Independent Bank Corporation Reports 2023 First Quarter Results
Independent Bank Corporation (NASDAQ: IBCP) reported a first quarter net income of $13.0 million ($0.61 per diluted share), down from $18.0 million ($0.84 per diluted share) year-over-year. Key highlights include a 9.1% annualized growth in deposits ($93.1 million), a 16.5% increase in net interest income to $38.4 million, and loan growth of $44.5 million (5.2% annualized). The company declared a dividend of 23 cents per share on February 24, 2023. Total assets rose to $5.14 billion, with non-performing loans at 0.11% of total portfolio loans. Operating expenses slightly decreased to $31.0 million, fueled by lower compensation costs. The company remains committed to enhancing efficiency and growing market share, maintaining a strong capital position with well-capitalized regulatory ratios.
- Deposit growth of $93.1 million (9.1% annualized)
- Net interest income increased by 16.5% to $38.4 million
- Total assets increased to $5.14 billion
- Loan growth of $44.5 million (5.2% annualized)
- Tangible book value per share rose by $0.90
- 23 cent per share dividend declared on February 24, 2023
- Net income decreased from $18.0 million to $13.0 million year-over-year
- Non-interest income fell to $10.6 million from $18.9 million year-over-year
- Provision for credit losses on securities increased by $3.0 million
First Quarter Highlights
Highlights for the first quarter of 2023 include:
- Deposit growth of
$93.1 million (excluding brokered time deposits) or9.1% annualized; - An increase in net interest income of
16.5% over the first quarter of 2022; - An increase in book value and tangible book value per share of
$0.90 ; - Net growth in loans of
$44.5 million (or5.2% annualized); and - The payment of a 23 cent per share dividend on common stock on February 24, 2023.
GRAND RAPIDS, Mich., April 27, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2023 net income of
William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our deposit base has remained stable throughout the recent troubles experienced in the banking industry, and we have been able to remain focused on serving the needs of our customers and bringing in new relationships to the bank. As a result, I am pleased to report another quarter of strong financial results. We grew total loans by
Significant items impacting comparable first quarter 2023 and 2022 results include the following:
- Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of
$(0.6) million ($(0.02) per diluted share, after taxes) for the three-month period ended March 31, 2023, as compared to$8.5 million ($0.31 per diluted share, after taxes) for the three-months ended March 31, 2022. - The provision for credit losses on loans was a credit of
$0.8 million ($0.03 per diluted share, after taxes) in the first quarter ended March 31, 2023, as compared to a credit of$1.6 million ($0.06 per diluted share, after taxes) in the first quarter ended March 31, 2022. - The provision for credit losses on securities held to maturity (“HTM”) was an expense of
$3.0 million ($0.11 per diluted share, after taxes) in the first quarter ended March 31, 2023, as compared to a provision of zero in the first quarter ended March 31, 2022.
Operating Results
The Company’s net interest income totaled
Non-interest income totaled
Net gains on mortgage loans in the first quarters of 2023 and 2022, were approximately
Mortgage loan servicing, net, generated income of
Three months ended | |||||||
3/31/2023 | 3/31/2022 | ||||||
(In thousands) | |||||||
Mortgage loan servicing, net: | |||||||
Revenue, net | $ | 2,222 | $ | 2,083 | |||
Fair value change due to price | (635 | ) | 8,452 | ||||
Fair value change due to pay-downs | (861 | ) | (894 | ) | |||
Total | $ | 726 | $ | 9,641 |
Non-interest expenses totaled
The Company recorded income tax expense of
Asset Quality
A breakdown of non-performing loans by loan type is as follows:
3/31/2023 | 12/31/2022 | 3/31/2022 | |||||||||
Loan Type | (Dollars in thousands) | ||||||||||
Commercial | $ | 36 | $ | 38 | $ | 59 | |||||
Mortgage | 5,536 | 4,745 | 5,166 | ||||||||
Installment | 644 | 598 | 668 | ||||||||
Sub total | 6,216 | 5,381 | 5,893 | ||||||||
Less - government guaranteed loans | 2,330 | 1,660 | 859 | ||||||||
Total non-performing loans | $ | 3,886 | $ | 3,721 | $ | 5,034 | |||||
Ratio of non-performing loans to total portfolio loans | 0.11 | % | 0.11 | % | 0.17 | % | |||||
Ratio of non-performing assets to total assets | 0.09 | % | 0.08 | % | 0.11 | % | |||||
Ratio of allowance for credit losses to total non-performing loans | 1300.82 | % | 1409.16 | % | 906.38 | % |
The provision for credit losses on loans was a credit of
Balance Sheet, Capital and Liquidity
Total assets were
Cash and cash equivalents totaled
Total shareholders’ equity was
The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:
Regulatory Capital Ratios | 3/31/2023 | 12/31/2022 | Well Capitalized Minimum | |||||
Tier 1 capital to average total assets | 8.61 | % | 8.56 | % | 5.00 | % | ||
Tier 1 common equity to risk-weighted assets | 11.15 | % | 10.97 | % | 6.50 | % | ||
Tier 1 capital to risk-weighted assets | 11.15 | % | 10.97 | % | 8.00 | % | ||
Total capital to risk-weighted assets | 12.40 | % | 12.22 | % | 10.00 | % |
At March 31, 2023, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately
Share Repurchase Plan
On December 20, 2022, the Board of Directors of the Company authorized the 2023 share repurchase plan. Under the terms of the 2023 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately
Earnings Conference Call
Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 27, 2023.
