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A: 6018 US 31 North Williamsburg, MI 49690
P: 231.995.8090
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Monday - Friday 9:00 am - 5:30 pm
A: 525 N. Cleveland-Massillon Rd., Suite 101 Akron, OH 44333
P: 234.815.1501
Monday - Friday 9:00 am - 5:00 pm
A: 3025 Boardwalk Dr., Suite 260 Ann Arbor, MI 48108
P: 734.545.7124
Monday - Friday 9:00 am - 5:00 pm
A: 1004 W. Midland Road Auburn, MI 48611
P: 989.662.4403
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 655 N. Port Crescent Bad Axe, MI 48413
P: 989.269.6471
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 745 N. Euclid Ave. Bay City, MI 48706
P: 989.684.6021
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 1:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
Sunday 10:00 am - 1:00 pm
A: 623 Washington Ave. Bay City, MI 48708
P: 989.892.3511
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
A: 130 S. Bridge St. Belding, MI 48809
P: 616.794.0600
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 204 W. Capital Ave. Bellevue, MI 49021
P: 269.763.9424
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 32800 Southfield Road Beverly Hills, MI 48025
P: 248.647.5900
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 404 Perry Ave. Big Rapids, MI 49307
P: 231.796.5865
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 4140 W. Maple Road Bloomfield Hills, MI 48301
P: 248.737.4242
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 802 W. Grand River Ave. Brighton, MI 48116
P: 810.224.5880
Monday - Friday 9:00 am - 5:00 pm
A: 201 N. Mitchell St., Suite 104 Cadillac, MI 49601
P: 231.942.7156
Monday - Friday 9:00 am - 5:30 pm
A: 1111 W. Caro Road Caro, MI 48723
P: 989.673.5656
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 8:30 am - 12:00 pm
A: 323 W. Main St. Carson City, MI 48811
P: 989.584.3118
Monday - Wednesday 9:00 am - 4:30 pm
Thursday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Wednesday 9:00 am - 4:30 pm
Thursday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 6727 Main St. Caseville, MI 48725
P: 989.856.2225
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Friday 8:30 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 6241 Main St. Cass City, MI 48726
P: 989.872.2105
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 8:30 am - 12:00 pm
A: 4115 17 Mile Road Cedar Springs, MI 49319
P: 616.696.0050
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Wednesday 8:30 am - 5:00 pm
Thursday 8:30 am - 7:00 pm
Friday 8:30 am - 5:30 pm
Saturday 8:30 am - 1:00 pm
A: 129 Lansing St. Charlotte, MI 48813
P: 517.543.4994
Monday - Friday 8:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
Monday - Friday 8:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
A: 3500 W. Vienna Road Clio, MI 48420
P: 810.687.6710
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 8760 Orion Place, Suite 204 Columbus, OH 43240
P: 614.907.7243
Monday - Friday 9:00 am - 5:00 pm
A: 7389 Croton Hardy Dr. Newaygo, MI 49337
A: 16030 Michigan Ave., Suite 210 Dearborn, MI 48126
P: 313.446.8670
Monday - Friday 9:00 am - 5:00 pm
A: 1380 W. Lake Lansing Road East Lansing, MI 48823
P: 517.203.3800
Monday - Thursday 9:00 am - 6:00 pm
Friday 9:00 am - 7:00 pm
Saturday 9:00 am - 2:00 pm
Monday - Thursday 9:00 am - 6:00 pm
Friday 9:00 am - 7:00 pm
Saturday 9:00 am - 2:00 pm
A: 2900 West Road East Lansing, MI 48823
P: 517.324.7400
Monday - Friday 9:00 am - 5:00 pm
A: 2461 S. Michigan Road Eaton Rapids, MI 48827
P: 517.663.4108
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 1615 W. Center Ave. Essexville, MI 48732
P: 989.893.4563
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:00 am - 5:00 pm
Friday 8:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
Sunday 10:00 am - 1:00 pm
A: 32900 Middlebelt Road Farmington Hills, MI 48334
P: 248.539.4600
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 6750 Cascade Road SE Grand Rapids, MI 49546
P: 616.949.2189
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 77 Monroe Center Ave. NW, Suite 1200 Grand Rapids, MI 49503
P: 616.458.7045
Monday - Friday 8:30 am - 5:00 pm
A: 3800 Alpine Ave. NW Comstock Park, MI 49321
P: 616.784.6654
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: Beltline 4200 E. Beltline Grand Rapids, MI 49525
P: 616.363.1207
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 77 Monroe Center NW Grand Rapids, MI 49503
P: 616.458.7045
Monday - Friday 9:00 am - 5:00 pm
A: 3090 Plainfield NE Grand Rapids, MI 49505
P: 616.447.0900
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Wednesday 9:00 am - 5:00 pm
Thursday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 4525 Lake Michigan Dr. Walker, MI 49534
P: 616.735.2293
Monday - Thursday 9:00 am - 6:00 pm
Friday 9:00 am - 7:00 pm
Saturday 9:00 am - 2:00 pm
Monday - Thursday 9:00 am - 6:00 pm
Friday 9:00 am - 7:00 pm
Saturday 9:00 am - 2:00 pm
A: 20902 Mack Ave., Suite 210 Grosse Pointe Woods, MI 48236
P: 313.626.2626
Monday - Friday 9:00 am - 5:00 pm
A: 720 W. Shaw Howard City, MI 49329
P: 231.937.4374
Monday - Thursday 9:00 am - 4:00 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 230 W. Main St. Ionia, MI 48846
P: 616.527.2400
Monday - Friday 9:00 am - 4:30 pm
A: 450 S. Dexter St. Ionia, MI 48846
P: 616.527.7500
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Friday 8:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 2551 S. State St. Ionia, MI 48846
P: 616.527.6760
Monday - Friday 9:30 am - 5:30 pm
Saturday 9:30 am - 2:00 pm
Monday - Friday 9:30 am - 6:00 pm
Saturday 9:30 am - 2:00 pm
A: 1090 N. 10th St., Suite 210 Kalamazoo, MI 49009
P: 269.569.7237
