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Sep 30, 2023
Independent Bank Q3 2023 Earnings Report
Reported strong financial results with solid balance sheet growth, a stable net interest margin, disciplined expense management, and healthy asset quality.
Key Takeaways
Independent Bank Corporation reported a net income of $17.5 million, or $0.83 per diluted share, for the third quarter of 2023, compared to $17.3 million, or $0.81 per diluted share, in the prior-year period. The company experienced growth in net interest income, core deposits, and loans.
Net interest income increased by $1.1 million (2.8%) over the second quarter of 2023.
Core deposits grew by $112.6 million (10.5% annualized) from June 30, 2023.
Loans grew by $110.4 million (12.1% annualized) from June 30, 2023.
A dividend of 23 cents per share was paid on common stock on August 14, 2023.
Independent Bank
Independent Bank
Forward Guidance
Despite expecting lower loan growth in the fourth quarter due to seasonality, Independent Bank has a solid pipeline of high-quality relationship opportunities.