secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2025-10-28T23:59:59+00:00
Accession:  0000039311-25-000098
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Q3 net income $17.5M ($0.84 EPS) vs $13.8M a year ago; loan growth 3.2% annualized
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- Q3 net income $17.5M ($0.84 diluted EPS) vs $13.8M ($0.65) in Q3 2024; net interest income up 8.4% YoY to $45.4M.
- Loans grew $33.9M (3.2% annualized) from Q2; total deposits less brokered time deposits up $148.2M (13% annualized).
- Net interest margin 3.54% vs 3.37% a year ago; NIM stable sequentially except for subordinated debt redemption impact.
- Non-performing assets increased to 0.38% of total assets from 0.16% due to one commercial relationship; net charge-offs remain low at 0.04% annualized.
- Redeemed $40M floating subordinated notes Aug 31; tangible common equity per share $22.29, up 9.6% from Dec 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000003931125000098/0000039311-25-000098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000003931125000098/ibcp-20251028.htm
  HTML page:      https://secwatch.observer/filing/0000039311-25-000098

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