Monday - Friday 8:00 am - 5:00 pm
A: 5854 State St. Kingston, MI 48741
A: 1985 W. Genesee St. Lapeer, MI 48446
P: 810.245.8908
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 8:30 am - 1:00 pm
A: 144 S. Main St. Leslie, MI 49251
P: 517.589.8222
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 37601 W. Five Mile Road Livonia, MI 48154
P: 734.591.4400
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 2593 S. Van Dyke Marlette, MI 48453
P: 989.635.3541
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 8:30 am - 12:00 pm
A: 190 W. Kipp Road Mason, MI 48854
P: 517.244.9361
Monday - Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 2:00 pm
Monday - Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 2:00 pm
A: 409 Ashman St. Midland, MI 48640
P: 989.486.6215
By appointment only
A: 319 E. Broadway Mt. Pleasant, MI 48858
P: 989.772.9405
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 300 E. Preston Mt. Pleasant, MI 48858
A: 202 W. Broomfield St. Mt. Pleasant, MI 48858
A: 400 E. Ojibwa Mt. Pleasant, MI 48858
A: 1801 S. Mission St. Mt. Pleasant, MI 48858
A: 103 E. Preston St. Mt. Pleasant, MI 48858
P: 989.774.1078
Monday - Friday 9:00 am - 5:00 pm
A: 3251 Henry St. Muskegon, MI 49441
P: 231.830.3999
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 41 N. State Rd. Newaygo, MI 49337
P: 231.652.1665
Monday - Thursday 9:00 am - 4:00 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 5:30 pm
Saturday 8:30 am - 12:00 pm
A: 199 W. River Valley Newaygo, MI 49337
A: 4046 Huron St. North Branch, MI 48461
P: 810.688.3051
Monday - Thursday 9:00 am - 4:00 pm
Friday 9:00 am - 5:00 pm
A: 3765 Huron St. North Branch, MI 48461
P: 810.688.4727
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 8:30 am - 1:00 pm
A: 2119 Hamilton Road Okemos, MI 48864
P: 517.381.0817
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
A: 112 S. Main St. Olivet, MI 49076
P: 269.749.2231
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 75 S. Main St. Pigeon, MI 48755
P: 989.453.2900
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 408 Mable St. Pinconning, MI 48650
P: 989.879.2747
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 11628 Bunkerhill Road Pleasant Lake, MI 49272
P: 517.769.2200
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 1601 Grand River Ave. Portland, MI 48875
P: 517.647.7547
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 5:30 pm
Saturday 8:30 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 5:30 pm
Saturday 8:30 am - 12:00 pm
A: 320 Vermontville Highway Potterville, MI 48876
P: 517.645.7607
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 348 Main St. Rives Junction, MI 49277
A: 78 S. Main St. Rockford, MI 49341
P: 616.866.4471
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 1:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 5:30 pm
Saturday 8:30 am - 1:00 pm
A: 1445 N. Center Road Saginaw, MI 48638
P: 989.799.1673
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:30 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
A: 5500 Dixie Highway Saginaw, MI 48601
P: 989.777.1661
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm Saturday 9:00 am - 1:00 pm
A: 4850 Bay Road Saginaw, MI 48604
P: 989.799.0070
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 6:00 pm
Friday 9:00 am - 7:00 pm
Saturday 9:00 am - 2:00 pm
Sunday 10:00 am - 1:00 pm
A: 3601 State St. Saginaw, MI 48602
P: 989.799.0720
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 1:00 pm
A: 7400 Bay Road University Center, MI 48710
P: 989.797.4634
Monday - Friday 9:00 am - 5:00 pm
A: 7400 Bay Road University Center, MI 48710
A: 7400 Bay Road University Center, MI 48710
A: 5580 State St., Suite 5 Saginaw, MI 48603
P: 989.799.3159
Monday - Friday 8:00 am - 5:00 pm
A: 5 Third St. SE Sand Lake, MI 49343
P: 616.636.8881
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Friday 8:30 am - 5:00 pm
Saturday 8:30 am - 12:00 pm
A: 29 Church Street Saranac, MI 48881
P: 616.642.9406
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 8880 Unionville Road Sebewaing, MI 48759
P: 989.883.3310
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 49785 Van Dyke Ave. Shelby Township, MI 48317
P: 586.731.6130
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 525 S. State St. Sparta, MI 49345
P: 616.887.8277
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 209 S. Main St. Standish, MI 48658
P: 989.846.4595
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Thursday 8:30 am - 5:00 pm
Friday 8:30 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
A: 93 W. Fourth St., Suite D Suttons Bay, MI 49682
P: 231.995.5565
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
A: 4011 Eastern Sky Dr. Traverse City, MI 49684
P: 231.995.5540
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Monday - Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm
A: 333 W. Grandview Parkway Traverse City, MI 49684
P: 231.995.5508
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
A: 1239 S. Garfield Traverse City, MI 49684
P: 231.995.5575
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Monday - Friday 9:00 am - 5:30 pm
A: 201 W. Big Beaver Road Troy, MI 48084
P: 248.689.1200
Monday - Friday 9:00 am - 4:30 pm
Monday - Friday 9:00 am - 5:00 pm
A: 5950 Rochester Road Troy, MI 48085
P: 248.828.3737
Monday - Thursday 9:00 am - 4:30 pm
Friday 9:00 am - 5:00 pm
Monday - Friday 9:00 am - 5:00 pm
Saturday 9:00 am - 12:00 pm
A: 201 W. Big Beaver Rd., Suite 201 Troy, MI 48084
P: 248.918.5690
Monday - Friday 9:00 am - 5:00 pm
A: 6586 Center St. Unionville, MI 48767
A: 194 Main St. Vermontville, MI 49096
A: 1075 Wilcox Ave. White Cloud, MI 49349
P: 231.689.6608
