Shares of Independent Bank Corp (IBCP) surged 5.11% in intraday trading on Thursday, following the release of the company's better-than-expected fourth-quarter 2024 financial results.

The Michigan-based bank holding company reported quarterly earnings per share of $0.87, surpassing the consensus estimate of $0.76 by a significant 14.47%. This impressive performance was driven by higher-than-anticipated revenue of $61.97 million, which also exceeded analysts' expectations.

The key highlights from Independent Bank Corp's Q4 results include:

• Net interest income increased by 6.8% year-over-year to $42.85 million, supported by higher interest-earning assets and an improved net interest margin of 3.45%.
• Non-interest income jumped 109.9% to $19.12 million, primarily due to a significant gain of $7.76 million from mortgage loan servicing, reflecting favorable changes in the fair value of capitalized mortgage loan servicing rights.
• Asset quality remained strong, with non-performing loans accounting for only 0.15% of the total loan portfolio, and the allowance for credit losses covering 989.32% of non-performing loans.
• The company's capital position remained robust, with tangible common equity ratio at 8.00% and all regulatory capital ratios well above the "well-capitalized" thresholds.