Core Insights - Independent Bank (IBCP) reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.76 per share, and showing an increase from $0.79 per share a year ago, resulting in an earnings surprise of 14.47% [1] - The bank's revenues for the quarter ended December 2024 were $61.97 million, surpassing the Zacks Consensus Estimate by 13.50%, compared to $49.21 million in the same quarter last year [2] - The stock has underperformed the market, losing about 0.1% since the beginning of the year, while the S&P 500 gained 3.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $54.4 million, and for the current fiscal year, it is $3.03 on revenues of $225 million [7] - The estimate revisions trend for Independent Bank is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Banks - Midwest industry, to which Independent Bank belongs, is currently in the top 12% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Net Income and Earnings Per Share - Q4 2024 net income of $18.5 million, or $0.87 per diluted share, compared to $13.7 million, or $0.65 per diluted share, in the prior-year period[1] - Full-year 2024 net income of $66.8 million, or $3.16 per diluted share, compared to $59.1 million, or $2.79 per diluted share, in 2023[1] - Net income for the twelve months ended December 31, 2024, was $66.79 million, up from $59.07 million in 2023[29] - Net income per common share (diluted) for the twelve months ended December 31, 2024, was $3.16, up from $2.79 in 2023[29] - Net income for Q4 2024 reached $18.461 million, up from $13.743 million in Q4 2023[31] Loan Portfolio Growth - Loan portfolio grew by 10% annualized in Q4 2024, with commercial loan portfolio growing by 24% annualized[2] - Total loan growth of 7% and core deposit growth of 5% for the full year 2024[2] - Total loans grew to $4.04 billion in 2024 from $3.79 billion in 2023[26] - Total loans at the end of Q4 2024 increased to $4.038 billion, up from $3.790 billion in Q4 2023[33] Net Interest Income and Margin - Net interest income increased by $1.0 million (2.4%) in Q4 2024, with a net interest margin of 3.45%[2][3] - Net interest income for Q4 2024 totaled $42.9 million, up 6.8% year-over-year and 2.4% quarter-over-quarter[3] - Full-year 2024 net interest income of $166.2 million, up 6.3% from 2023[4] - Net interest income for the twelve months ended December 31, 2024, was $166.25 million, compared to $156.33 million in 2023[29] - Net interest income for Q4 2024 increased to $42.851 million, up from $40.111 million in Q4 2023[31] - Net interest margin (FTE) for Q4 2024 was 3.45%, up from 3.26% in Q4 2023[37] Non-Interest Income - Non-interest income for Q4 2024 totaled $19.1 million, compared to $9.1 million in the year-ago period[5] - Non-interest income for the twelve months ended December 31, 2024, was $56.36 million, up from $50.68 million in 2023[29] - Non-interest income for Q4 2024 rose to $19.121 million, compared to $9.097 million in Q4 2023[31] Total Assets and Deposits - Total assets increased to $5.34 billion at December 31, 2024, up $74.4 million from December 31, 2023[12] - Total assets increased to $5.34 billion in 2024 from $5.26 billion in 2023[26] - Total deposits increased to $4.65 billion in 2024 from $4.62 billion in 2023[26] - Total deposits at the end of Q4 2024 stood at $4.654 billion, slightly up from $4.622 billion in Q4 2023[33] - Total assets grew to $5,338,104 thousand in December 2024, up from $5,263,726 thousand in December 2023[39] - Tangible assets excluding other comprehensive loss adjustments reached $5,372,462 thousand in December 2024, compared to $5,299,766 thousand in December 2023[39] Shareholders' Equity and Capital Ratios - Total shareholders' equity was $454.7 million at December 31, 2024, or 8.52% of total assets[14] - Total shareholders' equity rose to $454.69 million in 2024 from $404.45 million in 2023[26] - Tangible common equity ratio at the end of Q4 2024 was 8.00%, compared to 7.15% in Q4 2023[33] - Total capital to risk-weighted assets at the end of Q4 2024 was 14.24%, compared to 13.71% in Q4 2023[33] - Common equity tier 1 capital to risk-weighted assets at the end of Q4 2024 was 11.19%, up from 10.58% in Q4 2023[33] - Tangible common equity ratio increased to 8.00% as of December 31, 2024, up from 7.15% in December 2023[39] - Tangible common equity excluding other comprehensive loss adjustments reached $489,044 thousand in December 2024, compared to $440,489 thousand in December 2023[39] - Tangible common equity per share of common stock rose to $20.33 in December 2024, compared to $17.96 in December 2023[39] - Common shareholders' equity increased to $454,686 thousand in December 2024, up from $404,449 thousand in December 2023[39] - Common equity ratio improved to 8.52% in December 2024, up from 7.68% in December 2023[39] - Tangible common equity ratio excluding other comprehensive loss adjustments increased to 9.10% in December 2024, compared to 8.31% in December 2023[39] Non-Interest Expense - Total non-interest expense for the twelve months ended December 31, 2024, was $135.10 million, compared to $127.12 million in 2023[29] Retained Earnings - Retained earnings increased to $205.85 million in 2024 from $159.11 million in 2023[26] Return on Assets - Return on average assets for Q4 2024 improved to 1.39%, compared to 1.04% in Q4 2023[31] Shares Outstanding - Shares of common stock outstanding remained stable at approximately 20,896 thousand in December 2024[39] Accumulated Other Comprehensive Loss - Accumulated other comprehensive loss for regulatory purposes increased to $64,146 thousand in December 2024, up from $66,344 thousand in December 2023[39]

