Press release
Independent Bank Corporation Reports 2025 Third Quarter Results
Third Quarter Highlights Highlights for the third quarter of 2025 include: Increase in net interest income of $0.7 million (or 1.7%) over the second quarter
About this update from Independent Bank Corporation
[{"type":"text","content":"Third Quarter Highlights Highlights for the third quarter of 2025 include: Increase in net interest income of $0.7 million (or 1.7%) over the second quarter of 2025;Increase in tangible common equity per share of common stock of $1.06 (or 20.0% annualized) from June 30, 2025;Net growth in total deposits, less brokered time deposits of $148.2 million (or 13.0% annualized) from June 30, 2025;Net growth in loans of $33.9 million (or 3.2% annualized) from June 30, 2025; andThe payment of a 26 cent per share dividend on common stock on August 15, 2025. GRAND RAPIDS, Mich., Oct. 28, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2025 net income of $17.5 million, or $0.84 per diluted share, versus net income of $13.8 million, or $0.65 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’s performance and pleased to report continued positive momentum in our third quarter 2025 results. Loan balances grew at an annualized rate of 3.2%, and total deposits, less brokered time deposits increased by 13.0% (annualized). We achieved growth in net interest income both sequentially and year-over-year. Our net interest margin displayed a small decline on a linked quarter basis primarily due to the acceleration of unamortized issuance costs on subordinated debt we redeemed in the third quarter. I would characterize the NIM as stable when adjusting for this event. Expense management remains a strength, as reflected in our third-quarter efficiency ratio of 58.86%, which demonstrates the effectiveness of our recent strategic investments. These solid fundamentals supported a 10.2% year-over-year increase in tangible common equity per share and strong returns, including a return on average assets of 1.27% and a return on average equity of 14.57%. Despite market uncertainty, our credit quality remains strong, with watch credits at low levels. Non-performing assets increased from 0.16% of total assets to 0.38% of total assets on a quarter-over-quarter basis primarily as the result of one commercial relationship where the borrower is experiencing financial difficulties. Our annualized net charge-offs continue at historically low levels, four basis points through the first three quarte...