2023-04-27 08:54:02 ET
- Independent Bank press release ( NASDAQ: IBCP ): Q1 GAAP EPS of $0.61 misses by $0.01 .
- Revenue of $48.99M (-5.7% Y/Y) beats by $9.27M .
- An increase in net interest income of 16.5% over the first quarter of 2022;
- An increase in book value and tangible book value per share of $0.90;
- Net growth in loans of $44.5 million (or 5.2% annualized); and
- The payment of a 23 cent per share dividend on common stock on February 24, 2023.
- The Company’s net interest income totaled $38.4 million during the first quarter of 2023, an increase of $5.4 million, or 16.5% from the year-ago period, and down $2.2 million, or 5.3%, from the fourth quarter of 2022.
- Net gains on mortgage loans in the first quarters of 2023 and 2022, were approximately $1.3 million and $0.8 million, respectively.
- Cash and cash equivalents totaled $227.0 million at March 31, 2023, versus $74.4 million at December 31, 2022. Securities available for sale (“AFS”) totaled $767.5 million at March 31, 2023, versus $779.3 million at December 31, 2022.
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Independent Bank GAAP EPS of $0.61 misses by $0.01, revenue of $48.99M beats by $9.27M