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), a Michigan-based holding company, will announce its 2022 fourth quarter results on January 26, 2023, at 8:00 am ET. The results will be accessible via their website's Investor Relations section. A conference call will take place the same day at 11:00 am ET, hosted by President and CEO Brad Kessel and CFO Gavin Mohr. This conference will be available live and via replay afterward. Independent Bank Corporation holds approximately $4.9 billion in assets and offers various financial services across Michigan.
Independent Bank Corporation (NASDAQ: IBCP) announced a new 2023 share repurchase plan, approved by its Board of Directors on December 20, 2022. The plan authorizes the repurchase of up to 1,100,000 shares, or about 5% of its common stock, to be executed until December 31, 2023. The repurchases will primarily occur through open market transactions, depending on various factors like stock price and regulatory requirements. The company aims to fund the repurchases from cash on hand.
Independent Bank Corporation (NASDAQ: IBCP) reported Q3 2022 net income of $17.3 million ($0.81 per diluted share), up from $16.0 million ($0.73) year-over-year. For the first nine months, net income was $48.3 million ($2.27 per diluted share), a slight decline from $50.4 million ($2.30) in 2021. Highlights include a 23 basis point expansion in net interest margin and net growth in loans of $151.0 million (18.4% annualized). The bank maintained strong asset quality metrics and reported a provision for credit losses of $3.1 million for the quarter.
On October 18, 2022, Independent Bank Corporation (NASDAQ: IBCP) declared a quarterly cash dividend of 22 cents per share, payable on November 14, 2022 to shareholders of record as of November 4, 2022. With total assets of approximately $4.8 billion, Independent Bank Corporation continues to provide a full range of financial services across Michigan's Lower Peninsula. This dividend reflects the company’s commitment to delivering value to its shareholders and enhancing shareholder income.
Independent Bank Corporation (NASDAQ: IBCP), based in Michigan, announced the upcoming release of its third quarter 2022 financial results on October 25, 2022, at 8:00 am ET. The results will be available on their website. A conference call featuring President and CEO Brad Kessel and CFO Gavin Mohr will follow at 11:00 am ET. The call can be accessed via phone and an audio webcast. Independent Bank Corporation operates assets of approximately $4.8 billion and offers a wide range of financial services to its customers.
Independent Bank Corporation (NASDAQ: IBCP) reported a net income of $13.0 million or $0.61 per diluted share for Q2 2022, a 4.9% increase from $12.4 million in Q2 2021. For the first half of 2022, net income totaled $31.0 million, down from $34.4 million year-over-year. Key highlights include a 14.9% increase in net interest income and an annualized return on average assets of 1.10%.
Loan portfolio grew by $254.8 million (34.0% annualized) and total deposits increased by $136.4 million (6.7% annualized). Asset quality remains strong with low non-performing loans.
Independent Bank Corporation (NASDAQ: IBCP) has declared a quarterly cash dividend of 22 cents per share, payable on August 16, 2022, to shareholders of record as of August 5, 2022. The corporation operates one state-chartered bank with total assets nearing $4.8 billion, providing a comprehensive range of financial services across Michigan's Lower Peninsula. This dividend announcement reflects the company's ongoing commitment to delivering value to its shareholders.
Independent Bank Corporation (NASDAQ: IBCP) will release its 2022 second quarter results on July 26, 2022, at 8:00 am ET. Investors can access the release on the company's website. A conference call will follow at 11:00 am ET, led by President and CEO Brad Kessel, CFO Gavin Mohr, and EVP Commercial Banking Joel Rahn. The call can be joined via phone or an audio webcast. A playback of the call will be available until August 2, 2022. Independent Bank Corporation manages approximately $4.8 billion in assets and offers a wide range of financial services across Michigan.
Independent Bank Corporation (NASDAQ: IBCP) reported a first quarter 2022 net income of $18.0 million ($0.84 per diluted share), down from $22.0 million ($1.00) year-over-year. The decline resulted from a drop in non-interest income and increased non-interest expenses, partly offset by a rise in net interest income. Highlights include a 9.0% growth in net interest income and a 13.8% annualized loan growth. Total assets rose to $4.76 billion. Despite lower mortgage gains, asset quality metrics remained strong with minimal charge-offs and a low ratio of non-performing loans.
Independent Bank Corporation (NASDAQ: IBCP) declared a quarterly cash dividend of 22 cents per share, payable on May 16, 2022, to shareholders of record by May 5, 2022. This decision reflects the company’s ongoing commitment to returning value to its shareholders. The bank, with total assets of approximately $4.7 billion, continues to provide a comprehensive range of financial services throughout Michigan's Lower Peninsula.
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