Independent Bank reported second-quarter net income of $81.8 million, or $1.70 per diluted share, driven by stronger deposit growth, C&I lending, margin expansion and share repurchases. The bank posted more than $300 million of non-time deposit growth, representing 7% annualized growth, while holding its cost of deposits stable at 1.36%. C&I loans rose 10% annualized excluding an exited floor-plan business, but CRE and construction loans fell by $176 million due to elevated payoffs. Management said a larger commercial pipeline of $510 million could help return the bank to positive commercial loan growth. The bank repurchased $75 million of stock and reaffirmed fourth-quarter targets for a 1.4% return on average assets and a 15% return on tangible capital, while keeping its margin outlook at 3.90% to 3.95%, likely near the low end.
Independent Bank CorporationQ2 profit beat driven by deposit growth, C&I lending, margin expansion, and share repurchases.
Independent BankQ2 profit beat driven by deposit growth, C&I lending, margin expansion, and share repurchases.
ASML Holding N.V.