Monday - Friday 9:00 am - 4:00 pm
Monday - Thursday 8:30 am - 4:30 pm
Friday 8:30 am - 5:00 pm
Saturday 8:30 am - 12:00 pm
A: 1245 E. Grand River Road Williamston, MI 48895
P: 517.655.2168
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 6:00 pm
Saturday 9:00 am - 12:00 pm
GRAND RAPIDS, Mich., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2018 net income of $9.9 million, or $0.41 per diluted share, versus net income of $1.7 million, or $0.08 per diluted share, in the prior-year period. For the year ended Dec. 31, 2018, the Company reported net income of $39.8 million, or $1.68 per diluted share. This compares to net income of $20.5 million, or $0.95 per diluted share, in 2017. The increase in fourth quarter earnings as compared to 2017, primarily reflects an increase in net interest income and a decrease in income tax expense that were partially offset by a decrease in non-interest income and by increases in the provision for loan losses and in non-interest expense. The increase in full year 2018 earnings as compared to 2017, primarily reflects increases in net interest income and in non-interest income and a decrease in income tax expense that were partially offset by increases in the provision for loan losses and in non-interest expense.
Significant items impacting comparable fourth quarter and full year 2018 and 2017 results include the following:
The fourth quarter of 2018 was highlighted by:
The Company’s full year 2018 results were highlighted by:
William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are very pleased with our fourth quarter and full year 2018 results. For the fourth quarter of 2018, our return on average assets and return on average equity were 1.18% and 11.43%, respectively. If you exclude the after tax impact of the negative MSR Change, these ratios improve to 1.41% and 13.61%, respectively. For the full year of 2018, our return on average assets and return on average equity were 1.27% and 12.38%, respectively. The favorable impact of the TCSB Acquisition, combined with strong loan origination activity, led to meaningful loan growth and increased net interest income. Net income and diluted earnings per share increased significantly in 2018 due to greater operating leverage and efficiency as well as a reduced corporate income tax rate. Reflecting our success and our optimism about the future, we recently announced a 20% increase in our quarterly common stock cash dividend to 18 cents per share, to be paid on Feb 15, 2019.”
Operating Results
The Company’s net interest income totaled $30.7 million during the fourth quarter of 2018, an increase of $7.4 million, or 31.5% from the year-ago period, and an increase of $1.0 million, or 3.3%, from the third quarter of 2018. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.93% during the fourth quarter of 2018, compared to 3.65% in the year-ago quarter and 3.91% in the third quarter of 2018. The year-over-year quarterly increase in net interest income is due to the increase in the net interest margin as well as an increase in average interest-earning assets. Average interest-earning assets were $3.12 billion in the fourth quarter of 2018 compared to $2.57 billion in the year-ago quarter and $3.04 billion in the third quarter of 2018. Fourth quarter 2018 interest income on loans includes $0.42 million of accretion of the discount recorded on the TCSB loans acquired in the Merger. The total discount initially recorded on the TCSB loans acquired in the Merger was $6.5 million (or approximately 2.2% of the total TCSB loans acquired in the Merger).
For the full-year of 2018, net interest income totaled $113.3 million, an increase of $24.1 million, or 27.0% from 2017. This increase is due to increases in the net interest margin and average interest-earning assets. The Company’s net interest margin for all of 2018 increased to 3.88% compared to 3.65% in 2017. Full year 2018 interest income on loans includes $1.66 million of accretion of the discount recorded on the TCSB loans acquired in the Merger. Average interest-earning assets totaled $2.94 billion in 2018 compared to $2.47 billion in 2017.
Non-interest income totaled $9.0 million and $44.8 million, respectively, for the fourth quarter and full year of 2018, compared to $11.4 million and $42.5 million in the respective comparable year ago periods. These variances were primarily due to changes in interchange income and in mortgage banking related revenues (net gains on mortgage loans and mortgage loan servicing, net), as described below.
The Company adopted Financial Accounting Standards Board Accounting Standards Update 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) on Jan. 1, 2018, using the modified retrospective approach. Although ASU 2014-09 did not have any impact on Jan. 1, 2018 shareholders’ equity or 2018 net income, it did result in some classification changes in non-interest income and non-interest expense as compared to the prior year period. Specifically, in the fourth quarter and full year of 2018, interchange income and interchange expense each increased by $0.4 million and $1.5 million, respectively, due to classification changes under ASU 2014-09.
Net gains on mortgage loans were $2.0 million in the fourth quarter of 2018, compared to $2.9 million in the year-ago quarter. For the full year of 2018, net gains on mortgage loans totaled $10.6 million compared to $11.8 million in 2017. An increase in mortgage loan sales volume in 2018 was more than offset by margin compression (due principally to competitive factors) and a loss recorded on a portfolio mortgage loan sale as described above.
