Independent Bank Michigan Q4 net income rises slightly

Overview

• Michigan bank's Q4 net income slightly up from prior year

• Net interest income for Q4 rose 8.2% yr/yr

• Company authorized 2026 share repurchase plan for up to 1.1 mln shares

Outlook

• Company anticipates strong earnings supported by a robust commercial loan pipeline

• Independent Bank authorized 2026 share repurchase plan for up to 1.1 mln shares

• Company expects tax credit transfer agreement to enhance earnings per share

Result Drivers

• NET INTEREST INCOME - Increase driven by higher net interest margin and average earnings assets

• COMMERCIAL LOAN GROWTH - Growth in loans, especially commercial, supported results

• TAX CREDIT BENEFIT - Tax credit transfer agreement provided $1.8 mln benefit

Key Details

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) is $36.00, about 2.7% above its January 21 closing price of $35.05

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

Press Release: ID:nGNX4SphMm

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