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Sep 30, 2020
Independent Bank Q3 2020 Earnings Report
Reported net income of $19.6 million, or $0.89 per diluted share, versus net income of $12.4 million, or $0.55 per diluted share, in the prior-year period.
Key Takeaways
Independent Bank Corporation reported a strong financial performance in Q3 2020, with net income increasing to $19.6 million, or $0.89 per diluted share, compared to $12.4 million, or $0.55 per diluted share, in the prior-year period. The increase in earnings was primarily driven by increases in net interest income and non-interest income, partially offset by increases in the provision for loan losses, non-interest expense, and income tax expense.
Net income and diluted earnings per share increased by 57.4% and 61.8%, respectively, compared to 2019.
Return on average assets and return on average equity were 1.90% and 21.36%, respectively, compared to 1.42% and 14.64%, respectively, in 2019.
Net gains on mortgage loans reached $20.2 million (up 255.9% over 2019), with a total mortgage loan origination volume of $536.5 million.
Deposit net growth was $112.6 million (or 3.2%).