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Independent Bank Corporation Reports 2019 First Quarter Results

Company Release - 4/22/2019 7:59 AM ET

GRAND RAPIDS, Mich., April 22, 2019 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2019 net income of $9.4 million, or $0.39 per diluted share, versus net income of $9.2 million, or $0.42 per diluted share, in the prior-year period. 

Significant items impacting comparable first quarter 2019 and 2018 results include the following:

  • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Change”) of a negative $2.2 million ($0.07 per diluted share, after taxes) and a positive $1.5 million ($0.05 per diluted share, after taxes) for the first quarters of 2019 and 2018, respectively.
  • The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State Bank, on Apr. 1, 2018 (referred to as the “Merger” or “TCSB Acquisition”) and the associated data processing systems conversions in June 2018.  The total assets, loans and deposits acquired in the Merger were approximately $343.5 million, $295.8 million (including $1.3 million of loans held for sale) and $287.7 million, respectively.

First quarter 2019 highlights include:

  • Return on average assets and return on average equity of 1.13% and 11.14%, respectively.  These ratios increase to 1.34% and 13.20%, respectively, when excluding the after tax impact of the MSR Change.
  • A year-over-year increase in net interest income of $6.3 million, or 26.3%;
  • A year-over-year increase in net gains on mortgage loans of $1.0 million, or 40.5%;
  • Net growth in total portfolio loans of $36.3 million, or 5.7% annualized; and
  • Net growth in total deposits, excluding brokered deposits, of $79.7 million, or 12.2% annualized.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to report a solid start to 2019.  When excluding the after tax impact of the MSR Change, net income and diluted earnings per share increased by 38.9% and 26.0%, respectively, in 2019 as compared to 2018.  We achieved strong growth in both loans and deposits.  As we look ahead to the remainder of 2019, we continue to be focused on building shareholder value and positioning the Company for long-term success.”

Operating Results

The Company’s net interest income totaled $30.2 million during the first quarter of 2019, an increase of $6.3 million, or 26.3%, from the year-ago period, and a decrease of $0.4 million, or 1.4% from the fourth quarter of 2018.  The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.88% during the first quarter of 2019 compared to 3.71% in the year ago period, and 3.93% in the fourth quarter of 2018.  The year-over-year quarterly increase in net interest income is due to increases in both the net interest margin and in average interest-earning assets.  Total average interest-earning assets were $3.15 billion in the first quarter of 2019 compared to $2.61 billion in the year ago quarter and $3.12 billion in the fourth quarter of 2018.

Non-interest income totaled $10.0 million and $11.7 million in the first quarters of 2019 and 2018, respectively.  This decrease is primarily due to declines in service charges on deposits and mortgage loan servicing income. 

Gains on mortgage loans totaled $3.6 million and $2.6 million in the first quarters of 2019 and 2018, respectively.  An increase in mortgage loan sales volume was partially offset by compression in the profit margin.  Mortgage loan origination volume declined 13.3% to $137.8 million in the first quarter of 2019 compared to the year ago period. 

Mortgage loan servicing generated a loss of $1.2 million and income of $2.2 million in the first quarters of 2019 and 2018, respectively.  This activity is summarized in the following table: 

   Three Months Ended
   03/31/201903/31/2018
Mortgage loan servicing:  (Dollars in thousands)
  Revenue, net$    1,476 $    1,192 
  Fair value change due to price   (2,203)   1,458  
  Fair value change due to pay-downs   (488)   (429)
Total$  (1,215)$    2,221 

The significant variance in the fair value change due to price relates primarily to the decline in mortgage loan interest rates in the first quarter of 2019.  This decline increased projected prepayment rates for mortgage loans serviced for others, leading to a decrease in fair value due to price.

Non-interest expense totaled $28.0 million in the first quarter of 2019, compared to $24.1 million in the year-ago period.  Several categories of non-interest expense increased as a result of the Merger.  In addition, the Company incurred increases in compensation due to market rate driven increases, particularly in hourly wages, and in health care costs due to increased claims. 

The Company recorded an income tax expense of $2.2 million and $2.0 million in the first quarters of 2019 and 2018, respectively.  Income tax expense represented 18.8% and 18.2% of pre-tax earnings in the first quarters of 2019 and 2018, respectively.

