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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 March 31, 2024
Commission file number   0-7818
INDEPENDENT BANK CORPORATION
(Exact name of registrant as specified in its charter)
Michigan38-2032782
(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 ClassTrading SymbolName of each exchange which registered
Common stock, no par valueIBCP
The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 every Interactive Data File required to be submitted 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, a non-accelerated filer, a 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, 20,902,444 as of May 2, 2024.




INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
INDEX
Number(s)
8-58
59-74
Item 5.
1

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, 2023, 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.
2


Part I - Item 1.
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
March 31,
2024
December 31,
2023
(Unaudited)
(In thousands, except share
amounts)
Assets
Cash and due from banks$41,646 $68,208 
Interest bearing deposits120,198 101,573 
Cash and Cash Equivalents161,844 169,781 
Securities available for sale613,620 679,350 
Securities held to maturity (fair value of $311,013 at March 31, 2024 and $318,606 at December 31, 2023 )
349,957 353,988 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost16,821 16,821 
Loans held for sale, carried at fair value8,935 12,063 
Loans
Commercial1,735,284 1,679,731 
Mortgage1,490,441 1,485,872 
Installment614,240 625,298 
Total Loans3,839,965 3,790,901 
Allowance for credit losses(56,313)(54,658)
Net Loans3,783,652 3,736,243 
Other real estate and repossessed assets, net1,059 569 
Property and equipment, net34,587 35,523 
Bank-owned life insurance53,633 54,341 
Capitalized mortgage loan servicing rights, carried at fair value43,577 42,243 
Other intangibles1,875 2,004 
Goodwill28,300 28,300 
Accrued income and other assets133,395 132,500 
Total Assets$5,231,255 $5,263,726 
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing$1,034,605 $1,076,093 
Savings and interest-bearing checking1,935,451 1,905,701 
Reciprocal893,643 832,020 
Time570,130 524,325 
Brokered time148,585 284,740 
Total Deposits4,582,414 4,622,879 
Other borrowings49,977 50,026 
Subordinated debt39,529 39,510 
Subordinated debentures39,745 39,728 
Accrued expenses and other liabilities104,020 107,134 
Total Liabilities4,815,685 4,859,277 
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: 20,903,677 shares at March 31, 2024 and 20,835,633 shares at December 31, 2023
317,099 317,483 
Retained earnings170,100 159,108 
Accumulated other comprehensive loss(71,629)(72,142)
Total Shareholders’ Equity415,570 404,449 
Total Liabilities and Shareholders’ Equity$5,231,255 $5,263,726 
See notes to interim condensed consolidated financial statements (Unaudited)
3

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Three months ended March 31,
20242023
(Unaudited)
(In thousands, except per share amounts)
Interest Income
Interest and fees on loans$55,043 $44,294 
Interest on securities
Taxable5,251 5,884 
Tax-exempt3,391 3,083 
Other investments1,441 675 
Total Interest Income65,126 53,936 
Interest Expense
Deposits22,810 13,760 
Other borrowings and subordinated debt and debentures2,119 1,735 
Total Interest Expense24,929 15,495 
Net Interest Income40,197 38,441 
Provision for credit losses744 2,160 
Net Interest Income After Provision for Credit Losses39,453 36,281 
Non-interest Income
Interchange income3,151 3,205 
Service charges on deposit accounts2,872 2,857 
Net gains (losses) on assets
Mortgage loans1,364 1,256 
Securities available for sale(269)(222)
Mortgage loan servicing, net2,725 726 
Other2,718 2,729 
Total Non-interest Income12,561 10,551 
Non-interest Expense
Compensation and employee benefits20,770 19,339 
Data processing3,255 2,991 
Occupancy, net2,074 2,159 
Interchange expense1,097 1,049 
Furniture, fixtures and equipment954 926 
FDIC deposit insurance782 783 
Communications615 668 
Loan and collection512 578 
Advertising491 495 
Legal and professional486 607 
Costs (recoveries) related to unfunded lending commitments(652)(475)
Other1,809 1,837 
Total Non-interest Expense32,193 30,957 
Income Before Income Tax19,821 15,875 
Income tax expense3,830 2,884 
Net Income$15,991 $12,991 
Net Income Per Common Share
Basic$0.77 $0.62 
Diluted$0.76 $0.61 
See notes to interim condensed consolidated financial statements (Unaudited)
4

