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Jun 30, 2020
Independent Bank Q2 2020 Earnings Report
Reported net income and diluted earnings per share increased compared to the prior year, driven by growth in non-interest income, despite challenges from the COVID-19 pandemic.
Key Takeaways
Independent Bank Corporation reported a strong financial performance in Q2 2020, with net income of $14.8 million, or $0.67 per diluted share, compared to $10.7 million, or $0.46 per diluted share, in Q2 2019. The results were driven by increases in non-interest income, particularly net gains on mortgage loans, which offset a decline in net interest income and increases in provision for loan losses, non-interest expense, and income tax expense.
Net income increased by 37.7% and diluted earnings per share increased by 45.7% compared to 2019.
Net gains on mortgage loans increased by 310.1% over 2019, with a total mortgage loan origination volume of $470.6 million.
Total portfolio loan net growth was $148.5 million and deposit net growth was $401.6 million.
The company issued $40.0 million of subordinated debt in May 2020 and maintained strong asset quality metrics.
Independent Bank
Independent Bank
Forward Guidance
Independent Bank Corporation is mindful of the ongoing challenges from the COVID-19 pandemic, but is confident of its continued ability to effectively respond to these challenges and remain optimistic about its future.