Mortgage loan servicing generated a loss of $1.5 million and income of $1.0 million in the fourth quarters of 2018 and 2017, respectively. For all of 2018, mortgage loan servicing generated income of $3.2 million as compared to income of $1.6 million in 2017. This activity is summarized in the following table:
Three Months Ended | Year Ended | |||||||||||||||
12/31/2018 | 12/31/2017 | 12/31/2018 | 12/31/2017 | |||||||||||||
Mortgage loan servicing: | (Dollars in thousands) | |||||||||||||||
Revenue, net | $ | 1,506 | $ | 1,138 | $ | 5,480 | $ | 4,391 | ||||||||
Fair value change due to price | (2,395 | ) | 356 | 191 | (719 | ) | ||||||||||
Fair value change due to pay-downs | (622 | ) | (515 | ) | (2,514 | ) | (2,025 | ) | ||||||||
Total | $ | (1,511 | ) | $ | 979 | $ | 3,157 | $ | 1,647 | |||||||
Capitalized mortgage loan servicing rights totaled $21.4 million at Dec. 31, 2018 compared to $15.7 million at Dec. 31, 2017. As of Dec. 31, 2018, the Company serviced approximately $2.33 billion in mortgage loans for others on which servicing rights have been capitalized.
Non-interest expenses totaled $26.8 million in the fourth quarter of 2018, compared to $23.1 million in the year-ago period. For the full year of 2018, non-interest expenses totaled $107.5 million versus $92.1 million in 2017. These year-over-year increases in non-interest expense are primarily due to the TCSB Acquisition (including the aforementioned Merger related expenses) as well as higher performance based compensation and health insurance costs.
The Company recorded an income tax expense of $2.3 million and $9.3 million in the fourth quarter and full-year of 2018, respectively. This compares to an income tax expense of $9.5 million and $18.0 million in the fourth quarter and full-year of 2017, respectively. The decline in income tax expense is primarily due to a reduction in the statutory federal corporate income tax rate to 21% (from 35%) that became effective on Jan. 1, 2018, which was partially offset by an increase in income before income tax. In addition, the fourth quarter and full year 2017 income tax expense was increased by $6.0 million due to the DTA remeasurement as described above.
Asset Quality
Commenting on asset quality, President and CEO Kessel added: “Non-performing loans and assets as well as loan net charge-offs remain at low levels. In addition, thirty- to eighty-nine day delinquency rates at Dec. 31, 2018 were 0.03% for commercial loans and 0.29% for mortgage and consumer loans. These early stage delinquency rates continue to be well-managed.”
A breakdown of non-performing loans (1) by loan type is as follows:
Loan Type | 12/31/2018 | 12/31/2017 | 12/31/2016 | |||||
(Dollars in Thousands) | ||||||||
Commercial | $ | 2,220 | $ | 646 | $ | 5,163 | ||
Consumer/installment | 781 | 543 | 907 | |||||
Mortgage | 6,033 | 6,995 | 7,294 | |||||
Total | $ | 9,034 | $ | 8,184 | $ | 13,364 | ||
Ratio of non-performing loans to total portfolio loans | 0.35% | 0.41% | 0.83% | |||||
Ratio of non-performing assets to total assets | 0.31% | 0.35% | 0.72% | |||||
Ratio of the allowance for loan losses to non-performing loans | 275.49% | 275.99% | 151.41% | |||||
(1) Excludes loans that are classified as “troubled debt restructured” that are still performing. | ||||||||
Non-performing loans at Dec. 31, 2018 increased $0.85 million from Dec. 31, 2017. This increase primarily reflects an increase in commercial non-performing loans. Other real estate and repossessed assets totaled $1.3 million at Dec. 31, 2018, compared to $1.6 million at Dec. 31, 2017.
The provision for loan losses was an expense of $0.6 million and $0.4 million in the fourth quarters of 2018 and 2017, respectively. The provision for loan losses was an expense of $1.5 million and $1.2 million for all of 2018 and 2017, respectively. The level of the provision for loan losses in each period reflects the Company’s overall assessment of the allowance for loan losses, taking into consideration factors such as loan mix, levels of non-performing and classified loans, and loan net charge-offs. The Company recorded loan net charge-offs of $0.1 million and net recoveries of $0.7 million in the fourth quarters of 2018 and 2017, respectively. For all of 2018 and 2017, the Company recorded loan net recoveries of $0.8 million and $1.2 million, respectively. At Dec. 31, 2018, the allowance for loan losses totaled $24.9 million, or 0.96% of portfolio loans (1.06% when excluding the remaining TCSB acquired loan balances), compared to $22.6 million, or 1.12% of portfolio loans, at Dec. 31, 2017.
Balance Sheet, Liquidity and Capital
Total assets were $3.35 billion at Dec. 31, 2018, an increase of $563.9 million from Dec. 31, 2017, primarily reflecting the impact of the TCSB Acquisition as well as loan growth. Loans, excluding loans held for sale, were $2.58 billion at Dec. 31, 2018, compared to $2.02 billion at Dec. 31, 2017.
Deposits totaled $2.91 billion at Dec. 31, 2018, an increase of $512.9 million from Dec. 31, 2017. The increase in deposits is primarily due to the TCSB Acquisition and growth in reciprocal deposits and brokered deposits.
Cash and cash equivalents totaled $70.2 million at Dec. 31, 2018, versus $54.7 million at Dec. 31, 2017. Securities available for sale totaled $427.9 million at Dec. 31, 2018, compared to $522.9 million at Dec. 31, 2017.
