Independent Bank Corporation (NASDAQ:IBCP) Q1 2022 Earnings Conference Call April 26, 2022 11:00 AM ET Company Participants Brad Kessel - President & CEO Gavin Mohr - EVP & CFO Joel Rahn - EVP, Commercial Banking Conference Call Participants Brendan Nosal - Piper Sandler Manuel Navas - D.A. Davidson Bryce Rowe - Hovde Group Operator Hello ladies and gentlemen thank you for joining and being present in the Independent Bank Corporation Q1 2022 Earnings Conference Call. My name is Irene and I will be coordinat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of Registrant as specified in its charter) Michigan 38-2032782 (State or other jurisdiction of incorpor ...

Independent Bank Corporation (IBCP) Earnings Call Fourth Quarter 2021 January 27, 2022 Be Independent > Cautionary note regarding forward-looking statements This presentation contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These fo ...

Independent Bank Corporation (NASDAQ:IBCP) Q4 2021 Earnings Conference Call January 27, 2022 11:00 AM ET Company Participants Brad Kessel - President and CEO Gavin Mohr - EVP and CFO Joel Rahn - EVP, Commercial Banking Conference Call Participants Brendan Nosal - Piper Sandler Damon DelMonte - KBW Russell Gunther - D.A. Davidson Daniel Cardenas - Boenning & Scattergood Operator Good morning, and welcome to the Independent Bank Corporation Reports 2021 Fourth Quarter and Full Year Result Conference Call. All ...

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, 2021 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 ...

Independent Bank Corporation (NASDAQ:IBCP) Q3 2021 Results Conference Call October 26, 2021 11:00 AM ET Company Participants Brad Kessel - President and Chief Executive Officer Gavin Mohr - Executive Vice President and Chief Financial Officer Joel Rahn - Executive Vice President, Commercial Banking Conference Call Participants Brendan Nosal - Piper Sandler Matt Rank - KBW Russell Gunther - D.A. Davidson Operator Good morning, and welcome to the Independent Bank Corporation Third Quarter 2021 Earnings Confer ...

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 June 30, 2021 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 executive ...

Independent Bank Corporation (NASDAQ:IBCP) Q2 2021 Earnings Conference Call July 29, 2021 12:00 PM ET Company Participants Brad Kessel - President and Chief Executive Officer Gavin Mohr - Executive Vice President and Chief Financial Officer Joel Rahn - Executive Vice President, Commercial Banking Conference Call Participants Brendan Nosal - Piper Sandler Damon DelMonte - KBW Russell Gunther - D.A. Davidson Operator Good day and welcome to the Independent Bank Corporation Second Quarter Earnings Conference C ...

Independent Bank Corporation (IBCP) Earnings Call Second Quarter 2021 July 29, 2021 Be Independent Cautionary note regarding forward-looking statements This presentation contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward ...