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
Three months ended
March 31,
20242023
(Unaudited - In thousands)
Net income$15,991 $12,991 
Other comprehensive income
Securities available for sale
Unrealized gains arising during period
1,524 14,393 
Accretion of net unrealized losses on securities transferred to held to maturity820 850 
Reclassification adjustments for losses included in earnings
269 222 
Unrealized gains recognized in other comprehensive income on securities available for sale
2,613 15,465 
Income tax expense
549 3,248 
Unrealized gains recognized in other comprehensive income on securities available for sale, net of tax
2,064 12,217 
Derivative instruments
Unrealized losses arising during period
(2,229)(420)
Reclassification adjustment for expense recognized in earnings266 84 
Unrealized losses recognized in other comprehensive income on derivative instruments
(1,963)(336)
Income tax benefit(412)(71)
Unrealized losses recognized in other comprehensive income on derivative instruments, net of tax
(1,551)(265)
Other comprehensive income
513 11,952 
Comprehensive income
$16,504 $24,943 
See notes to interim condensed consolidated financial statements (Unaudited)
5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
Three months ended March 31,
20242023
(Unaudited - In thousands)
Net Income$15,991 $12,991 
Adjustments to Reconcile Net Income to Net Cash From Operating Activities  
Proceeds from sales of loans held for sale75,178 65,428 
Disbursements for loans held for sale(70,800)(54,430)
Provision for credit losses744 2,160 
Deferred income tax expense1,535 1,436 
Net deferred loan fees (costs)
127 160 
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans2,509 2,425 
Net gains on mortgage loans(1,364)(1,256)
Net losses on securities available for sale269 222 
Share based compensation591 569 
(Increase) decrease in accrued income and other assets
(3,324)1,786 
Decrease in accrued expenses and other liabilities
(623)(8,106)
Total Adjustments4,842 10,394 
Net Cash From Operating Activities20,833 23,385 
Cash Flow Used in Investing Activities  
Proceeds from the sale of securities available for sale37,273 278 
Proceeds from the sale of securities held to maturity previously charged off
1,125  
Proceeds from maturities, prepayments and calls of securities available for sale27,484 27,742 
Proceeds from maturities, prepayments and calls of securities held to maturity 2,724 3,334 
Purchases of securities held to maturity (400)
Net increase in portfolio loans (loans originated, net of principal payments)(58,407)(66,329)
Proceeds from the sale of portfolio loans6,808 41,237 
Proceeds from bank-owned life insurance889  
Proceeds from the sale of other real estate and repossessed assets172 243 
Proceeds from the sale of property and equipment
299 174 
Capital expenditures(676)(1,325)
Net Cash Used in Investing Activities17,691 4,954 
Cash Flow From Financing Activities  
Net increase (decrease) in total deposits
(40,465)165,680 
Net decrease in other borrowings
(22)(60,977)
Proceeds from Federal Home Loan Bank Advances 95,000 
Payments of Federal Home Loan Bank Advances (70,000)
Dividends paid(4,999)(4,860)
Proceeds from issuance of common stock 48 
Share based compensation withholding obligation(975)(582)
Net Cash From Financing Activities(46,461)124,309 
Net Increase (Decrease) in Cash and Cash Equivalents(7,937)152,648 
Cash and Cash Equivalents at Beginning of Period169,781 74,371 
Cash and Cash Equivalents at End of Period$161,844 $227,019 
Cash paid during the period for  
Interest$24,962 $13,697 
Income taxes  
Transfers to other real estate and repossessed assets586 241 
Right of use assets obtained in exchange for lease obligations2,119 400 
See notes to interim condensed consolidated financial statements (Unaudited)
6

