INDEPENDENT BANK CORP MI

For the period ended Dec 31, 2023. Filed Mar 8, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 8, 2024

IBCP$36.99+1.9%Stored close · as of Nov 9, 2026

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Contents

EX-13 · Quarterly Data

QUARTERLY FINANCIAL DATA (UNAUDITED)

A summary of selected quarterly results of operations for the years ended December 31 follows:

	Three Months Ended
	March 31,	June 30,	September 30,	December 31,
(In thousands, except per share amounts)
Interest income	$53,936	$57,948	$62,432	$65,361
Net interest income	38,441	38,350	39,427	40,111
Provision for credit losses	2,160	3,317	1,350	(617)
Income before income tax	15,875	18,202	21,652	17,947
Net income	12,991	14,790	17,543	13,743
Net income per common share
Basic	0.62	0.70	0.84	0.66
Diluted	0.61	0.70	0.83	0.65
Interest income	$34,741	$38,364	$44,925	$50,978
Net interest income	33,001	36,061	39,897	40,602
Provision for credit losses	(1,573)	2,379	3,145	1,390
Income before income tax	22,072	15,880	21,247	18,589
Net income	17,967	13,001	17,297	15,086
Net income per common share
Basic	0.85	0.62	0.82	0.72
Diluted	0.84	0.61	0.81	0.71

QUARTERLY SUMMARY (UNAUDITED)

Reported Sales Prices of Common Shares · Cash DividendsDeclared
2023 · 2022
	High	Low	Close	High	Low	Close	2023	2022
First quarter	$24.73	$16.45	$17.77	$26.00	$21.87	$22.00	$0.23	$0.22
Second quarter	19.33	14.90	16.96	22.59	17.87	19.28	0.23	0.22
Third quarter	21.35	16.45	18.34	21.87	18.38	19.10	0.23	0.22
Fourth quarter	26.99	16.90	26.02	24.97	19.00	23.92	0.23	0.22

We have approximately 1,200 holders of record of our common stock. Our common stock trades on the NASDAQ Global Select Market System under the symbol “IBCP.” The prices shown above are supplied by NASDAQ and reflect the inter-dealer prices and may not include retail markups, markdowns or commissions. There may have been transactions or quotations at higher or lower prices of which we are not aware.

In addition to limitations imposed by the provisions of the Michigan Business Corporation Act (which, among other things, limits us from paying dividends to the extent we are insolvent), our ability to pay dividends is limited by our ability to obtain funds from our Bank and by regulatory capital guidelines applicable to us (see note #20).

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.