secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2024-10-24T23:59:59+00:00
Accession:  0000039311-24-000087
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Q3 net income $13.8M ($0.65 EPS); loan growth 9.3% annualized
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- Net income $13.8M, down 21% from $17.5M in Q3 2023; diluted EPS $0.65 vs $0.83.
- Net interest income $41.9M (+6.2% YoY); net interest margin 3.37% vs 3.23% YoY.
- Loans grew $90.4M annualized 9.3% from Q2; core deposits up $100.1M annualized 8.9%.
- Non-interest income $9.5M, down from $15.6M, driven by mortgage servicing fair value change of $(4.2)M.
- Tangible book value per share $20.22, up 22% YoY; allowance for credit losses at 1.46% of loans.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000087/0000039311-24-000087-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931124000087/ibcp-20241024.htm
  HTML page:      https://secwatch.observer/filing/0000039311-24-000087

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