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “Non-performing loans and assets remain at low levels.  In addition, thirty- to eighty-nine day delinquency rates at Mar. 31, 2019 were 0.003% for commercial loans and 0.39% for mortgage and consumer loans.  These early stage delinquency rates continue to be well-managed.”

A breakdown of non-performing loans(1) by loan type is as follows:

Loan Type  3/31/201912/31/20183/31/2018
 (Dollars in Thousands)
Commercial$  1,705 $2,220 $  439 
Consumer/installment 1,028  781  605 
Mortgage 6,116  6,033  5,585 
  Total$  8,849 $9,034 $  6,629 
Ratio of non-performing loans to total portfolio loans 0.34% 0.35% 0.32%
Ratio of non-performing assets to total assets 0.30% 0.31% 0.30%
Ratio of the allowance for loan losses to non-performing loans 285.39%   275.49% 348.03%
  1. Excludes loans that are classified as “troubled debt restructured” that are still performing.

Non-performing loans decreased by $0.2 million since year-end 2018 due to a decline in non-performing commercial loans.  The decrease in non-performing commercial loans primarily reflects loan charge-offs, pay-offs and negotiated transactions.  Other real estate and repossessed assets totaled $1.3 million at both Mar. 31, 2019 and at Dec. 31, 2018.

The provision for loan losses was an expense of $0.7 million and $0.3 million in the first quarters of 2019 and 2018, respectively.  The level of the provision for loan losses in each period reflects the Company’s overall assessment of the allowance for loan losses, taking into consideration factors such as loan mix, levels of non-performing and classified loans and loan net charge-offs.  The Company recorded loan net charge-offs of $0.3 million in the first quarter of 2019 compared to loan net recoveries of $0.2 million in the first quarter of 2018.  At Mar. 31, 2019, the allowance for loan losses totaled $25.3 million, or 0.96% of portfolio loans, compared to $24.9 million, or 0.96% of portfolio loans, at Dec. 31, 2018.  Excluding the remaining TCSB acquired loan balances, the allowance for loan losses was equal to 1.05% and 1.06% of portfolio loans at Mar. 31, 2019 and Dec. 31, 2018, respectively.

Balance Sheet, Liquidity and Capital

Total assets were $3.38 billion at Mar. 31, 2019, an increase of $30.3 million from Dec. 31, 2018.  Loans, excluding loans held for sale, were $2.62 billion at Mar. 31, 2019, compared to $2.58 billion at Dec. 31, 2018.  Deposits totaled $2.93 billion at Mar. 31, 2019, an increase of $20.8 million from Dec. 31, 2018.  The increase in deposits is primarily due to growth in savings and interest-bearing checking account balances and in reciprocal deposits. 

Cash and cash equivalents totaled $71.6 million at Mar. 31, 2019, versus $70.2 million at Dec. 31, 2018. Securities available for sale totaled $461.5 million at Mar. 31, 2019, versus $427.9 million at Dec. 31, 2018. 

Total shareholders’ equity was $344.7 million at Mar. 31, 2019, or 10.19% of total assets.  Tangible common equity totaled $310.3 million at Mar. 31, 2019, or $13.17 per share.  The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

 

 

Regulatory Capital Ratios
3/31/201912/31/2018Well
Capitalized
Minimum
 

Tier 1 capital to average total assets
 

9.46


%
 

  9.44


%
 

5.00


%
Tier 1 common equity  to risk-weighted assets11.94%11.94%6.50%
Tier 1 capital to risk-weighted assets11.94%11.94%8.00%
Total capital to risk-weighted assets12.96%12.94%10.00%

Share Repurchase Plan

As previously announced, on Dec. 18, 2018, the Board of Directors of the Company authorized a share repurchase plan.  Under the terms of the share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock.    The repurchase plan is authorized to last through Dec. 31, 2019.  Thus far in 2019, the Company has repurchased 115,787 shares at a weighted average price of $21.85 per share.

Earnings Conference Call
Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Monday, Apr. 22, 2019.

