Independent Bank Q2 net income $18.5M, EPS $0.88 (+25.7% YoY); net interest margin expands to 3.40%

INDEPENDENT BANK CORP /MI/

2024-Q2 EPS reported $1.64 revenue$15,471,000

Net income of $18.5M ($0.88 diluted EPS) vs $14.8M ($0.70) in Q2 2023, up 25.3% and 25.7% respectively.
Net interest income $41.3M (+7.8% YoY); net interest margin 3.40% vs 3.24% year-ago and 3.30% linked-quarter.
Core deposits grew $53.3M (4.8% annualized) from March 31; loans grew $11.9M (1.2% annualized).
Non-interest income included $2.7M gain on Visa B-1 stock exchange; provision for credit losses nearly zero ($0.02M).
Tangible book value per share rose 16.5% YoY to $19.16; non-performing loans just 0.12% of portfolio.

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