Press release
Independent Bank Corporation Reports 2024 Third Quarter Results
Third Quarter Highlights Highlights for the third quarter of 2024 include: Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30,
About this update from Independent Bank Corporation
[{"type":"text","content":"Third Quarter Highlights Highlights for the third quarter of 2024 include: Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; andThe payment of a 24 cent per share dividend on common stock on August 15, 2024. GRAND RAPIDS, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2024 net income of $13.8 million, or $0.65 per diluted share, versus net income of $17.5 million, or $0.83 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 proud of our team and very pleased with our third quarter 2024 results, driving organic growth on both sides of the balance sheet. Overall loans increased 9.3% (annualized), while core deposits are up 8.9% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. Our credit metrics continue to be excellent, with watch credits and non-performing assets near historic lows. These fundamentals continue to drive good growth in tangible book value per share (22%) compared to the prior year quarter. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team, we are optimistic about continuing these growth trends for the remainder of the year and into 2025.” Significant items impacting comparable third 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 $(4.2) million ($(0.16) per diluted share, after taxes) for the three-month period ended September 30, 2024, as compared to $1.6 million ($0.06 per diluted share, after taxes) for the three-months ended September 30, 2023. Operating Results The Company...