secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2021-10-26T23:59:59+00:00
Accession:  0001140361-21-035387
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank reports Q3 net income $16.0M ($0.73 EPS); net interest income up 5.7% YoY
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- Net income $16.0M ($0.73 diluted EPS), down from $19.6M ($0.89) in Q3 2020; 9-month net income $50.4M ($2.30), up 28.6%.
- Net interest income $33.8M (+5.7% YoY); net interest margin 3.18% vs 3.31% a year ago.
- Net gains on mortgage loans $8.4M (Q3 2020: $20.2M); mortgage origination volume $453.8M.
- Portfolio loans grew $69.4M (9.8% annualized) to $2.88B; deposits up $374.7M (13.8% annualized) to $4.01B.
- Asset quality: non-performing loans 0.19% of portfolio; net loan recoveries $1.5M in Q3; allowance 1.62% of total loans.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000114036121035387/0001140361-21-035387-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000114036121035387/brhc10029993_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-21-035387

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