Overview

* Independent Bank Q3 net income rises to $17.5 mln, $0.84 per share

* Net interest income for Q3 increased by $3.5 mln year-over-year

* Company reports 13% annualized growth in total deposits from June 30, 2025

Outlook

* Company expects to finish 2025 strong and grow earnings in 2026

Result Drivers

* NET INTEREST INCOME - Sequential increase of 1.7% driven by growth in average interest-earning assets, offset by a slight decline in net interest margin due to subordinated debt redemption

* DEPOSIT GROWTH - Total deposits, excluding brokered time deposits, increased by 13% annualized, supporting higher net interest income

* LOAN GROWTH - Loans grew at an annualized rate of 3.2%, contributing to overall asset growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $0.84

Q3 Net $17.50

Income mln

Q3 Net $45.40

Interest mln

Income

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 (Michigan) ( IBCP ) is $35.00, about 8.9% above its October 27 closing price of $31.88

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

Press Release:

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(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.)