In the second quarter of 2018, the Company recorded $29.0 million of goodwill, a core deposit intangible (“CDI”) of $5.8 million and discounts of $6.5 million, $0.4 million and $1.5 million on loans, time deposits and borrowings (including subordinated debentures), respectively, related to the Merger. These adjustments reflected the preliminary valuation of the assets acquired and liabilities assumed in the Merger. In the third quarter of 2018, goodwill was reduced by $0.7 million (to $28.3 million) related to the collection of a TCSB acquired loan that had been charged off in full prior to the Merger. Because of the status of the collection activities related to this loan at the time of the Merger, the Company determined that this transaction was a measurement period adjustment and reduced goodwill accordingly. The goodwill is being periodically tested for impairment, and the CDI is being amortized over a ten year period ($0.2 million and $0.6 million of amortization for this CDI was recorded in the fourth quarter and last nine months of 2018, respectively). The discounts will be accreted based on the lives of the related assets or liabilities.
Total shareholders’ equity was $339.0 million at Dec. 31, 2018, or 10.11% of total assets. Tangible common equity totaled $304.3 million at Dec. 31, 2018, or $12.90 per share. The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:
Regulatory Capital Ratios | 12/31/2018 | 12/31/2017 | Well Capitalized Minimum | ||
Tier 1 capital to average total assets | 9.44% | 9.78% | 5.00% | ||
Tier 1 common equity to risk-weighted assets | 11.94% | 12.95% | 6.50% | ||
Tier 1 capital to risk-weighted assets | 11.94% | 12.95% | 8.00% | ||
Total capital to risk-weighted assets | 12.94% | 14.10% | 10.00% | ||
Share Repurchase Plan
On Dec. 18, 2018, the Board of Directors of the Company authorized the 2019 share repurchase plan. Under the terms of the 2019 share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock. The repurchase plan is authorized to commence on Jan. 1, 2019 and last through Dec. 31, 2019.
During the fourth quarter of 2018, the Company repurchased 587,969 shares under its 2018 share repurchase plan (which expired on Dec. 31, 2018) at an average cost of $21.57 per share.
The Company intends to accomplish the 2019 repurchases through open market transactions, though the Company could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of the Company's common stock, other regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any repurchases from cash on hand. Thus far in 2019 (through Jan. 25, 2019), the Company has repurchased 43,768 shares under its 2019 share repurchase plan at an average cost of $21.67 per share.
Earnings Conference Call
Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the quarterly and full-year results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, Jan. 29, 2019.
To participate in the live conference call, please dial 1-866-200-8394. Also the conference call will be accessible through an audio webcast with user-controlled slides at the following event site/URL: https://services.choruscall.com/links/ibcp190129.html.
A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10127131). The replay will be available through Feb. 5, 2019.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $3.4 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan'sLower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, 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 release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements that are not historical facts, including statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives, or assumptions of future events or performance, may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions, and uncertainties that could cause actual strategies, actions, or results to differ materially from those expressed in them, and are not guarantees of timing, future results, events, or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions, or results, based on management’s current expectations, assumptions, and estimates on the date hereof, there can be no assurance that actual strategies, actions or results will not differ materially from expectations. Therefore, readers are cautioned not to place undue reliance on such statements. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in capital and credit markets; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; any future acquisitions or divestitures; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Independent Bank Corporation's customers; the implementation of Independent Bank Corporation's strategies and business models; Independent Bank Corporation's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Independent Bank Corporation's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events; changes in accounting standards and the critical nature of Independent Bank Corporation's accounting policies.
In addition, factors that may cause actual results to differ from expectations regarding the April 1, 2018 acquisition of TCSB Bancorp, Inc. include, but are not limited to, the reaction to the transaction of the companies’ customers, employees and counterparties; customer disintermediation; inflation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; credit and interest rate risks associated with the parties' respective businesses, customers, borrowings, repayment, investment, and deposit practices; general economic conditions, either nationally or in the market areas in which the parties operate or anticipate doing business, are less favorable than expected; new regulatory or legal requirements or obligations; and other risks.
