Independent Bank Corporation Reports 2025 Third Quarter Results

About this update from Independent Bank Corporation

Third Quarter Highlights Highlights for the third quarter of 2025 include: Increase in net interest income of $0.7 million (or 1.7%) over the second quarter of 2025; Increase in tangible common equity per share of common stock of $1.06 (or 20.0% annualized) from June 30, 2025 ; Net growth in total deposits, less brokered time deposits of $148.2 million (or 13.0% annualized) from June 30, 2025 ; Net growth in loans of $33.9 million (or 3.2% annualized) from June 30, 2025 ; and The payment of a 26 cent per share dividend on common stock on August 15, 2025 . GRAND RAPIDS, Mich. , Oct. 28, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2025 net income of $17.5 million , or $0.84 per diluted share, versus net income of $13.8 million , or $0.65 per diluted share, in the prior-year period. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation , commented: “I am proud of our team’s performance and pleased to report continued positive momentum in our third quarter 2025 results. Loan balances grew at an annualized rate of 3.2%, and total deposits, less brokered time deposits increased by 13.0% (annualized). We achieved growth in net interest income both sequentially and year-over-year. Our net interest margin displayed a small decline on a linked quarter basis primarily due to the acceleration of unamortized issuance costs on subordinated debt we redeemed in the third quarter. I would characterize the NIM as stable when adjusting for this event. Expense management remains a strength, as reflected in our third-quarter efficiency ratio of 58.86%, which demonstrates the effectiveness of our recent strategic investments. These solid fundamentals supported a 10.2% year-over-year increase in tangible common equity per share and strong returns, including a return on average assets of 1.27% and a return on average equity of 14.57%. Despite market uncertainty, our credit quality remains strong, with watch credits at low levels. Non-performing assets increased from 0.16% of total assets to 0.38% of total assets on a quarter-over-quarter basis primarily as the result of one commercial relationship where the borrower is experiencing financial difficulties. Our annualized net charge-offs continue at historically low levels, four basis points through the first three quarters of 2025. The allowance for credit losses stands at 1.49% of total loans. I am optimistic we will finish 2025 strong and remain excited about our prospects to grow our customer base and earnings in 2026.” Significant items impacting comparable third quarter 2025 and 2024 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(0.6) million ( $(0.02) per diluted share, after taxes) for the three-month period ended September 30, 2025 , as compared to $(4.2) million ( $(0.16) per diluted share, after taxes) for the three-month period ended September 30, 2024 . Operating Results The Company’s net interest income totaled $45.4 million during the third quarter of 2025, an increase of $3.5 million , or 8.4% from the year-ago period, and an increase of $0.7 million , or 1.7%, from the second quarter of 2025. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.54% during the third quarter of 2025, compared to 3.37% in the year-ago period, and 3.58% in the second quarter of 2025. The year-over-year quarterly increase in net interest income was due to both an increase in average interest-earning assets and the higher net interest margin. The linked quarter increase in net interest income was due to an increase in average interest-earning assets that was partially offset by a modest decrease in net interest margin. Average interest-earning assets were $5.16 billion in the third quarter of 2025, compared to $4.99 billion in the year-ago quarter and $5.04 billion in the second quarter of 2025. Non-interest income totaled $11.9 million for the third quarter of 2025, compared to $9.5 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues. Net gains on mortgage loans in the third quarters of 2025 and 2024 were approximately $1.5 million and $2.2 million , respectively. The comparative