Second Quarter Highlights

Highlights for the second quarter of 2024 include:

Increases in net income and diluted earnings per share of 25.3% and 25.7%, respectively, over second quarter of 2023;
An increase in tangible book value per share of $2.71 (16.5%) over the second quarter of 2023;
Net growth in core deposits of $53.3 million (or 4.8% annualized) from March 31, 2024;
Net growth in loans of $11.9 million (or 1.2% annualized) from March 31, 2024; and
The payment of a 24 cent per share dividend on common stock on May 13, 2024.

GRAND RAPIDS, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported second quarter 2024 net income of $18.5 million, or $0.88 per diluted share, versus net income of $14.8 million, or $0.70 per diluted share, in the prior-year period.

William B. ("Brad") Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: "I am proud of our team and very pleased with our second quarter 2024 results, driving organic growth on both sides of the balance sheet. Overall loans increased 1.2% (annualized), despite a higher-than-normal level of commercial payoffs and paydowns, while core deposits are up 4.8% (annualized). We were able to generate net interest margin expansion, increasing to 3.40% from 3.30% on a linked quarter basis and net interest income growth on both a linked quarter basis and on a year over year quarterly basis. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. Our credit metrics continue to be excellent, with watch credits and non-performing assets near historic lows. These fundamentals drove good growth in both our earnings per share (26%) and tangible book value per share (16%) compared to the prior year quarter. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team, we are optimistic about continuing these growth trends for the second half of the year and into 2025."

Significant items impacting comparable second quarter 2024 and 2023 results include the following:

Changes in the fair value due to price of capitalized mortgage loan servicing rights (the "MSR Changes") of $0.9 million ($0.03 per diluted share, after taxes) for the three-month period ended June 30, 2024, as compared to $2.4 million ($0.09 per diluted share, after taxes) for the three-months ended June 30, 2023.
The provision for credit losses was an expense of $0.02 million ($0.00 per diluted share, after taxes) in the second quarter ended June 30, 2024, as compared to an expense of $3.3 million ($0.12 per diluted share, after taxes) in the second quarter ended June 30, 2023.

Gain on equity securities at fair value of $2.7 million ($0.10 per diluted share, after tax) in the second quarter ended June 30, 2024, attributable to the exchange of our Visa Class B-1 common stock. No gain or loss on equity securities at fair value was recorded for the second quarter of 2023.

Operating Results

The Company's net interest income totaled $41.3 million during the second quarter of 2024, an increase of $3.0 million, or 7.8% from the year-ago period, and an increase of $1.1 million, or 2.9%, from the first quarter of 2024. The Company's tax equivalent net interest income as a percent of average interest-earning assets (the "net interest margin") was 3.40% during the second quarter of 2024, compared to 3.24% in the year-ago period, and 3.30% in the first quarter of 2024. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. The increase in net interest income compared to the linked quarter was due to an increase in the net interest margin that was partially offset by a decrease in average interest earning assets. Average interest-earning assets were $4.89 billion in the second quarter of 2024, compared to $4.76 billion in the year ago quarter and $4.91 billion in the first quarter of 2024.

Non-interest income totaled $15.2 million for the second quarter of 2024, compared to $15.4 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues and gain on equity securities at fair value.

Gain on equity securities at fair value totaled $2.7 million during the second quarter of 2024. This gain is the consequence of the exchange of our shares of Visa Class B-1 common stock on May 6, 2024 into a combination of Visa Class C common stock and Visa Class B-2 common stock. With the completion of this exchange, we were able to record the fair value of the Visa Class C common stock through income (as it is convertible into publicly traded Visa Class A common stock) while the Visa Class B-2 common stock continues to be carried at zero.

Net gains on mortgage loans in the second quarters of 2024 and 2023, were approximately $1.3 million and $2.1 million, respectively. The comparative quarterly decrease in net gains on mortgage loans was primarily due to an decrease in both gain on sale margin on mortgage loans sold and a decrease in the volume of mortgage loans sold.

