Exhibit 99.1


News Release

Independent Bank Corporation
4200 East Beltline
Grand Rapids, MI 49525
616.527.5820

For Release:
Immediately

Contact:
William B. Kessel, President and CEO, 616.447.3933
Robert N. Shuster, Chief Financial Officer, 616.522.1765

INDEPENDENT BANK CORPORATION REPORTS
2019 FIRST QUARTER RESULTS

GRAND RAPIDS, Mich., Apr. 22, 2019 -
Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2019 net income of $9.4 million, or $0.39 per diluted share, versus net income of $9.2 million, or $0.42 per diluted share, in the prior-year period.

Significant items impacting comparable first quarter 2019 and 2018 results include the following:


Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Change”) of a negative $2.2 million ($0.07 per diluted share, after taxes) and a positive $1.5 million ($0.05 per diluted share, after taxes) for the first quarters of 2019 and 2018, respectively.

The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State Bank, on Apr. 1, 2018 (referred to as the “Merger” or “TCSB Acquisition”) and the associated data processing systems conversions in June 2018.  The total assets, loans and deposits acquired in the Merger were approximately $343.5 million, $295.8 million (including $1.3 million of loans held for sale) and $287.7 million, respectively.
 
First quarter 2019 highlights include:


Return on average assets and return on average equity of 1.13% and 11.14%, respectively.  These ratios increase to 1.34% and 13.20%, respectively, when excluding the after tax impact of the MSR Change.

A year-over-year increase in net interest income of $6.3 million, or 26.3%;

A year-over-year increase in net gains on mortgage loans of $1.0 million, or 40.5%;

Net growth in total portfolio loans of $36.3 million, or 5.7% annualized; and

Net growth in total deposits, excluding brokered deposits, of $79.7 million, or 12.2% annualized.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to report a solid start to 2019.  When excluding the after tax impact of the MSR Change, net income and diluted earnings per share increased by 38.9% and 26.0%, respectively, in 2019 as compared to 2018.  We achieved strong growth in both loans and deposits.  As we look ahead to the remainder of 2019, we continue to be focused on building shareholder value and positioning the Company for long-term success.”

Operating Results

The Company’s net interest income totaled $30.2 million during the first quarter of 2019, an increase of $6.3 million, or 26.3%, from the year-ago period, and a decrease of $0.4 million, or 1.4% from the fourth quarter of 2018.  The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.88% during the first quarter of 2019 compared to 3.71% in the year ago period, and 3.93% in the fourth quarter of 2018.  The year-over-year quarterly increase in net interest income is due to increases in both the net interest margin and in average interest-earning assets.  Total average interest-earning assets were $3.15 billion in the first quarter of 2019 compared to $2.61 billion in the year ago quarter and $3.12 billion in the fourth quarter of 2018.

1

Non-interest income totaled $10.0 million and $11.7 million in the first quarters of 2019 and 2018, respectively.  This decrease is primarily due to declines in service charges on deposits and mortgage loan servicing income.

Gains on mortgage loans totaled $3.6 million and $2.6 million in the first quarters of 2019 and 2018, respectively.  An increase in mortgage loan sales volume was partially offset by compression in the profit margin.  Mortgage loan origination volume declined 13.3% to $137.8 million in the first quarter of 2019 compared to the year ago period.

Mortgage loan servicing generated a loss of $1.2 million and income of $2.2 million in the first quarters of 2019 and 2018, respectively.  This activity is summarized in the following table:

   
Three Months Ended
 
   
03/31/2019
   
03/31/2018
 
Mortgage loan servicing:
 
(Dollars in thousands)
 
Revenue, net
 
$
1,476
   
$
1,192
 
Fair value change due to price
   
(2,203
)
   
1,458
 
Fair value change due to pay-downs
   
(488
)
   
(429
)
Total
 
$
(1,215
)
 
$
2,221
 

The significant variance in the fair value change due to price relates primarily to the decline in mortgage loan interest rates in the first quarter of 2019.  This decline increased projected prepayment rates for mortgage loans serviced for others, leading to a decrease in fair value due to price.

