Welcome to our dedicated page for Independent Bank news (Ticker: IBCP), a resource for investors and traders seeking the latest updates and insights on Independent Bank stock.
Independent Bank Corp. (IBCP) is a Michigan-based commercial bank with a rich history spanning over 150 years. Founded in 1864 as First National Bank of Ionia, it has grown to become the fifth largest bank headquartered in Michigan, with numerous locations across the lower peninsula. Despite its growth, the bank has remained true to its roots, prioritizing exceptional service and value for customers, stockholders, and communities.
Independent Bank offers an extensive range of banking services tailored to both individuals and businesses. These include checking and savings accounts, commercial lending, consumer financing, mortgage lending, and safe deposit box services. The bank also boasts advanced internet and mobile banking capabilities, ensuring customers have access to their finances at their fingertips.
Recent achievements highlight Independent Bank's robust financial health and commitment to growth. For the first nine months of 2023, the bank reported a net interest income of $116.2 million, marking a 6.7% increase from the same period in 2022. This growth reflects an improved net interest margin, which rose to 3.28% in 2023 from 3.25% in 2022. Moreover, the bank maintains a strong asset quality, with a detailed breakdown of non-performing loans by type available for transparency.
Independent Bank is not just about numbers; it is deeply embedded in the community. The bank supports numerous local causes, with employees actively engaging in human services agencies, arts and cultural organizations, schools, and places of worship. This community-first approach underscores the bank's philosophy of being friends and neighbors invested in the same way as their customers.
Financially, the bank is on solid ground. As of March 31, 2024, Independent Bank had substantial liquidity, including unused credit lines with the FHLB and FRB amounting to over $1.568 billion. Additionally, the bank had approximately $811.3 million in unpledged securities, providing further borrowing capacity if needed.
Visit Independent Bank to learn more about their services and commitment to the community.
Independent Bank (NASDAQ: IBCP) announced it will release its fourth quarter 2024 financial results on Thursday, January 23, 2025, at approximately 8:00 am ET. The company will host a conference call at 11:00 am ET the same day, featuring Brad Kessel (President and CEO), Gavin Mohr (CFO), and Joel Rahn (EVP Commercial Banking). The call will be accessible via phone and audio webcast. Independent Bank , with total assets of approximately $5.3 billion, operates a branch network across Michigan's Lower Peninsula, providing commercial banking, mortgage lending, investments, insurance, and title services.
Independent Bank (NASDAQ: IBCP) has announced its 2025 share repurchase plan, authorized by the Board of Directors on December 17, 2024. The plan allows the company to repurchase up to 1,100,000 shares, approximately 5% of its common stock, through December 31, 2025.
The repurchases will primarily be conducted through open market transactions, with timing and volume depending on factors including stock price, regulatory requirements, and financial performance. The company plans to fund repurchases from cash on hand. Notably, under its 2024 repurchase plan, which expires December 31, 2024, no shares had been repurchased as of December 17, 2024.
Independent Bank (NASDAQ: IBCP) reported Q3 2024 net income of $13.8 million, or $0.65 per diluted share, compared to $17.5 million, or $0.83 per diluted share, in Q3 2023. The quarter saw net interest income increase by $2.4 million (6.2%) year-over-year to $41.9 million. Core deposits grew by $100.1 million (8.9% annualized) and loans increased by $90.4 million (9.3% annualized) from June 30, 2024. The company maintained strong asset quality with non-performing loans at 0.13% of total portfolio loans. Tangible book value per share increased by $3.69 (22.3%) compared to Q3 2023.
Independent Bank (NASDAQ: IBCP), a Michigan-based bank with $5.3 billion in assets, has implemented SnapLogic's Platform for Generative Integration to modernize its IT operations. The bank's three-person integration team has leveraged the platform to build multiple GenAI Agents, enhance fraud detection processes, and streamline IT resources. The implementation has resulted in faster deployment times and a significant reduction in IT help desk tickets through AI-assisted inquiry handling. The bank has successfully transformed from managing routine tasks to developing advanced GenAI applications that improve customer service and operational efficiency.