Financial Performance - Net income for the first quarter of 2021 was $22.0 million, a significant increase from $4.8 million in the same period of 2020[220] - Net interest income totaled $30.3 million in Q1 2021, reflecting a slight increase of $0.1 million or 0.3% from the previous year[223] - Non-interest income surged to $26.4 million in Q1 2021, compared to $11.0 million in Q1 2020, driven by net gains on mortgage loan sales[233] - The provision for credit losses was a credit of $0.5 million in Q1 2021, a substantial improvement from an expense of $6.7 million in Q1 2020[232] - Non-interest expense rose to $30.0 million in Q1 2021, up by $1.3 million compared to Q1 2020[247] - Income tax expense was $5.1 million in Q1 2021, compared to $1.0 million in Q1 2020[262] Asset and Loan Growth - Average interest-earning assets increased by $697.0 million, primarily due to a substantial rise in deposits[224] - Total assets increased by $222.4 million during Q1 2021, with loans (excluding loans held for sale) reaching $2.78 billion[266] - Total loans increased from $2,733,678 thousand on December 31, 2020, to $2,784,224 thousand on March 31, 2021, representing a growth of approximately 1.9%[281] - Mortgage loans originated increased to $509,003 thousand in Q1 2021 from $311,078 thousand in Q1 2020, reflecting a growth of 63.7%[237] - Mortgage loans sold rose to $377,418 thousand in Q1 2021 compared to $262,260 thousand in Q1 2020, marking a 43.9% increase[237] Credit Quality and Risk Management - Non-accrual loans averaged $7.6 million in Q1 2021, a decrease from $11.1 million in Q1 2020[226] - Non-performing loans decreased from $7,873 thousand on December 31, 2020, to $7,089 thousand on March 31, 2021, a reduction of about 10%[283] - The allowance for credit losses (ACL) as a percentage of non-performing loans increased from 450.01% on December 31, 2020, to 659.54% on March 31, 2021, indicating a more conservative approach to credit risk management[283] - The company may need to increase its allowance for credit losses due to potential increases in loan delinquencies and defaults related to COVID-19[347] - The ongoing COVID-19 pandemic has resulted in significant disruptions and increased economic uncertainty, potentially leading to increases in loan delinquencies and credit losses[345] Deposits and Funding - Deposits totaled $3.86 billion at March 31, 2021, an increase of $221.2 million from December 31, 2020[266] - Total deposits increased to $3.86 billion at March 31, 2021, up from $3.64 billion at December 31, 2020, primarily due to growth in non-interest bearing deposits and savings[300] - Reciprocal deposits rose to $608.7 million at March 31, 2021, compared to $556.2 million at December 31, 2020, driven by an automated sweep product introduced in mid-2018[300] - The use of wholesale funding sources amounted to approximately $641.6 million, or 16.5% of total funding, as of March 31, 2021[303] Shareholder Equity and Dividends - Common shareholders' equity decreased to $387.3 million at March 31, 2021, from $389.5 million at December 31, 2020, mainly due to a $10.3 million reduction related to CECL adoption[317] - The quarterly cash dividend on common stock was $0.21 per share in Q1 2021, compared to $0.20 per share in Q1 2020, with a target payout ratio between 30% and 50% of net income[320] - The company repurchased 180,667 shares at a weighted average price of $19.93 per share during the first three months of 2021, as part of a plan to buy back up to 1,100,000 shares[319] Interest Rate Risk - A 200 basis point rise in interest rates would result in a market value of portfolio equity increase to $526,600 thousand, representing a 1.37% change, and a net interest income increase to $134,700 thousand, representing a 4.66% change[326] - A 100 basis point decline in interest rates would lead to a market value of portfolio equity decrease to $460,200 thousand, representing an 11.41% change, and a net interest income decrease to $122,800 thousand, representing a 4.58% change[326] - The company has established parameters for interest-rate risk and regularly monitors this risk, reporting at least quarterly to the board of directors[323] COVID-19 Impact and Response - The ongoing COVID-19 pandemic has resulted in significant disruptions and increased economic uncertainty, potentially affecting the company's financial condition[345] - The company has modified business practices due to COVID-19, with approximately 38% of employees working remotely[349] - The company initiated forbearance programs for retail and commercial customers, with a total of 143 loans amounting to $15,800 thousand under COVID-19 accommodations as of March 31, 2021[280] - The company is participating in the PPP, which has undergone multiple funding rounds totaling $349 billion initially and an additional $594 billion in subsequent legislation[351] Share Issuance and Repurchase - During the first quarter of 2021, the company issued 374 shares of common stock to non-employee directors and 4,692 shares to a trust for deferred distribution, representing aggregate fees of $0.09 million[357] - The company repurchased a total of 263,087 shares of common stock at an average price of $20.02 per share during the three months ended March 31, 2021[358] - The company has authorized 1,100,000 shares for repurchase under its publicly announced plan, with 919,333 shares remaining as of March 31, 2021[358]