Non-interest expense totaled $28.0 million in the first quarter of 2019, compared to $24.1 million in the year-ago period.  Several categories of non-interest expense increased as a result of the Merger.  In addition, the Company incurred increases in compensation due to market rate driven increases, particularly in hourly wages, and in health care costs due to increased claims.

The Company recorded an income tax expense of $2.2 million and $2.0 million in the first quarters of 2019 and 2018, respectively.  Income tax expense represented 18.8% and 18.2% of pre-tax earnings in the first quarters of 2019 and 2018, respectively.

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “Non-performing loans and assets remain at low levels.  In addition, thirty- to eighty-nine day delinquency rates at Mar. 31, 2019 were 0.003% for commercial loans and 0.39% for mortgage and consumer loans.  These early stage delinquency rates continue to be well-managed.”

A breakdown of non-performing loans(1) by loan type is as follows:

Loan Type
 
3/31/2019
   
12/31/2018
   
3/31/2018
 
   
(Dollars in Thousands)
 
Commercial
 
$
1,705
   
$
2,220
   
$
439
 
Consumer/installment
   
1,028
     
781
     
605
 
Mortgage
   
6,116
     
6,033
     
5,585
 
Total
 
$
8,849
   
$
9,034
   
$
6,629
 
Ratio of non-performing loans to total portfolio loans
   
0.34
%
   
0.35
%
   
0.32
%
Ratio of non-performing assets to total assets
   
0.30
%
   
0.31
%
   
0.30
%
Ratio of the allowance for loan losses to non-performing loans
   
285.39
%
   
275.49
%
   
348.03
%


(1)
Excludes loans that are classified as “troubled debt restructured” that are still performing.

Non-performing loans decreased by $0.2 million since year-end 2018 due to a decline in non-performing commercial loans.  The decrease in non-performing commercial loans primarily reflects loan charge-offs, pay-offs and negotiated transactions.  Other real estate and repossessed assets totaled $1.3 million at both Mar. 31, 2019 and at Dec. 31, 2018.

2

The provision for loan losses was an expense of $0.7 million and $0.3 million in the first quarters of 2019 and 2018, respectively.  The level of the provision for loan losses in each period reflects the Company’s overall assessment of the allowance for loan losses, taking into consideration factors such as loan mix, levels of non-performing and classified loans and loan net charge-offs.  The Company recorded loan net charge-offs of $0.3 million in the first quarter of 2019 compared to loan net recoveries of $0.2 million in the first quarter of 2018.  At Mar. 31, 2019, the allowance for loan losses totaled $25.3 million, or 0.96% of portfolio loans, compared to $24.9 million, or 0.96% of portfolio loans, at Dec. 31, 2018.  Excluding the remaining TCSB acquired loan balances, the allowance for loan losses was equal to 1.05% and 1.06% of portfolio loans at Mar. 31, 2019 and Dec. 31, 2018, respectively.

Balance Sheet, Liquidity and Capital

Total assets were $3.38 billion at Mar. 31, 2019, an increase of $30.3 million from Dec. 31, 2018.  Loans, excluding loans held for sale, were $2.62 billion at Mar. 31, 2019, compared to $2.58 billion at Dec. 31, 2018.  Deposits totaled $2.93 billion at Mar. 31, 2019, an increase of $20.8 million from Dec. 31, 2018.  The increase in deposits is primarily due to growth in savings and interest-bearing checking account balances and in reciprocal deposits.

Cash and cash equivalents totaled $71.6 million at Mar. 31, 2019, versus $70.2 million at Dec. 31, 2018. Securities available for sale totaled $461.5 million at Mar. 31, 2019, versus $427.9 million at Dec. 31, 2018.