quarterly decrease in net gains on mortgage loans was due to a decrease in both gain on sale margin on mortgage loans sold and a decrease in the volume of mortgage loans sold. Mortgage loan servicing, net, generated income (expense) of $0.1 million and $(3.1) million in the third quarters of 2025 and 2024, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025 . Capitalized mortgage loan servicing rights totaled $31.5 million and $46.8 million at September 30, 2025 and December 31, 2024 , respectively. The decline during the first nine months of 2025 was primarily attributable to the aforementioned mortgage servicing right sale. This transaction was executed in part to reduce the amount of exposure the Company had to rate variances that may impact the mortgage servicing right asset valuation in future periods. While the magnitude of fair value adjustments would also be expected to decrease, those adjustments are dependent upon factors that are harder to predict. Mortgage loan servicing, net activity is summarized in the following table: Three months ended Nine months ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 (In thousands) Mortgage loan servicing, net: Revenue, net $ 1,614 $ 2,248 $ 5,145 $ 6,681 Fair value change due to price (576 ) (4,155 ) (2,328 ) (1,979 ) Fair value change due to pay-downs (903 ) (1,223 ) (2,656 ) (3,016 ) Loss on sale of originated servicing rights $ (61 ) $ — (233 ) — Total $ 74 $ (3,130 ) $ (72 ) $ 1,686 Non-interest expenses totaled $34.1 million in the third quarter of 2025, compared to $32.6 million in the year-ago period. The Company recorded income tax expense of $3.7 million in the third quarter of 2025. This compares to an income tax expense of $3.5 million in the third quarter of 2024. The change in income tax expense principally reflects changes in pre-tax earnings in 2025 relative to 2024. Asset Quality A breakdown of non-performing loans by loan type is as follows (1): 9/30/2025 12/31/2024 9/30/2024 Loan Type (Dollars in thousands) Commercial $ 13,825 $ 54 $ 59 Mortgage 7,873 7,005 6,525 Installment 900 733 666 Sub total 22,598 7,792 7,250 Less - government guaranteed loans 2,243 1,790 2,102 Total non-performing loans $ 20,355 $ 6,002 $ 5,148 Ratio of non-performing loans to total portfolio loans 0.48 % 0.15 % 0.13 % Ratio of non-performing assets to total assets 0.38 % 0.13 % 0.11 % Ratio of allowance for credit losses to total non-performing loans 306.85 % 989.32 % 1115.85 % (1) Non performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest. The provision for credit losses was an expense of $1.99 million and $1.49 million in the third quarters of 2025 and 2024, respectively. We recorded loan net charge offs of $0.73 million and $0.31 million in the third quarters of 2025 and 2024, respectively. At September 30, 2025 , the allowance for credit losses for loans totaled $62.5 million , or 1.49% of total portfolio loans compared to $59.4 million , or 1.47% of total portfolio loans at December 31, 2024 . Balance Sheet, Capital and Liquidity Total assets were $5.49 billion at September 30, 2025 , an increase of $155.0 million from December 31, 2024 . Loans, excluding loans held for sale, were $4.20 billion at September 30, 2025 , compared to $4.04 billion at December 31, 2024 . Deposits totaled $4.86 billion at September 30, 2025 , an increase of $205.1 million from December 31, 2024 . This increase is primarily due to increases in savings and interest-bearing checking, reciprocal, time and brokered time deposits that were partially offset by decreases in non-interest bearing deposits. Cash and cash equivalents totaled $208.7 million at September 30, 2025 , versus $119.9 million at December 31, 2024 . Securities available for sale (“AFS”) totaled $502.6 million at September 30, 2025 , versus $559.2 million at December 31, 2024 . On August 31, 2025 we redeemed our $40 million floating subordinated notes. This redemption did not affect our status as well-capitalized for regulatory purposes or have a material impact on our liquidity resources. Total shareholders’ equity was $490.7 million at September 30, 2025 , or 8.93% of total assets compared to $454.7 million or 8.52% at December 