Announcement • Jul 06
Independent Bank Corporation to Report Q2, 2026 Results on Jul 23, 2026 Independent Bank Corporation announced that they will report Q2, 2026 results at 8:00 AM, US Eastern Standard Time on Jul 23, 2026 Announcement • Jul 02
Independent Bank Corporation (NasdaqGS:IBCP) completed the acquisition of HCB Financial Corp. (OTCPK:HCBN) from Hastings Insurance Company and others. Independent Bank Corporation (NasdaqGS:IBCP) executed letter of intent to acquire HCB Financial Corp. (OTCPK:HCBN) from Hastings Insurance Company and others on December 17, 2025. Independent Bank Corporation entered into definitive merger agreement to acquire HCB Financial Corp. for $70.2 million on March 18, 2026. Under the terms of the definitive merger agreement, at the closing of the transaction, Independent will issue 1.590 shares of its common stock plus $17.51 in cash for each outstanding share of HCB. In case of termination of transaction, HCB Financial Corp. will pay a termination fee of $3.25 million.
One HCB director will join each of the Board of Directors of Independent and the Board of Directors of Independent Bank following completion of the merger, increasing each of the respective boards to 11 members.
The transaction is subject to customary regulatory approvals, the approval of HCB shareholders, and the satisfaction of certain other closing conditions, including registration statement effectiveness (S-4 / F-4) and listing / approval of new shares on stock exchange, HSR act approval. The special meeting of shareholders of HCB will be held to approve the transaction on June 17, 2026. The transaction has been unanimously approved by the respective Boards of each organization. As of June 12, 2026, the transaction has been approved by both the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services. Assuming requisite HCB shareholder approval and satisfaction of other closing conditions, the merger of IBCP and HCB is currently expected to be effective on July 1, 2026. The transaction is expected to be approximately 6% accretive to Independent’s 2027 earnings per share, assuming fully phased-in synergies.
Kimberly A. Baber of Varnum LLP acted as legal advisor for Independent Bank Corporation. Mark Ryerson of Dickinson Wright PLLC acted as legal advisor for HCB Financial Corp. Hovde Group, LLC acted as financial advisor for HCB Financial Corp. Hovde Group, LLC acted as fairness opinion provider for HCB Financial Corp. Pursuant to HCB’s engagement agreement with Hovde, Hovde received from HCB an initial non-refundable cash advisory fee of $10,000 and a non-refundable cash signing fee of $50,000 immediately upon the HCB’s execution of the Merger Agreement. Additionally, Hovde received a non-refundable cash fairness opinion fee of $50,000 upon the delivery of the fairness opinion to HCB. Upon consummation of the Merger, Hovde will receive a cash completion fee equal to 1.00% of the aggregate purchase consideration paid to or received by HCB or its shareholders in conjunction with a Merger with Independent. Keefe, Bruyette & Woods, Inc. acted as financial advisor for Independent Bank Corporation. Continental Stock Transfer & Trust Company acted as transfer agent to HCB Financial Corp. InvestorCom, Inc acted as transfer agent to HCB Financial Corp and will receive a fee of $0.0075 million. Plante & Moran, PLLC acted as accountant for HCB Financial Corp. Broadridge Corporate Issuer Solutions, Inc. acted as transfer agent to Independent Bank Corporation.
