Independent Bank grows powersports portfolio in 2Q

Independent Bank’s consumer installment loans grew 37% in the second quarter, primarily driven by marine, powersports and RV loans, the company reported in its earnings call.

The Grand Rapids, Mich.-based lender experienced consumer installment loans increase by $37.6 million year over year. The lender credits the growth to increased consumer confidence, President and Chief Executive Brad Kessel said on the call.

“I think that the strong performance for us here in the second quarter is directly related to continued consumer optimism in the marketplace,” Kessel said. “A majority of that production for consumer growth came through our indirect lending desk, which focuses specifically on RV, marine and powersports.”

The “production in consumer growth” is “slightly” higher than what the lender experienced during the same time last year, Kessel added, noting that the company had to “give a little on yield to accomplish that.”

Looking ahead, Kessel expects loan growth to continue this quarter, and then decline in the fourth quarter and into 2020.

Matthew Wood

Matt Wood is the Associate Editor of PowerSports Finance, where he is responsible for covering all the latest news, trends, and innovations with powersports lenders and dealerships. Previously, Matt was a writer for Auto Finance News before switching full-time to PowerSports Finance. He is also an experienced entertainment news writer covering pop culture, movies, and TV shows. Matt received his Bachelor’s degree in Communication from Rowan University in New Jersey.

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