Certain risks and important factors that could affect Independent Bank Corporation's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the SEC, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Independent Bank Corporation undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances, after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES | ||||||||
Consolidated Statements of Financial Condition | ||||||||
December 31, | ||||||||
2018 | 2017 | |||||||
(unaudited) | ||||||||
(In thousands, except share amounts) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 23,350 | $ | 36,994 | ||||
Interest bearing deposits | 46,894 | 17,744 | ||||||
Cash and Cash Equivalents | 70,244 | 54,738 | ||||||
Interest bearing deposits - time | 595 | 2,739 | ||||||
Equity securities at fair value | 393 | - | ||||||
Trading securities | - | 455 | ||||||
Securities available for sale | 427,926 | 522,925 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 18,359 | 15,543 | ||||||
Loans held for sale, carried at fair value | 44,753 | 39,436 | ||||||
Loans held for sale, carried at lower of cost or fair value | 41,471 | - | ||||||
Loans | ||||||||
Commercial | 1,144,481 | 853,260 | ||||||
Mortgage | 1,042,890 | 849,530 | ||||||
Installment | 395,149 | 316,027 | ||||||
Total Loans | 2,582,520 | 2,018,817 | ||||||
Allowance for loan losses | (24,888 | ) | (22,587 | ) | ||||
Net Loans | 2,557,632 | 1,996,230 | ||||||
Other real estate and repossessed assets | 1,299 | 1,643 | ||||||
Property and equipment, net | 38,777 | 39,149 | ||||||
Bank-owned life insurance | 55,068 | 54,572 | ||||||
Deferred tax assets, net | 5,779 | 15,089 | ||||||
Capitalized mortgage loan servicing rights | 21,400 | 15,699 | ||||||
Other intangibles | 6,415 | 1,586 | ||||||
Goodwill | 28,300 | - | ||||||
Accrued income and other assets | 34,870 | 29,551 | ||||||
Total Assets | $ | 3,353,281 | $ | 2,789,355 | ||||
Liabilities and Shareholders' Equity | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 879,549 | $ | 768,333 | ||||
Savings and interest-bearing checking | 1,194,865 | 1,064,391 | ||||||
Reciprocal | 182,072 | 50,979 | ||||||
Time | 385,981 | 374,872 | ||||||
Brokered time | 270,961 | 141,959 | ||||||
Total Deposits | 2,913,428 | 2,400,534 | ||||||
Other borrowings | 25,700 | 54,600 | ||||||
Subordinated debentures | 39,388 | 35,569 | ||||||
Accrued expenses and other liabilities | 35,771 | 33,719 | ||||||
Total Liabilities | 3,014,287 | 2,524,422 | ||||||
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: | ||||||||
23,579,725 shares at December 31, 2018 and 21,333,869 shares at December 31, 2017 | 377,372 | 324,986 | ||||||
Accumulated deficit | (28,270 | ) | (54,054 | ) | ||||
Accumulated other comprehensive loss | (10,108 | ) | (5,999 | ) | ||||
Total Shareholders’ Equity | 338,994 | 264,933 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 3,353,281 | $ | 2,789,355 | ||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
(unaudited) | ||||||||||||||||||||
Interest Income | (In thousands, except per share amounts) | |||||||||||||||||||
Interest and fees on loans | $ | 32,838 | $ | 31,000 | $ | 22,643 | $ | 116,865 | $ | 84,281 | ||||||||||
Interest on securities | ||||||||||||||||||||
Taxable | 2,782 | 2,737 | 2,628 | 10,874 | 10,928 | |||||||||||||||
Tax-exempt | 408 | 412 | 522 | 1,743 | 2,000 | |||||||||||||||
Other investments | 393 | 303 | 233 | 1,291 | 1,100 | |||||||||||||||
Total Interest Income | 36,421 | 34,452 | 26,026 | 130,773 | 98,309 | |||||||||||||||
Interest Expense | ||||||||||||||||||||
Deposits | 5,006 | 3,976 | 2,021 | 14,478 | 6,775 | |||||||||||||||
Other borrowings and subordinated debentures | 746 | 779 | 689 | 3,013 | 2,348 | |||||||||||||||
Total Interest Expense | 5,752 | 4,755 | 2,710 | 17,491 | 9,123 | |||||||||||||||
Net Interest Income | 30,669 | 29,697 | 23,316 | 113,282 | 89,186 | |||||||||||||||
Provision for loan losses | 591 | (53 | ) | 393 | 1,503 | 1,199 | ||||||||||||||
Net Interest Income After Provision for Loan Losses | 30,078 | 29,750 | 22,923 | 111,779 | 87,987 | |||||||||||||||
Non-interest Income | ||||||||||||||||||||
Service charges on deposit accounts | 3,092 | 3,166 | 3,208 | 12,258 | 12,673 | |||||||||||||||
Interchange income | 2,669 | 2,486 | 2,154 | 9,905 | 8,023 | |||||||||||||||
Net gains on assets | ||||||||||||||||||||
Mortgage loans | 2,026 | 2,745 | 2,876 | 10,597 | 11,762 | |||||||||||||||
Securities | 209 | 93 | 198 | 138 | 260 | |||||||||||||||
Mortgage loan servicing, net | (1,511 | ) | 1,212 | 979 | 3,157 | 1,647 | ||||||||||||||
Other | 2,466 | 2,134 | 2,029 | 8,760 | 8,168 | |||||||||||||||
Total Non-interest Income | 8,951 | 11,836 | 11,444 | 44,815 | 42,533 | |||||||||||||||
Non-interest Expense | ||||||||||||||||||||
