Independent Bank (US:IBCP)2025-04-24 16:27Financial Performance - Net income was $15.6 million, or $0.74 per diluted share[9] - Net interest income increased by $3.5 million year-over-year and $0.8 million compared to the previous quarter[9] - ROAA was 1.18% and ROAE was 13.71%[9] Balance Sheet & Capital - Tangible book value per share increased 13.2% year-over-year and 2.7% from the end of the prior quarter[9] - Total loans increased 3.4% annualized[9] - Total core deposits (excluding brokered time deposits) grew by $9.1 million[9] - The loan-to-deposit ratio is 88%[9] Loan Portfolio - Commercial loans increased $54.8 million in 1Q'25, with an average new origination yield of 6.97%[20] - Mortgage loans decreased $3.9 million, with an average new origination yield of 7.02%[20] - Installment loans decreased $17.0 million, with an average new origination yield of 7.52%[20] Deposits - Core deposits represent 84.6% of total deposits, amounting to $3.92 billion[11, 12] - Total deposits decreased by $20.2 million since December 31, 2024[12] Net Interest Margin - Net interest margin was 3.49% in 1Q'25, compared to 3.45% in the linked quarter[9] - Net interest income was $43.7 million in 1Q'25, compared to $42.9 million in the prior year quarter[38, 42] Non-Interest Income & Expenses - Non-interest income totaled $10.4 million in 1Q'25[51, 63] - Non-interest expense was $34.3 million in 1Q'25[63]