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Dec 31, 2021
Independent Bank Q4 2021 Earnings Report
Net income decreased compared to the prior-year period.
Key Takeaways
Independent Bank Corporation reported a decrease in net income for the fourth quarter of 2021, with $12.5 million, or $0.58 per diluted share, compared to $17.0 million, or $0.77 per diluted share, in the prior-year period. However, full year net income increased to $62.9 million, or $2.88 per diluted share, compared to $56.2 million, or $2.53 per diluted share, in 2020.
Net interest income increased by 10.6% over the fourth quarter of 2020.
Net gains on mortgage loans were $5.6 million with a total mortgage loan origination volume of $424.6 million.
Net deposit growth was $105.0 million, or 10.4% annualized.
Asset quality metrics remained strong, with low loan charge-offs during the quarter and low levels of non-performing loans and assets.
Independent Bank
Independent Bank
Independent Bank Revenue by Segment
Revenue by Segment
Mortgage Loan Servicing, Net Revenue
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