Independent Bank Third Quarter 2024 Earnings: Misses Expectations

In This Article:

Independent Bank (NASDAQ:IBCP) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$49.9m (down 7.1% from 3Q 2023).

  • Net income: US$13.8m (down 21% from 3Q 2023).

  • Profit margin: 28% (down from 33% in 3Q 2023).

  • EPS: US$0.66 (down from US$0.84 in 3Q 2023).

earnings-and-revenue-history
NasdaqGS:IBCP Earnings and Revenue History October 26th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

Independent Bank Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 14%.

Looking ahead, revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 4.5% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 1 warning sign for Independent Bank you should know about.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Waiting for permission
Allow microphone access to enable voice search

Try again.