31, 2024 . Tangible common equity totaled $461.3 million at September 30, 2025 , or $22.29 per share compared to $424.9 million or $20.33 per share at December 31, 2024 . The increases in shareholders’ equity as well as tangible common equity are primarily the result of earnings retention and a reduction in the accumulated other comprehensive loss. The Company’s wholly owned subsidiary, Independent Bank , remains significantly above “well capitalized” for regulatory purposes with the following ratios: Regulatory Capital Ratios 9/30/2025 12/31/2024 WellCapitalizedMinimum Tier 1 capital to average total assets 9.19 % 9.58 % 5.00 % Common equity tier 1 capital to risk-weighted assets 11.33 % 11.74 % 6.50 % Tier 1 capital to risk-weighted assets 11.33 % 11.74 % 8.00 % Total capital to risk-weighted assets 12.58 % 12.99 % 10.00 % At September 30, 2025 , in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.15 billion and $468.8 million , respectively. We also had approximately $465.9 million in fair value of unpledged securities AFS and HTM at September 30, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $437.3 million . Share Repurchase Plan On December 17, 2024 , the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2025 . During the nine month period ended September 30, 2025 , there were 266,008 shares of common stock repurchased, for an aggregate purchase price of $7.77 million . Earnings Conference Call Brad Kessel , President and CEO, Gavin Mohr , CFO and Joel Rahn , EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 28, 2025 . To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 362565). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/579402272 . A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 783472). The replay will be available through November 4, 2025 . About Independent Bank Corporation Independent Bank Corporation (NASDAQ: IBCP) is a Michigan -based bank holding company with total assets of approximately $5.5 billion . Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary ( Independent Bank ) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves. For more information, please visit our Web site at: IndependentBank.com . Forward-Looking Statements This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC , including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Condition September 30 , 2025 December 31 , 2024 (Unaudited) (In thousands, except shareamounts) Assets Cash and due from banks $ 56,378 $ 56,984 Interest bearing deposits 152,308 62,898 Cash and Cash Equivalents 208,686 119,882 Securities available for sale 502,583 559,182 Securities held to maturity (fair value of $293,242 at September 30, 2025 and $301,860 at December 31, 2024 ) 321,450 339,436 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 18,102 16,099 Loans held for sale, carried at fair value 11,654 7,643 Loans Commercial 2,125,053 1,937,364 Mortgage 1,517,656 1,516,726 Installment 555,574 584,735 Total Loans 4,198,283 4,038,825 Allowance for credit losses (62,459 ) (59,379 ) Net Loans 4,135,824 3,979,446 Other real estate and repossessed assets, net 589 938 Property and equipment, net 38,805 37,492 Bank-owned life insurance 53,875 53,855 Capitalized mortgage loan servicing rights, carried at fair value 31,522 46,796 Other intangibles, net 1,123 1,488 Goodwill 28,300 28,300 Accrued income and other assets 140,600 147,547 Total Assets $ 5,493,113 $ 5,338,104 Liabilities and Shareholders' Equity Deposits Non-interest bearing $ 1,003,521 $ 1,013,647 Savings and interest-bearing checking 2,040,462 1,995,314 Reciprocal 981,115 907,031 Time 660,815 628,285 Brokered time 173,242 109,811 Total Deposits 4,859,155 4,654,088 Other borrowings 2,006 45,009 Subordinated debt — 39,586 Subordinated debentures 39,847 39,796 Accrued expenses and other liabilities 101,363 104,939 Total Liabilities 5,002,371 4,883,418 Shareholders’ Equity Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding — — Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,691,604 shares at September 30, 2025 and 20,895,714 shares at December 31, 2024 311,770 318,777 Retained earnings 239,602 205,853 Accumulated other comprehensive loss (60,630 ) (69,944 ) Total