Press release
Independent Bank Corporation Reports 2025 Second Quarter Results
Second Quarter Highlights Highlights for the second quarter of 2025 include: Increase in net interest income of $0.9 million (or 2.1% ) over the first quarter
About this update from Independent Bank Corporation
[{"type":"text","content":"Second Quarter Highlights Highlights for the second quarter of 2025 include: Increase in net interest income of $0.9 million (or 2.1% ) over the first quarter of 2025;Increase in tangible common equity per share of common stock of $0.36 (or 6.9% annualized) from March 31, 2025;Net interest margin expansion of nine basis points compared to March 31, 2025;Net growth in loans of $91.7 million (or 9.0% annualized) from March 31, 2025; andThe payment of a 26 cent per share dividend on common stock on May 15, 2025. GRAND RAPIDS, Mich., July 24, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2025 net income of $16.9 million, or $0.81 per diluted share, versus net income of $18.5 million, or $0.88 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 pleased to see us continue our positive trends with our second quarter 2025 results. Overall, loans increased by 9.0% (annualized), while core deposits were down by 1.4% (annualized) due to seasonality. We generated net interest income growth on both a linked quarter basis and a year-over-year quarterly basis, producing nine basis points of margin expansion from the prior quarter. We believe our expenses are well managed, and we continue to see improved operational scale from strategic investments made in recent years. These fundamentals drove positive growth in tangible common equity per share of common stock (10.8%) compared to the prior year quarter, along with very healthy performance returns: a return on average assets of 1.27% and a return on average equity of 14.66%. Despite heightened uncertainty in the markets during the quarter, our credit metrics remain strong, with low levels of watch credits, 16 basis points of non-performing assets to total assets, and 0.02% net charge-offs to average loans of the quarter (annualized). The allowance for credit losses was 1.47% of total loans. Our team has been effective in many areas during the first half of 2025, including business development from the existing customer base and onboarding new relationships which have enhanced the geographic and product line diversification of our business. We continue to succeed in recruiting talented bankers to join the Independen...