Total shareholders’ equity was $344.7 million at Mar. 31, 2019, or 10.19% of total assets.  Tangible common equity totaled $310.3 million at Mar. 31, 2019, or $13.17 per share.  The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

Regulatory Capital Ratios
 
3/31/2019
   
12/31/2018
   
Well
Capitalized
Minimum
 
Tier 1 capital to average total assets
   
9.46
%
   
9.44
%
   
5.00
%
Tier 1 common equity  to risk-weighted assets
   
11.94
%
   
11.94
%
   
6.50
%
Tier 1 capital to risk-weighted assets
   
11.94
%
   
11.94
%
   
8.00
%
Total capital to risk-weighted assets
   
12.96
%
   
12.94
%
   
10.00
%

Share Repurchase Plan

As previously announced, on Dec. 18, 2018, the Board of Directors of the Company authorized a share repurchase plan.  Under the terms of the share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock.    The repurchase plan is authorized to last through Dec. 31, 2019.  Thus far in 2019, the Company has repurchased 115,787 shares at a weighted average price of $21.85 per share.

Earnings Conference Call

Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Monday, Apr. 22, 2019.

To participate in the live conference call, please dial 1-866-200-8394. Also the conference call will be accessible through an audio webcast with user-controlled slides at the following event site/URL:  https://services.choruscall.com/links/ibcp190422.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10129490). The replay will be available through Apr. 29, 2019.

Annual Shareholders Meeting

The Company’s 2019 Annual Meeting of Shareholders is being held at 3:00 pm ET on Tuesday, Apr. 23, 2019.  This meeting will be held at the Company’s headquarters – 4200 East Beltline, Grand Rapids, MI 49525.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $3.4 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, 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.

3

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements that are not historical facts, including statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives, or assumptions of future events or performance, may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions, and uncertainties that could cause actual strategies, actions, or results to differ materially from those expressed in them, and are not guarantees  of timing, future results, events, or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions, or results, based on management’s current expectations, assumptions, and estimates on the date hereof, there can be no assurance that actual strategies, actions or results will not differ materially from expectations. Therefore, readers are cautioned not to place undue reliance on such statements.  Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in capital and credit markets; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; any future acquisitions or divestitures; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Independent Bank Corporation's customers; the implementation of Independent Bank Corporation's strategies and business models; Independent Bank Corporation's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Independent Bank Corporation's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events; changes in accounting standards and the critical nature of Independent Bank Corporation's accounting policies.

Certain risks and important factors that could affect Independent Bank Corporation's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2018 and other reports filed with the SEC, including among other things under the heading “Risk Factors” in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Independent Bank Corporation undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances, after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

4

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition

   
March 31,
2019
   
December 31,
2018
 
   
(unaudited)
 
   
(In thousands, except share
 
   
amounts)
 
Assets
 
Cash and due from banks
 
$
33,247
   
$
23,350
 
Interest bearing deposits
   
38,376
     
46,894
 
Cash and Cash Equivalents
   
71,623
     
70,244
 
Interest bearing deposits - time
   
496
     
595
 
Equity securities at fair value
   
-
     
393
 
Securities available for sale
   
461,531
     
427,926
 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
   
18,359
     
18,359
 
Loans held for sale, carried at fair value
   
43,098
     
44,753
 
Loans held for sale, carried at lower of cost or fair value
   
-
     
41,471
 
Loans
               
Commercial
   
1,168,404
     
1,144,481
 
Mortgage
   
1,043,745
     
1,042,890
 
Installment
   
406,646
     
395,149
 
Total Loans
   
2,618,795
     
2,582,520
 
Allowance for loan losses
   
(25,254
)
   
