Independent Bank Michigan Q3 adjusted EPS beats estimates on loan and deposit growth
IBCP•Independent Bank’s Q3 adjusted EPS was $0.92, beating the $0.88 analyst consensus. Net interest income rose year over year, and the company completed its acquisition of HCB Financial Corp. during the quarter.
1. Quarterly results
Independent Bank reported Q3 adjusted EPS of $0.92, above the $0.88 consensus estimate from five analysts. Net income was $17.90 million, diluted EPS was $0.80 and net interest income was $55.30 million.
2. Growth and integration
The company said organic loan and deposit growth, excluding the Highpoint acquisition, contributed to results. Net interest margin increased with higher earning-asset yields and purchase-accounting accretion, while mortgage servicing income rose because of a higher fair value of servicing rights. The company completed its acquisition of HCB Financial Corp. during the quarter and expects to complete Highpoint Community Bank system integration on Nov. 9, 2026.
