secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2023-04-27T23:59:59+00:00
Accession:  0000039311-23-000055
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931123000055/0000039311-23-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931123000055/ibcp-20230427.htm
  HTML page:      https://secwatch.observer/filing/0000039311-23-000055

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