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Independent Bank (IBCP)
NASDAQ:IBCP
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Earnings Data
Report Date
Jan 25, 2025Before Open Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.76Last Year’s EPS
$0.81Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 6.53%
|Next Earnings Date:Jan 25, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted strong loan and deposit growth, excellent credit metrics, and strategic hiring plans. However, it also reported a decline in net income, retail deposits, and noninterest income, as well as a loss on mortgage loan servicing. The sentiment is balanced by positive operational aspects and challenges in financial metrics.Company Guidance
In the third quarter of 2024, Independent Bank Corporation reported a net income of $13.8 million or $0.65 per diluted share, a decline from the previous year's $17.5 million or $0.83 per diluted share. Despite this, the company achieved notable growth metrics, including a 9.3% annualized increase in overall loans and an 8.9% rise in core deposits. The bank's total deposits as of September 30, 2024, amounted to $4.6 billion, with a $100 million increase in core deposits during the quarter. Retail deposits saw a decline of $20.3 million, while business and municipal deposits rose by $16.7 million and $105.2 million, respectively. The net interest margin was reported at 3.37%, slightly up from 3.23% a year ago, although there was a marginal decrease from the previous quarter. Noninterest income fell to $9.5 million from $15.6 million in the same quarter last year. However, the bank maintained strong credit metrics, with nonperforming loans at $5.1 million, equivalent to 13 basis points of total loans, consistent with the previous quarter.Strong Loan Growth
Total loans increased $90 million in the third quarter, representing 9.3% annualized growth. The commercial portfolio grew by $93 million, and the mortgage portfolio increased by $10 million.
Increase in Core Deposits
Core deposits increased by $100 million during the third quarter of 2024, with business deposits increasing by $16.7 million and municipal deposits by $105.2 million.
Excellent Credit Metrics
Nonperforming loans were $5.1 million, consistent with previous quarters, and past due loans totaled $4.8 million. The commercial watch list remains low at 3.3% of the total portfolio.
Net Interest Income Growth
Net interest income increased by $2.4 million from the previous year, with a tax equivalent net interest margin of 3.37% during the third quarter of 2024.
Strategic Investments in Talent
Added bankers in Southeast Michigan and Northern Michigan, planning to continue hiring to capitalize on market dislocation.
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IBCP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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IBCP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $32.99 | $32.50 | -1.49% |
| Jul 25, 2024 | $32.75 | $34.62 | +5.71% |
| Apr 25, 2024 | $24.52 | $24.56 | +0.16% |
| Jan 25, 2024 | $25.76 | $24.87 | -3.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Independent Bank (IBCP) report earnings?
Independent Bank (IBCP) is schdueled to report earning on Jan 25, 2025, Before Open Not Confirmed.
What is Independent Bank (IBCP) earnings time?
Independent Bank (IBCP) earnings time is at Jan 25, 2025, Before Open Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is IBCP EPS forecast?
IBCP EPS forecast for the fiscal quarter 2024 (Q4) is $0.76.
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