(24,888
)
Net Loans
   
2,593,541
     
2,557,632
 
Other real estate and repossessed assets
   
1,338
     
1,299
 
Property and equipment, net
   
37,985
     
38,777
 
Bank-owned life insurance
   
55,310
     
55,068
 
Deferred tax assets, net
   
2,866
     
5,779
 
Capitalized mortgage loan servicing rights
   
19,909
     
21,400
 
Other intangibles
   
6,143
     
6,415
 
Goodwill
   
28,300
     
28,300
 
Accrued income and other assets
   
43,107
     
34,870
 
Total Assets
 
$
3,383,606
   
$
3,353,281
 
                 
Liabilities and Shareholders' Equity
 
Deposits
               
Non-interest bearing
 
$
858,261
   
$
879,549
 
Savings and interest-bearing checking
   
1,207,965
     
1,194,865
 
Reciprocal
   
267,178
     
182,072
 
Time
   
388,729
     
385,981
 
Brokered time
   
212,092
     
270,961
 
Total Deposits
   
2,934,225
     
2,913,428
 
Other borrowings
   
25,714
     
25,700
 
Subordinated debentures
   
39,405
     
39,388
 
Accrued expenses and other liabilities
   
39,536
     
35,771
 
Total Liabilities
   
3,038,880
     
3,014,287
 
                 
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: 23,560,179 shares at March 31, 2019 and 23,579,725 shares at December 31, 2018
   
374,678
     
377,372
 
Accumulated deficit
   
(23,135
)
   
(28,270
)
Accumulated other comprehensive loss
   
(6,817
)
   
(10,108
)
Total Shareholders’ Equity
   
344,726
     
338,994
 
Total Liabilities and Shareholders’ Equity
 
$
3,383,606
   
$
3,353,281
 

5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations

   
Three Months Ended
 
   
March 31,
2019
   
December 31,
2018
   
March 31,
2018
 
   
(unaudited)
 
Interest Income
 
(In thousands, except per share amounts)
 
Interest and fees on loans
 
$
32,681
   
$
32,838
   
$
23,353
 
Interest on securities
                       
Taxable
   
3,006
     
2,782
     
2,635
 
Tax-exempt
   
374
     
408
     
479
 
Other investments
   
575
     
393
     
330
 
Total Interest Income
   
36,636
     
36,421
     
26,797
 
Interest Expense
                       
Deposits
   
5,681
     
5,006
     
2,287
 
Other borrowings and subordinated debentures
   
712
     
746
     
574
 
Total Interest Expense
   
6,393
     
5,752
     
2,861
 
Net Interest Income
   
30,243
     
30,669
     
23,936
 
Provision for loan losses
   
664
     
591
     
315
 
Net Interest Income After Provision for Loan Losses
   
29,579
     
30,078
     
23,621
 
Non-interest Income
                       
Service charges on deposit accounts
   
2,640
     
3,092
     
2,905
 
Interchange income
   
2,355
     
2,669
     
2,246
 
Net gains (losses) on assets
                       
Mortgage loans
   
3,611
     
2,026
     
2,571
 
Securities
   
304
     
209
     
(173
)
Mortgage loan servicing, net
   
(1,215
)
   
(1,511
)
   
2,221
 
Other
   
2,264
     
2,466
     
1,943
 
Total Non-interest Income
   
9,959
     
8,951
     
11,713
 
Non-interest Expense
                       
Compensation and employee benefits
   
16,351
     
15,572
     
14,468
 
Occupancy, net
   
2,505
     
2,245
     
2,264
 
Data processing
   
2,144
     
2,082
     
1,878
 
Furniture, fixtures and equipment
   
1,029
     
1,051
     
967
 
Communications
   
769
     
737
     
680
 
Interchange expense
   
688
     
728
     
598
 
Advertising
   
672
     
577
     
441
 
Loan and collection
   
634
     
782
     
677
 
Legal and professional
   
369
     
528
     
378
 
FDIC deposit insurance
   
368
     
331
     
230
 
Net (gains) losses on other real estate and repossessed assets
   
119
     
(53
)
   
