The following is a summary of the Independent Bank Corporation (IBCP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Independent Bank Corporation reported Q1 2024 net income of $16 million or $0.76 per diluted share, up from $13 million or $0.61 per diluted share in the prior year period.
A 5.3% loan growth was recorded, along with a 9% increase in core deposits.
Net interest margin expanded to 3.30% from 3.26% on a linked-quarter basis, also experiencing net interest income growth both quarterly and year-over-year.
EPS and tangible book value per share grew by 23% and 16% respectively compared to the prior year quarter.
Performance ratios for the quarter included a return on average assets of 1.24% and return on average equity of 15.95%.
Business Progress:
Total deposits as of March 31, 2024 stood at $4.58 billion, with a significant increase of 9% in core deposits during Q1 2024.
Loan growth exhibited a 5.3% annualized increase, with commercial lending leading the surge by $55 million.
Non-interest income totaled $12.6 million in Q1, aided by a $1.4 million net gain on mortgage loans.
The strategic focus for the upcoming year includes investing in talent, leveraging technology, and supporting communities, with an aim to expand the customer base whilst managing the cost of funds and controlling non-interest expenses.
More details: Independent Bank (Ionia MI) IR
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