Independent Bank Corporation (NasdaqGS:IBCP) completed the acquisition of HCB Financial Corp. (OTCPK:HCBN) from Hastings Insurance Company and others on July 1, 2026. Mark Kolanowski will join Independent Bank as Executive Vice President and Senior Advisor and Chelsey Foster will serve as Regional President - Commercial Lending. Announcement • Jul 01
Independent Bank Corporation Announces Management Changes Independent Bank Corporation had Mark Kolanowski join Independent Bank as Executive Vice President, reporting directly to the President and Chief Executive Officer. Independent Bank Corporation had Chelsey Foster serve as Regional President - Commercial Lending. Recent Insider Transactions • Jun 18
Insider recently sold US$89k worth of stock On the 9th of June, Patrick Ervin sold around 3k shares on-market at roughly US$35.40 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$184k more than they bought in the last 12 months. Declared Dividend • Apr 26
First quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 4th May 2026 Payment date: 14th May 2026 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.9% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 24
Independent Bank Corporation Reports Charge Offs for the First Quarter Ended March 31, 2026 Independent Bank Corporation reported charge offs for the first quarter ended March 31, 2026. For the period, The Company recorded loan net charge offs of $0.27 million and $0.07 million in the first quarters of 2026 and 2025, respectively. Announcement • Apr 23
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock, Payable on May 14, 2026 Independent Bank Corporation announced that Board of Directors declared a quarterly cash dividend on its common stock of $0.28 per share. This dividend is payable on May 14, 2026, to shareholders of record on May 4, 2026. Announcement • Apr 01
Independent Bank Corporation to Report Q1, 2026 Results on Apr 23, 2026 Independent Bank Corporation announced that they will report Q1, 2026 results at 8:00 AM, US Eastern Standard Time on Apr 23, 2026 Announcement • Mar 19
Independent Bank Corporation (NasdaqGS:IBCP) entered into definitive merger agreement to acquire HCB Financial Corp. (OTCPK:HCBN) for $70.2 million. Independent Bank Corporation (NasdaqGS:IBCP) entered into definitive merger agreement to acquire HCB Financial Corp. (OTCPK:HCBN) for approximately $70.2 million on March 18, 2026. Under the terms of the definitive merger agreement, at the closing of the transaction, Independent will issue 1.590 shares of its common stock plus $17.51 in cash for each outstanding share of HCB. In case of termination of transaction, HCB Financial Corp. will pay a termination fee of $3.25 million.
One HCB director will join each of the Board of Directors of Independent and the Board of Directors of Independent Bank following completion of the merger, increasing each of the respective boards to 11 members.
The transaction is subject to customary regulatory approvals, the approval of HCB shareholders, and the satisfaction of certain other closing conditions, including registration statement effectiveness(S-4 / F-4) and listing / approval of new shares on stock exchange. The transaction has been unanimously approved by the respective Boards of each organization and is expected to close early in the third quarter of 2026. The transaction is expected to be approximately 6% accretive to Independent’s 2027 earnings per share, assuming fully phased-in synergies.
Kimberly A. Baber of Varnum LLP acted as legal advisor for Independent Bank Corporation. Mark Ryerson of Dickinson Wright PLLC acted as legal advisor for HCB Financial Corp. Hovde Group, LLC acted as financial advisor for HCB Financial Corp. Hovde Group, LLC acted as fairness opinion provider for HCB Financial Corp. Keefe, Bruyette & Woods, Inc. acted as financial advisor for Independent Bank Corporation. Announcement • Mar 09
Independent Bank Corporation, Annual General Meeting, Apr 21, 2026 Independent Bank Corporation, Annual General Meeting, Apr 21, 2026. Reported Earnings • Mar 09
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: US$3.30 (up from US$3.20 in FY 2024). Revenue: US$219.5m (flat on FY 2024). Net income: US$68.5m (up 2.6% from FY 2024). Profit margin: 31% (in line with FY 2024). Net interest margin (NIM): 3.56% (up from 3.38% in FY 2024). Non-performing loans: 0.54% (up from 0.15% in FY 2024). Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 23
Third quarter 2025 earnings released: EPS: US$0.84 (vs US$0.66 in 3Q 2024) Third quarter 2025 results: EPS: US$0.84 (up from US$0.66 in 3Q 2024). Revenue: US$55.3m (up 11% from 3Q 2024). Net income: US$17.5m (up 27% from 3Q 2024). Profit margin: 32% (up from 28% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 9.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 22
