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) 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.
Independent Bank Corporation (IBCP) is set to release its 2022 first quarter financial results on April 26, 2022, at 8:00 am ET. The results will be accessible on the company's official website under the Investor Relations section. A conference call for investors will follow at 11:00 am ET the same day, hosted by CEO Brad Kessel, CFO Gavin Mohr, and EVP Commercial Banking Joel Rahn. This bank holding company, founded in 1864, currently has total assets of approximately $4.7 billion and operates branches throughout Michigan.
Independent Bank Corporation (NASDAQ: IBCP) reported a fourth quarter 2021 net income of $12.5 million ($0.58 per diluted share), down from $17.0 million ($0.77 per diluted share) in Q4 2020. However, full-year net income rose to $62.9 million ($2.88 per diluted share) from $56.2 million ($2.53 per diluted share) in 2020. Highlights include a 10.6% increase in net interest income, strong asset quality, and a 10.4% annualized deposit growth. Non-interest expenses rose, influenced by higher compensation and operational costs. A share repurchase plan allowing for the buyback of up to 1.1 million shares was also announced.
Independent Bank Corporation (NASDAQ: IBCP) announced a quarterly cash dividend of 22 cents per share, payable on February 15, 2022. This represents a 5% increase over 2021 quarterly dividends. CEO William B. Kessel attributes this dividend increase to the bank's strong capital position and positive outlook for 2022. With total assets around $4.6 billion, Independent Bank operates across Michigan, offering a range of financial services.
Independent Bank Corporation (NASDAQ: IBCP) will release its fourth quarter 2021 results on January 27, 2022, at 8:00 am ET. The results will be accessible on their website in the Investor Relations section. A conference call for investors, led by President and CEO Brad Kessel, CFO Gavin Mohr, and EVP Joel Rahn, will follow at 11:00 am ET. Participants can join by calling 1-866-200-8394 or via an audio webcast. Independent Bank Corporation, with total assets of approximately $4.6 billion, offers a range of financial services across Michigan.
Independent Bank Corporation (NASDAQ: IBCP) announced a new share repurchase plan on December 17, 2021, allowing the buyback of up to 1,100,000 shares, about 5% of its common stock. The plan is set to be executed through open market transactions until December 31, 2022. As of December 17, 2021, the company had already repurchased 789,358 shares in its 2021 plan at an average price of $21.14 per share. The repurchases will be funded by cash on hand, reflecting the company's commitment to enhancing shareholder value.
Independent Bank Corporation (NASDAQ: IBCP) reported a third quarter 2021 net income of $16.0 million ($0.73/share), down from $19.6 million ($0.89/share) in Q3 2020. However, year-to-date income rose to $50.4 million, up 28.6% from $39.2 million a year ago. Key highlights include a 5.7% increase in net interest income, strong mortgage loan origination of $453.8 million, and a substantial growth in deposits by $374.7 million (13.8%). Asset quality remains robust with low non-performing loans. A dividend of 21 cents per share was paid on August 16, 2021.
Independent Bank Corporation (NASDAQ: IBCP), based in Michigan, has declared a quarterly cash dividend of 21 cents per share. This dividend will be payable on November 15, 2021 to shareholders of record by November 5, 2021. With total assets of approximately $4.5 billion, Independent Bank operates through a network across Michigan's Lower Peninsula, offering a full range of financial services including commercial banking and mortgage lending.
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