Independent Bank (US:IBCP)2023-08-10 08:45Financial Performance - Net income for Q2 2023 was $148 million, or $070 per diluted share, compared to $130 million, or $061 per diluted share, in Q2 2022[11] - Pre-tax, pre-provision income was $215 million[11] - Net interest margin was stable at 326%[11] - Non-interest income totaled $154 million in 2Q'23[56] Balance Sheet & Loan Portfolio - Total loans increased 14% annualized[11] - Non-performing assets to total assets stood at 009%[11] - The loan-to-deposit ratio was 81%[11] - Total available sources of liquidity reached $22053 million[13] Deposits - Core deposits accounted for 848% of total deposits[15] - Total deposits increased by $1086 million (50% annualized) since December 31, 2022[16] - Uninsured deposits represented approximately 217% of total deposits, excluding brokered time deposits[13] Capital & Share Repurchase - The company repurchased 200,000 shares below tangible book value (TBV)[11, 56] - TCE (Tangible Common Equity) ratio increased 15 basis points from the prior quarter[11]