Loading...
•
Mar 31, 2024
Independent Bank Q1 2024 Earnings Report
Reported an increase in net income and diluted earnings per share compared to the first quarter of 2023, along with growth in core deposits and loans.
Key Takeaways
Independent Bank Corporation reported a strong first quarter in 2024, with net income reaching $16.0 million, or $0.76 per diluted share, marking a significant increase compared to the previous year. The bank experienced growth in both loans and core deposits, alongside net interest margin expansion and well-managed expenses, contributing to positive growth trends.
Net income and diluted earnings per share increased by 23.1% and 24.6%, respectively, over the first quarter of 2023.
Tangible book value per share increased by $2.50 (15.7%) over the first quarter of 2023.
Net growth in core deposits reached $95.7 million, or 9.0% annualized, from December 31, 2023.
Net growth in loans amounted to $49.1 million, or 5.3% annualized, from December 31, 2023.
Independent Bank
Independent Bank
Independent Bank Revenue by Segment
Revenue by Segment
Mortgage Loan Servicing, Net Revenue
CapyFin.com Forward Guidance
Independent Bank Corporation is optimistic about continuing positive growth trends for the balance of this year and into 2025, based on the past record of their core group of professionals and the ongoing addition of talented bankers to the team.
Positive Outlook
- Driving organic growth on both sides of the balance sheet with loans up 5.3% and core deposits up 9.0%.
- Generate net interest margin expansion, increasing to 3.30% from 3.26% on a linked quarter basis.
- Net interest income growth on both a linked quarter basis and on a year over year quarterly basis.
- Expenses continue to be well managed.
- Credit metrics continue to be very good, with watch credits and non-performing assets near historic lows.
Challenges Ahead
- Deterioration in general business and economic conditions could adversely affect revenues.
- Turbulence in domestic or global financial markets could reduce the availability of funding.
- Changes in interest rates could adversely affect results.
- Increases in unemployment rates could adversely affect results.
- Legal and regulatory developments could adversely affect results.