Independent Bank Q2 net income $12.4M ($0.56 EPS) vs $14.8M year ago; mortgage gains drop

INDEPENDENT BANK CORP /MI/

2021-Q2 EPS reported $1.56 revenue$12,976,000

EPS $0.56 vs $0.67 in Q2 2020; net interest income up 3.1% to $31.4M.
Net gains on mortgage loans $9.1M vs $17.6M; origination $473.7M.
Non-interest expense $32.5M up from $27.3M, includes $1.1M conversion costs.
Provision for credit losses credit of $1.4M; net recoveries $0.6M.
Non-performing loans $5.1M (0.18% of loans); forbearance down 19.3% QoQ.

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