secwatch.observer — SEC 8-K summary
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Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2022-01-27T23:59:59+00:00
Accession:  0001140361-22-002833
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Independent Bank Q4 net income $12.5M ($0.58 EPS) vs $17.0M year ago; full-year EPS up 13.8%
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- Q4 2021 net income $12.5M ($0.58 diluted EPS) vs $17.0M ($0.77) in Q4 2020; full-year net income $62.9M ($2.88 EPS), up 12.0% from 2020.
- Net interest income Q4 $34.3M, +10.6% YoY; net interest margin 3.13% vs 3.12% year ago.
- Mortgage gains fell sharply: Q4 $5.6M vs $15.9M year ago; full year $35.9M vs $62.6M.
- Non-performing loans dropped to $5.1M (0.18% of loans) from $7.9M (0.29%) at Dec 2020; allowance $47.3M (1.63% of loans).
- Board authorized up to 1.1M share repurchase (~5% of outstanding) through Dec 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000114036122002833/0001140361-22-002833-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000114036122002833/brhc10033048_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-002833

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