Independent Bank Michigan Q1 profit rises on net interest income growth

Independent Bank

23/04/2026 13:09

Overview

US regional bank's Q1 net income and EPS rose yr/yr

Net interest income for Q1 increased 7% from a year ago

Non-interest expenses rose, driven by higher compensation, advertising, and litigation costs

Outlook

Company says it continues to monitor geopolitical uncertainty but has not seen direct customer impact

Independent Bank expects merger with HCB Financial Corp. to enhance shareholder value

Result Drivers

NET INTEREST INCOME - Growth in net interest income was driven by higher average interest-earning assets and a modest expansion in net interest margin, supported by a decrease in the cost of deposits

MORTGAGE BANKING REVENUES - Non-interest income rose due to changes in mortgage banking-related revenues, especially a positive swing in the fair value of mortgage servicing rights, despite lower gains on mortgage loan sales

LOAN AND DEPOSIT GROWTH - Continued growth in loans and core deposits contributed to balance sheet expansion

Company press release: ID:nGNX2BHD2R

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.81
Q1 Net Income
$16.90 mln
Q1 Net Interest Income
$46.90 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy."

Wall Street's median 12-month price target for Independent Bank Corp is $37.00, about 10% above its April 22 closing price of $33.63

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)