Independent Bk Corp Mich Stock Price, News & Analysis

Independent Bank (NASDAQ: IBCP) announced it will release its fourth quarter 2024 financial results on Thursday, January 23, 2025, at approximately 8:00 am ET. The company will host a conference call at 11:00 am ET the same day, featuring Brad Kessel (President and CEO), Gavin Mohr (CFO), and Joel Rahn (EVP Commercial Banking). The call will be accessible via phone and audio webcast. Independent Bank , with total assets of approximately $5.3 billion, operates a branch network across Michigan's Lower Peninsula, providing commercial banking, mortgage lending, investments, insurance, and title services.

Independent Bank (NASDAQ: IBCP) has announced its 2025 share repurchase plan, authorized by the Board of Directors on December 17, 2024. The plan allows the company to repurchase up to 1,100,000 shares, approximately 5% of its common stock, through December 31, 2025.

The repurchases will primarily be conducted through open market transactions, with timing and volume depending on factors including stock price, regulatory requirements, and financial performance. The company plans to fund repurchases from cash on hand. Notably, under its 2024 repurchase plan, which expires December 31, 2024, no shares had been repurchased as of December 17, 2024.

Independent Bank (NASDAQ: IBCP) reported Q3 2024 net income of $13.8 million, or $0.65 per diluted share, compared to $17.5 million, or $0.83 per diluted share, in Q3 2023. The quarter saw net interest income increase by $2.4 million (6.2%) year-over-year to $41.9 million. Core deposits grew by $100.1 million (8.9% annualized) and loans increased by $90.4 million (9.3% annualized) from June 30, 2024. The company maintained strong asset quality with non-performing loans at 0.13% of total portfolio loans. Tangible book value per share increased by $3.69 (22.3%) compared to Q3 2023.

Independent Bank (NASDAQ: IBCP), a Michigan-based bank with $5.3 billion in assets, has implemented SnapLogic's Platform for Generative Integration to modernize its IT operations. The bank's three-person integration team has leveraged the platform to build multiple GenAI Agents, enhance fraud detection processes, and streamline IT resources. The implementation has resulted in faster deployment times and a significant reduction in IT help desk tickets through AI-assisted inquiry handling. The bank has successfully transformed from managing routine tasks to developing advanced GenAI applications that improve customer service and operational efficiency.

SnapLogic has launched Agent Creator, a new system for building LLM-powered AI agents that integrate with existing workflows and data pipelines. The platform enables enterprises to develop intelligent agents that can automate tasks and make real-time decisions. Independent Bank (NASDAQ: IBCP) has successfully implemented these agents to reduce help desk tickets and voice call backlogs. The system features dynamic task iteration, intelligent reasoning using LLMs, real-time API access, and flexible autonomy controls. Customers are utilizing the platform for various applications including finance operations automation, fraud detection, and sales process enhancement.

Independent Bank (NASDAQ: IBCP), the holding company of Independent Bank, has announced a quarterly cash dividend of 24 cents per share on its common stock. The dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024.

Independent Bank , founded in 1864 as First National Bank of Ionia, is a Michigan-based bank holding company with total assets of approximately $5.3 billion. The company operates a branch network across Michigan's Lower Peninsula through its state-chartered bank subsidiary, Independent Bank. It provides a full range of financial services, including commercial banking, mortgage lending, investments, and insurance services.

Independent Bank (NASDAQ: IBCP) has announced the release date for its third quarter 2024 earnings. The company, which is the holding company of Independent Bank, a Michigan-based community bank, will issue its results on Thursday, October 24, 2024, at approximately 8:00 am ET. The release will be available on the company's website, IndependentBank.com, in the 'News' section of the 'Investor Relations' area.

A conference call for investors and analysts will follow at 11:00 am ET on the same day, featuring Brad Kessel (President and CEO), Gavin Mohr (CFO), and Joel Rahn (EVP Commercial Banking). Participants can dial 1-833-470-1428 (Access Code # 957797) to join the call, which will also be accessible via audio webcast. A playback will be available until October 31, 2024, by dialing 1-866-813-9403 (Access Code # 159381).

Independent Bank (NASDAQ: IBCP) reported strong Q2 2024 results, with net income of $18.5 million, or $0.88 per diluted share, up 25.3% and 25.7% respectively from Q2 2023. Key highlights include:

- Net interest income increased 7.8% year-over-year to $41.3 million
- Net interest margin improved to 3.40% from 3.24% in Q2 2023
- Core deposits grew by $53.3 million (4.8% annualized) from Q1 2024
- Loans increased by $11.9 million (1.2% annualized) from Q1 2024
- Tangible book value per share rose 16.5% year-over-year to $19.16

The company maintained strong asset quality with non-performing loans at 0.12% of total portfolio loans. The allowance for credit losses stood at 1.46% of total portfolio loans. IBCP's capital ratios remain well above regulatory requirements, with a total capital to risk-weighted assets ratio of 12.95%.

Independent Bank (NASDAQ: IBCP), the holding company of Independent Bank, has declared a quarterly cash dividend of 24 cents per share on its common stock. The dividend is payable on August 15, 2024 to shareholders of record on August 5, 2024.

Independent Bank , founded in 1864, is a Michigan-based bank holding company with total assets of approximately $5.2 billion. It operates a branch network across Michigan's Lower Peninsula through its subsidiary, Independent Bank, offering a full range of financial services including commercial banking, mortgage lending, investments, and insurance.