Independent Bank Q4 net income $12.5M ($0.58 EPS) vs $17.0M year ago; full-year EPS up 13.8%

INDEPENDENT BANK CORP /MI/

2021-FY EPS reported $2.88 revenue$29,098,000

Q4 2021 net income $12.5M ($0.58 diluted EPS) vs $17.0M ($0.77) in Q4 2020; full-year net income $62.9M ($2.88 EPS), up 12.0% from 2020.
Net interest income Q4 $34.3M, +10.6% YoY; net interest margin 3.13% vs 3.12% year ago.
Mortgage gains fell sharply: Q4 $5.6M vs $15.9M year ago; full year $35.9M vs $62.6M.
Non-performing loans dropped to $5.1M (0.18% of loans) from $7.9M (0.29%) at Dec 2020; allowance $47.3M (1.63% of loans).
Board authorized up to 1.1M share repurchase (~5% of outstanding) through Dec 2022.

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