Third quarter dividend increased to US$0.28 Dividend of US$0.28 is 7.7% higher than last year. Ex-date: 3rd February 2026 Payment date: 13th February 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 22
Independent Bank Corporation Reports Net Charge-Offs for the Fourth Quarter December 31, 2025 Independent Bank Corporation reported net charge-offs for the fourth quarter December 31, 2025. The Company recorded loan net charge-offs of $0.4 million and $0.3 million in the fourth quarters of 2025 and 2024, respectively. Announcement • Jan 16
Independent Bank Corporation Announces in Increase in Quarterly Cash Dividend , Payable on February 13, 2026 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of $0.28 per share. This dividend is payable on February 13, 2026, to shareholders of record on February 3, 2026. Announcement • Jan 02
Independent Bank Corporation Announces Executive Changes Independent Bank Corporation announced that it has promoted Mike Stodolak to Executive Vice President, Retail Banking. Most recently, Mr. Stodolak was the Senior Vice President, Market President at Independent Bank. Mr. Stodolak has worked in the financial services industry for over 38 years, the past 25 years with Independent Bank, where he has led the Bank’s retail network and Consumer Lending program. He has introduced countless efficiencies to the branch network, consistently cultivating growth and development within the retail team. His continued focus on career development and deepening of customer relationships has been exemplary. Mr. Stodolak will be assuming the position of Executive Vice President, Retail Banking, following Russ Daniel’s retirement in March after 27 years of dedicated service to Independent Bank. His tenure spans an array of leadership roles, providing guidance and strategic direction for Mortgage, Bank Operations, Wealth Management, Marketing, Retail, Consumer Lending, and Digital and Product Sales. Through each of his roles with the Bank, Mr. Daniel has demonstrated an unwavering commitment to the Bank’s growth, reputation, and culture. Announcement • Jan 01
Independent Bank Corporation to Report Q4, 2025 Results on Jan 22, 2026 Independent Bank Corporation announced that they will report Q4, 2025 results at 8:00 AM, Eastern Standard Time on Jan 22, 2026 Announcement • Dec 20
Independent Bank Corporation Appoints Michael G. Wooldridge to its Board of Directors Independent Bank Corporation announced that its Board of Directors has appointed Michael G. Wooldridge to the boards of the Corporation and the Bank. Mr. Wooldridge was formerly a partner with the Varnum law firm where he concentrated on corporate governance, securities, and mergers & acquisitions, representing publicly traded clients on governance and securities compliance and advising on venture capital transactions. He has led numerous public equity and debt offerings for financial services and manufacturing companies and regularly counsels officers and directors on executive compensation, corporate structure, and governance matters. Mr. Wooldridge’s honors include Best Lawyers in America (Corporate Law since 2005; Mergers & Acquisitions Law since 2024), BTI Client Service All Star (2012), Grand Rapids Magazine’s Top Lawyers (Corporate Law since 2019), Leading Lawyers in M&A and Securities & Venture Finance and was inducted to the West Michigan Dealmaker Hall of Fame in 2024. Mr. Wooldridge received his J.D. from Cornell University Law School and a B.A. from Alma College. Recent Insider Transactions • Dec 17
Insider recently sold US$104k worth of stock On the 12th of December, Patrick Ervin sold around 3k shares on-market at roughly US$34.64 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$233k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 14
Insider notifies of intention to sell stock Patrick Ervin intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of December. If the sale is conducted around the recent share price of US$34.87, it would amount to US$105k. Since March 2025, Patrick has owned 38.98k shares directly. Company insiders have collectively sold US$529k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint Third quarter 2025 results: EPS: US$0.85 (up from US$0.66 in 3Q 2024). Revenue: US$55.3m (up 11% from 3Q 2024). Net income: US$17.5m (up 27% from 3Q 2024). Profit margin: 32% (up from 28% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 23
Second quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 4th November 2025 Payment date: 14th November 2025 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 22
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock, Payable on November 14, 2025 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 26 cents per share. This dividend is payable on November 14, 2025, to shareholders of record on November 4, 2025. Announcement • Sep 29