(290
)
Credit card and bank service fees
   
103
     
104
     
96
 
Merger related expenses
   
-
     
111
     
174
 
Other
   
2,239
     
2,030
     
1,574
 
Total Non-interest Expense
   
27,990
     
26,825
     
24,135
 
Income Before Income Tax
   
11,548
     
12,204
     
11,199
 
Income tax expense
   
2,167
     
2,268
     
2,038
 
Net Income
 
$
9,381
   
$
9,936
   
$
9,161
 
Net Income Per Common Share
                       
Basic
 
$
0.40
   
$
0.41
   
$
0.43
 
Diluted
 
$
0.39
   
$
0.41
   
$
0.42
 

6

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data

   
March 31,
2019
   
December 31,
2018
   
September 30,
2018
   
June 30,
2018
   
March 31,
2018
 
   
(unaudited)
 
   
(Dollars in thousands except per share data)
 
Three Months Ended
                             
Net interest income
 
$
30,243
   
$
30,669
   
$
29,697
   
$
28,980
   
$
23,936
 
Provision for loan losses
   
664
     
591
     
(53
)
   
650
     
315
 
Non-interest income
   
9,959
     
8,951
     
11,836
     
12,315
     
11,713
 
Non-interest expense
   
27,990
     
26,825
     
26,740
     
29,761
     
24,135
 
Income before income tax
   
11,548
     
12,204
     
14,846
     
10,884
     
11,199
 
Income tax expense
   
2,167
     
2,268
     
2,921
     
2,067
     
2,038
 
Net income
 
$
9,381
   
$
9,936
   
$
11,925
   
$
8,817
   
$
9,161
 
                                         
Basic earnings per share
 
$
0.40
   
$
0.41
   
$
0.49
   
$
0.37
   
$
0.43
 
Diluted earnings per share
   
0.39
     
0.41
     
0.49
     
0.36
     
0.42
 
Cash dividend per share
   
0.18
     
0.15
     
0.15
     
0.15
     
0.15
 
                                         
Average shares outstanding
   
23,588,313
     
23,988,810
     
24,148,768
     
24,109,322
     
21,364,708
 
Average diluted shares outstanding
   
23,884,744
     
24,339,782
     
24,514,814
     
24,509,963
     
21,674,375
 
                                         
Performance Ratios
                                       
Return on average assets
   
1.13
%
   
1.18
%
   
1.46
%
   
1.12
%
   
1.34
%
Return on average common equity
   
11.14
     
11.43
     
13.83
     
10.57
     
14.04
 
Efficiency ratio (1)
   
69.27
     
67.11
     
63.63
     
71.14
     
66.72
 
                                         
As a Percent of Average Interest-Earning Assets (1)
                                 
