Press release
Independent Bank Corporation Reports 2021 Third Quarter Results
GRAND RAPIDS, Mich., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2021 net income of $16.0 million, or
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2021 net income of $16.0 million, or $0.73 per diluted share, versus net income of $19.6 million, or $0.89 per diluted share, in the prior-year period. For the nine months ended September 30, 2021, the Company reported net income of $50.4 million, or $2.30 per diluted share, compared to net income of $39.2 million, or $1.76 per diluted share, in the prior-year period. Highlights for the third quarter of 2021 include: Annualized return on average assets and on average equity of 1.40% and 15.93%, respectively;An increase in net interest income of 5.7% over the third quarter of 2020;Net gains on mortgage loans of $8.4 million and total mortgage loan origination volume of $453.8 million;Net growth in portfolio loans of $69.4 million (or 9.8% annualized);Continued strong asset quality metrics as evidenced by $1.5 million in 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 August 16, 2021. Highlights for the first nine months of 2021 include: Increases in net income and diluted earnings per share of 28.6% and 30.7%, respectively;Annualized return on average assets and on average equity of 1.53% and 17.32%, respectively;Net gains on mortgage loans of $30.3 million and total mortgage loan origination volume of $1.44 billion;Net growth in portfolio loans of $150.3 million (or 7.4% annualized); andNet growth in deposits of $374.7 million (or 13.8% annualized). William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I continue to be very pleased with the high level of performance by our team generating strong core results for yet another quarter. We continue to execute on our strategies of investing in people and technology. During the third quarter we saw good growth in net interest income, stabilization of our net interest margin and across the board loan growth, net of PPP. Our commercial pipeline is at its highest level in many quarters. Fueling some of this growth was the opening of two new commercial loan production offices, one in Ottawa County and the second in Macomb County. Deposit gathering continues to be robust both via e...