To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 892703). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/755279071.
A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 373785). The replay will be available through May 4, 2023.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately
For more information, please visit our Web site at: IndependentBank.com.
Forward-Looking Statements
This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.
Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Contact: | William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929 |
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
March 31, 2023 | December 31, 2022 | |||||||
(Unaudited) | ||||||||
(In thousands, except share amounts) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 47,823 | $ | 70,180 | ||||
Interest bearing deposits | 179,196 | 4,191 | ||||||
Cash and Cash Equivalents | 227,019 | 74,371 | ||||||
Securities available for sale | 767,526 | 779,347 | ||||||
Securities held to maturity (fair value of | 369,577 | 374,818 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17,653 | 17,653 | ||||||
Loans held for sale, carried at fair value | 16,935 | 26,518 | ||||||
Loans held for sale, carried at lower of cost or fair value | — | 20,367 | ||||||
Loans | ||||||||
Commercial | 1,471,293 | 1,466,853 | ||||||
Mortgage | 1,408,229 | 1,368,409 | ||||||
Installment | 630,287 | 630,090 | ||||||
Total Loans | 3,509,809 | 3,465,352 | ||||||
Allowance for credit losses | (50,550 | ) | (52,435 | ) | ||||
Net Loans | 3,459,259 | 3,412,917 | ||||||
Other real estate and repossessed assets, net | 499 | 455 | ||||||
Property and equipment, net | 35,764 | 35,893 | ||||||
Bank-owned life insurance | 55,314 | 55,204 | ||||||
Capitalized mortgage loan servicing rights, carried at fair value | 41,923 | 42,489 | ||||||
Other intangibles | 2,415 | 2,551 | ||||||
Goodwill | 28,300 | 28,300 | ||||||
Accrued income and other assets | 116,750 | 128,904 | ||||||
Total Assets | $ | 5,138,934 | $ | 4,999,787 | ||||
Liabilities and Shareholders' Equity | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 1,192,396 | $ | 1,269,759 | ||||
Savings and interest-bearing checking | 1,975,098 | 1,973,308 | ||||||
Reciprocal | 685,458 | 602,575 | ||||||
Time | 407,267 | 321,492 | ||||||
Brokered time | 284,530 | 211,935 | ||||||
Total Deposits | 4,544,749 | 4,379,069 | ||||||
Other borrowings | 50,029 | 86,006 | ||||||
Subordinated debt | 39,452 | 39,433 | ||||||
Subordinated debentures | 39,677 | 39,660 | ||||||
Accrued expenses and other liabilities | 97,313 | 108,023 | ||||||
Total Liabilities | 4,771,220 | 4,652,191 | ||||||
Shareholders’ Equity | ||||||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | — | — | ||||||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,138,303 shares at March 31, 2023 and 21,063,971 shares at December 31, 2022 | 321,026 | 320,991 | ||||||
Retained earnings | 127,499 | 119,368 | ||||||
Accumulated other comprehensive loss | (80,811 | ) | (92,763 | ) | ||||
Total Shareholders’ Equity | 367,714 | 347,596 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 5,138,934 | $ | 4,999,787 | ||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended | ||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||
(Unaudited) | ||||||||||||
Interest Income | (In thousands, except per share amounts) | |||||||||||
Interest and fees on loans | $ | 44,294 | $ | 42,093 | $ | 28,418 | ||||||
