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Dec 31, 2024
Independent Bank Q4 2024 Earnings Report
Reported net income of $18.5 million, driven by loan growth and an increase in net interest income.
Key Takeaways
Independent Bank Corporation reported a strong fourth quarter in 2024, with net income reaching $18.5 million, or $0.87 per diluted share. The company saw growth in net interest income, a healthy net interest margin, and significant loan portfolio expansion, particularly in commercial loans. Credit metrics remained strong, and the Board of Directors approved an increase in the quarterly dividend.
Net interest income increased by $1.0 million (2.4%) over the third quarter of 2024.
Net interest margin was 3.45%, an eight basis point increase from the linked quarter.
Net growth in loans was $96.5 million (9.7% annualized) from September 30, 2024.
A dividend of 24 cents per share was paid on common stock on November 15, 2024.
Independent Bank
Independent Bank
Forward Guidance
Independent Bank Corporation remains optimistic about sustaining growth trends into 2025, supported by a robust commercial loan pipeline, a strong team, and strategic initiatives to attract talented bankers.
Positive Outlook
- Robust commercial loan pipeline
- Proven track record of core team of professionals
- Strategic initiative to attract and integrate talented bankers
- Board of Directors approved an 8% increase in the quarterly dividend
- Strong credit metrics with watch credits and non-performing assets near historic lows
Challenges Ahead
- Deterioration in general business and economic conditions
- Turbulence in domestic or global financial markets
- Changes in interest rates
- Increases in unemployment rates
- Deterioration in the credit quality of loan portfolios