secwatch.observer — SEC 8-K summary
======================================

Issuer:     INDEPENDENT BANK CORP /MI/ (IBCP)
CIK:        0000039311
Form:       8-K
Filed at:   2022-04-26T23:59:59+00:00
Accession:  0001140361-22-015854
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IBCP Q1 2022 EPS $0.84 vs $1.00 YoY; net interest income up 9% but mortgage fees plunge
--------------------------------------------------------------------------------

- Net income $18.0M ($0.84 diluted EPS) vs $22.0M ($1.00) in Q1 2021; a 16% decline.
- Net interest income rose 9% to $33.0M; net interest margin narrowed to 3.00% from 3.05%.
- Non-interest income fell 28% to $18.9M as mortgage gains dropped to $0.8M from $12.8M.
- Loan growth of $99M (13.8% annualized) and deposit growth of $88M (8.7% annualized).
- Asset quality strong: NPLs 0.17%, allowance 1.52%; provision credit of $1.6M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/39311/000114036122015854/0001140361-22-015854-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/39311/000114036122015854/brhc10036647_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-015854

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer