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 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.
Independent Bank Corporation (NASDAQ: IBCP), a Michigan-based bank holding company, announced a quarterly cash dividend of 23 cents per share, payable on May 15, 2023. Shareholders of record by May 5, 2023 will receive this dividend. With total assets of approximately $5.0 billion, Independent Bank operates across Michigan’s Lower Peninsula, offering a comprehensive range of financial services, including commercial banking, mortgage lending, investments, and insurance. The bank has been dedicated to providing exceptional service and value to its customers and shareholders since its inception in 1864.
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