To participate in the live conference call, please dial 1-866-200-8394. Also the conference call will be accessible through an audio webcast with user-controlled slides at the following event site/URL:  https://services.choruscall.com/links/ibcp190422.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10129490). The replay will be available through Apr. 29, 2019.

Annual Shareholders Meeting
The Company’s 2019 Annual Meeting of Shareholders is being held at 3:00 pm ET on Tuesday, Apr. 23, 2019.  This meeting will be held at the Company’s headquarters – 4200 East Beltline, Grand Rapids, MI 49525.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $3.4 billion.  Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary.  This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance.  Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves. 

For more information, please visit our Web site at:  IndependentBank.com.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements that are not historical facts, including statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives, or assumptions of future events or performance, may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions, and uncertainties that could cause actual strategies, actions, or results to differ materially from those expressed in them, and are not guarantees  of timing, future results, events, or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions, or results, based on management’s current expectations, assumptions, and estimates on the date hereof, there can be no assurance that actual strategies, actions or results will not differ materially from expectations. Therefore, readers are cautioned not to place undue reliance on such statements.  Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in capital and credit markets; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; any future acquisitions or divestitures; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Independent Bank Corporation's customers; the implementation of Independent Bank Corporation's strategies and business models; Independent Bank Corporation's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Independent Bank Corporation's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events; changes in accounting standards and the critical nature of Independent Bank Corporation's accounting policies.

Certain risks and important factors that could affect Independent Bank Corporation's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2018 and other reports filed with the SEC, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Independent Bank Corporation undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances, after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

  
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES 
Consolidated Statements of Financial Condition 
   March 31,  December 31, 
   2019   2018  
  (unaudited) 
  (In thousands, except share 
  amounts) 
Assets 
Cash and due from banks  $  33,247  $  23,350  
Interest bearing deposits     38,376     46,894  
  Cash and Cash Equivalents    71,623     70,244  
Interest bearing deposits - time    496     595  
Equity securities at fair value    -     393  
Securities available for sale     461,531     427,926  
Federal Home Loan Bank and Federal Reserve Bank stock, at cost     18,359     18,359  
Loans held for sale, carried at fair value     43,098     44,753  
Loans held for sale, carried at lower of cost or fair value    -      41,471  
Loans     
  Commercial     1,168,404     1,144,481  
  Mortgage     1,043,745     1,042,890  
  Installment     406,646     395,149  
  Total Loans     2,618,795     2,582,520  
  Allowance for loan losses     (25,254)    (24,888) 
  Net Loans     2,593,541     2,557,632  
Other real estate and repossessed assets    1,338     1,299  
Property and equipment, net     37,985     38,777  
Bank-owned life insurance     55,310     55,068  
Deferred tax assets, net    2,866     5,779  
Capitalized mortgage loan servicing rights    19,909     21,400  
Other intangibles     6,143     6,415  
Goodwill    28,300     28,300  
Accrued income and other assets     43,107     34,870  
  Total Assets  $  3,383,606  $  3,353,281  
      
Liabilities and Shareholders' Equity 
Deposits     
  Non-interest bearing  $  858,261  $  879,549  
  Savings and interest-bearing checking    1,207,965     1,194,865  
  Reciprocal    267,178     182,072  
  Time    388,729     385,981  
  Brokered time    212,092     270,961  
  Total Deposits     2,934,225     2,913,428  
Other borrowings     25,714     25,700  
Subordinated debentures     39,405     39,388  
Accrued expenses and other liabilities     39,536     35,771  
  Total Liabilities     3,038,880     3,014,287  
      
Shareholders’ Equity     
  Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding    -     -  
  Common stock, no par value, 500,000,000 shares authorized; issued and outstanding:      
  23,560,179 shares at March 31, 2019 and 23,579,725 shares at December 31, 2018    374,678     377,372  
  Accumulated deficit    (23,135)    (28,270) 
  Accumulated other comprehensive loss    (6,817)    (10,108) 
  Total Shareholders’ Equity     344,726     338,994  
  Total Liabilities and Shareholders’ Equity  $  3,383,606  $  3,353,281  
      
  

 

