Independent Bank Corp Q3 net income $17.5M ($0.83 EPS); loan growth 12.1% annualized

INDEPENDENT BANK CORP /MI/

2023-Q3 EPS reported $2.14 revenue$24,744,000

Q3 2023 net income $17.5M ($0.83 diluted EPS) vs $17.3M ($0.81) a year ago; nine-month EPS $2.14 vs $2.27.
Net interest income $39.4M, up 2.8% linked quarter but down 1.2% YoY; net interest margin 3.25% vs 3.49% YoY.
Loans grew $110.4M (12.1% annualized) and core deposits $112.6M (10.5% annualized) from June 30, 2023.
Total assets $5.20B, up $200M from Dec 2022; shareholders' equity $375M (7.21% of assets).
Provision for credit losses on loans $1.4M expense vs $3.1M a year ago; non-performing loans 0.13% of portfolio.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INDEPENDENT BANK CORP /MI/ reported the quarter ended September 30, 2023 results: net income $17.5 million, EPS $0.83 per diluted share.

Period: the quarter ended September 30, 2023
Net income: $17.5 million
EPS: $0.83 per diluted share
Result: reported results

Exact text from the filing

Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2023 net income of $17.5 million, or $0.83 per diluted share, versus net income of $17.3 million, or $0.81 per diluted share, in the prior-year period.

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Source: SEC EDGAR

accession 0000039311-23-000088

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