Trade Independent Bank Corp - Michigan - IBCP CFD

Trade Independent Bank Corp - Michigan - IBCP CFD

About Independent Bank Corp (Michigan)

Independent Bank Corporation is a bank holding company. The Company provides banking services to customers located primarily in Michigan’s Lower Peninsula. The Company is engaged in bank transacts business in the single industry of commercial banking. It offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Its principal markets are the rural and suburban communities across Lower Michigan, which are served by the bank's main office in Grand Rapids, Michigan, and a total of approximately 51 branches. It also has two loan production offices in Columbus and Fairlawn, Ohio. The Company’s many bank's branches provide full-service lobby and drive-thru services, as well as automatic teller machines (ATMs). In addition, it provides Internet and mobile banking capabilities to the customers.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Independent Bank Corp (Michigan) interest income decreased 1% to $138.1M. Net interest income after loan loss provision increased 7% to $131.7M. Net income increased 12% to $62.9M. Net interest income after loan loss provision reflects Tax-exempt-Interest on securities increase from $2.9M to $6.1M, Taxable increase of 14% to $14.5M.

Equity composition

Common Stock $10 Par, 5/11, 500M auth., 8,274,057 issd. Insiders own 94.29%. Preferred Stock no Par, 200K auth., Ser. A none issd. Preferred Stock no Par, 200K auth., Ser. B 74,426 issd. 12/10, 1-for-10 reverse split.