Independent Bank Corporation announced third quarter 2024 net income of $13.8 million, or $0.65 per diluted share. This compares to net income of $17.5 million, or $0.83 per diluted share, in the prior-year period. The reported diluted EPS of $0.65 missed the consensus estimate of $0.76 per share.
Net interest income for the quarter totaled $41.9 million, an increase of 6.2% from the year-ago period and 1.2% from the second quarter of 2024. The tax equivalent net interest margin was 3.37%, up from 3.23% in the prior year but down from 3.40% in the linked quarter. Average interest-earning assets reached $4.99 billion.
Total loans, excluding those held for sale, increased by $150 million since December 31, 2023, reaching $3.94 billion. Deposits totaled $4.63 billion, an increase of $4.0 million from year-end 2023, with core deposits growing 8.9% on an annualized basis. Non-performing loans remained low at $8.6 million, representing 0.2% of total loans.
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