Mortgage loan servicing, net, generated income of $2.1 million and $3.7 million in the second quarters of 2024 and 2023, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates. Mortgage loan servicing, net activity is summarized in the following table:

	Three months ended						Six months ended
	6/30/2024			6/30/2023			6/30/2024			6/30/2023
	(In thousands)
Mortgage loan servicing, net:
Revenue, net	$	2,214		$	2,193		$	4,433		$	4,415
Fair value change due to price		911			2,443			2,176			1,808
Fair value change due to pay-downs		(1,034	)		(962	)		(1,793	)		(1,823	)
Total	$	2,091		$	3,674		$	4,816		$	4,400

Non-interest expenses totaled $33.3 million in the second quarter of 2024, compared to $32.2 million in the year-ago period.

The Company recorded income tax expense of $4.6 million in the second quarter of 2024. This compares to an income tax expense of $3.4 million in the second quarter of 2023. The changes in income tax expense principally reflect changes in pre-tax earnings in 2024 relative to 2023.

Asset Quality

A breakdown of non-performing loans by loan type is as follows:

	6/30/2024			12/31/2023			6/30/2023
Loan Type	(Dollars in thousands)
Commercial	$	312		$	28		$	33
Mortgage		4,819			6,425			6,149
Installment		843			970			694
Sub total		5,974			7,423			6,876
Less - government guaranteed loans		1,489			2,191			2,882
Total non-performing loans	$	4,485		$	5,232		$	3,994
Ratio of non-performing loans to total portfolio loans		0.12	%		0.14	%		0.11	%
Ratio of non-performing assets to total assets		0.10	%		0.11	%		0.09	%
Ratio of allowance for credit losses to total non-performing loans		1253.98	%		1044.69	%		1351.13	%

The provision for credit losses was an expense of $0.02 million and $3.32 million in the second quarters of 2024 and 2023, respectively. The quarterly change in the provision for credit losses in 2024 compared to 2023, is the result of a decrease in net newly allocated losses in the commercial loan portfolio primarily driven by a large specific reserve in the prior year as well as a decrease in loan growth and a decrease in the adjustment to allocations based on subjective factors. We recorded loan net charge offs (recoveries) of $0.09 million and $(0.10) million in the second quarters of 2024 and 2023, respectively. At June 30, 2024, the allowance for credit losses for loans totaled $56.2 million, or 1.46% of total portfolio loans compared to $54.7 million, or 1.44% of total portfolio loans at December 31, 2023.

Balance Sheet, Capital and Liquidity

Total assets were $5.28 billion at June 30, 2024, a increase of $13.8 million from December 31, 2023. Loans, excluding loans held for sale, were $3.85 billion at June 30, 2024, compared to $3.79 billion at December 31, 2023. Deposits totaled $4.61 billion at June 30, 2024, a decrease of $8.6 million from December 31, 2023. This decrease is primarily due to decreases in non-interest bearing and brokered time deposits that were partially offset by growth in savings and interest-bearing checking, reciprocal, and time deposits.

Cash and cash equivalents totaled $214.3 million at June 30, 2024, versus $169.8 million at December 31, 2023. Securities available for sale ("AFS") totaled $592.0 million at June 30, 2024, versus $679.4 million at December 31, 2023.

Total shareholders' equity was $430.5 million at June 30, 2024, or 8.16% of total assets compared to $404.4 million or 7.68% at December 31, 2023. Tangible common equity totaled $400.4 million at June 30, 2024, or $19.16 per share compared to $374.1 million or $17.96 per share at December 31, 2023. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention.

The Company's wholly owned subsidiary, Independent Bank, remains significantly above "well capitalized" for regulatory purposes with the following ratios:

Regulatory Capital Ratios	6/30/2024			12/31/2023			Well Capitalized Minimum

Tier 1 capital to average total assets		9.34	%		8.80	%		5.00	%
Tier 1 common equity to risk-weighted assets		11.70	%		11.21	%		6.50	%
Tier 1 capital to risk-weighted assets		11.70	%		11.21	%		8.00	%
Total capital to risk-weighted assets		12.95	%		12.46	%		10.00	%

At June 30, 2024, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.00 billion and $438.5 million, respectively. We also had approximately $787.4 million in fair value of unpledged securities AFS and HTM at June 30, 2024 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $732.5 million.

