Loading...
•
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.
Independent Bank
Independent Bank
Independent Bank Revenue by Segment
Revenue by Segment
Mortgage Loan Servicing, Net Revenue
CapyFin.comNet Gains on Mortgage Loans Revenue
CapyFin.com 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