Press release
Independent Bank Corporation Reports 2021 Second Quarter Results
GRAND RAPIDS, Mich., July 29, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2021 net income of $12.4 million,
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., July 29, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2021 net income of $12.4 million, or $0.56 per diluted share, versus net income of $14.8 million, or $0.67 per diluted share, in the prior-year period. For the six months ended June 30, 2021, the Company reported net income of $34.4 million, or $1.56 per diluted share, compared to net income of $19.6 million, or $0.88 per diluted share, in the prior-year period. The decline in second quarter 2021 earnings as compared to 2020 primarily reflects a decrease in non-interest income and an increase in non-interest expense that were partially offset by an increase in net interest income and decreases in the provision for credit losses and income tax expense. The increase in year-to-date 2021 earnings as compared to 2020 primarily reflects increases in net interest income and non-interest income and a decrease in the provision for credit losses that were partially offset by increases in non-interest expense and income tax expense. Highlights for the second quarter of 2021 include: Annualized return on average assets and on average equity of 1.12% and 12.78%, respectively;An increase in net interest income of 3.1% over the second quarter of 2020;Net gains on mortgage loans of $9.1 million and total mortgage loan origination volume of $473.7 million;Net growth in portfolio loans of $30.3 million (or 4.4% annualized);Continued strong asset quality metrics as evidenced by net loan recoveries 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 May 14, 2021. Highlights for the first six months of 2021 include: Increases in net income and diluted earnings per share of 75.8% and 77.3%, respectively;Annualized return on average assets and on average equity of 1.60% and 18.06%, respectively;Net gains on mortgage loans of $21.9 million and total mortgage loan origination volume of $982.7 million;Net growth in portfolio loans of $80.9 million (or 6.0% annualized);Net growth in deposits of $225.1 million (or 12.5% annualized). Significant items impacting comparable quarterly and year to date 2021 and 2020 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the...