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Mar 31, 2023
Independent Bank Q1 2023 Earnings Report
Reported strong first quarter financial results driven by deposit growth and efficient expense management.
Key Takeaways
Independent Bank Corporation reported a net income of $13.0 million for the first quarter of 2023, equivalent to $0.61 per diluted share. The bank experienced deposit growth of $93.1 million and loan growth of $44.5 million. Net interest income increased by 16.5% compared to the first quarter of 2022.
Deposit growth of $93.1 million, excluding brokered time deposits, representing a 9.1% annualized increase.
Net interest income increased by 16.5% compared to the first quarter of 2022.
Book value and tangible book value per share increased by $0.90.
Net loan growth of $44.5 million, or 5.2% annualized.