Interest income
   
4.70
%
   
4.66
%
   
4.53
%
   
4.49
%
   
4.15
%
Interest expense
   
0.82
     
0.73
     
0.62
     
0.56
     
0.44
 
Net interest income
   
3.88
     
3.93
     
3.91
     
3.93
     
3.71
 
                                         
Average Balances
                                       
Loans
 
$
2,621,871
   
$
2,627,614
   
$
2,550,302
   
$
2,449,056
   
$
2,062,847
 
Securities available for sale
   
446,734
     
433,903
     
442,949
     
470,427
     
500,599
 
Total earning assets
   
3,152,177
     
3,121,640
     
3,038,221
     
2,963,982
     
2,611,890
 
Total assets
   
3,357,003
     
3,327,002
     
3,247,603
     
3,168,196
     
2,776,986
 
Deposits
   
2,909,096
     
2,873,889
     
2,789,969
     
2,701,362
     
2,417,906
 
Interest bearing liabilities
   
2,115,549
     
2,058,720
     
1,986,905
     
1,946,287
     
1,724,153
 
Shareholders' equity
   
341,592
     
344,779
     
341,998
     
334,626
     
264,584
 
                                         
End of Period
                                       
Capital
                                       
Tangible common equity ratio
   
9.26
%
   
9.17
%
   
9.51
%
   
9.41
%
   
9.54
%
Average equity to average assets
   
10.18
     
10.36
     
10.53
     
10.56
     
9.53
 
Tangible common equity per share of common stock
 
$
13.17
   
$
12.90
   
$
12.84
   
$
12.47
   
$
12.46
 
Total shares outstanding
   
23,560,179
     
23,579,725
     
24,150,341
     
24,143,044
     
21,374,816
 
                                         
Selected Balances
                                       
Loans
 
$
2,618,795
   
$
2,582,520
   
$
2,562,578
   
$
2,467,317
   
$
2,071,435
 
Securities available for sale
   
461,531
     
427,926
     
436,957
     
450,593
     
489,119
 
Total earning assets
   
3,180,655
     
3,162,911
     
3,078,083
     
3,023,454
     
2,625,534
 
Total assets
   
3,383,606
     
3,353,281
     
3,297,124
     
3,234,522
     
2,793,119
 
Deposits
   
2,934,225
     
2,913,428
     
2,798,643
     
2,780,516
     
2,430,401
 
Interest bearing liabilities
   
2,141,083
     
2,098,967
     
2,036,770
     
1,988,495
     
1,719,771
 
Shareholders' equity
   
344,726
     
338,994
     
345,204
     
337,083
     
267,917
 

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

7

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
March 31,
 
   
2019
   
2018
 
   
(Dollars in thousands)
 
Net Interest Margin, Fully Taxable Equivalent ("FTE")
           
             
Net interest income
 
$
30,243
   
$
23,936
 
Add:  taxable equivalent adjustment
   
117
     
128
 
Net interest income - taxable equivalent
 
$
30,360
   
$
24,064
 
Net interest margin (GAAP) (1)
   
3.86
%
   
3.69
%
Net interest margin (FTE) (1)
   
3.88
%
   
3.71
%

(1)
Annualized.

Tangible Common Equity Ratio

   
March 31,
2019
   
December 31,
2018
   
September 30,
2018
   
June 30,
2018
   
March 31,
2018
 
   
(Dollars in thousands)
 
Common shareholders' equity
 
$
344,726
   
$
338,994
   
$
345,204
   
$
337,083
   
$
267,917
 
Less:
                                       
Goodwill
   
28,300
     
28,300
     
28,300
     
29,012
     
-
 
Other intangibles
   
6,143
     
6,415
     
6,709
     
7,004
     
1,500
 
Tangible common equity
 
$
310,283
   
$
304,279
   
$
310,195
   
$
301,067
   
$
266,417
 
                                         
Total assets
 
$
3,383,606
   
$
3,353,281
   
$
3,297,124
   
$
3,234,522
   
$
2,793,119
 
Less:
                                       
Goodwill
   
28,300
     
28,300
     
28,300
     
29,012
     
-
 
Other intangibles
   
6,143
     
6,415
     
6,709
     
7,004
     
1,500
 
Tangible assets
 
$
3,349,163
   
$
3,318,566
   
$
3,262,115
   
$
3,198,506
   
$
2,791,619
 
                                         
Common equity ratio
   
10.19
%
   
10.11
%
   
10.47
%
   
10.42
%
   
9.59
%
Tangible common equity ratio
   
9.26
%
   
9.17
%
   
9.51
%
   
9.41
%
   
9.54
%
                                         
Tangible Common Equity per Share of Common Stock:
                                 
                                         
Common shareholders' equity
 
$
344,726
   
$
338,994
   
$
345,204
   
$
337,083
   
$
267,917
 
Tangible common equity
 
$
310,283
   
$
304,279
   
$
310,195
   
$
301,067
   
$
266,417
 
Shares of common stock outstanding (in thousands)
   
23,560
     
23,580
     
24,150
     
24,143
     
21,375
 

                                       
Common shareholders' equity per share of common stock
 
$
14.63
   
$
14.38
   
$
14.29
   
$
13.96
   
$
12.53
 
Tangible common equity per share of common stock
 
$
13.17
   
$
12.90
   
$
12.84
   
$
12.47
   
$
12.46
 

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.


8


The following information was filed by Independent Bank Corp (IBCP) on Monday, April 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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