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Jun 30, 2024
Independent Bank Q2 2024 Earnings Report
Reported net income of $18.5 million, or $0.88 per diluted share, versus net income of $14.8 million, or $0.70 per diluted share, in the prior-year period.
Key Takeaways
Independent Bank Corporation reported a strong second quarter in 2024, with net income increasing to $18.5 million, or $0.88 per diluted share, compared to $14.8 million, or $0.70 per diluted share, in the same period last year. The company saw growth in both loans and core deposits, along with net interest margin expansion and well-managed expenses.
Net income and diluted earnings per share increased by 25.3% and 25.7%, respectively, over the second quarter of 2023.
Tangible book value per share increased by $2.71 (16.5%) over the second quarter of 2023.
Net growth in core deposits of $53.3 million (or 4.8% annualized) from March 31, 2024.
Net growth in loans of $11.9 million (or 1.2% annualized) from March 31, 2024.
Independent Bank
Independent Bank
Independent Bank Revenue by Segment
Revenue by Segment
Mortgage Loan Servicing, Net Revenue
CapyFin.comNet Gains on Mortgage Loans Revenue
CapyFin.com Forward Guidance
Independent Bank Corporation is optimistic about continuing growth trends for the second half of the year and into 2025, based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team.
Revenue & Expenses
Visualization of income flow from segment revenue to net income