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), based in Michigan, is set to release its second quarter 2021 financial results on July 29, 2021, at 8:00 am ET. The results will be accessible on their website in the Investor Relations section. A conference call for investors will take place the same day at 12:00 pm ET, featuring insights from Brad Kessel, President and CEO, and Gavin Mohr, CFO. The call can be accessed by dialing 1-866-200-8394 or via an audio webcast. Independent Bank Corporation manages approximately $4.4 billion in assets.
Independent Bank Corporation (NASDAQ: IBCP) reported a significant increase in first quarter 2021 net income, reaching $22.0 million, or $1.00 per diluted share, compared to $4.8 million, or $0.21 per diluted share in Q1 2020. This growth of 358.2% in net income is attributed to higher net interest and non-interest income, alongside a decrease in credit loss provisions. Highlights include a return on average assets of 2.10%, mortgage loan origination volume of $509 million, and a 6.1% growth in deposits. However, non-interest expenses rose to $30.0 million, reflecting increased compensation and conversion costs.
Independent Bank Corporation (NASDAQ: IBCP), based in Michigan, announced a quarterly cash dividend of 21 cents per share, payable on May 14, 2021, to shareholders on record as of May 5, 2021. The bank, founded in 1864, has total assets of approximately $4.2 billion and offers a variety of financial services, including commercial banking and mortgage lending. This dividend declaration reflects the company’s commitment to delivering shareholder value.
Independent Bank Corporation (NASDAQ: IBCP) is set to release its 2021 first quarter results on April 27, 2021, at 8:00 am ET. A conference call with President Brad Kessel and CFO Gavin Mohr will follow at 11:00 am ET to discuss the results. The financial data will be available online at IndependentBank.com. With total assets of approximately $4.2 billion, Independent Bank operates across Michigan, offering various financial services including commercial banking and mortgage lending.
Independent Bank Corporation (NASDAQ: IBCP) reported strong financial results for Q4 2020, with net income of $17 million ($0.77 per diluted share), up 22.4% from Q4 2019. Full-year net income rose to $56.2 million ($2.53 per share), reflecting a 20.9% increase. Key highlights include a 148.5% jump in net gains on mortgage loans to $15.9 million and deposit growth of $39.6 million. Asset quality remained strong, with COVID-related forbearances down to 0.83% of total loans. The company also reactivated its share repurchase plan, buying back 30,027 shares in Q4 2020.
Independent Bank Corporation (NASDAQ: IBCP) has declared a quarterly cash dividend of 21 cents per share, payable on February 16, 2021 to shareholders of record on February 5, 2021. This dividend reflects the bank's commitment to providing value to its shareholders. With total assets of approximately $4.2 billion, Independent Bank operates across Michigan's Lower Peninsula and offers a range of financial services, ensuring exceptional service to customers and communities.
Independent Bank Corporation (NASDAQ: IBCP) announced a share repurchase plan on December 18, 2020, authorizing the buyback of up to 1,100,000 shares, approximately 5% of its common stock. This plan is set to last until December 31, 2021, and will primarily be executed through open market transactions. The company will use cash on hand for funding. As of December 18, 2020, they had already repurchased 708,956 shares at an average price of $20.07 per share under the previous plan.
Independent Bank Corporation (NASDAQ: IBCP) will release its 2020 fourth quarter financial results on January 28, 2021, at 8:00 am ET. The report will be accessible via IndependentBank.com. Brad Kessel, CEO, and Gavin Mohr, CFO, will discuss the results in a conference call at 11:00 am ET on the same day. The call can be accessed by dialing 1-866-200-8394 or through webcast.
Independent Bank Corporation (NASDAQ: IBCP) reported a third quarter 2020 net income of $19.6 million, a 57.4% increase from the prior year. Earnings per share rose to $0.89, up 61.8%. Year-to-date earnings also improved to $39.2 million, rising 20.3%. Key highlights include a 3.2% deposit growth and significant gains in mortgage loans, up 255.9%. Despite increased provision for loan losses and expenses, asset quality remained strong, with loan forbearances dropping 80%. A dividend of $0.20 per share was paid on August 14, 2020.
Independent Bank Corporation (NASDAQ: IBCP) has appointed Dennis W. Archer Jr. to its Board of Directors. Archer, CEO of Ignition Media Group and a seasoned entrepreneur, brings diverse expertise in marketing and business development. He has a strong connection to Detroit, Michigan's largest market, enhanced by his previous board experience in community banking. President and CEO William B. Kessel expressed enthusiasm for Archer's appointment, anticipating beneficial contributions to the organization and its commitment to exceptional service.
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