Share Repurchase Plan

On December 19, 2023, the Board of Directors of the Company authorized the 2024 share repurchase plan. Under the terms of the 2024 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2024. The Company did not repurchase any shares of common stock during the first six months of 2024.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, July 25, 2024.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 459632). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/697238975.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 287261). The replay will be available through August 1, 2024.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, 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 presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management's ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other reports we file with the SEC, including under the heading "Risk Factors." Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:

William B. Kessel, President and CEO, 616.447.3933

Gavin A. Mohr, Chief Financial Officer, 616.447.3929

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Condition

	June 30, 2024			December 31, 2023
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	54,910		$	68,208
Interest bearing deposits		159,438			101,573
Cash and Cash Equivalents		214,348			169,781
Equity securities at fair value		872			—
Securities available for sale		591,974			679,350
Securities held to maturity (fair value of $305,654 at June 30, 2024 and $318,606 at December 31, 2023)		344,220			353,988
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		16,099			16,821
Loans held for sale, carried at fair value		15,935			12,063
Loans
Commercial		1,732,353			1,679,731
Mortgage		1,501,377			1,485,872
Installment		618,159			625,298
Total Loans		3,851,889			3,790,901
Allowance for credit losses		(56,241	)		(54,658	)
Net Loans		3,795,648			3,736,243
Other real estate and repossessed assets, net		945			569
Property and equipment, net		35,041			35,523
Bank-owned life insurance		53,821			54,341
Capitalized mortgage loan servicing rights, carried at fair value		44,406			42,243
Other intangibles		1,746			2,004
Goodwill		28,300			28,300
Accrued income and other assets		134,145			132,500
Total Assets	$	5,277,500		$	5,263,726
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	1,049,625		$	1,076,093
Savings and interest-bearing checking		1,926,065			1,905,701
Reciprocal		925,828			832,020
Time		585,561			524,325
Brokered time		127,249			284,740
Total Deposits		4,614,328			4,622,879
Other borrowings		50,012			50,026
Subordinated debt		39,548			39,510
Subordinated debentures		39,762			39,728
Accrued expenses and other liabilities		103,391			107,134
Total Liabilities		4,847,041			4,859,277
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: 20,899,358 shares at June 30, 2024 and 20,835,633 shares at December 31, 2023		317,676			317,483
Retained earnings		183,611			159,108
Accumulated other comprehensive loss		(70,828	)		(72,142	)
Total Shareholders' Equity		430,459			404,449
Total Liabilities and Shareholders' Equity	$	5,277,500		$	5,263,726