Compensation and employee benefits | 15,572 | 16,169 | 13,985 | 62,078 | 55,089 | |||||||||||||||
Occupancy, net | 2,245 | 2,233 | 2,070 | 8,912 | 8,102 | |||||||||||||||
Data processing | 2,082 | 2,051 | 1,987 | 8,262 | 7,657 | |||||||||||||||
Furniture, fixtures and equipment | 1,051 | 1,043 | 927 | 4,080 | 3,870 | |||||||||||||||
Merger related expenses | 111 | 98 | 274 | 3,465 | 284 | |||||||||||||||
Communications | 737 | 727 | 638 | 2,848 | 2,684 | |||||||||||||||
Interchange expense | 728 | 715 | 287 | 2,702 | 1,156 | |||||||||||||||
Loan and collection | 782 | 531 | 666 | 2,682 | 2,230 | |||||||||||||||
Advertising | 577 | 594 | 354 | 2,155 | 1,905 | |||||||||||||||
Legal and professional | 528 | 477 | 526 | 1,839 | 1,892 | |||||||||||||||
FDIC deposit insurance | 331 | 270 | 286 | 1,081 | 894 | |||||||||||||||
Credit card and bank service fees | 104 | 108 | 97 | 414 | 529 | |||||||||||||||
Net gains on other real estate and repossessed assets | (53 | ) | (325 | ) | (738 | ) | (672 | ) | (606 | ) | ||||||||||
Other | 2,030 | 2,049 | 1,777 | 7,615 | 6,396 | |||||||||||||||
Total Non-interest Expense | 26,825 | 26,740 | 23,136 | 107,461 | 92,082 | |||||||||||||||
Income Before Income Tax | 12,204 | 14,846 | 11,231 | 49,133 | 38,438 | |||||||||||||||
Income tax expense | 2,268 | 2,921 | 9,520 | 9,294 | 17,963 | |||||||||||||||
Net Income | $ | 9,936 | $ | 11,925 | $ | 1,711 | $ | 39,839 | $ | 20,475 | ||||||||||
Net Income Per Common Share | ||||||||||||||||||||
Basic | $ | 0.41 | $ | 0.49 | $ | 0.08 | $ | 1.70 | $ | 0.96 | ||||||||||
Diluted | $ | 0.41 | $ | 0.49 | $ | 0.08 | $ | 1.68 | $ | 0.95 | ||||||||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
Selected Financial Data | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2018 | 2017 | |||||||||||||||
(unaudited) | |||||||||||||||||||
(Dollars in thousands except per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Net interest income | $ | 30,669 | $ | 29,697 | $ | 28,980 | $ | 23,936 | $ | 23,316 | |||||||||
Provision for loan losses | 591 | (53 | ) | 650 | 315 | 393 | |||||||||||||
Non-interest income | 8,951 | 11,836 | 12,315 | 11,713 | 11,444 | ||||||||||||||
Non-interest expense | 26,825 | 26,740 | 29,761 | 24,135 | 23,136 | ||||||||||||||
Income before income tax | 12,204 | 14,846 | 10,884 | 11,199 | 11,231 | ||||||||||||||
Income tax expense | 2,268 | 2,921 | 2,067 | 2,038 | 9,520 | ||||||||||||||
Net income | $ | 9,936 | $ | 11,925 | $ | 8,817 | $ | 9,161 | $ | 1,711 | |||||||||
Basic earnings per share | $ | 0.41 | $ | 0.49 | $ | 0.37 | $ | 0.43 | $ | 0.08 | |||||||||
Diluted earnings per share | 0.41 | 0.49 | 0.36 | 0.42 | 0.08 | ||||||||||||||
Cash dividend per share | 0.15 | 0.15 | 0.15 | 0.15 | 0.12 | ||||||||||||||
Average shares outstanding | 23,988,810 | 24,148,768 | 24,109,322 | 21,364,708 | 21,332,053 | ||||||||||||||
Average diluted shares outstanding | 24,339,782 | 24,514,814 | 24,509,963 | 21,674,375 | 21,661,133 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
Return on average assets | 1.18 | % | 1.46 | % | 1.12 | % | 1.34 | % | 0.25 | % | |||||||||
Return on average common equity | 11.43 | 13.83 | 10.57 | 14.04 | 2.51 | ||||||||||||||
Efficiency ratio (1) | 67.11 | 63.63 | 71.14 | 66.72 | 66.14 | ||||||||||||||
As a Percent of Average Interest-Earning Assets (1) | |||||||||||||||||||
Interest income | 4.66 | % | 4.53 | % | 4.49 | % | 4.15 | % | 4.07 | % | |||||||||
Interest expense | 0.73 | 0.62 | 0.56 | 0.44 | 0.42 | ||||||||||||||
Net interest income | 3.93 | 3.91 | 3.93 | 3.71 | 3.65 | ||||||||||||||
Average Balances | |||||||||||||||||||
Loans | $ | 2,627,614 | $ | 2,550,302 | $ | 2,449,056 | $ | 2,062,847 | $ | 2,006,207 | |||||||||
Securities available for sale | 433,903 | 442,949 | 470,427 | 500,599 | 532,202 | ||||||||||||||
Total earning assets | 3,121,640 | 3,038,221 | 2,963,982 | 2,611,890 | 2,574,779 | ||||||||||||||
Total assets | 3,327,002 | 3,247,603 | 3,168,196 | 2,776,986 | 2,742,761 | ||||||||||||||
Deposits | 2,873,889 | 2,789,969 | 2,701,362 | 2,417,906 | 2,340,593 | ||||||||||||||
Interest bearing liabilities | 2,058,720 | 1,986,905 | 1,946,287 | 1,724,153 | 1,680,917 | ||||||||||||||
Shareholders' equity | 344,779 | 341,998 | 334,626 | 264,584 | 270,099 | ||||||||||||||
End of Period | |||||||||||||||||||
Capital | |||||||||||||||||||
Tangible common equity ratio | 9.17 | % | 9.51 | % | 9.41 | % | 9.54 | % | 9.45 | % | |||||||||
Average equity to average assets | 10.36 | 10.53 | 10.56 | 9.53 | 9.85 | ||||||||||||||
Tangible common equity per share of common stock | $ | 12.90 | $ | 12.84 | $ | 12.47 | $ | 12.46 | $ | 12.34 | |||||||||
Total shares outstanding | 23,579,725 | 24,150,341 | 24,143,044 | 21,374,816 | 21,333,869 | ||||||||||||||
Selected Balances | |||||||||||||||||||