Independent Bank Corporation to Report Q3, 2025 Results on Oct 28, 2025 Independent Bank Corporation announced that they will report Q3, 2025 results at 8:00 AM, US Eastern Standard Time on Oct 28, 2025 Announcement • Aug 16
Independent Bank Corporation and Independent Bank Announces Demise of Michael M. Magee, Jr., Board Member Independent Bank Corporation, the holding company of Independent Bank, announced that Michael M. Magee, Jr., current Board member and past Chairman (2013-2024) of the Board of Directors for Independent Bank Corporation and Independent Bank, passed away on August 3, 2025. Mike was the Chairman of the Board of Directors of Independent Bank Corporation and Independent Bank from 2013 to 2024. Prior to 2013, he was the Chief Executive Officer of the Company since 2005. He also served as the Executive Vice President and Chief Operating Officer in 2004, and prior to that served as President and CEO of Independent Bank (IBC affiliate) beginning in 1993. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.81 (down from US$0.89 in 2Q 2024). Revenue: US$54.4m (down 3.6% from 2Q 2024). Net income: US$16.9m (down 8.9% from 2Q 2024). Profit margin: 31% (down from 33% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 2.3%. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 25
First quarter dividend of US$0.26 announced Shareholders will receive a dividend of US$0.26. Ex-date: 5th August 2025 Payment date: 15th August 2025 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 23
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock, Payable on August 15, 2025 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 26 cents per share. This dividend is payable on August 15, 2025, to shareholders of record on August 5, 2025. Announcement • Jun 27
Independent Bank Corporation to Report Q2, 2025 Results on Jul 24, 2025 Independent Bank Corporation announced that they will report Q2, 2025 results at 8:00 AM, US Eastern Standard Time on Jul 24, 2025 Recent Insider Transactions • Apr 30
Independent Director recently sold US$199k worth of stock On the 29th of April, Michael Magee sold around 6k shares on-market at roughly US$31.00 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$521k more than they bought in the last 12 months. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: US$0.74 (down from US$0.77 in 1Q 2024). Revenue: US$53.4m (up 2.6% from 1Q 2024). Net income: US$15.6m (down 2.5% from 1Q 2024). Profit margin: 29% (down from 31% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 5.7%. Revenue is expected to decline by 3.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
Independent Bank Corporation to Report Q1, 2025 Results on Apr 24, 2025 Independent Bank Corporation announced that they will report Q1, 2025 results at 8:00 AM, US Eastern Standard Time on Apr 24, 2025 Reported Earnings • Mar 09
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$3.20 (up from US$2.82 in FY 2023). Revenue: US$218.1m (up 8.6% from FY 2023). Net income: US$66.8m (up 13% from FY 2023). Profit margin: 31% (up from 29% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.38% (up from 3.26% in FY 2023). Non-performing loans: 0.15% (up from 0.14% in FY 2023). Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) exceeded analyst estimates by 3.6%. Revenue is expected to decline by 6.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Feb 24
President exercised options and sold US$138k worth of stock On the 19th of February, William Kessel exercised options to acquire 4k shares at no cost and sold these for an average price of US$34.76 per share. This trade did not impact their existing holding. For the year to December 2018, William's total compensation was 51% salary and 49% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2024, William's direct individual holding has increased from 150.07k shares to 153.70k. Company insiders have collectively sold US$760k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Jan 30
Upcoming dividend of US$0.26 per share Eligible shareholders must have bought the stock before 04 February 2025. Payment date: 14 February 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (2.5%). Reported Earnings • Jan 23
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$3.20 (up from US$2.82 in FY 2023). Revenue: US$218.1m (up 8.6% from FY 2023). Net income: US$66.8m (up 13% from FY 2023). Profit margin: 31% (up from 29% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) exceeded analyst estimates by 3.6%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 16