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations

	Three Months Ended								Six Months Ended June 30,
		June 30, 2024			March 31, 2024			June 30, 2024		2024			2023
	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	56,786		$	55,043		$	47,679	$	111,829		$	91,973
Interest on securities
Taxable		4,713			5,251			5,919		9,964			11,803
Tax-exempt		3,400			3,391			3,283		6,791			6,366
Other investments		1,439			1,441			1,067		2,880			1,742
Total Interest Income		66,338			65,126			57,948		131,464			111,884
Interest Expense
Deposits		22,876			22,810			17,461		45,686			31,221
Other borrowings and subordinated debt and debentures		2,116			2,119			2,137		4,235			3,872
Total Interest Expense		24,992			24,929			19,598		49,921			35,093
Net Interest Income		41,346			40,197			38,350		81,543			76,791
Provision for credit losses		19			744			3,317		763			5,477
Net Interest Income After Provision for Credit Losses		41,327			39,453			35,033		80,780			71,314
Non-interest Income
Interchange income		3,401			3,151			3,355		6,552			6,560
Service charges on deposit accounts		2,937			2,872			3,134		5,809			5,991
Net gains (losses) on assets
Mortgage loans		1,333			1,364			2,120		2,697			3,376
Equity securities at fair value		2,693			—			—		2,693			—
Securities available for sale		—			(269	)		—		(269	)		(222	)
Mortgage loan servicing, net		2,091			2,725			3,674		4,816			4,400
Other		2,717			2,718			3,134		5,435			5,863
Total Non-interest Income		15,172			12,561			15,417		27,733			25,968
Non-interest Expense
Compensation and employee benefits		21,251			20,770			20,602		42,021			39,941
Data processing		3,257			3,255			2,891		6,512			5,882
Occupancy, net		1,886			2,074			1,845		3,960			4,004
Interchange expense		1,127			1,097			1,054		2,224			2,103
Furniture, fixtures and equipment		948			954			929		1,902			1,855
FDIC deposit insurance		695			782			749		1,477			1,532
Advertising		788			491			431		1,279			926
Loan and collection		699			512			620		1,211			1,198
Communications		499			615			635		1,114			1,303
Legal and professional		544			486			473		1,030			1,080
Costs (recoveries) related to unfunded lending commitments		(137	)		(652	)		100		(789	)		(375	)
Other		1,776			1,809			1,919		3,585			3,756
Total Non-interest Expense		33,333			32,193			32,248		65,526			63,205
Income Before Income Tax		23,166			19,821			18,202		42,987			34,077
Income tax expense		4,638			3,830			3,412		8,468			6,296
Net Income	$	18,528		$	15,991		$	14,790	$	34,519		$	27,781
Net Income Per Common Share
Basic	$	0.89		$	0.77		$	0.70	$	1.65		$	1.32
Diluted	$	0.88		$	0.76		$	0.70	$	1.64		$	1.31

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data

	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	41,346		$	40,197		$	40,111		$	39,427		$	38,350
Provision for credit losses		19			744			(617	)		1,350			3,317
Non-interest income		15,172			12,561			9,097			15,611			15,417
Non-interest expense		33,333			32,193			31,878			32,036			32,248
Income before income tax		23,166			19,821			17,947			21,652			18,202
Income tax expense		4,638			3,830			4,204			4,109			3,412
Net income	$	18,528		$	15,991		$	13,743		$	17,543		$	14,790

Basic earnings per share	$	0.89		$	0.77		$	0.66		$	0.84		$	0.70
Diluted earnings per share		0.88			0.76			0.65			0.83			0.70
Cash dividend per share		0.24			0.24			0.23			0.23			0.23

Average shares outstanding		20,901,741			20,877,067			20,840,680			20,922,431			21,040,349
Average diluted shares outstanding		21,105,387			21,079,607			21,049,030			21,114,445			21,222,535

Performance Ratios
Return on average assets		1.44	%		1.24	%		1.04	%		1.34	%		1.18	%
Return on average equity		17.98			15.95			14.36			18.68			16.29
Efficiency ratio (1)		61.49			60.26			64.27			57.52			59.26

As a Percent of Average Interest-Earning Assets (1)
Interest income		5.45	%		5.34	%		5.29	%		5.10	%		4.89	%
Interest expense		2.05			2.04			2.03			1.87			1.65
Net interest income		3.40			3.30			3.26			3.23			3.24

Average Balances
Loans	$	3,849,199		$	3,810,526		$	3,764,752		$	3,694,534		$	3,567,920
Securities		944,435			999,140			1,027,240			1,071,211			1,111,670
Total earning assets		4,893,367			4,910,669			4,928,697			4,892,208			4,763,295
Total assets		5,181,317			5,201,452			5,233,666			5,192,114			5,044,746
Deposits		4,531,917			4,561,645			4,612,797			4,577,796			4,447,843
Interest bearing liabilities		3,611,972			3,627,446			3,635,771			3,554,179			3,415,621
Shareholders' equity		414,549			403,225			379,614			372,667			364,143

(1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data (continued)

