Press release
Independent Bank Corporation Reports 2021 Fourth Quarter and Full Year Results
GRAND RAPIDS, Mich., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2021 net income of $12.5 million,
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2021 net income of $12.5 million, or $0.58 per diluted share, versus net income of $17.0 million, or $0.77 per diluted share, in the prior-year period. For the year ended December 31, 2021, the Company reported net income of $62.9 million, or $2.88 per diluted share, compared to net income of $56.2 million, or $2.53 per diluted share, in 2020. The increase in full year 2021 net income as compared to 2020 primarily reflects an increase in net interest income and a decrease in provision for credit losses that were partially offset by a decrease in non-interest income and an increase in non-interest expense and income tax expense. Fourth quarter 2021 highlights include: An increase in net interest income of 10.6% over the fourth quarter of 2020;Net gains on mortgage loans of $5.6 million and total mortgage loan origination volume of $424.6 million;Deposit net growth of $105.0 million (or 10.4% annualized);Continued strong asset quality metrics as evidenced by low loan charge-offs during the quarter as well as a low level of non-performing loans and non-performing assets; andThe payment of a 21 cent per share dividend on common stock on November 15, 2021. Full year 2021 highlights include: Increases in net income and diluted earnings per share of 12.0% and 13.8%, respectively, compared to 2020;Return on average assets and return on average equity of 1.41% and 16.13%, respectively;Net gains on mortgage loans of $35.9 million and total mortgage loan origination volume of $1.9 billion;Net growth in portfolio loans of $171.4 million (or 6.3%);Deposit net growth of $479.7 million (or 13.2 %);Paid $0.84 in dividends which was a 5.0% increase compared to 2020; andTangible common equity per share increased by 6.1% to $17.33 from $16.33. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am very pleased with the high level of performance by our team generating strong core results for yet another quarter and the full year 2021. We continue to execute on our strategies of investing in people and technology. During the fourth quarter we saw good growth in net interest income, stabilization of our net interest margin and across the board loan growth, net of PP...