Press release
Independent Bank Corporation Reports 2022 Fourth Quarter Results
Fourth Quarter Highlights Highlights for the fourth quarter of 2022 include: Increases in net income and diluted earnings per share of 20.6% and 22.4%,
About this update from Independent Bank Corporation
[{"type":"text","content":"Fourth Quarter Highlights Highlights for the fourth quarter of 2022 include: Increases in net income and diluted earnings per share of 20.6% and 22.4%, respectively, over the fourth quarter of 2021;An increase in book value and tangible book value per share of $0.72 and $0.74, respectively;Net growth in commercial loans of $58.6 million (or 16.5% annualized);Annualized return on average assets and average equity of 1.21% and 17.94%, respectively;An increase in net interest income of 18.4% over the fourth quarter of 2021; andThe payment of a 22 cent per share dividend on common stock on November 14, 2022. GRAND RAPIDS, Mich., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2022 net income of $15.1 million, or $0.71 per diluted share, versus net income of $12.5 million, or $0.58 per diluted share, in the prior-year period. For the year ended December 31, 2022, the Company reported net income of $63.4 million, or $2.97 per diluted share, compared to net income of $62.9 million, or $2.88 per diluted share, in 2021. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our fourth quarter performance capped a very strong year as our entire organization executed extremely well despite a macroeconomic environment with many challenges and uncertainties. This past year with our successful expansion into new markets and addition of new banking talent, we were able to generate strong commercial loan growth and higher net interest income, which enabled us to offset a significant decline in mortgage banking revenue and deliver a higher level of earnings in 2022 than we did in 2021. These results generated a full year return on average assets and return on average equity of 1.31% and 18.41%, respectively. Importantly, we have generated significant growth in our loan portfolio while maintaining sound underwriting criteria, a low level of past dues and net recoveries credited to our allowance in 2022. We continued to see positive trends during the fourth quarter including double-digit annualized growth in our commercial loan portfolio and further expansion in our net interest margin. Given the health of our loan portfolio and our high level of liquidity and reserves, we believe we are well positioned to continue effectively managing...