	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio		7.63	%		7.41	%		7.15	%		6.67	%		6.75	%
Tangible common equity ratio excluding accumulated other comprehensive loss		8.76			8.57			8.31			8.20			8.09
Average equity to average assets		8.00			7.75			7.25			7.18			7.22
Total capital to risk-weighted assets (2)		14.21			13.85			13.71			13.58			13.66
Tier 1 capital to risk-weighted assets (2)		12.01			11.65			11.50			11.37			11.42
Common equity tier 1 capital to risk-weighted assets (2)		11.09			10.73			10.58			10.44			10.46
Tier 1 capital to average assets (2)		9.59			9.29			9.03			8.94			8.97
Common shareholders' equity per share of common stock	$	20.60		$	19.88		$	19.41		$	17.99		$	17.91
Tangible common equity per share of common stock		19.16			18.44			17.96			16.53			16.45
Total shares outstanding		20,899,358			20,903,677			20,835,633			20,850,455			20,943,694

Selected Balances
Loans	$	3,851,889		$	3,839,965		$	3,790,901		$	3,741,486		$	3,631,114
Securities		936,194			963,577			1,033,338			1,043,540			1,092,703
Total earning assets		4,979,555			4,949,496			4,954,696			4,884,720			4,830,185
Total assets		5,277,500			5,231,255			5,263,726			5,200,018			5,135,564
Deposits		4,614,328			4,582,414			4,622,879			4,585,612			4,487,636
Interest bearing liabilities		3,694,025			3,677,060			3,676,050			3,573,187			3,501,280
Shareholders' equity		430,459			415,570			404,449			374,998			375,162

(2) June 30, 2024 are Preliminary.

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 June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")

Net interest income	$	41,346		$	38,350		$	81,543		$	76,791
Add: taxable equivalent adjustment		175			232			355			520
Net interest income - taxable equivalent	$	41,521		$	38,582		$	81,898		$	77,311
Net interest margin (GAAP) (1)		3.39	%		3.23	%		3.33	%		3.26	%
Net interest margin (FTE) (1)		3.40	%		3.24	%		3.35	%		3.28	%

(1) Annualized.

Tangible Common Equity Ratio

	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(Dollars in thousands)
Common shareholders' equity	$	430,459		$	415,570		$	404,449		$	374,998		$	375,162
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,746			1,875			2,004			2,141			2,278
Tangible common equity		400,413			385,395			374,145			344,557			344,584
Addition:
Accumulated other comprehensive loss for regulatory purposes		65,030			65,831			66,344			86,507			74,712
Tangible common equity excluding other comprehensive loss adjustments	$	465,443		$	451,226		$	440,489		$	431,064		$	419,296

Total assets	$	5,277,500		$	5,231,255		$	5,263,726		$	5,200,018		$	5,135,564
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,746			1,875			2,004			2,141			2,278
Tangible assets		5,247,454			5,201,080			5,233,422			5,169,577			5,104,986
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax		65,030			65,831			66,344			86,507			74,712
Tangible assets excluding other comprehensive loss adjustments	$	5,312,484		$	5,266,911		$	5,299,766		$	5,256,084		$	5,179,698

Common equity ratio		8.16	%		7.94	%		7.68	%		7.21	%		7.31	%
Tangible common equity ratio		7.63	%		7.41	%		7.15	%		6.67	%		6.75	%
Tangible common equity ratio excluding other comprehensive loss		8.76	%		8.57	%		8.31	%		8.20	%		8.09	%

Tangible Common Equity per Share of Common Stock:

Common shareholders' equity	$	430,459		$	415,570		$	404,449		$	374,998		$	375,162
Tangible common equity	$	400,413		$	385,395		$	374,145		$	344,557		$	344,584
Shares of common stock outstanding (in thousands)		20,899			20,904			20,836			20,850			20,944

Common shareholders' equity per share of common stock	$	20.60		$	19.88		$	19.41		$	17.99		$	17.91
Tangible common equity per share of common stock	$	19.16		$	18.44		$	17.96		$	16.53		$	16.45

The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders' equity per share of common stock.

Independent Bank Corporation Reports 2024 Second Quarter Results