Press release
Independent Bank Corporation Reports 2020 Fourth Quarter and Full Year Results
GRAND RAPIDS, Mich., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2020 net income of $17.0 million,
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2020 net income of $17.0 million, or $0.77 per diluted share, versus net income of $13.9 million, or $0.61 per diluted share, in the prior-year period. For the year ended December 31, 2020, the Company reported net income of $56.2 million, or $2.53 per diluted share, compared to net income of $46.4 million, or $2.00 per diluted share, in 2019. The increase in 2020 fourth quarter and full-year 2020 earnings as compared to 2019 primarily reflects increases in non-interest income that were partially offset by a decrease in interest income and an increase in non-interest expense and income tax expense. Fourth quarter 2020 highlights include: Increases in net income and diluted earnings per share of 22.4% and 26.2%, respectively, compared to 2019;Return on average assets and return on average equity of 1.61% and 17.82%, respectively, compared to 1.56% and 15.92%, respectively, in 2019;Net gains on mortgage loans of $15.9 million (up 148.5% over 2019) and total mortgage loan origination volume of $502.5 million;Deposit net growth of $39.6 million (or 1.1%);Continued strong asset quality metrics as evidenced by net loan recoveries during the quarter, a low level of non-performing loans and non-performing assets;COVID related forbearances declined to 0.83% of total loans; andThe payment of a 20 cent per share dividend on common stock on November 16, 2020. Full year 2020 highlights include: Increases in net income and diluted earnings per share of 20.9% and 26.3%, respectively, compared to 2019;Return on average assets and return on average equity of 1.43% and 15.68 %, respectively, compared to 1.35% and 13.63%, respectively, in 2019;Net gains on mortgage loans of $62.6 million (up 213.1% over 2019) and total mortgage loan origination volume of $1.8 billion;Deposit net growth of $600.6 million (or 19.8 %); andTangible common equity per share increased by 16% to $16.33 from $14.08. Significant items impacting comparable quarterly and year to date 2020 and 2019 results include the following: As a result of hedge de-designation the company realized an increase in interest expense of $1.6 million ($0.06 per diluted share, after tax) due to accelerated amortization of deferred losses on certain derivative instruments. As ...