Press release
Independent Bank Corporation Reports 2022 First Quarter Results
GRAND RAPIDS, Mich., April 26, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2022 net income of $18.0 million,
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., April 26, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2022 net income of $18.0 million, or $0.84 per diluted share, versus net income of $22.0 million, or $1.00 per diluted share, in the prior-year period. The decrease in 2022 first quarter earnings as compared to 2021 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 a decrease in the provision for credit losses. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am pleased with the first quarter 2022 performance by our team generating strong core results with good growth in net interest income, stabilization of our net interest margin and net growth in each category of loans and total deposits. During the first quarter inflation was reported at near 40 year highs and we witnessed a very dramatic increase in rates on the middle and long end of the yield curve with the expectation now for multiple Fed hikes through 2022 and into 2023. This increase in rates slowed our mortgage origination volume and decreased net gains on mortgage loan sales, but also increased the value of our capitalized mortgage servicing rights. On the asset quality front, we had very low net charge-offs in the first quarter, as well as commercial watch credits at 2.44% of the portfolio, and a very low level of past due loans. While there exists much uncertainty, we are excited about the momentum we have in our markets and look forward to continuing these growth trends for the remainder of 2022.” First quarter 2022 highlights include: Return on average assets and return on average equity of 1.54% and 19.38%, respectively;An increase in net interest income of 9.0% over the first quarter of 2021;Loan net growth of $99.0 million (or 13.8% annualized);Deposit net growth of $88.4 million (or 8.7% 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 22 cent per share dividend on common stock on February 15, 2022. Significant items impacting comparable quarterly 2022 and 2021 results include the following: Service charges on de...