Independent Bank Q4 net income $18.5M ($0.87 EPS) beats year-ago, loan growth 10% annualized

INDEPENDENT BANK CORP /MI/

2024-FY EPS reported $3.16 revenue$31,979,000

Net income $18.5M ($0.87 diluted EPS) vs. $13.7M ($0.65) in Q4 2023; full-year EPS $3.16 vs. $2.79.
Net interest margin expanded to 3.45% from 3.26% YoY; net interest income rose 6.8% to $42.9M.
Loans grew $96.5M (9.7% annualized) from Sept 30 led by 24% annualized commercial loan growth.
Board approved 8% dividend increase in Jan 2025 (12th consecutive annual increase); authorized 1.1M share buyback.
MSR sale planned: letter of intent to sell ~$971M (27.8%) of servicing rights; expected close Q1 2025.

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