secwatch.observer — SEC 8-K summary
======================================

Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0000039311-24-000013
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IBCP Q4 net income $13.7M ($0.65 EPS) vs $15.1M year ago; loans up 5.2% annualized
--------------------------------------------------------------------------------

- Net interest income $40.1M, up 1.7% linked quarter; net interest margin 3.26% vs 3.52% year ago.
- Non-interest income $9.1M, driven by $2.0M mortgage gains offset by $2.4M servicing loss.
- Non-performing loans $5.23M (0.14% of loans); provision credit of $0.6M; allowance 1.44% of loans.
- Tangible book value $17.96 per share, up $1.43 from Q3; 2024 share repurchase plan up to 1.1M shares.
- Full year 2023 net income $59.1M ($2.79 EPS) vs $63.4M ($2.97 EPS) in 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000013/0000039311-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000013/ibcp-20240125.htm
  HTML page:      https://secwatch.observer/filing/0000039311-24-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer