Press release
Independent Bank Corporation Reports 2024 First Quarter Results
First Quarter Highlights Highlights for the first quarter of 2024 include: Increases in net income and diluted earnings per share of 23.1% and 24.6%,
About this update from Independent Bank Corporation
[{"type":"text","content":"First Quarter Highlights Highlights for the first quarter of 2024 include: Increases in net income and diluted earnings per share of 23.1% and 24.6%, respectively, over first quarter of 2023;An increase in tangible book value per share of $2.50 (15.7%) over the first quarter of 2023;Net growth in core deposits of $95.7 million (or 9.0% annualized) from December 31, 2023;Net growth in loans of $49.1 million (or 5.3% annualized) from December 31, 2023; andThe payment of a 24 cent per share dividend on common stock on February 15, 2024. GRAND RAPIDS, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2024 net income of $16.0 million, or $0.76 per diluted share, versus net income of $13.0 million, or $0.61 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 very pleased with our first quarter 2024 results, driving organic growth on both sides of the balance sheet with loans up 5.3% and core deposits up 9.0%. We were able to generate net interest margin expansion, increasing to 3.30% from 3.26% on a linked quarter basis and net interest income growth on both a linked quarter basis and on a year over year quarterly basis. Expenses continue to be well managed. Our credit metrics continue to be very good, with watch credits and non-performing assets near historic lows. These fundamentals drove good growth in both our earnings per share (23%) and tangible book value per share (16%) compared to the prior year quarter. Based on the past record of our core group of professionals and the on-going addition of talented bankers to our team, we are optimistic about continuing these positive growth trends for the balance of this year and into 2025.” Significant items impacting comparable first quarter 2024 and 2023 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $1.3 million ($0.05 per diluted share, after taxes) for the three-month period ended March 31, 2024, as compared to $(0.6) million ($(0.02) per diluted share, after taxes) for the three-months ended March 31, 2023.The provision for credit losses was an expense of $0.7 million ($0.03 per diluted share, after taxes) in the first quar...