Third quarter dividend increased to US$0.26 Dividend of US$0.26 is 8.3% higher than last year. Ex-date: 4th February 2025 Payment date: 14th February 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 10
Independent Bank Corporation Announces 8% Increase in Quarterly Cash Dividend on Common Stock, Payable on February 14 2025 Independent Bank Corporation announces that its Board of Directors declared a quarterly cash dividend on its common stock of 26 cents per share. This dividend is payable on February 14, 2025, to shareholders of record on February 4, 2025. The quarterly dividend represents an 8% increase over the quarterly dividend rate paid for each quarter in 2024. Announcement • Jan 02
Independent Bank Corporation Appoints Christopher Michaels as Chief Operating Officer, Effective January 2, 2025 Independent Bank Corporation announced that Christopher Michaels has been appointed as the organization’s new Chief Operating Officer, effective January 2, 2025. Since January 2020, Mr. Michaels has served as the Chief Information Officer and Senior Vice President of Independent Bank. Mr. Michaels has been with the organization for twelve years. Announcement • Dec 21
Independent Bank Corporation to Report Q4, 2024 Results on Jan 23, 2025 Independent Bank Corporation announced that they will report Q4, 2024 results at 8:00 AM, US Eastern Standard Time on Jan 23, 2025 Recent Insider Transactions Derivative • Dec 05
Key Executive notifies of intention to sell stock Larry Daniel intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 4th of December. If the sale is conducted around the recent share price of US$37.80, it would amount to US$105k. Since March 2024, Larry's direct individual holding has decreased from 30.26k shares to 26.64k. Company insiders have collectively sold US$822k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Dec 04
Price target increased by 8.5% to US$37.20 Up from US$34.30, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$38.25. Stock is up 70% over the past year. The company is forecast to post earnings per share of US$3.05 for next year compared to US$2.82 last year. Recent Insider Transactions • Nov 26
Key Executive recently sold US$151k worth of stock On the 25th of November, Larry Daniel sold around 4k shares on-market at roughly US$39.15 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Larry's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$38.53, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Banks industry in the US. Total returns to shareholders of 84% over the past three years. Announcement • Oct 26
Independent Bank Corporation Reports Net Charge Offs for the Third Quarter Ended September 30, 2024 Independent Bank Corporation reported net charge offs for the third quarter ended September 30, 2024. The company recorded loan net charge-offs (recoveries) of $0.31 million and $(0.18) million in the third quarters of 2024 and 2023, respectively. Announcement • Oct 25
Independent Bank Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on November 15, 2024 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024. Reported Earnings • Oct 25
Second quarter 2024 earnings released: EPS: US$0.89 (vs US$0.70 in 2Q 2023) Second quarter 2024 results: EPS: US$0.89 (up from US$0.70 in 2Q 2023). Revenue: US$56.5m (up 12% from 2Q 2023). Net income: US$18.5m (up 25% from 2Q 2023). Profit margin: 33% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Oct 24
Second quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 5th November 2024 Payment date: 15th November 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (30% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 2.7% over the next 3 years. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Announcement • Sep 24
Independent Bank Corporation to Report Q3, 2024 Results on Oct 24, 2024 Independent Bank Corporation announced that they will report Q3, 2024 results at 8:00 AM, Eastern Standard Time on Oct 24, 2024 Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.89 (up from US$0.70 in 2Q 2023). Revenue: US$56.5m (up 12% from 2Q 2023). Net income: US$18.5m (up 25% from 2Q 2023). Profit margin: 33% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • Jul 26
Price target increased by 18% to US$31.60 Up from US$26.75, the current price target is an average from 5 analysts. New target price is 7.8% below last closing price of US$34.29. Stock is up 66% over the past year. The company is forecast to post earnings per share of US$3.16 for next year compared to US$2.82 last year. Declared Dividend • Jul 26
First quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 5th August 2024 Payment date: 15th August 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Jul 23
