secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2023-10-24T23:59:59+00:00
Accession:  0000039311-23-000088
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Corp Q3 net income $17.5M ($0.83 EPS); loan growth 12.1% annualized
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- Q3 2023 net income $17.5M ($0.83 diluted EPS) vs $17.3M ($0.81) a year ago; nine-month EPS $2.14 vs $2.27.
- Net interest income $39.4M, up 2.8% linked quarter but down 1.2% YoY; net interest margin 3.25% vs 3.49% YoY.
- Loans grew $110.4M (12.1% annualized) and core deposits $112.6M (10.5% annualized) from June 30, 2023.
- Total assets $5.20B, up $200M from Dec 2022; shareholders' equity $375M (7.21% of assets).
- Provision for credit losses on loans $1.4M expense vs $3.1M a year ago; non-performing loans 0.13% of portfolio.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931123000088/0000039311-23-000088-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931123000088/ibcp-20231024.htm
  HTML page:      https://secwatch.observer/filing/0000039311-23-000088

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