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Independent Bank (IBCP) - 2024 Q4 - Annual Results
IBCPIndependent Bank (IBCP)2025-01-23 13:17

Net Income and Earnings Per Share - Q4 2024 net income of 18.5million,or18.5 million, or 0.87 per diluted share, compared to 13.7million,or13.7 million, or 0.65 per diluted share, in the prior-year period[1] - Full-year 2024 net income of 66.8million,or66.8 million, or 3.16 per diluted share, compared to 59.1million,or59.1 million, or 2.79 per diluted share, in 2023[1] - Net income for the twelve months ended December 31, 2024, was 66.79million,upfrom66.79 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,upfrom3.16, up from 2.79 in 2023[29] - Net income for Q4 2024 reached 18.461million,upfrom18.461 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 4.04billionin2024from4.04 billion in 2024 from 3.79 billion in 2023[26] - Total loans at the end of Q4 2024 increased to 4.038billion,upfrom4.038 billion, up from 3.790 billion in Q4 2023[33] Net Interest Income and Margin - Net interest income increased by 1.0million(2.41.0 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 166.2million,up6.3166.2 million, up 6.3% from 2023[4] - Net interest income for the twelve months ended December 31, 2024, was 166.25 million, compared to 156.33millionin2023[29]−NetinterestincomeforQ42024increasedto156.33 million in 2023[29] - Net interest income for Q4 2024 increased to 42.851 million, up from 40.111millioninQ42023[31]−Netinterestmargin(FTE)forQ42024was3.4540.111 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 9.1millionintheyear−agoperiod[5]−Non−interestincomeforthetwelvemonthsendedDecember31,2024,was9.1 million in the year-ago period[5] - Non-interest income for the twelve months ended December 31, 2024, was 56.36 million, up from 50.68millionin2023[29]−Non−interestincomeforQ42024roseto50.68 million in 2023[29] - Non-interest income for Q4 2024 rose to 19.121 million, compared to 9.097millioninQ42023[31]TotalAssetsandDeposits−Totalassetsincreasedto9.097 million in Q4 2023[31] Total Assets and Deposits - Total assets increased to 5.34 billion at December 31, 2024, up 74.4millionfromDecember31,2023[12]−Totalassetsincreasedto74.4 million from December 31, 2023[12] - Total assets increased to 5.34 billion in 2024 from 5.26billionin2023[26]−Totaldepositsincreasedto5.26 billion in 2023[26] - Total deposits increased to 4.65 billion in 2024 from 4.62billionin2023[26]−TotaldepositsattheendofQ42024stoodat4.62 billion in 2023[26] - Total deposits at the end of Q4 2024 stood at 4.654 billion, slightly up from 4.622billioninQ42023[33]−Totalassetsgrewto4.622 billion in Q4 2023[33] - Total assets grew to 5,338,104 thousand in December 2024, up from 5,263,726thousandinDecember2023[39]−Tangibleassetsexcludingothercomprehensivelossadjustmentsreached5,263,726 thousand in December 2023[39] - Tangible assets excluding other comprehensive loss adjustments reached 5,372,462 thousand in December 2024, compared to 5,299,766thousandinDecember2023[39]Shareholders′EquityandCapitalRatios−Totalshareholders′equitywas5,299,766 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 454.69millionin2024from454.69 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 489,044thousandinDecember2024,comparedto489,044 thousand in December 2024, compared to 440,489 thousand in December 2023[39] - Tangible common equity per share of common stock rose to 20.33inDecember2024,comparedto20.33 in December 2024, compared to 17.96 in December 2023[39] - Common shareholders' equity increased to 454,686thousandinDecember2024,upfrom454,686 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 135.10million,comparedto135.10 million, compared to 127.12 million in 2023[29] Retained Earnings - Retained earnings increased to 205.85millionin2024from205.85 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 64,146thousandinDecember2024,upfrom64,146 thousand in December 2024, up from 66,344 thousand in December 2023[39]