Independent Bank Corporation Declares Quarterly Cash Dividend on Common Stock, Payable on August 15, 2024 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on August 15, 2024 to shareholders of record on August 5, 2024. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$31.23, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 75% over the past three years. Announcement • Jun 29
Independent Bank Corporation to Report Q2, 2024 Results on Jul 25, 2024 Independent Bank Corporation announced that they will report Q2, 2024 results at 8:00 AM, US Eastern Standard Time on Jul 25, 2024 New Risk • Jun 02
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$79k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$79k sold). Reported Earnings • Apr 25
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.77 (up from US$0.62 in 1Q 2023). Revenue: US$52.0m (up 11% from 1Q 2023). Net income: US$16.0m (up 23% from 1Q 2023). Profit margin: 31% (up from 28% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is expected to decline by 9.5% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Apr 24
Independent Bank Corporation and Independent Bank Announces Changes to Its Board Independent Bank Corporation, the holding company of Independent Bank announced that its Board of Directors appointed Stephen L. Gulis, Jr. as Chairperson to the Boards of the Corporation and the Bank. Mr. Gulis succeeds Mr. Michael M. Magee who served as Chairperson of the Corporation and the Bank since January 1, 2013. Mr. Gulis became a Director of the Boards of Independent Bank Corporation and Independent Bank in 2004. He retired in 2008 as the Executive Vice President and President of Wolverine Worldwide Global Operations Group. He served as Executive Vice President, CFO, and Treasurer of Wolverine Worldwide prior to his appointment as President, Global Operations. Prior to joining Wolverine Worldwide, he was a certified public accountant with the accounting firm Touche Ross & Company. Mr. Gulis is also a Director for Sleep Number Corporation. In addition to his board positions, Mr. Gulis serves as an independent financial, operations and management advisor to several privately held organizations. Mr. Gulis earned a Bachelor of Science degree in Accounting and Finance as well as an Honorary Doctorate of Business from Northern Michigan University. Announcement • Apr 23
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock, Payable on May 13, 2024 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on May 13, 2024 to shareholders of record on May 3, 2024. Announcement • Apr 03
Independent Bank Corporation to Report Q1, 2024 Results on Apr 25, 2024 Independent Bank Corporation announced that they will report Q1, 2024 results at 8:00 AM, Eastern Standard Time on Apr 25, 2024 Reported Earnings • Mar 10
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.82 (down from US$3.00 in FY 2022). Revenue: US$200.8m (down 2.6% from FY 2022). Net income: US$59.1m (down 6.8% from FY 2022). Profit margin: 29% (down from 31% in FY 2022). Net interest margin (NIM): 3.26% (down from 3.32% in FY 2022). Non-performing loans: 0.14% (up from 0.11% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is expected to decline by 7.6% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Recent Insider Transactions Derivative • Jan 31
President exercised options and sold US$154k worth of stock On the 26th of January, William Kessel exercised options to acquire 6k shares at no cost and sold these for an average price of US$25.84 per share. This trade did not impact their existing holding. For the year to December 2017, William's total compensation was 43% salary and 57% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, William's direct individual holding has decreased from 143.86k shares to 142.86k. Company insiders have collectively sold US$342k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jan 26
Price target increased by 13% to US$26.75 Up from US$23.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$25.84. Stock is up 20% over the past year. The company is forecast to post earnings per share of US$2.78 for next year compared to US$2.82 last year. Declared Dividend • Jan 26
Fourth quarter dividend increased to US$0.24 Dividend of US$0.24 is 4.3% higher than last year. Ex-date: 2nd February 2024 Payment date: 15th February 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (33% payout ratio) and is expected to be well covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Jan 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.82 (down from US$3.00 in FY 2022). Revenue: US$200.8m (down 2.6% from FY 2022). Net income: US$59.1m (down 6.8% from FY 2022). Profit margin: 29% (down from 31% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is expected to decline by 9.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jan 25