Shareholders’ Equity 490,742 454,686 Total Liabilities and Shareholders’ Equity $ 5,493,113 $ 5,338,104 INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30 , September 30 , September 30 , 2025 June 30, 2025 2024 2025 2024 (Unaudited) (In thousands, except per share amounts) Interest Income Interest and fees on loans $ 61,325 $ 59,535 $ 58,410 $ 178,628 $ 170,239 Interest on securities Taxable 3,660 3,796 4,502 11,492 14,466 Tax-exempt 2,767 2,773 3,404 8,310 10,195 Other investments 1,538 774 2,018 3,882 4,898 Total Interest Income 69,290 66,878 68,334 202,312 199,798 Interest Expense Deposits 21,972 20,462 24,462 63,389 70,148 Other borrowings and subordinated debt and debentures 1,957 1,801 2,018 5,262 6,253 Total Interest Expense 23,929 22,263 26,480 68,651 76,401 Net Interest Income 45,361 44,615 41,854 133,661 123,397 Provision for credit losses 1,991 1,500 1,488 4,212 2,251 Net Interest Income After Provision for Credit Losses 43,370 43,115 40,366 129,449 121,146 Non-interest Income Interchange income 4,157 3,390 4,146 10,674 10,698 Service charges on deposit accounts 3,131 2,981 3,085 8,926 8,894 Net gains (losses) on assets Mortgage loans 1,474 1,631 2,177 5,408 4,874 Equity securities at fair value — — (8 ) — 2,685 Securities available for sale (36 ) 11 (145 ) (355 ) (414 ) Mortgage loan servicing, net 74 490 (3,130 ) (72 ) 1,686 Other 3,137 2,822 3,383 9,105 8,818 Total Non-interest Income 11,937 11,325 9,508 33,686 37,241 Non-interest Expense Compensation and employee benefits 21,125 21,123 20,048 62,631 62,069 Data processing 3,784 3,847 3,379 11,360 9,891 Occupancy, net 2,127 2,046 1,893 6,396 5,853 Interchange expense 1,180 1,177 1,149 3,476 3,373 Furniture, fixtures and equipment 892 793 932 2,570 2,834 Advertising 526 833 581 2,220 1,860 Loan and collection 618 744 657 2,148 1,868 FDIC deposit insurance 615 637 664 1,963 2,141 Legal and professional 682 500 687 1,661 1,717 Communications 465 470 519 1,526 1,633 Other 2,117 1,592 2,074 6,204 4,870 Total Non-interest Expense 34,131 33,762 32,583 102,155 98,109 Income Before Income Tax 21,176 20,678 17,291 60,980 60,278 Income tax expense 3,674 3,801 3,481 11,011 11,949 Net Income $ 17,502 $ 16,877 $ 13,810 $ 49,969 $ 48,329 Net Income Per Common Share Basic $ 0.85 $ 0.81 $ 0.66 $ 2.40 $ 2.31 Diluted $ 0.84 $ 0.81 $ 0.65 $ 2.38 $ 2.29 INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data September 30 ,2025 June 30 ,2025 March 31 ,2025 December 31 ,2024 September 30 ,2024 (unaudited) (Dollars in thousands except per share data) Three Months Ended Net interest income $ 45,361 $ 44,615 $ 43,685 $ 42,851 $ 41,854 Provision for credit losses 1,991 1,500 721 2,217 1,488 Non-interest income 11,937 11,325 10,424 19,121 9,508 Non-interest expense 34,131 33,762 34,262 36,987 32,583 Income before income tax 21,176 20,678 19,126 22,768 17,291 Income tax expense 3,674 3,801 3,536 4,307 3,481 Net income $ 17,502 $ 16,877 $ 15,590 $ 18,461 $ 13,810 Basic earnings per share $ 0.85 $ 0.81 $ 0.74 $ 0.88 $ 0.66 Diluted earnings per share 0.84 0.81 0.74 0.87 0.65 Cash dividend per share 0.26 0.26 0.26 0.24 0.24 Average shares outstanding 20,702,235 20,749,925 20,943,094 20,893,820 20,896,019 Average diluted shares outstanding 20,904,857 20,945,522 21,150,550 21,122,096 21,115,273 Performance Ratios Return on average assets 1.27 % 1.27 % 1.18 % 1.39 % 1.04 % Return on average equity 14.57 14.66 13.71 16.31 12.54 Efficiency ratio (1) 58.86 59.67 62.20 59.09 62.82 As a Percent of Average Interest-Earning Assets (1) Interest income 5.38 % 5.35 % 5.28 % 5.37 % 5.48 % Interest expense 1.84 1.77 1.79 1.92 2.11 Net interest income 3.54 3.58 3.49 3.45 3.37 Average Balances Loans $ 4,201,557 $ 4,128,771 $ 4,060,941 $ 3,994,661 $ 3,909,954 Securities 826,362 846,052 883,676 912,073 933,750 Total earning assets 5,159,681 5,036,090 5,078,596 5,007,566 4,985,842 Total assets 5,451,922 5,324,959 5,378,022 5,300,368 5,275,623 Deposits 4,786,408 4,646,639 4,715,331 4,655,091 4,616,119 Interest bearing liabilities 3,862,024 3,763,477 3,799,852 3,717,483 3,689,684 Shareholders' equity 476,422 461,720 461,291 450,214 438,077 (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%. INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data (continued) September 30 , 2025 June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 (unaudited) (Dollars in thousands except per share data) End of Period Capital Tangible common equity ratio 8.44 % 8.16 % 8.26 % 8.00 % 8.08 % Tangible common equity ratio excluding accumulated other comprehensive loss 9.35 9.24 9.31 9.10 8.99 Average equity to average assets 8.74 8.67 8.58 8.49 8.30 Total capital to risk-weighted assets (2) 13.67 14.20 14.51 14.22 14.25 Tier 1 capital to risk-weighted assets (2) 12.42 12.23 12.34 12.06 12.06 Common equity tier 1 capital to risk-weighted assets (2) 11.55 11.36 11.45 11.17 11.16 Tier 1 capital to average assets (2) 10.07 10.07 9.89 9.85 9.63 Common shareholders' equity per share of common stock $ 23.72 $ 22.65 $ 22.28 $ 21.76 $ 21.65 Tangible common equity per share of common stock 22.29 21.23 20.87 20.33 20.22 Total shares outstanding 20,691,604 20,715,650 20,970,115 20,895,714 20,893,800 Selected Balances Loans $ 4,198,283 $ 4,164,367 $ 4,072,691 $ 4,038,825 $ 3,942,287 Securities 824,033 838,813 866,604 898,618 932,312 Total earning assets 5,204,380 5,105,579 5,031,975 5,024,083 4,964,784 Total assets 5,493,113 5,418,519 5,328,428 5,338,104 5,259,268 Deposits 4,859,155 4,659,359 4,633,931 4,654,088 4,626,875 Interest bearing liabilities 3,897,487 3,832,845 3,768,435 3,764,832 3,682,482 Shareholders' equity 490,742 469,250 467,277 454,686 452,369 (2) September 30, 2025 are Preliminary. Reconciliation of Non-GAAP Financial Measures Independent Bank Corporation Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital. Reconciliation of Non-GAAP Financial Measures Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 (Dollars in thousands) Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income $ 45,361 $ 41,854 $ 133,661 $ 123,397 Add: taxable equivalent adjustment 443 158 1,339 513 Net interest income - taxable equivalent $ 45,804 $ 42,012 $ 135,000 $ 123,910 Net interest margin (GAAP) (1) 3.51 % 3.35 % 3.50 % 3.34 % Net interest margin (FTE) (1) 3.54 % 3.37 % 3.54 % 3.35 % (1) Annualized. Tangible Common Equity Ratio September 30 , 2025 June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 (Dollars in thousands) Common shareholders' equity $ 490,742 $ 469,250 $ 467,277 $ 454,686 $ 452,369 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 Other intangibles, net 1,123 1,244 1,366 1,488 1,617 Tangible common equity 461,319 439,706 437,611 424,898 422,452 Addition: Accumulated other comprehensive loss for regulatory purposes 54,833 64,089 61,285 64,146 52,454 Tangible common equity excluding accumulated other comprehensive loss adjustments $ 516,152 $ 503,795 $ 498,896 $ 489,044 $ 474,906 Total assets $ 5,493,113 $ 5,418,519 $ 5,328,428 $ 5,338,104 $ 5,259,268 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 Other intangibles, net 1,123 1,244 1,366 1,488 1,617 Tangible assets 5,463,690 5,388,975 5,298,762 5,308,316 5,229,351 Addition: Net unrealized losses on available for sale securities and derivatives, net of tax 54,833 64,089 61,285 64,146 52,454 Tangible assets excluding accumulated other comprehensive loss adjustments $ 5,518,523 $ 5,453,064 $ 5,360,047 $ 5,372,462 $ 5,281,805 Common equity ratio 8.93 % 8.66 % 8.77 % 8.52 % 8.60 % Tangible common equity ratio 8.44 % 8.16 % 8.26 % 8.00 % 8.08 % Tangible common equity ratio excluding accumulated other comprehensive loss 9.35 % 9.24 % 9.31 % 9.10 % 8.99 % Tangible Common Equity per Share of Common Stock: Common shareholders' equity $ 490,742 $ 469,250 $ 467,277 $ 454,686 $ 452,369 Tangible common equity $ 461,319 $ 439,706 $ 437,611 $ 424,898 $ 422,452 Shares of common stock outstanding (in thousands) 20,692 20,716 20,970 20,896 20,894 Common shareholders' equity per share of common stock $ 23.72 $ 22.65 $ 22.28 $ 21.76 $ 21.65 Tangible common equity per share of common stock $ 22.29 $ 21.23 $ 20.87 $ 20.33 $ 20.22 The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock. Contact: William B. Kessel , President and CEO, 616.447.3933 Gavin A. Mohr , Chief Financial Officer, 616.447.3929 Source: Independent Bank Corporation

View stock analysis, news, and events for Independent Bank Corporation