Independent Bank Corporation · Q4 2020 earnings

Briefing

Reported a net income increase due to growth in non-interest income, partially offset by decreases in interest income and increases in non-interest and income tax expenses.

Independent Bank Corporation reported a strong financial performance in Q4 2020, with net income reaching $17.0 million, or $0.77 per diluted share, compared to $13.9 million, or $0.61 per diluted share, in the same period of the previous year. The increase in earnings was primarily driven by growth in non-interest income, which was partially offset by a decrease in interest income and an increase in non-interest expense and income tax expense.

• Net income and diluted earnings per share increased by 22.4% and 26.2%, respectively, compared to 2019.
• Return on average assets and return on average equity were 1.61% and 17.82%, respectively, compared to 1.56% and 15.92%, respectively, in 2019.
• Net gains on mortgage loans totaled $15.9 million, up 148.5% over 2019, with a total mortgage loan origination volume of $502.5 million.
• Deposit net growth reached $39.6 million, an increase of 1.1%.

Headline financials

Revenue & EPS history

Independent Bank Corporation is mindful of the ongoing challenges from the COVID-19 pandemic, however, they are confident of their continued ability to effectively respond to these challenges and remain optimistic about their future.