Independent Bank (US:IBTX)2021-10-31 11:57Financial Performance - Independent Bank Corporation's pre-tax, pre-provision income was $19 million, compared to $253 million in the year-ago quarter[6] - Net income reached $16 million, or $073 per diluted share, versus $196 million, or $089 per diluted share in the previous year[6] - Net interest income increased to $338 million, compared to $32 million in the same quarter last year[6] - For the first nine months of 2021, net income and diluted earnings per share increased by 286% and 307%, respectively, compared to 2020[11] - The annualized return on average assets and on average equity for the first nine months of 2021 were 153% and 1732%, respectively[11] Mortgage and Loan Activity - Mortgage loan originations totaled $4538 million, with $2792 million in mortgage loans sold, resulting in $84 million in net gains, compared to $202 million in the year-ago quarter[7] - Mortgage servicing rights change (MSR Change) due to price was $06 million ($002 per diluted share, after taxes), compared to a negative $11 million ($004 per diluted share, after taxes) in the previous year[7] - Total portfolio loans increased by $694 million[9] - Mortgage loan originations for the first nine months of 2021 reached $144 billion, with $9634 million in mortgage loans sold and $303 million in net gains, compared to $467 million in net gains in the prior year period[12] Balance Sheet and Capital - Total deposits grew by $1496 million[9] - Net growth in portfolio loans was $1503 million, or 74% annualized[14] - Net growth in deposits was $3747 million, or 138% annualized[14]