Press release
Independent Bank Corporation Reports 2020 Third Quarter Results
GRAND RAPIDS, Mich., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2020 net income of $19.6 million, or
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2020 net income of $19.6 million, or $0.89 per diluted share, versus net income of $12.4 million, or $0.55 per diluted share, in the prior-year period. For the nine months ended September 30, 2020, the Company reported net income of $39.2 million, or $1.76 per diluted share, compared to net income of $32.6 million, or $1.40 per diluted share, in the prior-year period. The increase in third quarter and year-to-date 2020 earnings as compared to 2019 primarily reflects increases in net interest income and non-interest income that were partially offset by increases in the provision for loan losses, non-interest expense and income tax expense.\n Third quarter 2020 highlights include: Increases in net income and diluted earnings per share of 57.4% and 61.8%, respectively, compared to 2019;Return on average assets and return on average equity of 1.90% and 21.36%, respectively, compared to 1.42% and 14.64%, respectively, in 2019;Net gains on mortgage loans of $20.2 million (up 255.9% over 2019) and total mortgage loan origination volume of $536.5 million;Deposit net growth of $112.6 million (or 3.2%);Continued strong asset quality metrics as evidenced by a low level of early stage (30 to 89 day) loan delinquencies (0.20% at September 30, 2020), net loan recoveries during the quarter, a low level of non-performing loans and non-performing assets and a significant decline in the level of loan forbearances; andThe payment of a 20 cent per share dividend on common stock on August 14, 2020. Year to date 2020 highlights include: Increases in net income and diluted earnings per share of 20.3% and 25.7%, respectively, compared to 2019;Return on average assets and return on average equity of 1.36% and 14.87%, respectively, compared to 1.28% and 12.84%, respectively, in 2019;Net gains on mortgage loans of $46.7 million (up 243.5% over 2019) and total mortgage loan origination volume of $1.3 billion;Deposit net growth of $561.0 million (or 18.5%); andAn increase in tangible common equity per share of common stock of 10.4%. Significant items impacting comparable quarterly and year to date 2020 and 2019 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Ch...