Independent Bank Corporation Announces Loan Net Charge-Offs for Fourth Quarter of 2023 Independent Bank Corporation announced loan net charge-offs for fourth quarter of 2023. For the quarter the company recorded loan net charge-offs of $0.2 million and $0.1 million in the fourth quarters of 2023 and 2022, respectively. Announcement • Jan 23
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock, Payable on February 15, 2024 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on February 15, 2024 to shareholders of record on February 5, 2024. The quarterly dividend represents a 4% increase over the quarterly dividend rate paid for each quarter in 2023. Price Target Changed • Dec 28
Price target increased by 10% to US$23.75 Up from US$21.50, the current price target is an average from 4 analysts. New target price is 11% below last closing price of US$26.65. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$2.84 for next year compared to US$3.00 last year. Announcement • Dec 23
Independent Bank Corporation to Report Q4, 2023 Results on Jan 25, 2024 Independent Bank Corporation announced that they will report Q4, 2023 results at 8:00 AM, US Eastern Standard Time on Jan 25, 2024 Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$2.53 to US$2.84. Revenue forecast steady at US$155.8m. Net income forecast to shrink 5.9% next year vs 9.6% decline forecast for Banks industry in the US. Consensus price target down from US$21.50 to US$20.75. Share price rose 9.6% to US$19.63 over the past week. Upcoming Dividend • Oct 26
Upcoming dividend of US$0.23 per share at 5.0% yield Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 13 November 2023. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of American dividend payers (5.3%). Higher than average of industry peers (4.1%). Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.84 (up from US$0.82 in 3Q 2022). Revenue: US$53.7m (flat on 3Q 2022). Net income: US$17.5m (up 1.4% from 3Q 2022). Profit margin: 33% (in line with 3Q 2022). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 18
Independent Bank Corporation Announces Quarterly Cash Dividend, Payable on November 13, 2023 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 23 cents per share. This dividend is payable on November 13, 2023 to shareholders of record on November 3, 2023. Announcement • Sep 26
Independent Bank Corporation to Report Q3, 2023 Results on Oct 24, 2023 Independent Bank Corporation announced that they will report Q3, 2023 results at 8:00 AM, US Eastern Standard Time on Oct 24, 2023 Price Target Changed • Jul 30
Price target increased by 8.5% to US$21.80 Up from US$20.10, the current price target is an average from 5 analysts. New target price is 5.3% above last closing price of US$20.71. Stock is down 1.3% over the past year. The company is forecast to post earnings per share of US$2.54 for next year compared to US$3.00 last year. Upcoming Dividend • Jul 27
Upcoming dividend of US$0.23 per share at 4.4% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 14 August 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 25
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.70 (up from US$0.62 in 2Q 2022). Revenue: US$50.5m (up 4.4% from 2Q 2022). Net income: US$14.8m (up 14% from 2Q 2022). Profit margin: 29% (up from 27% in 2Q 2022). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 21
Independent Bank Corporation Announces Quarterly Cash Dividend, Payable on August 14, 2023 Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of 23 cents per share. This dividend is payable on August 14, 2023 to shareholders of record on August 4, 2023. Announcement • Jun 30
Independent Bank Corporation to Report Q2, 2023 Results on Jul 25, 2023 Independent Bank Corporation announced that they will report Q2, 2023 results at 8:00 AM, US Eastern Standard Time on Jul 25, 2023 Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$19.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 44% over the past three years. Price Target Changed • Apr 06
Price target decreased by 7.8% to US$22.60 Down from US$24.50, the current price target is an average from 5 analysts. New target price is 31% above last closing price of US$17.27. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$2.49 for next year compared to US$3.00 last year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$18.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 48% over the past three years. Reported Earnings • Mar 08
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: US$206.1m (down 1.1% from FY 2021). Net income: US$63.4m (flat on FY 2021). Profit margin: 31% (in line with FY 2021). Net interest margin (NIM): 3.32% (up from 3.10% in FY 2021). Non-performing loans: 0.11% (down from 0.18% in FY 2021). Revenue missed analyst estimates by 1.1%. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.5%. 
