Independent Bank reports Q1 2026 net income $16.9M, $0.81 diluted EPS; NIM 3.65%

Independent Bank reported first-quarter 2026 net income of $16.9 million, or $0.81 per diluted share, up from $15.6 million, or $0.74 per diluted share a year earlier. Net interest income was $46.9 million with a taxable-equivalent net interest margin of 3.65%, and non-interest income totaled $12.0 million for the quarter. The bank also recorded core deposit growth and loan growth while maintaining solid capital ratios and an increased tangible common equity ratio of 8.7%.Financial HighlightsNet income: $16.9 million for Q1 2026 ($0.81 diluted EPS).Net interest income: $46.9 million for Q1 2026; net interest margin (FTE) 3.65%.Non-interest income: $12.0 million for Q1 2026.Non-interest expense: $38.3 million for Q1 2026; includes $1.5 million litigation expense and $0.3 million merger-related expense.Tangible common equity per share: $23.38; tangible common equity ratio: 8.71% (tangible common equity ratio excluding AOCI: 9.61%).Business HighlightsDeposit growth: Total deposits rose to $4.88 billion at March 31, 2026, driven by increases in savings, interest-bearing checking, reciprocal and brokered time deposits.Loan growth: Total loans (excl. loans held for sale) increased to $4.31 billion at March 31, 2026, with net loan growth of $31.8 million (3.0% annualized) from December 31, 2025 and $53.8 million (9.9% annualized) growth in commercial loans for the quarter.Mortgage servicing activity: Capitalized mortgage servicing rights totaled $32.2 million at March 31, 2026; mortgage loan servicing, net generated $1.6 million driven by fair value changes.Asset quality: Total non-performing loans were $27.6 million (0.64% of portfolio loans); allowance for credit losses for loans was $63.7 million (1.48% of total portfolio loans).Liquidity & funding: Cash and cash equivalents of $174.9 million and unused credit lines with the FHLB and FRB totaling approximately $785.5 million and $1.36 billion, respectively; approximately $440.7 million of unpledged securities AFS and HTM available for additional borrowing capacity.Original SEC Filing: INDEPENDENT BANK CORP /MI/ [ IBCP ] - 8-K - Apr. 23, 2026DisclaimerThis is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.