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Sep 30, 2021
Independent Bank Q3 2021 Earnings Report
Reported a decrease in net income compared to the prior-year period, but experienced growth in net interest income and portfolio loans.
Key Takeaways
Independent Bank Corporation reported a net income of $16.0 million for Q3 2021, a decrease from $19.6 million in the same period last year. However, the company saw a 5.7% increase in net interest income and net growth in portfolio loans of $69.4 million.
Net income was $16.0 million, or $0.73 per diluted share.
Net interest income increased by 5.7% year-over-year.
Portfolio loans grew by $69.4 million, or 9.8% annualized.
Net gains on mortgage loans totaled $8.4 million with a total mortgage loan origination volume of $453.8 million.