IBCP Q3 net income $17.3M ($0.81 EPS), NIM 3.49%, loan growth 18.4% annualized

INDEPENDENT BANK CORP /MI/

2022-Q3 EPS reported $2.27 revenue$23,748,000

Net income $17.3M vs $16.0M a year ago; diluted EPS $0.81 vs $0.73.
Net interest income $39.9M (+18% YoY); NIM expanded 23bp to 3.49% from Q2.
Portfolio loans grew $151M (18.4% annualized); deposits up $209.9M since Dec 2021.
Provision for credit losses expense $3.1M vs credit of $0.7M a year ago.
Non-performing loans/total loans 0.11%; allowance for credit losses 1.50%.

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