Press release
Independent Bank Corporation Reports 2023 Third Quarter Results
Third Quarter Highlights Highlights for the third quarter of 2023 include: An increase in net interest income of $1.1 million (2.8%) over the second quarter
About this update from Independent Bank Corporation
[{"type":"text","content":"Third Quarter Highlights Highlights for the third quarter of 2023 include: An increase in net interest income of $1.1 million (2.8%) over the second quarter of 2023;Net growth in core deposits of $112.6 million (or 10.5% annualized) from June 30, 2023;Net growth in loans of $110.4 million (or 12.1% annualized) from June 30, 2023; andThe payment of a 23 cent per share dividend on common stock on August 14, 2023. GRAND RAPIDS, Mich., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2023 net income of $17.5 million, or $0.83 per diluted share, versus net income of $17.3 million, or $0.81 per diluted share, in the prior-year period. For the nine months ended September 30, 2023, the Company reported net income of $45.3 million, or $2.14 per diluted share, compared to net income of $48.3 million, or $2.27 per diluted share, in the prior year period. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our team continued its positive momentum in the third quarter, achieving strong financial results with solid balance sheet growth, a stable net interest margin, disciplined expense management, and healthy asset quality. Capitalizing on the current operating environment, we gained new banking relationships with clients who appreciate our value proposition as a commercial bank with robust treasury management solutions, industry expertise, and client centric service. This success led to double-digit annualized growth in loans and deposits. Despite expecting lower loan growth in the fourth quarter due to seasonality, we have a solid pipeline of high-quality relationship opportunities.” Significant items impacting comparable third quarter 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 $1.6 million ($0.06 per diluted share, after taxes) for the three-month period ended September 30, 2023, as compared to $3.2 million ($0.12 per diluted share, after taxes) for the three-months ended September 30, 2022.The provision for credit losses on loans was an expense of $1.4 million ($0.05 per diluted share, after taxes) in the third quarter ended September 30, 2023, as compared to an expense of $3.1 million ($0.12 per diluted share, after ...