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Independent Bank Corporation Announces 8% Increase in Quarterly Cash Dividend on Common Stock
Newsfilter· 2025-01-10 14:16
Core Points - Independent Bank Corporation declared a quarterly cash dividend of 26 cents per share, payable on February 14, 2025, to shareholders of record on February 4, 2025, representing an 8% increase over the 2024 quarterly dividend rate [1] - This marks the twelfth consecutive annual increase in the company's dividend payment, reflecting consistent long-term performance and a robust capital position [2] - Independent Bank Corporation has total assets of approximately $5.3 billion and operates a branch network across Michigan's Lower Peninsula, providing a full range of financial services [3]
Independent Bank Corporation Announces 8% Increase in Quarterly Cash Dividend on Common Stock
GlobeNewswire News Room· 2025-01-10 14:16
GRAND RAPIDS, Mich., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 26 cents per share. This dividend is payable on February 14, 2025, to shareholders of record on February 4, 2025. The quarterly dividend represents an 8% increase over the quarterly dividend rate paid for each quarter in 2024. William B ...
Independent Bank Corporation Announces Appointment of New Chief Operating Officer
Globenewswire· 2025-01-02 17:00
Core Viewpoint - Independent Bank Corporation has appointed Christopher Michaels as the new Chief Operating Officer, effective January 2, 2025, to enhance customer service and achieve long-term growth goals [1][2]. Company Overview - Independent Bank Corporation is a Michigan-based bank holding company with total assets of approximately $5.3 billion [3]. - The company operates a branch network across Michigan's Lower Peninsula through its state-chartered bank subsidiary, Independent Bank, which offers a full range of financial services including commercial banking, mortgage lending, investments, and insurance [3]. - Founded in 1864 as First National Bank of Ionia, the company is committed to providing exceptional personal service and value to its customers, stockholders, and communities [3]. Leadership Appointment - Christopher Michaels, who has been with Independent Bank for twelve years, previously served as the Chief Information Officer and Senior Vice President since January 2020 [2]. - The President and CEO, William B. Kessel, expressed confidence in Michaels' leadership abilities and his understanding of the business, which will help drive transformation within the organization [2].
Independent Bank Corporation Announces Date for its Fourth Quarter 2024 Earnings Release
GlobeNewswire News Room· 2024-12-20 21:19
GRAND RAPIDS, Mich., Dec. 20, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that it expects to issue its 2024 fourth quarter results on Thursday, January 23, 2025, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the “News” section of the “Investor Relations” area of the Company’s website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel ...
Independent Bank Corporation Announces the Adoption of its 2025 Share Repurchase Plan
Newsfilter· 2024-12-17 17:41
GRAND RAPIDS, Mich., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors authorized a 2025 share repurchase plan on December 17, 2024. Under the terms of the 2025 share repurchase plan, the Company is authorized to buy back up to 1,100,000 shares, representing approximately 5% of its common stock. The 2025 share repurchase plan is authorized to last through December 31, 2 ...
Independent Bank: Fairly Valued With A Stable Earnings Outlook
Seeking Alpha· 2024-10-29 01:16
Group 1 - Independent Bank Corporation (NASDAQ: IBCP) is expected to see earnings growth driven by management's efforts to enhance loan growth [1] - Interest rate cuts are anticipated to exert pressure on the net interest margin, which may limit earnings growth [1] - The expected earnings per share (EPS) growth is projected at 8.6%, reaching $3.03 [1]
Independent Bank (IBCP) - 2024 Q3 - Earnings Call Transcript
2024-10-24 18:13
Financial Data and Key Metrics Changes - Independent Bank Corporation reported Q3 2024 net income of $13.8 million or $0.65 per diluted share, down from $17.5 million or $0.83 per diluted share in the prior year [3] - Overall loans increased by 9.3% annualized, while core deposits rose by 8.9% annualized [3] - Tangible book value per share grew by 22% compared to the prior year quarter [3] Business Line Data and Key Metrics Changes - Total loans increased by $90 million in Q3 2024, with commercial loans rising by $93 million and mortgage loans growing by $10 million, while installment loans declined by $12.5 million [6] - The commercial loan portfolio's yield was reported at 6.78%, with C&I lending representing 67% of the portfolio [7][8] - Non-interest income totaled $9.5 million in Q3 2024, down from $15.6 million in the year-ago quarter [13] Market Data and Key Metrics Changes - Total deposits as of September 30, 2024, were $4.6 billion, with core deposits increasing by $100 million during the quarter [4] - Retail deposits declined by $21.3 million, while business deposits increased by $16.7 million and municipal deposits rose by $105.2 million [4] Company Strategy and Development Direction - The company aims to continue organic growth through strategic investments and adding talented bankers to the team [4][17] - Focus will remain on rotating earning assets from lower-yielding investments into higher-yielding loans [18] - The company is optimistic about maintaining growth trends into 2025, supported by a robust commercial pipeline [4][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through various economic environments and deliver consistent results [17] - The outlook for loan growth remains positive, with expectations of continued demand despite potential headwinds from seasonality and economic conditions [24][25] Other Important Information - Non-interest expense totaled $32.6 million in Q3 2024, slightly up from $32 million in the year-ago quarter [14] - The effective income tax rate for Q3 2024 was 20.1%, in line with forecasts [16] Q&A Session Summary Question: Insights on mortgage gain on sale fees and future trends - Management noted stable margins but anticipated headwinds in production due to seasonality and limited supply [19] Question: Loan demand and pipelines outlook - The commercial pipeline is solid, with potential pent-up demand post-election, but current growth rates are strong [24] Question: Credit quality and reserve additions - The provision for credit losses was attributed to loan growth, with reserves remaining healthy [27] Question: Deposit costs and competition - Management believes deposit costs have peaked, with ongoing aggressive competition in the market [29] Question: Expense management and AI implementation - The company is focused on expense management and leveraging AI for operational efficiency, with no regulatory pushback reported [36]
Independent Bank (IBCP) Reports Q3 Earnings: What Key Metrics Have to Say
ZACKS· 2024-10-24 16:06
Independent Bank (IBCP) reported $51.36 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 6.7%. EPS of $0.65 for the same period compares to $0.83 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $55.05 million, representing a surprise of -6.70%. The company delivered an EPS surprise of -14.47%, with the consensus EPS estimate being $0.76.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...
Independent Bank (IBCP) Misses Q3 Earnings and Revenue Estimates
ZACKS· 2024-10-24 14:16
Independent Bank (IBCP) came out with quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -14.47%. A quarter ago, it was expected that this bank holding company would post earnings of $0.71 per share when it actually produced earnings of $0.88, delivering a surprise of 23.94%.Over the last four quarter ...
Independent Bank (IBCP) - 2024 Q3 - Quarterly Results
2024-10-24 12:16
Exhibit 99.1 NEWS RELEASE Independent Bank Corporation 4200 East Beltline Grand Rapids, MI 49525 616.527.5820 For Release: Immediately Contact: William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929 INDEPENDENT BANK CORPORATION REPORTS 2024 THIRD QUARTER RESULTS Third Quarter Highlights Highlights for the third quarter of 2024 include: • Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024; • An increase in tangible book va ...