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
        
  Three Months Ended 
  March 31, December 31, March 31, 
   2019   2018   2018  
  (unaudited)
Interest Income (In thousands, except per share amounts)
  Interest and fees on loans  $  32,681  $  32,838  $  23,353  
  Interest on securities        
  Taxable     3,006     2,782   2,635  
  Tax-exempt     374     408   479  
  Other investments     575     393   330  
  Total Interest Income     36,636   36,421   26,797  
Interest Expense       
  Deposits     5,681     5,006   2,287  
  Other borrowings and subordinated debentures    712     746   574  
  Total Interest Expense     6,393   5,752   2,861  
  Net Interest Income     30,243   30,669   23,936  
Provision for loan losses     664   591   315  
  Net Interest Income After Provision for Loan Losses     29,579   30,078   23,621  
Non-interest Income       
  Service charges on deposit accounts     2,640     3,092     2,905  
  Interchange income     2,355     2,669     2,246  
  Net gains (losses) on assets       
  Mortgage loans     3,611     2,026     2,571  
  Securities     304     209     (173) 
  Mortgage loan servicing, net     (1,215)    (1,511)    2,221  
  Other    2,264     2,466     1,943  
  Total Non-interest Income   9,959   8,951   11,713  
Non-interest Expense       
  Compensation and employee benefits     16,351     15,572   14,468  
  Occupancy, net     2,505     2,245   2,264  
  Data processing    2,144     2,082   1,878  
  Furniture, fixtures and equipment     1,029     1,051   967  
  Communications    769     737   680  
  Interchange expense    688     728   598  
  Advertising    672     577   441  
  Loan and collection    634     782   677  
  Legal and professional    369     528   378  
  FDIC deposit insurance    368     331   230  
  Net (gains) losses on other real estate and repossessed assets    119     (53)  (290) 
  Credit card and bank service fees    103     104   96  
  Merger related expenses    -     111     174  
  Other    2,239     2,030   1,574  
  Total Non-interest Expense     27,990   26,825   24,135  
  Income Before Income Tax    11,548   12,204   11,199  
Income tax expense     2,167   2,268   2,038  
  Net Income $  9,381  $  9,936  $  9,161  
Net Income Per Common Share       
  Basic $  0.40  $  0.41  $  0.43  
  Diluted $  0.39  $  0.41  $  0.42  
        

 

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES 
Selected Financial Data 
            
 March 31, December 31, September 30, June 30, March 31,  
  2019  2018  2018   2018  2018  
 (unaudited)  
 (Dollars in thousands except per share data) 
Three Months Ended           
  Net interest income$  30,243 $  30,669 $  29,697  $  28,980 $  23,936  
  Provision for loan losses   664    591    (53)    650    315  
  Non-interest income   9,959    8,951    11,836     12,315    11,713  
  Non-interest expense   27,990    26,825    26,740     29,761    24,135  
  Income before income tax   11,548    12,204    14,846     10,884    11,199  
  Income tax expense   2,167    2,268    2,921     2,067    2,038  
  Net income $  9,381 $  9,936 $  11,925  $  8,817 $  9,161  
            
  Basic earnings per share$  0.40 $  0.41 $  0.49  $  0.37 $  0.43  
  Diluted earnings per share   0.39    0.41    0.49     0.36    0.42  
  Cash dividend per share   0.18    0.15    0.15     0.15    0.15  
            
  Average shares outstanding   23,588,313    23,988,810    24,148,768     24,109,322    21,364,708  
  Average diluted shares outstanding   23,884,744    24,339,782    24,514,814     24,509,963    21,674,375  
            
  Performance Ratios           
  Return on average assets   1.13%   1.18%   1.46 %   1.12%   1.34% 
  Return on average common equity   11.14    11.43    13.83     10.57    14.04  
  Efficiency ratio (1)   69.27    67.11    63.63     71.14    66.72  
            
  As a Percent of Average Interest-Earning Assets (1)          
  Interest income   4.70%   4.66%   4.53 %   4.49%   4.15% 
  Interest expense   0.82    0.73    0.62     0.56    0.44  
  Net interest income   3.88    3.93    3.91     3.93    3.71  
            
