IBCP Q1 2024: EPS $0.76 (+24.6% YoY), loan growth 5.3% annualized, NIM 3.30%

INDEPENDENT BANK CORP /MI/

2024-Q1 EPS reported $0.76 revenue$7,575,000

Net income $16.0M ($0.76 diluted EPS), up 24.6% YoY from $0.61.
Net interest income $40.2M, NIM 3.30% (up from 3.26% linked quarter).
Core deposits grew $95.7M (9.0% annualized) and loans grew $49.1M (5.3% annualized) from Dec 31, 2023.
Non-performing loans at 0.10% of portfolio; allowance for credit losses 1.47%.
Tangible book value per share $18.44, up 15.7% YoY.

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