Independent Bank Q1 net income $13.0M ($0.61 EPS) vs $18.0M ($0.84) YoY; net interest margin 3.33%

INDEPENDENT BANK CORP /MI/

2023-Q1 EPS reported $0.61 revenue$7,565,000

Net interest income $38.4M, up 16.5% YoY, but down 5.3% from Q4 2022; net interest margin 3.33%.
Core deposit growth $93M (9.1% annualized); total deposits up $165.7M; loans grew $44.5M (5.2% annualized).
Provision for credit losses on loans was a credit of $0.8M; $3.0M provision on HTM securities due to defaulted sub debt.
Non-interest income fell to $10.6M from $18.9M YoY primarily due to mortgage servicing fair value changes.
Tangible book value per share $15.94, up $0.90 from Q4 2022; regulatory capital ratios exceed well-capitalized minimums.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INDEPENDENT BANK CORP /MI/ reported the quarter ended March 31, 2023 results: net income $13.0 million, EPS $0.61 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $13.0 million
EPS: $0.61 per diluted share
Result: reported results

Exact text from the filing

Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2023 net income of $13.0 million, or $0.61 per diluted share, versus net income of $18.0 million, or $0.84 per diluted share, in the prior-year period.

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Source: SEC EDGAR

accession 0000039311-23-000055

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