Interest on securities | ||||||||||||
Taxable | 5,884 | 5,845 | 4,552 | |||||||||
Tax-exempt | 3,083 | 2,807 | 1,554 | |||||||||
Other investments | 675 | 233 | 217 | |||||||||
Total Interest Income | 53,936 | 50,978 | 34,741 | |||||||||
Interest Expense | ||||||||||||
Deposits | 13,760 | 8,543 | 767 | |||||||||
Other borrowings and subordinated debt and debentures | 1,735 | 1,833 | 973 | |||||||||
Total Interest Expense | 15,495 | 10,376 | 1,740 | |||||||||
Net Interest Income | 38,441 | 40,602 | 33,001 | |||||||||
Provision for credit losses | 2,160 | 1,390 | (1,573 | ) | ||||||||
Net Interest Income After Provision for Credit Losses | 36,281 | 39,212 | 34,574 | |||||||||
Non-interest Income | ||||||||||||
Interchange income | 3,205 | 3,402 | 3,082 | |||||||||
Service charges on deposit accounts | 2,857 | 3,153 | 2,957 | |||||||||
Net gains (losses) on assets | ||||||||||||
Mortgage loans | 1,256 | 1,486 | 835 | |||||||||
Securities available for sale | (222 | ) | — | 70 | ||||||||
Mortgage loan servicing, net | 726 | 687 | 9,641 | |||||||||
Other | 2,729 | 2,740 | 2,363 | |||||||||
Total Non-interest Income | 10,551 | 11,468 | 18,948 | |||||||||
Non-interest Expense | ||||||||||||
Compensation and employee benefits | 19,339 | 20,394 | 20,130 | |||||||||
Data processing | 2,991 | 2,670 | 2,216 | |||||||||
Occupancy, net | 2,159 | 2,225 | 2,543 | |||||||||
Interchange expense | 1,049 | 1,042 | 1,011 | |||||||||
Furniture, fixtures and equipment | 926 | 933 | 1,045 | |||||||||
FDIC deposit insurance | 783 | 572 | 522 | |||||||||
Legal and professional | 607 | 588 | 493 | |||||||||
Loan and collection | 578 | 679 | 559 | |||||||||
Advertising | 495 | 489 | 680 | |||||||||
Recoveries related to unfunded lending commitments | (475 | ) | (77 | ) | (355 | ) | ||||||
Communications | 668 | 629 | 757 | |||||||||
Other | 1,837 | 1,947 | 1,849 | |||||||||
Total Non-interest Expense | 30,957 | 32,091 | 31,450 | |||||||||
Income Before Income Tax | 15,875 | 18,589 | 22,072 | |||||||||
Income tax expense | 2,884 | 3,503 | 4,105 | |||||||||
Net Income | $ | 12,991 | $ | 15,086 | $ | 17,967 | ||||||
Net Income Per Common Share | ||||||||||||
Basic | $ | 0.62 | $ | 0.72 | $ | 0.85 | ||||||
Diluted | $ | 0.61 | $ | 0.71 | $ | 0.84 | ||||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||||
(Dollars in thousands except per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Net interest income | $ | 38,441 | $ | 40,602 | $ | 39,897 | $ | 36,061 | $ | 33,001 | |||||||||
Provision for credit losses | 2,160 | 1,390 | 3,145 | 2,379 | (1,573 | ) | |||||||||||||
Non-interest income | 10,551 | 11,468 | 16,861 | 14,632 | 18,948 | ||||||||||||||
Non-interest expense | 30,957 | 32,091 | 32,366 | 32,434 | 31,450 | ||||||||||||||
Income before income tax | 15,875 | 18,589 | 21,247 | 15,880 | 22,072 | ||||||||||||||
Income tax expense | 2,884 | 3,503 | 3,950 | 2,879 | 4,105 | ||||||||||||||
Net income | $ | 12,991 | $ | 15,086 | $ | 17,297 | $ | 13,001 | $ | 17,967 | |||||||||
Basic earnings per share | $ | 0.62 | $ | 0.72 | $ | 0.82 | $ | 0.62 | $ | 0.85 | |||||||||
Diluted earnings per share | 0.61 | 0.71 | 0.81 | 0.61 | 0.84 | ||||||||||||||
Cash dividend per share | 0.23 | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||||||||
Average shares outstanding | 21,103,831 | 21,064,556 | 21,057,673 | 21,070,266 | 21,191,860 | ||||||||||||||
