Independent Bank (IBCP) - 2024 Q4 - Annual Results

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]