Independent Bk Corp Mich Stock Price, News & Analysis

Independent Bank Corporation (NASDAQ: IBCP) reported a third quarter 2020 net income of $19.6 million, a 57.4% increase from the prior year. Earnings per share rose to $0.89, up 61.8%. Year-to-date earnings also improved to $39.2 million, rising 20.3%. Key highlights include a 3.2% deposit growth and significant gains in mortgage loans, up 255.9%. Despite increased provision for loan losses and expenses, asset quality remained strong, with loan forbearances dropping 80%. A dividend of $0.20 per share was paid on August 14, 2020.

Independent Bank Corporation (NASDAQ: IBCP) has appointed Dennis W. Archer Jr. to its Board of Directors. Archer, CEO of Ignition Media Group and a seasoned entrepreneur, brings diverse expertise in marketing and business development. He has a strong connection to Detroit, Michigan's largest market, enhanced by his previous board experience in community banking. President and CEO William B. Kessel expressed enthusiasm for Archer's appointment, anticipating beneficial contributions to the organization and its commitment to exceptional service.

Independent Bank Corporation (NASDAQ: IBCP) has declared a quarterly cash dividend of 20 cents per share. This dividend will be paid on November 16, 2020, to shareholders on record by November 5, 2020. The bank, with total assets of approximately $4.0 billion, operates throughout Michigan's Lower Peninsula, providing various financial services. The Board of Directors' decision reflects the company's commitment to delivering value to its shareholders and maintaining its community-oriented banking approach.

Independent Bank Corporation (NASDAQ: IBCP) is set to release its third-quarter financial results for 2020 on October 27, 2020, at 8:00 am ET. The results will be available on their website in the Investor Relations section. A conference call hosted by President and CEO Brad Kessel and CFO Gavin Mohr will follow at 11:00 am ET on the same day. The call will allow investors and analysts to discuss the quarterly results. Additionally, a playback option will be accessible until November 3, 2020.

Independent Bank Corporation (NASDAQ: IBCP) announced the hiring of Gavin A. Mohr as the new Chief Financial Officer, effective September 14, 2020. Mohr previously served as CFO at STAR Financial Bank and brings significant experience in financial leadership. Interim CFO Robert Shuster, who returned post-retirement, will assist Mohr's transition until October 31, 2020. CEO William B. Kessel expressed excitement about Mohr joining the team, highlighting his strong leadership and technical skills.

Independent Bank Corporation has total assets of approximately $4.0 billion and operates across Michigan.

Independent Bank Corporation (NASDAQ: IBCP) reported a net income of $14.8 million for Q2 2020, up 37.7% from $10.7 million in Q2 2019. Year-to-date net income reached $19.6 million, slightly down from $20.1 million in 2019. The earnings increase was driven by higher non-interest income but offset by declines in net interest income and increases in provisions for loan losses. As of June 30, 2020, the bank had active forbearance agreements impacting $210.5 million in commercial loans and $88.7 million in retail loans. The bank remains committed to supporting customers amid COVID-19 challenges.

Independent Bank Corporation (NASDAQ: IBCP) declared a quarterly cash dividend of 20 cents per share, payable on August 14, 2020, to shareholders of record on August 4, 2020. With total assets of approximately $4.0 billion, this Michigan-based community bank offers a full range of financial services, including commercial banking, mortgage lending, and insurance services. The institution has a rich history dating back to its founding in 1864 as First National Bank of Ionia, showcasing a commitment to providing exceptional service and value to its customers.

Independent Bank Corporation (NASDAQ: IBCP) will release its 2020 Q2 financial results on July 28, 2020, at 8:00 am ET, available on their website. A conference call hosted by President and CEO Brad Kessel and CFO Rob Shuster will follow at 11:00 am ET. Interested participants can join via phone or through an audio webcast. Independent Bank Corporation has total assets of approximately $3.6 billion and offers a full range of financial services including commercial banking and mortgage lending.

Independent Bank Corporation (NASDAQ: IBCP) announced a successful private placement of $40 million in fixed-to-floating subordinated notes, set to mature in 2030. These notes qualify as Tier 2 capital and will initially have a fixed interest rate of 5.95% until May 31, 2025, after which they will transition to a floating rate. The rating agency Kroll assigned the notes an investment grade rating of BBB-. Proceeds from this placement will support general corporate needs. The company, with approximately $3.6 billion in total assets, operates a network of branches across Michigan.