Third Quarter Highlights Highlights for the third quarter of 2024 include: Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; andThe payment of a 24 cent per share dividend on common stock on August 15, 2024. GRAND RA ...

GRAND RAPIDS, Mich., Sept. 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that it expects to issue its 2024 third quarter results on Thursday, October 24, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel ...

Financial Performance - Net income for Q2 2024 was $18.5 million, up from $14.8 million in Q2 2023, representing a 25% increase [222]. - Year-to-date net income for the first six months of 2024 was $34.5 million, compared to $27.8 million in the same period of 2023, reflecting a 24% increase [222]. - Non-interest income totaled $15,172 thousand in Q2 2024, slightly down from $15,417 thousand in Q2 2023, a decrease of 1.59% [237]. - The company recorded a net loss of $0.3 million on securities AFS for the first six months of 2024, compared to a net loss of $0.2 million in 2023 [242]. - The company recorded a gain of $2.677 million from the exchange of Visa Inc. Class B-1 shares for Class C shares on May 6, 2024 [262]. - Net losses from sales of securities available for sale amounted to $269,000 for the six months ended June 30, 2024 [261]. Interest Income and Assets - Net interest income for Q2 2024 totaled $41.3 million, an increase of $3.0 million or 7.8% from Q2 2023 [224]. - For the first six months of 2024, net interest income was $81.5 million, up $4.8 million or 6.2% from the same period in 2023 [225]. - Average interest-earning assets increased by $130.0 million in Q2 2024 and $171.8 million in the first six months of 2024 compared to the same periods in 2023 [224][225]. - The net interest margin increased by 16 basis points in Q2 2024 and 7 basis points in the first six months of 2024 compared to the same periods in 2023 [226]. - The net interest margin (FTE) for the six months ended June 30, 2024, was 3.35%, compared to 3.28% in the same period of 2023, an improvement of 0.07 percentage points [233]. Credit Quality - The provision for credit losses decreased to $0.76 million in 2024 from $5.48 million in 2023, a reduction of approximately 86.12% [234]. - Non-accrual loans averaged $4.0 million in Q2 2024, slightly up from $3.9 million in Q2 2023 [227]. - Non-performing loans decreased to $4.485 million as of June 30, 2024, from $5.232 million at December 31, 2023, representing 0.12% of total Portfolio Loans [267]. - The allowance for credit losses increased to $56.2 million at June 30, 2024, from $54.7 million at December 31, 2023, equating to 1.46% of total Portfolio Loans [272]. - The ACL related to specific loans increased by $0.8 million primarily due to one commercial loan addition during Q1 2024 [272]. Assets and Liabilities - Total assets increased to $5,191,385 thousand in 2024 from $5,016,748 thousand in 2023, representing a growth of approximately 3.48% [231]. - Total liabilities and shareholders' equity remained stable at $5,191,385 thousand in 2024, consistent with the previous year [231]. - Total loans increased to $3.851 billion as of June 30, 2024, up from $3.791 billion at December 31, 2023, reflecting growth in adjustable-rate mortgage loans and home equity lines of credit [266]. - Total deposits decreased to $4.61 billion at June 30, 2024, from $4.62 billion at December 31, 2023, primarily due to declines in non-interest bearing and brokered time deposits [275]. - Uninsured deposits increased to $978.1 million at June 30, 2024, representing 21.8% of total deposits, compared to $961.9 million and 22.2% at December 31, 2023 [276]. Equity and Dividends - Common shareholders' equity increased to $430.5 million at June 30, 2024, from $404.4 million at December 31, 2023, primarily due to earnings retention [291]. - The tangible common equity (TCE) ratio improved to 7.63% at June 30, 2024, compared to 7.15% at December 31, 2023 [291]. - Quarterly cash dividends on common stock increased to $0.48 per share in the first six months of 2024, up from $0.46 per share in the same period of 2023 [292]. Economic and Market Conditions - The company continues to face economic uncertainty due to global macroeconomic pressures, including inflation and geopolitical events [220]. - Interest rate risk management strategies include the use of derivative financial instruments, with $54.5 million in interest rate swaps executed in the first half of 2024 [279]. - As of June 30, 2024, a 200 basis point rise in interest rates would result in a 12.99% decrease in the value of portfolio equity, bringing it to $521,800 thousand [297]. - Net interest income would decrease by 0.35% to $173,300 thousand under a 200 basis point rise in interest rates [297]. - A 100 basis point decline in interest rates would increase the value of portfolio equity by 4.80% to $628,500 thousand [297]. Compliance and Controls - The company has contingency funding plans in place to address potential liquidity needs arising from adverse changes in financial metrics [284]. - There have been no material changes to critical accounting policies since the last annual report [302]. - The company’s disclosure controls and procedures were evaluated as effective as of June 30, 2024 [306]. - No changes in internal controls over financial reporting materially affected the company during the quarter ended June 30, 2024 [306]. - There have been no material changes to risk factors since the last annual report [308].

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today: Silvercorp Metals Inc. (SVM) : This mining company has seen the Zacks Consensus Estimate for its current year earnings increasing 10.7% over the last 60 days. Independent Bank Corporation (IBCP) : This bank holding company for Independent Bank has seen the Zacks Consensus Estimate for its current year earnings increasing 6.1% over the last 60 days. TransMedics Group, Inc. (TMDX) : This medical technology company has seen the Zacks Cons ...

Independent Bank, which belongs to the Zacks Banks - Midwest industry, posted revenues of $56.52 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 5.64%. This compares to year-ago revenues of $53.77 million. The company has topped consensus revenue estimates three times over the last four quarters. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include curren ...

Exhibit 99.1 NEWS RELEASE Independent Bank Corporation 4200 East Beltline Grand Rapids, MI 49525 616.527.5820 For Release: Immediately Contact: William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929 INDEPENDENT BANK CORPORATION REPORTS 2024 SECOND QUARTER RESULTS Second Quarter Highlights Highlights for the second quarter of 2024 include: • Increases in net income and diluted earnings per share of 25.3% and 25.7%, respectively, over second quarter of 2023; • ...

Independent Bank in Focus Bottom Line While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions ...

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, July 25, 2024. About Independent Bank Corporation Contact: William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929 GRAND RAPIDS, Mich., June 28, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a M ...

Group 1: Company Overview - Independent Bank (IBCP) is headquartered in Grand Rapids and has experienced a price change of -7.42% this year [3] - The bank is currently paying a dividend of $0.24 per share, resulting in a dividend yield of 3.99%, which is higher than the Banks - Midwest industry's yield of 3.71% and the S&P 500's yield of 1.61% [3] Group 2: Dividend Information - The current annualized dividend of Independent Bank is $0.96, reflecting a 4.3% increase from the previous year [4] - Over the past 5 years, the bank has increased its dividend 5 times, averaging an annual increase of 5.74% [4] - The current payout ratio for Independent Bank is 31%, indicating that it pays out 31% of its trailing 12-month EPS as dividends [4] Group 3: Earnings Growth - The Zacks Consensus Estimate for Independent Bank's earnings in 2024 is $2.96 per share, representing a year-over-year growth rate of 1.02% [5] Group 4: Investment Perspective - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - High-yielding stocks may struggle during periods of rising interest rates, but Independent Bank is considered a compelling investment opportunity due to its strong dividend profile [7] - The stock currently holds a Zacks Rank of 3 (Hold) [7]

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. Bottom Line Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. It's important to keep in mind that not all companies provide a quarterly pa ...