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Mar 31, 2022
Independent Bank Q1 2022 Earnings Report
Net income decreased compared to the prior-year period, reflecting a decrease in non-interest income and an increase in non-interest expense, partially offset by an increase in net interest income and a decrease in the provision for credit losses.
Key Takeaways
Independent Bank Corporation reported a net income of $18.0 million, or $0.84 per diluted share, for the first quarter of 2022. This is a decrease compared to the first quarter of 2021, when net income was $22.0 million, or $1.00 per diluted share.
Return on average assets and return on average equity of 1.54% and 19.38%, respectively.
Net interest income increased by 9.0% over the first quarter of 2021.
Loan net growth of $99.0 million, or 13.8% annualized.
Deposit net growth of $88.4 million, or 8.7% annualized.
Revenue by Segment
Forward Guidance
Management expects continued growth trends for the remainder of 2022, but there exists much uncertainty.
Positive Outlook
- Generating strong core results
- Good growth in net interest income
- Stabilization of our net interest margin
- Net growth in each category of loans
- Net growth in total deposits
Challenges Ahead
- Inflation was reported at near 40 year highs
- Witnessed a very dramatic increase in rates on the middle and long end of the yield curve
- Expectation now for multiple Fed hikes through 2022 and into 2023
- Increase in rates slowed our mortgage origination volume
- Decrease in net gains on mortgage loan sales
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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