IBCP Q1 2022 EPS $0.84 vs $1.00 YoY; net interest income up 9% but mortgage fees plunge

INDEPENDENT BANK CORP /MI/

2022-Q1 EPS reported $0.84 revenue$7,399,000

Net income $18.0M ($0.84 diluted EPS) vs $22.0M ($1.00) in Q1 2021; a 16% decline.
Net interest income rose 9% to $33.0M; net interest margin narrowed to 3.00% from 3.05%.
Non-interest income fell 28% to $18.9M as mortgage gains dropped to $0.8M from $12.8M.
Loan growth of $99M (13.8% annualized) and deposit growth of $88M (8.7% annualized).
Asset quality strong: NPLs 0.17%, allowance 1.52%; provision credit of $1.6M.

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