SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) Michigan 38-2032782 (616) 527-5820 (Registrant's telephone number, including area code) NONE Former ...

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.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 investo ...

Independent Bank (IBCP) came out with quarterly earnings of $0.76 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.92%. A quarter ago, it was expected that this bank holding company would post earnings of $0.71 per share when it actually produced earnings of $0.79, delivering a surprise of 11.27%.Over the last four quarters ...

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 FIRST QUARTER RESULTS First Quarter Highlights Highlights for the first quarter of 2024 include: GRAND RAPIDS, Mich., April 25, 2024 - Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2024 net income of $ ...

GRAND RAPIDS, Mich., April 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors appointed Stephen L. Gulis, Jr. as Chairperson to the Boards of the Corporation and the Bank. Mr. Gulis succeeds Mr. Michael M. Magee who served as Chairperson of the Corporation and the Bank since January 1, 2013. Mr. Gulis became a Director of the Boards of Independent Bank Corporation and Indepen ...

GRAND RAPIDS, Mich., April 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on May 13, 2024 to shareholders of record on May 3, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total ass ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 or o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____________to_____________ Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of Registrant as specified in its charter) Michigan 38-2032782 (State or o ...

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2032782 (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 4200 East Beltline, Grand Rapids, Michigan 49525 (Address of principal exec ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported a net income of $17.5 million or $0.83 per diluted share, compared to $17.3 million or $0.81 per diluted share in the prior year period, primarily due to a decrease in the provision for credit losses and noninterest expenses, partially offset by a decrease in noninterest income and net interest income [28] - The annualized return on average assets and return on average equity were 1.34% and 18.68% respectively, down from 1.40% and 20.48% in Q3 2022 [2] Business Line Data and Key Metrics Changes - Total loans increased by $110 million in Q3 2023, with commercial lending growing by $88 million and mortgage business growing by $34 million, while the installment portfolio declined by $12 million [31] - Noninterest income totaled $15.6 million in Q3 2023, down from $16.9 million in the year-ago quarter, primarily due to lower mortgage loan sales volume [58] Market Data and Key Metrics Changes - Total deposits at September 30 were $4.6 billion, up $112.6 million or 10.5% annualized during Q3 and $206.5 million or 6.3% year-to-date [3] - The company has a loan-to-deposit ratio of 82%, indicating capacity for ongoing loan portfolio growth [29] Company Strategy and Development Direction - The company aims to rotate earning assets from lower-yielding investments into higher-yielding loans while focusing on investing in its team and leveraging technology [12] - The company is prioritizing capital allocation towards commercial banking, which is expected to yield better returns [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued demand for commercial banking services and is closely monitoring consumer behavior due to potential economic slowdowns [14] - The company anticipates lower loan growth in Q4 due to seasonality but maintains a solid pipeline of high-quality relationship opportunities [29][73] Other Important Information - The net interest margin was reported at 3.25% for Q3 2023, down from 3.49% in the prior year [10] - The company has a high level of available liquidity with $2.1 billion in secured borrowing access [29] Q&A Session Summary Question: What are the biggest opportunities to keep expenses under control? - Management indicated ongoing efforts to optimize delivery channels and improve efficiencies, including the use of teller recycle machines [75] Question: Are there any potential impacts from the UAW strike on your business? - Management noted that while the strike has not yet significantly impacted performance metrics, it could affect Tier 2 suppliers if it continues [16][23] Question: What is the target for the efficiency ratio? - The target efficiency ratio is between 12% to 15%, with ongoing evaluations based on the bank's liquidity profile [19] Question: How is the pipeline looking for the fourth quarter? - The pipeline remains solid with diverse opportunities, particularly in commercial and industrial lending [73]

Financial Performance - Net income for Q2 2023 was $148 million, or $070 per diluted share, compared to $130 million, or $061 per diluted share, in Q2 2022[11] - Pre-tax, pre-provision income was $215 million[11] - Net interest margin was stable at 326%[11] - Non-interest income totaled $154 million in 2Q'23[56] Balance Sheet & Loan Portfolio - Total loans increased 14% annualized[11] - Non-performing assets to total assets stood at 009%[11] - The loan-to-deposit ratio was 81%[11] - Total available sources of liquidity reached $22053 million[13] Deposits - Core deposits accounted for 848% of total deposits[15] - Total deposits increased by $1086 million (50% annualized) since December 31, 2022[16] - Uninsured deposits represented approximately 217% of total deposits, excluding brokered time deposits[13] Capital & Share Repurchase - The company repurchased 200,000 shares below tangible book value (TBV)[11, 56] - TCE (Tangible Common Equity) ratio increased 15 basis points from the prior quarter[11]