IBCP Q4 net income $13.7M ($0.65 EPS) vs $15.1M year ago; loans up 5.2% annualized

INDEPENDENT BANK CORP /MI/

2023-FY EPS reported $2.79 revenue$32,903,000

Net interest income $40.1M, up 1.7% linked quarter; net interest margin 3.26% vs 3.52% year ago.
Non-interest income $9.1M, driven by $2.0M mortgage gains offset by $2.4M servicing loss.
Non-performing loans $5.23M (0.14% of loans); provision credit of $0.6M; allowance 1.44% of loans.
Tangible book value $17.96 per share, up $1.43 from Q3; 2024 share repurchase plan up to 1.1M shares.
Full year 2023 net income $59.1M ($2.79 EPS) vs $63.4M ($2.97 EPS) in 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INDEPENDENT BANK CORP /MI/ reported year ended December 31, 2023 results: net income net income of $59.1 million, EPS $2.79 per diluted share.

Period: year ended December 31, 2023
Net income: net income of $59.1 million
EPS: $2.79 per diluted share
Result: reported results

Exact text from the filing

For the year ended December 31, 2023, the Company reported net income of $59.1 million, or $2.79 per diluted share, compared to net income of $63.4 million, or $2.97 per diluted share, in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INDEPENDENT BANK CORP /MI/ reported quarter ended December 31, 2023 results: net income net income of $13.7 million, EPS $0.65 per diluted share.

Period: quarter ended December 31, 2023
Net income: net income of $13.7 million
EPS: $0.65 per diluted share
Result: reported results

Exact text from the filing

Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2023 net income of $13.7 million, or $0.65 per diluted share, versus net income of $15.1 million, or $0.71 per diluted share, in the prior-year period.

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Source: SEC EDGAR

accession 0000039311-24-000013

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