Loans | $ | 2,582,520 | $ | 2,562,578 | $ | 2,467,317 | $ | 2,071,435 | $ | 2,018,817 | |||||||||
Securities available for sale | 427,926 | 436,957 | 450,593 | 489,119 | 522,925 | ||||||||||||||
Total earning assets | 3,162,911 | 3,078,083 | 3,023,454 | 2,625,534 | 2,617,204 | ||||||||||||||
Total assets | 3,353,281 | 3,297,124 | 3,234,522 | 2,793,119 | 2,789,355 | ||||||||||||||
Deposits | 2,913,428 | 2,798,643 | 2,780,516 | 2,430,401 | 2,400,534 | ||||||||||||||
Interest bearing liabilities | 2,098,967 | 2,036,770 | 1,988,495 | 1,719,771 | 1,722,370 | ||||||||||||||
Shareholders' equity | 338,994 | 345,204 | 337,083 | 267,917 | 264,933 | ||||||||||||||
(1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21% in 2018 and 35% in 2017. | |||||||||||||||||||
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 | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Net Interest Margin, Fully Taxable | |||||||||||||||
Equivalent ("FTE") | |||||||||||||||
Net interest income | $ | 30,669 | $ | 23,316 | $ | 113,282 | $ | 89,186 | |||||||
Add: taxable equivalent adjustment | 126 | 286 | 510 | 1,123 | |||||||||||
Net interest income - taxable equivalent | $ | 30,795 | $ | 23,602 | $ | 113,792 | $ | 90,309 | |||||||
Net interest margin (GAAP) (1) | 3.91 | % | 3.60 | % | 3.85 | % | 3.61 | % | |||||||
Net interest margin (FTE) (1) | 3.93 | % | 3.65 | % | 3.88 | % | 3.65 | % | |||||||
Adjusted Net Income, Earnings Per Diluted Share, | |||||||||||||||
Return on Equity and Return on Assets | |||||||||||||||
Net Income | $ | 9,936 | $ | 1,711 | $ | 39,839 | $ | 20,475 | |||||||
Deferred tax assets adjustment | - | 5,965 | - | 5,965 | |||||||||||
Adjusted net income | $ | 9,936 | $ | 7,676 | $ | 39,839 | $ | 26,440 | |||||||
Average diluted shares outstanding | 24,339,782 | 21,661,133 | 23,768,795 | 21,650,199 | |||||||||||
Average total assets | $ | 3,327,002 | $ | 2,742,761 | $ | 3,131,936 | $ | 2,650,189 | |||||||
Average shareholders' equity | $ | 344,779 | $ | 270,099 | $ | 321,772 | $ | 261,768 | |||||||
Diluted earnings per share | |||||||||||||||
Reported | $ | 0.41 | $ | 0.08 | $ | 1.68 | $ | 0.95 | |||||||
Adjusted | $ | 0.41 | $ | 0.35 | $ | 1.68 | $ | 1.22 | |||||||
Return on average assets(1) | |||||||||||||||
Reported | 1.18 | % | 0.25 | % | 1.27 | % | 0.77 | % | |||||||
Adjusted | 1.18 | % | 1.11 | % | 1.27 | % | 1.00 | % | |||||||
Return on average common equity(1) | |||||||||||||||
Reported | 11.43 | % | 2.51 | % | 12.38 | % | 7.82 | % | |||||||
Adjusted | 11.43 | % | 11.28 | % | 12.38 | % | 10.10 | % | |||||||
__________ | |||||||||||||||
(1) Annualized for three months ended December 31, 2018 and 2017. |
Reconciliation of Non-GAAP Financial Measures (continued) | |||||||||||||||||||
Independent Bank Corporation | |||||||||||||||||||
Tangible Common Equity Ratio | |||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Common shareholders' equity | $ | 338,994 | $ | 345,204 | $ | 337,083 | $ | 267,917 | $ | 264,933 | |||||||||
Less: | |||||||||||||||||||
Goodwill | 28,300 | 28,300 | 29,012 | - | - | ||||||||||||||
Other intangibles | 6,415 | 6,709 | 7,004 | 1,500 | 1,586 | ||||||||||||||
Tangible common equity | $ | 304,279 | $ | 310,195 | $ | 301,067 | $ | 266,417 | $ | 263,347 | |||||||||
Total assets | $ | 3,353,281 | $ | 3,297,124 | $ | 3,234,522 | $ | 2,793,119 | $ | 2,789,355 | |||||||||
Less: | |||||||||||||||||||
Goodwill | 28,300 | 28,300 | 29,012 | - | - | ||||||||||||||
Other intangibles | 6,415 | 6,709 | 7,004 | 1,500 | 1,586 | ||||||||||||||
Tangible assets | $ | 3,318,566 | $ | 3,262,115 | $ | 3,198,506 | $ | 2,791,619 | $ | 2,787,769 | |||||||||
Common equity ratio | 10.11 | % | 10.47 | % | 10.42 | % | 9.59 | % | 9.50 | % | |||||||||
Tangible common equity ratio | 9.17 | % | 9.51 | % | 9.41 | % | 9.54 | % | 9.45 | % | |||||||||
Tangible Common Equity per Share of Common Stock: | |||||||||||||||||||
Common shareholders' equity | $ | 338,994 | $ | 345,204 | $ | 337,083 | $ | 267,917 | $ | 264,933 | |||||||||
Tangible common equity | $ | 304,279 | $ | 310,195 | $ | 301,067 | $ | 266,417 | $ | 263,347 | |||||||||
Shares of common stock outstanding (in thousands) | 23,580 | 24,150 | 24,143 | 21,375 | 21,334 | ||||||||||||||
Common shareholders' equity per share of common stock | $ | 14.38 | $ | 14.29 | $ | 13.96 | $ | 12.53 | $ | 12.42 | |||||||||
Tangible common equity per share of common stock | $ | 12.90 | $ | 12.84 | $ | 12.47 | $ | 12.46 | $ | 12.34 | |||||||||
The tangible common equity ratio removes the effect of intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders’ equity per share of common stock.
Contact:
William B. Kessel, President and CEO, 616.447.3933
Robert N. Shuster, Chief Financial Officer, 616.522.1765
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