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
Common
Stock
Retained
Earnings
Accumulated
Other
Comprehensive Income
(Loss)
Total
Shareholders’
Equity
(Dollars in thousands, except per share amounts)
Balances at January 1, 2024$317,483 $159,108 $(72,142)$404,449 
Net income, three months ended March 31, 2024— 15,991 — 15,991 
Cash dividends declared, $0.24 per share
— (4,999)— (4,999)
Share based compensation (issuance of 102,324 shares of common stock)
591 — — 591 
Share based compensation withholding obligation (withholding of 39,683 shares of common stock)
(975)— — (975)
Other comprehensive income— — 513 513 
Balances at March 31, 2024$317,099 $170,100 $(71,629)$415,570 
Balances at January 1, 2023$320,991 $119,368 $(92,763)$347,596 
Net income, three months ended — 12,991 — 12,991 
Cash dividends declared, $0.23 per share
— (4,860)— (4,860)
Issuance of 15,500 shares of common stock
48 — — 48 
Share based compensation (issuance of 86,394 shares of common stock)
569 — — 569 
Share based compensation withholding obligation (withholding of 27,562 shares of common stock)
(582)— — (582)
Other comprehensive income— — 11,952 11,952 
Balances at March 31, 2023$321,026 $127,499 $(80,811)$367,714 
See notes to interim condensed consolidated financial statements (Unaudited)
7

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.    Preparation of Financial Statements
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2023 included in our Annual Report on Form 10-K.
In our opinion, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary to present fairly our consolidated financial condition as of March 31, 2024 and December 31, 2023, and the results of operations for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month periods ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made in the prior period condensed consolidated financial statements to conform to the current period presentation. Our critical accounting policies include the determination of the allowance for credit losses (“ACL”) and the valuation of capitalized mortgage loan servicing rights. Refer to our 2023 Annual Report on Form 10-K for a disclosure of our accounting policies.
2.    New Accounting Standards
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, ‘‘Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting’’ and in December 2022 the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848". These new ASUs provide temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. Entities that make such elections would not have to remeasure contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met.
We had formed a cross-functional project team to lead the transition from LIBOR to a planned adoption of reference rates which included Secured Overnight Financing Rate (“SOFR”). We utilized the timeline guidance published by the Alternative Reference Rates Committee to develop and achieve internal milestones during the transitional period. We discontinued the use of new LIBOR-based loans as of December 31, 2021, according to regulatory guidelines. We also discontinued the use of new LIBOR based interest rate derivatives as of December 31, 2021. The amended guidance under Topic 848 and our ability to elect its temporary optional expedients and exceptions are effective for us through December 31, 2024.
In March, 2023, the FASB issued ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)". This ASU expands the use of the proportional amortization method of accounting — currently allowed only for investments in low-income housing tax credit ("LIHTC") structures — to equity investments in other tax credit structures that meet certain criteria. Common tax credit programs that investors access via tax equity structures and that may now be eligible for application of the proportional amortization method include: new markets tax credits, historic rehabilitation tax credit programs, and renewable energy tax credit programs. This ASU takes effect in reporting periods beginning after December 15, 2023, with early adoption permitted. The adoption of this ASU on January 1, 2024, did not have a material impact on our Condensed Consolidated Financial Statements.
In November, 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 323): Improvements to Reportable Segment Disclosures". This ASU enhances disclosures of significant segment expenses by requiring entities to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. This ASU takes effect for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years
8

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)
beginning after December 15, 2024. Early adoption is permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements.
In December, 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. This ASU takes effect in reporting periods beginning after December 15, 2024, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements.

3.    Securities
Securities available for sale (“AFS”) consist of the following:
Amortized
Cost
Unrealized
GainsLossesFair Value
(In thousands)
March 31, 2024
U.S. agency$9,770 $3 $848 $8,925 
U.S. agency residential mortgage-backed88,010 6 9,521 78,495 
U.S. agency commercial mortgage-backed13,464  1,409 12,055 
Private label mortgage-backed90,761 255 6,246 84,770 
Other asset backed66,083 17 1,267 64,833 
Obligations of states and political subdivisions331,399 234 38,417 293,216 
Corporate76,056  5,673 70,383 
Trust preferred984  41 943 
Total$676,527 $515 $63,422 $613,620 
   
December 31, 2023   
U.S. agency$10,299 $5 $797 $9,507