Financial Data and Key Metrics Changes - Independent Bank Corporation reported Q3 2024 net income of $13.8 million or $0.65 per diluted share, down from $17.5 million or $0.83 per diluted share in the prior year [3] - Overall loans increased by 9.3% annualized, while core deposits rose by 8.9% annualized [3] - Tangible book value per share grew by 22% compared to the prior year quarter [3] Business Line Data and Key Metrics Changes - Total loans increased by $90 million in Q3 2024, with commercial loans rising by $93 million and mortgage loans growing by $10 million, while installment loans declined by $12.5 million [6] - The commercial loan portfolio's yield was reported at 6.78%, with C&I lending representing 67% of the portfolio [7][8] - Non-interest income totaled $9.5 million in Q3 2024, down from $15.6 million in the year-ago quarter [13] Market Data and Key Metrics Changes - Total deposits as of September 30, 2024, were $4.6 billion, with core deposits increasing by $100 million during the quarter [4] - Retail deposits declined by $21.3 million, while business deposits increased by $16.7 million and municipal deposits rose by $105.2 million [4] Company Strategy and Development Direction - The company aims to continue organic growth through strategic investments and adding talented bankers to the team [4][17] - Focus will remain on rotating earning assets from lower-yielding investments into higher-yielding loans [18] - The company is optimistic about maintaining growth trends into 2025, supported by a robust commercial pipeline [4][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through various economic environments and deliver consistent results [17] - The outlook for loan growth remains positive, with expectations of continued demand despite potential headwinds from seasonality and economic conditions [24][25] Other Important Information - Non-interest expense totaled $32.6 million in Q3 2024, slightly up from $32 million in the year-ago quarter [14] - The effective income tax rate for Q3 2024 was 20.1%, in line with forecasts [16] Q&A Session Summary Question: Insights on mortgage gain on sale fees and future trends - Management noted stable margins but anticipated headwinds in production due to seasonality and limited supply [19] Question: Loan demand and pipelines outlook - The commercial pipeline is solid, with potential pent-up demand post-election, but current growth rates are strong [24] Question: Credit quality and reserve additions - The provision for credit losses was attributed to loan growth, with reserves remaining healthy [27] Question: Deposit costs and competition - Management believes deposit costs have peaked, with ongoing aggressive competition in the market [29] Question: Expense management and AI implementation - The company is focused on expense management and leveraging AI for operational efficiency, with no regulatory pushback reported [36]

Independent Bank (IBCP) reported $51.36 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 6.7%. EPS of $0.65 for the same period compares to $0.83 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $55.05 million, representing a surprise of -6.70%. The company delivered an EPS surprise of -14.47%, with the consensus EPS estimate being $0.76.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Independent Bank (IBCP) came out with quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -14.47%. 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 $0.88, delivering a surprise of 23.94%.Over the last four quarter ...

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 THIRD QUARTER RESULTS 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 va ...

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; • ...