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Jun 30, 2022
Independent Bank Q2 2022 Earnings Report
Reported an increase in net income and net interest income, along with strong asset quality metrics and growth in portfolio loans and total deposits.
Key Takeaways
Independent Bank Corporation reported a positive second quarter in 2022, marked by an increase in net income to $13.0 million, or $0.61 per diluted share, compared to $12.4 million, or $0.56 per diluted share, in the prior-year period. The company saw growth in net interest income, portfolio loans, and total deposits, alongside maintaining strong asset quality metrics.
Net income and diluted earnings per share increased by 4.9% and 8.9%, respectively, over the second quarter of 2021.
Net growth in portfolio loans reached $254.8 million, or 34.0% annualized.
Net interest income increased by 14.9% over the second quarter of 2021.
Asset quality metrics remained strong, with net loan recoveries and low levels of non-performing loans and assets.