Press release
Independent Bank Corporation Reports 2023 Fourth Quarter Results
Fourth Quarter Highlights Highlights for the fourth quarter of 2023 include: An increase in net interest income of $0.7 million (1.7%) over the third quarter
About this update from Independent Bank Corporation
[{"type":"text","content":"Fourth Quarter Highlights Highlights for the fourth quarter of 2023 include: An increase in net interest income of $0.7 million (1.7%) over the third quarter of 2023;An increase in book value and tangible book value per share of $1.42 and $1.43 respectively;Net growth in loans of $49.4 million (or 5.2% annualized) from September 30, 2023; andThe payment of a 23 cent per share dividend on common stock on November 13, 2023. GRAND RAPIDS, Mich., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2023 net income of $13.7 million, or $0.65 per diluted share, versus net income of $15.1 million, or $0.71 per diluted share, in the prior-year period. For the year ended December 31, 2023, the Company reported net income of $59.1 million, or $2.79 per diluted share, compared to net income of $63.4 million, or $2.97 per diluted share, in 2022. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “'Our fourth quarter performance capped off another remarkably strong year, with our organization performing exceptionally well despite continued challenges in the macroeconomic environment. For the fourth quarter of 2023, I am particularly pleased with the double digit annualized growth in our commercial loan portfolio, the year over year 4.1% growth in our core deposit base, the linked quarter growth in our net interest income and our strong asset quality metrics which enabled us to release a small amount of loan loss reserves. Significantly impacting our quarterly results was the change in price of the fair value of our capitalized mortgage servicing rights of $3.6 million ($0.14 per diluted share, after tax). Adding back this non-cash adjustment, our fourth quarter 2023 annualized return on assets was 1.26% versus 1.24% for the three months ended December 31, 2022. During 2023, we continued to make investments in talent and technology which we believe will enable us to consistently add new customers, grow our market share, generate profitable growth, and further increase the value of our franchise in 2024 and beyond.” Significant items impacting comparable 2023 and 2022 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(3.6) million ($(0.14) per d...