Independent Bank (US:IBCP)2021-07-30 16:34Financial Performance - Q2 2021 - Independent Bank Corporation's pre-tax, pre-provision income was $13.6 million, compared to $23.5 million in the year-ago quarter[8] - Net income reached $12.4 million, or $0.56 per diluted share, down from $14.8 million, or $0.67 per diluted share in the same quarter last year[8] - Net interest income increased to $31.4 million, compared to $30.5 million in the year-ago quarter[8] Financial Performance - Year-to-Date 2021 - Net income and diluted earnings per share increased by 75.8% and 77.3%, respectively, for the first six months of 2021 compared to 2020[12] - The annualized return on average assets and on average equity was 1.60% and 18.06%, respectively, for the first six months of 2021[12] Balance Sheet & Capital - Total deposits grew by $3.9 million[6] - Total portfolio loans increased by $30.3 million[7] - Securities available for sale increased by $83.4 million[10] Loan Portfolio - PPP loan balances decreased by $62.3 million in Q2 2021[28] - Mortgage loan originations amounted to $473.7 million[9, 53] - Mortgage loans sold totaled $306.8 million with $9.1 million in net gains, compared to $17.6 million in the year-ago quarter[9] Deposits - Core deposits represent 92% of total deposits, amounting to $3.9 billion[23] - Total deposits increased by $225.1 million (6.2%) since December 31, 2020[24] COVID-19 Loan Forbearances - Total loan forbearances were $12.743 million, representing 0.5% of the portfolio as of June 30, 2021, a decrease from $299.157 million (10.4%) on June 30, 2020[29] COVID-19 PPP Loans - Loans outstanding at quarter-end were $42.315 million for PPP Round 1 and $129.573 million for PPP Round 2 as of June 30, 2021[32]