Yahoo Finance

• Net Income (Q4 2024): $18.5 million or $0.87 per diluted share.

• Net Income (Full Year 2024): $66.8 million or $3.16 per diluted share.

• Loan Portfolio Growth (Q4 2024): 10% annualized growth rate.

• Commercial Loan Portfolio Growth (Q4 2024): 24% annualized growth rate.

• Net Interest Income Increase (Q4 2024): $1 million increase.

• Net Interest Margin (Q4 2024): 3.45%.

• Total Loan Growth (2024): 7%.

• Core Deposit Growth (2024): 5%.

• Return on Average Assets (2024): 1.27%.

• Return on Average Equity (2024): 15.66%.

• Earnings Per Share Growth (2024): 13%.

• Tangible Book Value Per Share Growth (2024): 13%.

• Total Deposits (Dec 31, 2024): $4.7 billion.

• Retail Deposits Increase (Q4 2024): $52 million.

• Business Deposits Decline (Q4 2024): $67 million.

• Municipal Deposits Decline (Q4 2024): $24 million.

• Total Cost of Funds (Q4 2024): Decreased by 18 basis points to 1.92%.

• Total Loans Growth (Q4 2024): $96.5 million or 9.7% annualized rate.

• Commercial Loan Growth (Q4 2024): $112.1 million.

• Mortgage Loan Growth (Q4 2024): $5.3 million.

• Installment Loan Portfolio Decline (Q4 2024): $20.9 million.

• Nonperforming Loans (Q4 2024): $6 million or 15 basis points of total loans.

• Past Due Loans (Q4 2024): $7 million or 17 basis points.

• Net Charge Offs (2024): Two basis points of average loans.

• Net Interest Income Increase (Year-over-Year): $2.7 million.

• Noninterest Income (Q4 2024): $19.1 million.

• Noninterest Expense (Q4 2024): $37 million.

• Effective Income Tax Rate (Q4 2024): 18.9%.

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Release Date: January 23, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Independent Bank Corp (Ionia MI) (NASDAQ:IBCP) reported a significant increase in net income for Q4 2024, reaching $18.5 million compared to $13.7 million in the prior year period.

• The company achieved a notable 10% annualized growth rate in its loan portfolio for Q4 2024, driven by a 24% growth in the commercial loan portfolio.

• Net interest income increased by $1 million for the quarter, contributing to a healthy net interest margin of 3.45%.

• The company reported strong credit metrics with nonperforming assets near historic lows.

• The Board of Directors approved an 8% increase in the quarterly dividend, marking the 12th consecutive annual increase for shareholders.

Negative Points

• Total core deposits decreased by $43 million during Q4 2024, despite an overall increase for the year.

• Business deposits declined by $67 million and municipal deposits by $24 million in the fourth quarter.

• The installment loan portfolio declined by $20.9 million in Q4 2024, primarily due to seasonality.

• Noninterest expense increased to $37 million in Q4 2024, higher than the forecasted range.

• The company did not repurchase any shares in Q4 2024 or for the full year.