Independent Bank Corporation (NASDAQ: IBCP), the Michigan-based bank holding company, reported mixed financial results for the third quarter of 2024, with earnings beating analyst estimates while revenue fell short of expectations.
The bank reported net income of $13.8 million, or $0.65 per diluted share, for the third quarter ended September 30, 2024. This exceeded the analyst consensus estimate of $0.61 per share by 6.6%. However, revenue of $51.36 million missed the analyst estimate of $52.26 million by 1.7%.
Net interest income, the key driver of profitability for banks, increased by 6.2% year-over-year to $41.9 million. The net interest margin, a measure of lending profitability, rose to 3.37% from 3.23% a year ago, driven by higher interest rates and loan growth.
Loan growth remained robust, with total loans rising by 9.3% annualized to $3.94 billion as of September 30, 2024. The bank also saw net growth of $100.1 million in core deposits during the quarter. Credit quality remained strong, with non-performing loans constituting just 0.13% of the total loan portfolio.
"We are pleased with our third-quarter results, which reflect our continued focus on organic growth and operational efficiency," said William B. Kessel, President and CEO of Independent Bank Corporation. "Our robust commercial loan pipeline and the ongoing strategic initiative to attract talented bankers position us well for continued growth in the coming quarters."
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