Independent Bank reports Q3 net income $16.0M ($0.73 EPS); net interest income up 5.7% YoY

INDEPENDENT BANK CORP /MI/

2021-Q3 EPS reported $2.30 revenue$21,437,000

Net income $16.0M ($0.73 diluted EPS), down from $19.6M ($0.89) in Q3 2020; 9-month net income $50.4M ($2.30), up 28.6%.
Net interest income $33.8M (+5.7% YoY); net interest margin 3.18% vs 3.31% a year ago.
Net gains on mortgage loans $8.4M (Q3 2020: $20.2M); mortgage origination volume $453.8M.
Portfolio loans grew $69.4M (9.8% annualized) to $2.88B; deposits up $374.7M (13.8% annualized) to $4.01B.
Asset quality: non-performing loans 0.19% of portfolio; net loan recoveries $1.5M in Q3; allowance 1.62% of total loans.

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