SnapLogic has launched Agent Creator, a new system for building LLM-powered AI agents that integrate with existing workflows and data pipelines. The platform enables enterprises to develop intelligent agents that can automate tasks and make real-time decisions. Independent Bank (NASDAQ: IBCP) has successfully implemented these agents to reduce help desk tickets and voice call backlogs. The system features dynamic task iteration, intelligent reasoning using LLMs, real-time API access, and flexible autonomy controls. Customers are utilizing the platform for various applications including finance operations automation, fraud detection, and sales process enhancement.
Independent Bank (NASDAQ: IBCP), the holding company of Independent Bank, has announced a quarterly cash dividend of 24 cents per share on its common stock. The dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024.
Independent Bank , founded in 1864 as First National Bank of Ionia, is a Michigan-based bank holding company with total assets of approximately $5.3 billion. The company operates a branch network across Michigan's Lower Peninsula through its state-chartered bank subsidiary, Independent Bank. It provides a full range of financial services, including commercial banking, mortgage lending, investments, and insurance services.
Independent Bank (NASDAQ: IBCP) has announced the release date for its third quarter 2024 earnings. The company, which is the holding company of Independent Bank, a Michigan-based community bank, will issue its results on Thursday, October 24, 2024, at approximately 8:00 am ET. The release will be available on the company's website, IndependentBank.com, in the 'News' section of the 'Investor Relations' area.
A conference call for investors and analysts will follow at 11:00 am ET on the same day, featuring Brad Kessel (President and CEO), Gavin Mohr (CFO), and Joel Rahn (EVP Commercial Banking). Participants can dial 1-833-470-1428 (Access Code # 957797) to join the call, which will also be accessible via audio webcast. A playback will be available until October 31, 2024, by dialing 1-866-813-9403 (Access Code # 159381).
Independent Bank (NASDAQ: IBCP) reported strong Q2 2024 results, with net income of $18.5 million, or $0.88 per diluted share, up 25.3% and 25.7% respectively from Q2 2023. Key highlights include:
- Net interest income increased 7.8% year-over-year to $41.3 million
- Net interest margin improved to 3.40% from 3.24% in Q2 2023
- Core deposits grew by $53.3 million (4.8% annualized) from Q1 2024
- Loans increased by $11.9 million (1.2% annualized) from Q1 2024
- Tangible book value per share rose 16.5% year-over-year to $19.16
The company maintained strong asset quality with non-performing loans at 0.12% of total portfolio loans. The allowance for credit losses stood at 1.46% of total portfolio loans. IBCP's capital ratios remain well above regulatory requirements, with a total capital to risk-weighted assets ratio of 12.95%.
Independent Bank (NASDAQ: IBCP), the holding company of Independent Bank, has declared a quarterly cash dividend of 24 cents per share on its common stock. The dividend is payable on August 15, 2024 to shareholders of record on August 5, 2024.
Independent Bank , founded in 1864, is a Michigan-based bank holding company with total assets of approximately $5.2 billion. It operates a branch network across Michigan's Lower Peninsula through its subsidiary, Independent Bank, offering a full range of financial services including commercial banking, mortgage lending, investments, and insurance.
Independent Bank (NASDAQ: IBCP) announced it will release its Q2 2024 earnings results on July 25, 2024, at around 8:00 am ET. The results will be accessible in the 'News' section of the 'Investor Relations' area on IndependentBank.com. A conference call to discuss the results, featuring key executives including CEO Brad Kessel and CFO Gavin Mohr, will follow at 11:00 am ET. Participants can join the call by dialing 1-833-470-1428 with Access Code #459632. An audio webcast with user-controlled slides will also be available. A replay of the call can be accessed through August 1, 2024, by dialing 1-866-813-9403 with Access Code #287261.
Independent Bank , a Michigan-based bank holding company with assets of approximately $5.2 billion, operates across Michigan's Lower Peninsula. The company offers a range of financial services including commercial banking, mortgage lending, investments, insurance, and title services.
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