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Sep 30, 2024
Independent Bank Q3 2024 Earnings Report
Reported net income of $13.8 million, driven by growth in loans and core deposits.
Key Takeaways
Independent Bank Corporation reported a net income of $13.8 million for the third quarter of 2024, a decrease compared to the $17.5 million in the prior-year period. However, the company saw increases in net interest income, tangible book value per share, core deposits, and loans.
Net interest income increased by $0.5 million (4.9% annualized) from the previous quarter.
Tangible book value per share increased by $3.69 (22.3%) over the third quarter of 2023.
Core deposits grew by $100.1 million (8.9% annualized) from the previous quarter.
Loans increased by $90.4 million (9.3% annualized) from the previous quarter.
Forward Guidance
Independent Bank Corporation is optimistic about continuing growth trends for the remainder of the year and into 2025, based on a robust commercial loan pipeline, the past record of their core group of professionals, and the ongoing strategic initiative to add talented bankers to their team.
Positive Outlook
- Robust commercial loan pipeline
- Strong track record of core professionals
- Strategic initiative to add talented bankers
- Excellent credit metrics with watch credits and non-performing assets near historic lows
- Good growth in tangible book value per share compared to the prior year quarter
Challenges Ahead
- Deterioration in general business and economic conditions
- Turbulence in domestic or global financial markets
- Changes in interest rates
- Increases in unemployment rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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