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Mar 31, 2020
Independent Bank Q1 2020 Earnings Report
Reported net income of $4.8 million and diluted earnings per share of $0.21.
Key Takeaways
Independent Bank Corporation reported a net income of $4.8 million, or $0.21 per diluted share, for the first quarter of 2020. The results were impacted by a $6.7 million provision for loan losses due to COVID-19 and a negative $5.9 million change in the fair value of mortgage loan servicing rights.
Net income was $4.8 million, or $0.21 per diluted share.
Pre-tax, pre-provision income was $12.5 million.
Net interest income totaled $30.2 million.
Total assets were $3.63 billion.
Independent Bank
Independent Bank
Forward Guidance
No specific forward guidance provided, but the company will focus on the needs of customers and communities, while preserving the value of its franchise.