secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0000039311-24-000069
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Q2 net income $18.5M, EPS $0.88 (+25.7% YoY); net interest margin expands to 3.40%
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- Net income of $18.5M ($0.88 diluted EPS) vs $14.8M ($0.70) in Q2 2023, up 25.3% and 25.7% respectively.
- Net interest income $41.3M (+7.8% YoY); net interest margin 3.40% vs 3.24% year-ago and 3.30% linked-quarter.
- Core deposits grew $53.3M (4.8% annualized) from March 31; loans grew $11.9M (1.2% annualized).
- Non-interest income included $2.7M gain on Visa B-1 stock exchange; provision for credit losses nearly zero ($0.02M).
- Tangible book value per share rose 16.5% YoY to $19.16; non-performing loans just 0.12% of portfolio.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000069/0000039311-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000069/ibcp-20240725.htm
  HTML page:      https://secwatch.observer/filing/0000039311-24-000069

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