Independent Bank Corp (Michigan)
NASDAQ:IBCP
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Independent Bank Corp (Michigan)
Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. The company is headquartered in Grand Rapids, Michigan and currently employs 866 full-time employees. The firm operates through the community banking segment, which provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. The firm is engaged in bank transacts business in the single industry of commercial banking. The Bank classifies loans as commercial, consumer real estate and other consumers. Its commercial loans consist of commercial and industrial loans, commercial real estate, commercial construction, and small business loans. Its consumer real estate consists of residential mortgages and home equity loans and lines of credit that are secured primarily by owner-occupied residences and mortgages for the construction of residential properties. Its other consumer loans are focused on personal loans. The company has over 119 retail branches, two limited-service branches and a mobile branch in Eastern Massachusetts.
Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. The company is headquartered in Grand Rapids, Michigan and currently employs 866 full-time employees. The firm operates through the community banking segment, which provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management. The firm is engaged in bank transacts business in the single industry of commercial banking. The Bank classifies loans as commercial, consumer real estate and other consumers. Its commercial loans consist of commercial and industrial loans, commercial real estate, commercial construction, and small business loans. Its consumer real estate consists of residential mortgages and home equity loans and lines of credit that are secured primarily by owner-occupied residences and mortgages for the construction of residential properties. Its other consumer loans are focused on personal loans. The company has over 119 retail branches, two limited-service branches and a mobile branch in Eastern Massachusetts.
Earnings Growth: Net income rose to $17.5 million ($0.84 per diluted share), up from $13.8 million ($0.65 per diluted share) a year ago.
Loan & Deposit Gains: Loan balances grew at a 3.2% annualized rate and core deposits (excluding brokered time deposits) increased by 13% annualized in the quarter.
Net Interest Income: Net interest income increased for the ninth straight quarter, with an 8.4% year-over-year gain, and the net interest margin held mostly stable at 3.54%.
Credit Quality: Credit metrics remained strong overall, with nonperforming assets rising due to a single commercial relationship, but net charge-offs remained at historically low 4 basis points.
Expense Management: Efficiency ratio improved to 58.86%, and noninterest expense came in below guidance, reflecting disciplined cost control.
Guidance & Outlook: Management expects margin stability even with potential Fed rate cuts and anticipates continued disciplined expense management and loan growth into 2026.
