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EX - 99.1 2 brhc10027222_ex99-1.htm EXHIBIT 99.1 INDEPENDENT BANK NEWS RELEASE For Release : Contact : Immediately William B. Kessel , President and CEO , 616.447.3933 Gavin A. Mohr , Chief Financial Officer , 616.447.3929 INDEPENDENT BANK CORPORATION REPORTS 2021 SECOND QUARTER RESULTS Exhibit 99.1 Independent Bank Corporation 4200 East Beltline Grand Rapids , MI 49525 616.527.5820 GRAND RAPIDS , Mich . , July 29 , 2021 - Independent Bank Corporation ( NASDAQ : IBCP ) reported second quarter 2021 net income of $ 12.4 million , or $ 0.56 per diluted share , versus net income of $ 14.8 million , or $ 0.67 per diluted share , in the prior - year period . For the six months ended June 30 , 2021 , the Company reported net income of $ 34.4 million , or $ 1.56 per diluted share , compared to net income of $ 19.6 million , or $ 0.88 per diluted share , in the prior - year period . The decline in second quarter 2021 earnings as compared to 2020 primarily reflects a decrease in non - interest income and an increase in non - interest expense that were partially offset by an increase in net interest income and decreases in the provision for credit losses and income tax expense . The increase in year - to - date 2021 earnings as compared to 2020 primarily reflects increases in net interest income and non - interest income and a decrease in the provision for credit losses that were partially offset by increases in non - interest expense and income tax expense . Highlights for the second quarter of 2021 include : • Annualized return on average assets and on average equity of 1.12 % and 12.78 % , respectively ; • An increase in net interest income of 3.1 % over the second quarter of 2020 ; • • • • Net gains on mortgage loans of $ 9.1 million and total mortgage loan origination volume of $ 473.7 million ; Net growth in portfolio loans of $ 30.3 million ( or 4.4 % annualized ) ; Continued strong asset quality metrics as evidenced by net loan recoveries during the quarter as well as a low level of non- performing loans and non - performing assets ; and The payment of a 21 cent per share dividend on common stock on May 14 , 2021 . Highlights for the first six months of 2021 include : • Increases in net income and diluted earnings per share of 75.8 % and 77.3 % , respectively ; • Annualized return on average assets and on average equity of 1.60 % and 18.06 % , respectively ; Net gains on mortgage loans of $ 21.9 million and total mortgage loan origination volume of $ 982.7 million ; • Net growth in portfolio loans of $ 80.9 million ( or 6.0 % annualized ) ; Net growth in deposits of $ 225.1 million ( or 12.5 % annualized ) . 1