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Jun 30, 2023
Independent Bank Q2 2023 Earnings Report
Reported strong financial results with increased net income and pre-tax, pre-provision income.
Key Takeaways
Independent Bank Corporation reported a strong second quarter in 2023, with net income increasing to $14.8 million, or $0.70 per diluted share, compared to $13.0 million, or $0.61 per diluted share, in the prior-year period. The company saw growth in net interest income, loans, and book value per share, indicating healthy economic conditions and attractive lending opportunities.
Net interest income increased by 6.3% over the second quarter of 2022.
Book value and tangible book value per share increased by $0.51.
Net growth in loans was $121.3 million, or 13.9% annualized.
A dividend of 23 cents per share was paid on common stock on May 15, 2023.
Independent Bank
Independent Bank
Forward Guidance
Independent Bank Corporation anticipates continued growth in its client base and financial performance, supported by a solid pipeline of commercial lending opportunities and healthy economic conditions in its markets.
Positive Outlook
- Strong pipeline of high quality commercial lending opportunities.
- Healthy economic conditions throughout our markets.
- Continued growth in client base.
- Potential for continued strong financial performance for shareholders.
- Good stability in deposit base.
Challenges Ahead
- Deterioration in general business and economic conditions.
- Turbulence in domestic or global financial markets.
- Changes in interest rates.
- Increases in unemployment rates.
- Deterioration in the credit quality of loan portfolios.