---
schema_version: "secwatch.filing_event.v1"
accession: "0000039311-23-000055"
form_type: "8-K"
ticker: "IBCP"
cik: "0000039311"
company_name: "INDEPENDENT BANK CORP /MI/"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T09:44:07.813647+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Independent Bank Q1 net income $13.0M ($0.61 EPS) vs $18.0M ($0.84) YoY; net interest margin 3.33%

## Summary
- Net interest income $38.4M, up 16.5% YoY, but down 5.3% from Q4 2022; net interest margin 3.33%.
- Core deposit growth $93M (9.1% annualized); total deposits up $165.7M; loans grew $44.5M (5.2% annualized).
- Provision for credit losses on loans was a credit of $0.8M; $3.0M provision on HTM securities due to defaulted sub debt.
- Non-interest income fell to $10.6M from $18.9M YoY primarily due to mortgage servicing fair value changes.
- Tangible book value per share $15.94, up $0.90 from Q4 2022; regulatory capital ratios exceed well-capitalized minimums.

## SEC filing metadata
- accession: 0000039311-23-000055
- form_type: 8-K
- ticker: IBCP
- cik: 0000039311
- company_name: INDEPENDENT BANK CORP /MI/
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39311/000003931123000055/0000039311-23-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39311/000003931123000055/ibcp-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000039311-23-000055
- JSON: https://secwatch.observer/filing/0000039311-23-000055.json
- Plain text: https://secwatch.observer/filing/0000039311-23-000055.txt

## Key facts
- Earnings Releases
  INDEPENDENT BANK CORP /MI/ reported the quarter ended March 31, 2023 results: net income $13.0 million, EPS $0.61 per diluted share.
  - Period: the quarter ended March 31, 2023
  - Net income: $13.0 million
  - EPS: $0.61 per diluted share
  - Result: reported results
  source text: Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2023 net income of $13.0 million, or $0.61 per diluted share, versus net income of $18.0 million, or $0.84 per diluted share, in the prior-year period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/39311/000003931123000055/0000039311-23-000055-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.