Core Insights - Independent Bank Corporation reported a net income of $18.5 million for Q4 2024, an increase from $13.7 million in Q4 2023, resulting in earnings per diluted share of $0.87 compared to $0.65 in the prior year [1][30] - For the full year 2024, net income reached $66.8 million, up from $59.1 million in 2023, with earnings per diluted share increasing from $2.79 to $3.16 [1][30] Financial Performance - The company achieved a 10% annualized growth rate in its loan portfolio for Q4 2024, with a remarkable 24% growth in the commercial loan segment [2] - Net interest income for Q4 2024 was $42.9 million, a 6.8% increase from the previous year, and a 2.4% increase from Q3 2024 [3][4] - The net interest margin improved to 3.45% in Q4 2024, up from 3.26% in Q4 2023 [3][6] - For the full year, net interest income totaled $166.2 million, reflecting a 6.3% increase from 2023 [4] Asset Quality - Total non-performing loans increased to $6.0 million as of December 31, 2024, compared to $5.2 million in 2023, with a non-performing loans ratio of 0.15% [12][13] - The provision for credit losses was $2.2 million in Q4 2024, compared to a credit of $(0.6) million in Q4 2023 [12][5] Balance Sheet and Capital - Total assets grew to $5.34 billion as of December 31, 2024, an increase of $74.4 million from the previous year [14] - Loans, excluding those held for sale, reached $4.04 billion, up from $3.79 billion in 2023 [14] - Total shareholders' equity increased to $454.7 million, representing 8.52% of total assets, compared to $404.4 million or 7.68% in 2023 [16] Dividends and Share Repurchase - The Board of Directors approved an 8% increase in the quarterly dividend, marking the twelfth consecutive annual increase [2] - A share repurchase plan was authorized to buy back up to 1,100,000 shares, approximately 5% of outstanding common stock, effective through December 31, 2025 [18]

Core Insights - Independent Bank (IBCP) is expected to report quarterly earnings of $0.76 per share, reflecting a decline of 3.8% year over year, while revenues are forecasted to be $54.6 million, an increase of 11% year over year [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1][2] - The consensus among analysts suggests that key metrics such as 'Net Interest Margin' and 'Efficiency Ratio' will show improvements compared to the previous year [4] Financial Metrics - 'Net Interest Margin (GAAP)' is estimated to reach 3.4%, up from 3.3% in the same quarter last year [4] - The 'Efficiency Ratio' is projected to be 60.5%, a significant improvement from 64.3% year over year [4] - 'Total non-interest income' is expected to be $12.02 million, compared to $9.10 million in the previous year [4] - 'Net Interest Income' is forecasted to be $42.64 million, an increase from $40.11 million reported in the same quarter last year [5] Market Performance - Over the past month, Independent Bank shares have declined by 2.1%, while the Zacks S&P 500 composite has decreased by 0.4% [5] - Based on its Zacks Rank 3 (Hold), IBCP is expected to perform in line with the overall market in the near term [5]

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]

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 ...

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].

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 ...

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 ...

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]