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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023
Commission file number 0-7818
| | |
INDEPENDENT BANK CORPORATION |
(Exact name of registrant as specified in its charter) |
| | | | | | | | |
Michigan | | 38-2032782 |
(State or jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification Number) |
| | |
4200 East Beltline, Grand Rapids, Michigan 49525 |
(Address of principal executive offices) |
(616) 527-5820
(Registrant's telephone number, including area code)
| | |
NONE |
Former name, address and fiscal year, if changed since last report. |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each Class | | Trading Symbol | | Name of each exchange which registered |
Common stock, no par value | | IBCP | | The Nasdaq Stock Market, LLC |
Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES x NO ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company or an emerging growth company.
Large accelerated filer ¨ Accelerated filer x Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. Yes ¨ No ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ¨ NO x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: common stock, no par value, 20,944,217 as of August 3, 2023.
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
INDEX
FORWARD-LOOKING STATEMENTS
Statements in this report that are not statements of historical fact, including statements that include terms such as ‘‘will,’’ ‘‘may,’’ ‘‘should,’’ ‘‘believe,’’ ‘‘expect,’’ ‘‘forecast,’’ ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘project,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘optimistic’’ and ‘‘plan’’ and statements about future or projected financial and operating results, plans, projections, objectives, expectations, and intentions, are forward-looking statements. Forward-looking statements include, but are not limited to, descriptions of plans and objectives for future operations, products or services; projections of our future revenue, earnings or other measures of economic performance; forecasts of credit losses and other asset quality trends; statements about our business and growth strategies; and expectations about economic and market conditions and trends. These forward-looking statements express our current expectations, forecasts of future events, or long-term goals. They are based on assumptions, estimates, and forecasts that, although believed to be reasonable, may turn out to be incorrect. Actual results could differ materially from those discussed in the forward-looking statements for a variety of reasons, including:
•economic, market, operational, liquidity, credit, and interest rate risks associated with our business;
•economic conditions generally and in the financial services industry, particularly economic conditions within Michigan and the regional and local real estate markets in which our bank operates;
•the failure of assumptions underlying the establishment of, and provisions made to, our allowance for credit losses;
•increased competition in the financial services industry, either nationally or regionally;
•our ability to achieve loan and deposit growth;
•volatility and direction of market interest rates;
•the continued services of our management team; and
•implementation of new legislation, which may have significant effects on us and the financial services industry.
This list provides examples of factors that could affect the results described by forward-looking statements contained in this report, but the list is not intended to be all-inclusive. The risk factors disclosed in Part I – Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated by any new or modified risk factors disclosed in Part II – Item 1A of any subsequently filed Quarterly Report on Form 10-Q, include the known risks our management believes could materially affect the results described by forward-looking statements in this report. However, those risks may not be the only risks we face. Our results of operations, cash flows, financial position, and prospects could also be materially and adversely affected by additional factors that are not presently known to us that we currently consider to be immaterial, or that develop after the date of this report. We cannot assure you that our future results will meet expectations. While we believe the forward-looking statements in this report are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. We do not undertake, and expressly disclaim, any obligation to update or alter any statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
| | | | | | | | |
Part I - Item 1. | INDEPENDENT BANK CORPORATION AND SUBSIDIARIES | |
Condensed Consolidated Statements of Financial Condition | | | | | | | | | | | | | | |
| | June 30, 2023 | | December 31, 2022 |
