quarter were $7.01 billion, up over $300 million year-over-year and during a time where most banks are reporting significant deposit pressure.

Rockland CFO Robert Cozzone said the cost of deposits only rose three basis points from the linked quarter. He said the bank has been able to avoid the heavy competition that other banks are seeing because most of Rockland’s deposits are not in the money market and time deposit categories, which are experiencing the greatest pressure. Cozzone, however, did say that he expects the cost of deposits to rise another four or five basis points in the third quarter.

Total loans at the company reached about $6.48 billion at the end of the quarter, up about $220 million from the same time last year. Commercial and industrial loans had a nice quarter, growing $73 million from the linked quarter to roughly $976 million.

Cozzone said the bank is seeing lots of demand from small businesses that are starting to make incremental investments in equipment.

During the quarter, the parent company of Rockland Trust purchased the parent company of Milford National Bank, continuing the bank’s acquisition-heavy strategy. The deal gave Rockland over $360 million in deposits with the low overall cost of deposits of 0.40 percent, $308 million in loans and three branches.

The transaction is expected to close at the end of the year and be accretive in 2019. Oddleifson, as he has said on almost every other recent earnings call, said the bank would be open to doing another deal before the closing, but added that there are limited opportunities right now.