secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000039311-24-000052
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IBCP Q1 2024: EPS $0.76 (+24.6% YoY), loan growth 5.3% annualized, NIM 3.30%
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- Net income $16.0M ($0.76 diluted EPS), up 24.6% YoY from $0.61.
- Net interest income $40.2M, NIM 3.30% (up from 3.26% linked quarter).
- Core deposits grew $95.7M (9.0% annualized) and loans grew $49.1M (5.3% annualized) from Dec 31, 2023.
- Non-performing loans at 0.10% of portfolio; allowance for credit losses 1.47%.
- Tangible book value per share $18.44, up 15.7% YoY.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000052/0000039311-24-000052-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000052/ibcp-20240425.htm
  HTML page:      https://secwatch.observer/filing/0000039311-24-000052

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