| | (Unaudited) |
| | (In thousands, except share amounts) |
Assets | | | | |
Cash and due from banks | | $ | 61,225 | | | $ | 70,180 | |
Interest bearing deposits | | 67,967 | | | 4,191 | |
Cash and Cash Equivalents | | 129,192 | | | 74,371 | |
Securities available for sale | | 731,777 | | | 779,347 | |
Securities held to maturity (fair value of $321,860 at June 30, 2023 and $335,418 at December 31, 2022 ) | | 360,926 | | | 374,818 | |
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | | 18,131 | | | 17,653 | |
Loans held for sale, carried at fair value | | 20,270 | | | 26,518 | |
Loans held for sale, carried at lower of cost or fair value | | — | | | 20,367 | |
Loans | | | | |
Commercial | | 1,538,162 | | | 1,466,853 | |
Mortgage | | 1,441,398 | | | 1,368,409 | |
Installment | | 651,554 | | | 630,090 | |
Total Loans | | 3,631,114 | | | 3,465,352 | |
Allowance for credit losses | | (53,964) | | | (52,435) | |
Net Loans | | 3,577,150 | | | 3,412,917 | |
Other real estate and repossessed assets, net | | 658 | | | 455 | |
Property and equipment, net | | 36,157 | | | 35,893 | |
Bank-owned life insurance | | 54,507 | | | 55,204 | |
Capitalized mortgage loan servicing rights, carried at fair value | | 44,427 | | | 42,489 | |
Other intangibles | | 2,278 | | | 2,551 | |
Goodwill | | 28,300 | | | 28,300 | |
Accrued income and other assets | | 131,791 | | | 128,904 | |
Total Assets | | $ | 5,135,564 | | | $ | 4,999,787 | |
| | | | |
Liabilities and Shareholders' Equity | | | | |
Deposits | | | | |
Non-interest bearing | | $ | 1,155,537 | | | $ | 1,269,759 | |
Savings and interest-bearing checking | | 1,929,021 | | | 1,973,308 | |
Reciprocal | | 720,985 | | | 602,575 | |
Time | | 431,249 | | | 321,492 | |
Brokered time | | 250,844 | | | 211,935 | |
Total Deposits | | 4,487,636 | | | 4,379,069 | |
Other borrowings | | 90,015 | | | 86,006 | |
Subordinated debt | | 39,472 | | | 39,433 | |
Subordinated debentures | | 39,694 | | | 39,660 | |
Accrued expenses and other liabilities | | 103,585 | | | 108,023 | |
Total Liabilities | | 4,760,402 | | | 4,652,191 | |
Commitments and contingent liabilities | | | | |
Shareholders’ Equity | | | | |
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | | — | | | — | |
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,943,694 shares at June 30, 2023 and 21,063,971 shares at December 31, 2022 | | 318,241 | | | 320,991 | |
Retained earnings | | 137,431 | | | 119,368 | |
Accumulated other comprehensive loss | | (80,510) | | | (92,763) | |
Total Shareholders’ Equity | | 375,162 | | | 347,596 | |
Total Liabilities and Shareholders’ Equity | | $ | 5,135,564 | | | $ | 4,999,787 | |
See notes to interim condensed consolidated financial statements (Unaudited)
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (Unaudited) | | (Unaudited) |
| | (In thousands, except per share amounts) |
Interest Income | | | | | | | | |
Interest and fees on loans | | $ | 47,679 | | | $ | 31,454 | | | $ | 91,973 | | | $ | 59,872 | |
Interest on securities | | | | | | | | |
Taxable | | 5,919 | | | 4,950 | | | 11,803 | | | 9,502 | |
Tax-exempt | | 3,283 | | | 1,746 | | | 6,366 | | | 3,300 | |
Other investments | | 1,067 | | | 214 | | | 1,742 | | | 431 | |
Total Interest Income | | 57,948 | | | 38,364 | | | 111,884 | | | 73,105 | |
Interest Expense | | | | | | | | |
Deposits | | 17,461 | | | 1,216 | | | 31,221 | | | 1,983 | |
Other borrowings and subordinated debt and debentures | | 2,137 | | | 1,087 | | | 3,872 | | | 2,060 | |
Total Interest Expense | | 19,598 | | | 2,303 | | | 35,093 | | | 4,043 | |
Net Interest Income | | 38,350 | | | 36,061 | | | 76,791 | | | 69,062 | |
Provision for credit losses | | 3,317 | | | 2,379 | | | 5,477 | | | 806 | |
Net Interest Income After Provision for Credit Losses | | 35,033 | | | 33,682 | | | 71,314 | | | 68,256 | |
Non-interest Income | | | | | | | | |
Interchange income | | 3,355 | | | 3,422 | | | 6,560 | | | 6,504 | |
Service charges on deposit accounts | | 3,134 | | | 3,096 | | | 5,991 | | | 6,053 | |
Net gains (losses) on assets | | | | | | | | |
Mortgage loans | | 2,120 | | | 1,253 | | | 3,376 | | | 2,088 | |
Securities available for sale | | — | | | (345) | | | (222) | | | (275) | |
Mortgage loan servicing, net | | 3,674 | | | 4,162 | | | 4,400 | | | 13,803 | |
Other | | 3,134 | | | 3,044 | | | 5,863 | | | 5,407 | |
Total Non-interest Income | | 15,417 | | | 14,632 | | | 25,968 | | | 33,580 | |
Non-interest Expense | | | | | | | | |
Compensation and employee benefits | | 20,602 | | | 19,882 | | | 39,941 | | | 40,012 | |
Data processing | | 2,891 | | | 2,644 | | | 5,882 | | | 4,860 | |
Occupancy, net | | 1,845 | | | 2,077 | | | 4,004 | | | 4,620 | |
Interchange expense | | 1,054 | | | 1,262 | | | 2,103 | | | 2,273 | |
