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Mar 31, 2021
Independent Bank Q1 2021 Earnings Report
Reported net income of $22.0 million, or $1.00 per diluted share, compared to the prior-year period.
Key Takeaways
Independent Bank Corporation reported a strong first quarter in 2021, with net income significantly increased compared to the previous year. The increase was primarily due to rises in net interest income and non-interest income, coupled with a decrease in the provision for credit losses, which was partially offset by increased non-interest expenses.
Net income and diluted earnings per share increased 358.2% and 376.2%, respectively, compared to 2020.
Return on average assets and return on average equity were 2.10% and 23.51%, respectively.
Net gains on mortgage loans of $12.8 million, up 45.1% over 2020, with a total mortgage loan origination volume of $509.0 million.
Deposit net growth of $221.2 million, or 6.1%.