  Average Balances           
  Loans$  2,621,871 $  2,627,614 $  2,550,302  $  2,449,056 $  2,062,847  
  Securities available for sale   446,734    433,903    442,949     470,427    500,599  
  Total earning assets   3,152,177    3,121,640    3,038,221     2,963,982    2,611,890  
  Total assets   3,357,003    3,327,002    3,247,603     3,168,196    2,776,986  
  Deposits   2,909,096    2,873,889    2,789,969     2,701,362    2,417,906  
  Interest bearing liabilities   2,115,549    2,058,720    1,986,905     1,946,287    1,724,153  
  Shareholders' equity   341,592    344,779    341,998     334,626    264,584  
            
End of Period           
  Capital           
  Tangible common equity ratio   9.26%   9.17%   9.51 %   9.41%   9.54%
  Average equity to average assets   10.18    10.36    10.53     10.56    9.53  
  Tangible common equity per share            
  of common stock$  13.17 $  12.90 $  12.84  $  12.47 $  12.46  
  Total shares outstanding   23,560,179    23,579,725    24,150,341     24,143,044    21,374,816  
            
  Selected Balances           
  Loans$  2,618,795 $  2,582,520 $  2,562,578  $  2,467,317 $  2,071,435  
  Securities available for sale   461,531    427,926    436,957     450,593    489,119  
  Total earning assets   3,180,655    3,162,911    3,078,083     3,023,454    2,625,534  
  Total assets   3,383,606    3,353,281    3,297,124     3,234,522    2,793,119  
  Deposits   2,934,225    2,913,428    2,798,643     2,780,516    2,430,401  
  Interest bearing liabilities   2,141,083    2,098,967    2,036,770     1,988,495    1,719,771  
  Shareholders' equity   344,726    338,994    345,204     337,083    267,917  
            
(1)  Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.      


Reconciliation of Non-GAAP Financial Measures

Independent Bank Corporation

Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

 Reconciliation of Non-GAAP Financial Measures     
 Three Months Ended 
 March 31, 
  2019   2018  
 (Dollars in thousands) 
 Net Interest Margin, Fully Taxable     
  Equivalent ("FTE")     
     
Net interest income$  30,243  $  23,936  
  Add:  taxable equivalent adjustment    117     128  
Net interest income - taxable equivalent$  30,360  $  24,064  
Net interest margin (GAAP) (1) 3.86%  3.69% 
Net interest margin (FTE) (1) 3.88%  3.71% 
 
(1) Annualized. 

 

  
Tangible Common Equity Ratio          
 March 31, December 31, September 30, June 30, March 31, 
  2019   2018   2018   2018   2018  
 (Dollars in thousands) 
Common shareholders' equity$  344,726  $  338,994  $  345,204  $  337,083  $  267,917  
Less:          
  Goodwill   28,300     28,300     28,300     29,012     -  
  Other intangibles   6,143   6,415   6,709   7,004   1,500  
Tangible common equity$  310,283  $  304,279  $  310,195  $  301,067  $  266,417  
           
Total assets$  3,383,606  $  3,353,281  $  3,297,124  $  3,234,522  $  2,793,119  
Less:          
  Goodwill   28,300     28,300     28,300     29,012     -   
  Other intangibles   6,143     6,415     6,709     7,004     1,500  
Tangible assets$  3,349,163  $  3,318,566  $  3,262,115  $  3,198,506  $  2,791,619  
           
Common equity ratio 10.19%  10.11%  10.47%  10.42%  9.59% 
Tangible common equity ratio 9.26%  9.17%  9.51%  9.41%  9.54% 
           
 Tangible Common Equity per Share of Common Stock:  
 
Common shareholders' equity$  344,726  $  338,994  $  345,204  $  337,083  $  267,917  
Tangible common equity$  310,283  $  304,279  $  310,195  $  301,067  $  266,417  
Shares of common stock 
  outstanding (in thousands) 23,560   23,580   24,150   24,143   21,375  
 
Common shareholders' equity per share 
  of common stock$  14.63  $  14.38  $  14.29  $  13.96  $  12.53  
Tangible common equity per share  
  of common stock$  13.17  $  12.90  $  12.84  $  12.47  $  12.46  
 


The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

Contact:               
William B. Kessel, President and CEO, 616.447.3933
Robert N. Shuster, Chief Financial Officer, 616.522.1765      

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Source: Independent Bank Corporation