Furniture, fixtures and equipment | | 929 | | | 1,042 | | | 1,855 | | | 2,087 | |
FDIC deposit insurance | | 749 | | | 457 | | | 1,532 | | | 979 | |
Communications | | 635 | | | 762 | | | 1,303 | | | 1,519 | |
Loan and collection | | 620 | | | 647 | | | 1,198 | | | 1,206 | |
Legal and professional | | 473 | | | 479 | | | 1,080 | | | 972 | |
Advertising | | 431 | | | 560 | | | 926 | | | 1,240 | |
Costs (recoveries) related to unfunded lending commitments | | 100 | | | 649 | | | (375) | | | 294 | |
Other | | 1,919 | | | 1,973 | | | 3,756 | | | 3,822 | |
Total Non-interest Expense | | 32,248 | | | 32,434 | | | 63,205 | | | 63,884 | |
Income Before Income Tax | | 18,202 | | | 15,880 | | | 34,077 | | | 37,952 | |
Income tax expense | | 3,412 | | | 2,879 | | | 6,296 | | | 6,984 | |
Net Income | | $ | 14,790 | | | $ | 13,001 | | | $ | 27,781 | | | $ | 30,968 | |
Net Income Per Common Share | | | | | | | | |
Basic | | $ | 0.70 | | | $ | 0.62 | | | $ | 1.32 | | | $ | 1.47 | |
Diluted | | $ | 0.70 | | | $ | 0.61 | | | $ | 1.31 | | | $ | 1.45 | |
See notes to interim condensed consolidated financial statements (Unaudited)
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (Unaudited - In thousands) |
| | | | | | | | |
Net income | | $ | 14,790 | | | $ | 13,001 | | | $ | 27,781 | | | $ | 30,968 | |
Other comprehensive income (loss) | | | | | | | | |
Securities available for sale | | | | | | | | |
Unrealized gains (losses) arising during period | | (630) | | | (13,916) | | | 13,763 | | | (83,358) | |
Net unrealized loss at time of transfer on securities available for sale transferred to held to maturity | | — | | | (26,479) | | | — | | | (26,479) | |
Accretion of net unrealized losses on securities transferred to held to maturity | | 936 | | | 1,328 | | | 1,786 | | | 1,328 | |
Reclassification adjustments for (gains) losses included in earnings | | — | | | 345 | | | 222 | | | 275 | |
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale | | 306 | | | (38,722) | | | 15,771 | | | (108,234) | |
Income tax expense (benefit) | | 64 | | | (8,133) | | | 3,312 | | | (22,730) | |
Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale, net of tax | | 242 | | | (30,589) | | | 12,459 | | | (85,504) | |
Derivative instruments | | | | | | | | |
Unrealized gains (losses) arising during period | | 7 | | | — | | | (413) | | | — | |
Reclassification adjustment for expense recognized in earnings | | 68 | | | — | | | 152 | | | — | |
Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments | | 75 | | | — | | | (261) | | | — | |
Income tax benefit | | 16 | | | — | | | (55) | | | — | |
Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments, net of tax | | 59 | | | — | | | (206) | | | — | |
Other comprehensive income (loss) | | 301 | | | (30,589) | | | 12,253 | | | (85,504) | |
Comprehensive income (loss) | | $ | 15,091 | | | $ | (17,588) | | | $ | 40,034 | | | $ | (54,536) | |
See notes to interim condensed consolidated financial statements (Unaudited)
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
| | | | | | | | | | | | | | |
| | Six months ended June 30, |
| | 2023 | | 2022 |
| | (Unaudited - In thousands) |
Net Income | | $ | 27,781 | | | $ | 30,968 | |
Adjustments to Reconcile Net Income to Net Cash From Operating Activities | | | | |
Proceeds from sales of loans held for sale | | 156,178 | | | 334,838 | |
Disbursements for loans held for sale | | (146,403) | | | (309,085) | |
Provision for credit losses | | 5,477 | | | 806 | |
Deferred income tax expense | | 1,255 | | | 2,680 | |
Net deferred loan costs | | (457) | | | (4,868) | |
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans | | 4,949 | | | 5,734 | |
Net gains on mortgage loans | | (3,376) | | | (2,088) | |
Net losses on securities available for sale | | 222 | | | 275 | |
Share based compensation | | 1,046 | | | 1,054 | |
(Increase) Decrease in accrued income and other assets | | (10,159) | | | (10,110) | |
Decrease in accrued expenses and other liabilities | | (3,165) | | | 10,921 | |
Total Adjustments | | 5,567 | | | 30,157 | |
Net Cash From Operating Activities | | 33,348 | | | 61,125 | |
Cash Flow Used in Investing Activities | | | | |
Proceeds from the sale of securities available for sale | | 278 | | | 70,523 | |
Proceeds from maturities, prepayments and calls of securities available for sale | | 59,513 | | | 105,288 | |
Proceeds from maturities, prepayments and calls of securities held to maturity | | 12,752 | | | 10,906 | |
Purchases of securities held to maturity | | (440) | | | — | |
Purchases of securities available for sale | | — | | | (137,550) | |
Purchases of Federal Home Loan Bank stock | | (478) | | | — | |
Proceeds from the redemption of Federal Home Loan Bank stock | | — | | | 774 | |
Net increase in portfolio loans (loans originated, net of principal payments) | | (19 |