Independent Bank Corporation (NASDAQ: IBCP) reported financial results for the quarter ended September 30, 2026. The company announced net income of $17.9 million, or $0.80 per diluted share, for the third quarter of 2026. This figure compares to net income of $17.5 million, or $0.84 per diluted share, in the prior-year period.
The company reported a net interest margin of 3.79% for the third quarter, a 12 basis point increase from the prior quarter. On a fully tax-equivalent basis, the net interest margin was 3.82%. Net interest income increased to $55.3 million for the quarter, a $7.4 million increase from the prior quarter and a $9.9 million increase from the year-ago period.
A significant factor in the quarter was the acquisition of Highpoint Community Bank, completed on July 1, 2026. The company noted that organic loan growth, excluding the acquired portfolio, was $116.6 million, or 10.5% annualized. Total deposits grew by $115.8 million, or 9.4% annualized, excluding the acquired deposits. Total assets stood at $6.26 billion at September 30, 2026, an increase of $599.8 million from the prior quarter.
Asset quality metrics showed an increase in non-performing loans to $39.2 million, or 0.80% of total portfolio loans, compared to $20.4 million, or 0.48%, in the prior year. The provision for credit losses was $4.81 million for the quarter. The company also noted that it repurchased 119,425 shares of common stock during the nine-month period ended September 30, 2026, for an aggregate purchase price of $4.2 million.
