Press release
Independent Bank Corporation Reports 2022 Second Quarter Results
GRAND RAPIDS, Mich., July 26, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2022 net income of $13.0 million,
About this update from Independent Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., July 26, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2022 net income of $13.0 million, or $0.61 per diluted share, versus net income of $12.4 million, or $0.56 per diluted share, in the prior- year period. For the six months ended June 30, 2022, the Company reported net income of $31.0 million, or $1.45 per diluted share, compared to net income of $34.4 million, or $1.56 per diluted share, in the prior-year period. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am pleased with our second quarter 2022 performance in which we generated strong core results with $3.1 million growth in net interest income, a 26 basis point expansion of our net interest margin on a linked quarter basis, and net growth in each category of loans and as well as growth in total deposits. In addition, our asset quality metrics continue to be very good, with a low level of past dues, low level of commercial watch credits, low level of non-performing assets, net loan recoveries for the quarter, and an allowance for credit losses to total loans of 1.47%. As we head into the second half of 2022, our focus will continue to be on the rotation of our earning asset mix out of lower yielding investments into higher yielding loans, growing our deposit base while managing our costs of funds, and controlling our expenses. While there exists much uncertainty in the marketplace, we are excited about the momentum we have in our markets and look forward to continuing these growth trends for the remainder of 2022.” Highlights for the second quarter of 2022 include: Increases in net income and diluted earnings per share of 4.9% and 8.9%, respectively, over the second quarter of 2021;Net growth in portfolio loans of $254.8 million (or 34.0% annualized);Annualized return on average assets and average equity of 1.10% and 15.68%, respectively;An increase in net interest income of 14.9% over the second quarter of 2021;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 22 cent per share dividend on common stock on May 16, 2022. Highlights for the first six months of 2022 include: Annualized return on average...