Average diluted shares outstanding | 21,296,980 | 21,266,876 | 21,251,933 | 21,266,476 | 21,398,128 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
Return on average assets | 1.06 | % | 1.21 | % | 1.40 | % | 1.10 | % | 1.54 | % | |||||||||
Return on average equity | 14.77 | 17.94 | 20.48 | 15.68 | 19.38 | ||||||||||||||
Efficiency ratio (1) | 62.07 | 60.82 | 56.26 | 62.50 | 59.62 | ||||||||||||||
As a Percent of Average Interest-Earning Assets (1) | |||||||||||||||||||
Interest income | 4.67 | % | 4.41 | % | 3.92 | % | 3.47 | % | 3.16 | % | |||||||||
Interest expense | 1.34 | 0.89 | 0.43 | 0.21 | 0.16 | ||||||||||||||
Net interest income | 3.33 | 3.52 | 3.49 | 3.26 | 3.00 | ||||||||||||||
Average Balances | |||||||||||||||||||
Loans | $ | 3,494,169 | $ | 3,449,944 | $ | 3,360,621 | $ | 3,145,095 | $ | 2,980,098 | |||||||||
Securities | 1,146,075 | 1,164,809 | 1,226,203 | 1,312,934 | 1,407,225 | ||||||||||||||
Total earning assets | 4,696,786 | 4,637,475 | 4,610,307 | 4,493,714 | 4,492,757 | ||||||||||||||
Total assets | 4,988,440 | 4,934,859 | 4,884,841 | 4,758,960 | 4,721,205 | ||||||||||||||
Deposits | 4,417,106 | 4,350,748 | 4,326,958 | 4,221,047 | 4,158,528 | ||||||||||||||
Interest bearing liabilities | 3,304,868 | 3,159,374 | 3,075,210 | 3,005,103 | 2,950,337 | ||||||||||||||
Shareholders' equity | 356,720 | 333,610 | 335,120 | 332,610 | 376,010 |
(1) Presented on a fully tax equivalent basis assuming a marginal tax rate of
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (continued)
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||||
(Dollars in thousands except per share data) | |||||||||||||||||||
End of Period | |||||||||||||||||||
Capital | |||||||||||||||||||
Tangible common equity ratio | 6.60 | % | 6.37 | % | 6.15 | % | 6.26 | % | 6.85 | % | |||||||||
Tangible common equity ratio excluding accumulated other comprehensive loss | 7.95 | 7.98 | 7.86 | 7.78 | 7.80 | ||||||||||||||
Average equity to average assets | 7.15 | 6.76 | 6.86 | 6.99 | 7.96 | ||||||||||||||
Total capital to risk-weighted assets (2) | 13.80 | 13.62 | 13.58 | 13.64 | 14.81 | ||||||||||||||
Tier 1 capital to risk-weighted assets (2) | 11.53 | 11.36 | 11.29 | 11.33 | 11.82 | ||||||||||||||
Common equity tier 1 capital to risk-weighted assets (2) | 10.56 | 10.38 | 10.29 | 10.30 | 10.73 | ||||||||||||||
Tier 1 capital to average assets (2) | 8.92 | 8.86 | 8.77 | 8.74 | 8.81 | ||||||||||||||
Common shareholders' equity per share of common stock | $ | 17.40 | $ | 16.50 | $ | 15.78 | $ | 15.73 | $ | 16.79 | |||||||||
Tangible common equity per share of common stock | 15.94 | 15.04 | 14.30 | 14.25 | 15.31 | ||||||||||||||
Total shares outstanding | 21,138,303 | 21,063,971 | 21,063,954 | 21,049,218 | 21,168,230 | ||||||||||||||
Selected Balances | |||||||||||||||||||
Loans | $ | 3,509,809 | $ | 3,465,352 | $ | 3,409,858 | $ | 3,258,850 | $ | 3,004,065 | |||||||||
Securities | 1,137,103 | 1,154,165 | 1,183,701 | 1,241,312 | 1,400,137 | ||||||||||||||
Total earning assets | 4,860,696 | 4,688,246 | 4,633,876 | 4,552,185 | 4,514,590 | ||||||||||||||
Total assets | 5,138,934 | 4,999,787 | 4,931,377 | 4,826,209 | 4,761,983 | ||||||||||||||
Deposits | 4,544,749 | 4,379,069 | 4,327,028 | 4,290,574 | 4,205,498 | ||||||||||||||
Interest bearing liabilities | 3,481,511 | 3,274,409 | 3,116,027 | 3,037,278 | 2,996,112 | ||||||||||||||
Shareholders' equity | 367,714 | 347,596 | 332,308 | 331,134 | 355,449 |
(2) March 31, 2023 are Preliminary.
Reconciliation of Non-GAAP Financial Measures
Independent Bank Corporation
Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31, | |||||||
2023 | 2022 | ||||||
(Dollars in thousands) | |||||||
Net Interest Margin, Fully Taxable Equivalent ("FTE") | |||||||
Net interest income | $ | 38,441 | $ | 33,001 | |||
Add: taxable equivalent adjustment | 439 | 482 | |||||
Net interest income - taxable equivalent | $ | 38,880 | $ | 33,483 | |||
Net interest margin (GAAP) (1) | 3.29 | % | 2.96 | % | |||
Net interest margin (FTE) (1) | 3.33 | % | 3.00 | % |
(1) Annualized.
Tangible Common Equity Ratio
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Common shareholders' equity | $ | 367,714 | $ | 347,596 | $ | 332,308 | $ | 331,134 | $ | 355,449 | |||||||||
Less: | |||||||||||||||||||
Goodwill | 28,300 | 28,300 | 28,300 | 28,300 | 28,300 | ||||||||||||||
Other intangibles | 2,415 | 2,551 | 2,697 | 2,871 | 3,104 | ||||||||||||||
Tangible common equity | 336,999 | 316,745 | 301,311 | 299,963 | 324,045 | ||||||||||||||
Addition: | |||||||||||||||||||
Accumulated other comprehensive loss for regulatory purposes | 75,013 | 86,966 | 91,248 | 79,206 | 48,617 | ||||||||||||||
Tangible common equity excluding other comprehensive loss adjustments | $ | 412,012 | $ | 403,711 | $ | 392,559 | $ | 379,169 | $ | 372,662 | |||||||||
Total assets | $ | 5,138,934 | $ | 4,999,787 | $ | 4,931,377 | $ | 4,826,209 | $ | 4,761,983 | |||||||||
Less: | |||||||||||||||||||
Goodwill | 28,300 | 28,300 | 28,300 | 28,300 | 28,300 | ||||||||||||||
Other intangibles | 2,415 | 2,551 | 2,697 | 2,871 | 3,104 | ||||||||||||||
Tangible assets | 5,108,219 | 4,968,936 | 4,900,380 | 4,795,038 | 4,730,579 | ||||||||||||||
Addition: | |||||||||||||||||||
Net unrealized losses on available for sale securities and derivatives, net of tax | 75,013 | 86,966 | 91,248 | 79,206 | 48,617 | ||||||||||||||
Tangible assets excluding other comprehensive loss adjustments | $ | 5,183,232 | $ | 5,055,902 | $ | 4,991,628 | $ | 4,874,244 | $ | 4,779,196 | |||||||||
Common equity ratio | 7.16 | % | 6.95 | % | 6.74 | % | 6.86 | % | 7.46 | % | |||||||||
Tangible common equity ratio | 6.60 | % | 6.37 | % | 6.15 | % | 6.26 | % | 6.85 | % | |||||||||
Tangible common equity ratio excluding other comprehensive loss | 7.95 | % | 7.98 | % | 7.86 | % | 7.78 | % | 7.80 | % | |||||||||
Tangible Common Equity per Share of Common Stock: | |||||||||||||||||||
Common shareholders' equity | $ | 367,714 | $ | 347,596 | $ | 332,308 | $ | 331,134 | $ | 355,449 | |||||||||
Tangible common equity | $ | 336,999 | $ | 316,745 | $ | 301,311 | $ | 299,963 | $ | 324,045 | |||||||||
Shares of common stock outstanding (in thousands) | 21,138 | 21,064 | 21,064 | 21,049 | 21,168 | ||||||||||||||
Common shareholders' equity per share of common stock | $ | 17.40 | $ | 16.50 | $ | 15.78 | $ | 15.73 | $ | 16.79 | |||||||||
Tangible common equity per share of common stock | $ | 15.94 | $ | 15.04 | $ | 14.30 | $ | 14.25 | $ | 15.31 |
The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.
FAQ
What were the first quarter earnings results for IBCP in 2023?
How much did IBCP grow in deposits during the first quarter of 2023?
What was the change in net interest income for IBCP compared to the previous year?
Did IBCP declare any dividends during the first quarter of 2023?