Exhibit 99.1


News Release
 
Independent Bank Corporation
230 West Main Street
Ionia, MI 48846
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
2014 FOURTH QUARTER AND FULL YEAR RESULTS;
BRANCH CONSOLIDATION AND SHARE REPURCHASE AUTHORIZATION

IONIA, Mich., Jan. 23, 2015 -
Independent Bank Corporation (Nasdaq: IBCP) reported fourth quarter 2014 net income of $3.9 million, or $0.17 per diluted share, versus net income of $4.8 million, or $0.21 per diluted share, in the prior-year period.

For the year ended Dec. 31, 2014, the Company reported net income of $18.0 million, or $0.77 per diluted share.  This compares to net income of $77.5 million and net income applicable to common stock of $82.1 million, or $3.55 per diluted share, in 2013.  Full year 2013 results include an income tax benefit of $54.9 million ($2.51 per diluted share) that is primarily the result of the Company reversing substantially all of its valuation allowance on deferred tax assets in the second quarter of 2013.

The Company’s fourth quarter of 2014 was highlighted by:

· Further growth in commercial loan balances, which grew at an 11.1% annualized rate in the fourth quarter of 2014.
· Continued progress in improving asset quality, with non-performing assets down 19.4% since Sept. 30, 2014 and loan net charge-offs down by 66.2% compared to the fourth quarter of 2013.
· A $2.1 million, or 8.3%, year-over-year decrease in total non-interest expenses.
· The Dec. 2014 repurchase and retirement of $5.0 million (face amount) of trust preferred securities issued by IBC Capital Finance IV, which produced a $0.5 million gain on the extinguishment of debt and will result in annual interest expense savings of approximately $0.1 million.

The Company’s full year 2014 results were highlighted by:

· A $2.6 million, or 11.3%, increase in income before income taxes.
· A $14.2 million, or 13.6%, decrease in total non-interest expenses.
· Total net portfolio loan growth of $35.4 million, or 2.6%.
· A $14.5 million, or 40.1%, decrease in non-performing assets and a $4.8 million, or 59.8%, decline in loan net charge-offs.
· A $39.5 million, or 2.1%, increase in total deposits.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to report net earnings of $3.9 million in the fourth quarter of 2014, as well as continued improvement in asset quality and further growth in loans.  As we assess all of 2014, we are proud of our many significant achievements, including: our first full year of loan growth since 2007; a significant reduction in non-performing assets; growth in pre-tax earnings; and implementation of several new technology driven products to better serve our customers.  We also celebrated our 150th anniversary in 2014, with many important events, including an emphasis on giving back to our communities through numerous volunteer activities.  As we move into 2015, we recognize the importance of improving our performance even further.  Thus, we are announcing a branch consolidation and the authorization of a share repurchase program, in addition to our ongoing efforts to grow loans and core deposits, improve asset quality, and reduce non-interest expenses.”

1

Operating Results

The Company’s net interest income totaled $18.1 million during the fourth quarter of 2014, a decrease of $1.3 million, or 6.7% from the year-ago period, and down slightly ($0.1 million, or 0.7%) from the third quarter of 2014. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.56% during the fourth quarter of 2014, compared to 3.96% in the year-ago period and 3.61% in the third quarter of 2014. The decrease in net interest income is due to the decline in the net interest margin that was only partially offset by an increase in average interest-earning assets.  The decrease in the net interest margin is primarily due to the prolonged low interest rate environment that has resulted in declining average yields on the Company’s loan portfolio.  Average interest-earning assets were $2.03 billion in the fourth quarter of 2014 compared to $1.96 billion in the year-ago quarter and $2.02 billion in the third quarter of 2014.

For the full year of 2014, net interest income totaled $73.3 million, a decrease of $4.7 million, or 6.0% from 2013.  The Company’s net interest margin for all of 2014 decreased to 3.67% compared to 4.11% in 2013.  The reasons for the decline in net interest income for all of 2014 are generally consistent with those described above for the comparative year-over-year quarterly periods.

Service charges on deposits totaled $3.3 million and $13.4 million, respectively, for the fourth quarter and full year of 2014, compared to $3.5 million and $14.1 million, respectively, in the year ago periods.  The decline in service charges is due principally to a decrease in non-sufficient funds (“NSF”) occurrences and related NSF fees.

Interchange income totaled $2.2 million and $8.2 million for the fourth quarter and full year of 2014, respectively, compared to $1.8 million and $7.4 million, respectively, in the year ago periods.  The increase in interchange income primarily reflects the impact of the Company’s new debit card brand agreement.

Net gains on mortgage loans were $1.5 million in the fourth quarter of 2014, compared to $1.6 million in the year-ago quarter.  For the full year of 2014, net gains on mortgage loans totaled $5.6 million compared to $10.0 million in 2013. The full-year decrease in net gains relates primarily to decreases in mortgage loan originations and sales.  The decline in mortgage lending and sales volumes principally reflects a decrease in refinance activity.

Mortgage loan servicing generated a loss of $0.6 million and income $1.2 million in the fourth quarters of 2014 and 2013, respectively.  For all of 2014 and 2013, mortgage loan servicing generated income of $0.8 million and $3.8 million, respectively.  The comparative variances are due primarily to changes in the impairment reserve and in the level of amortization of capitalized mortgage loan servicing rights.  The Company recorded a $1.0 million impairment charge on capitalized mortgage loan servicing rights in the fourth quarter of 2014.  Capitalized mortgage loan servicing rights totaled $12.1 million at Dec. 31, 2014 compared to $13.7 million at Dec. 31, 2013.  As of Dec. 31, 2014, the Company serviced approximately $1.66 billion in mortgage loans for others on which servicing rights have been capitalized.

Non-interest expenses totaled $22.9 million in the fourth quarter of 2014, compared to $25.0 million in the year-ago period.  For the full year of 2014, non-interest expenses totaled $90.0 million versus $104.1 million in 2013.  Credit related costs collectively declined by $1.6 million (60.7%) and $10.5 million (69.4%) in the fourth quarter and for all of 2014, respectively, as compared to the same periods in 2013.  Credit related costs include loan and collection expenses, net (gains) losses on other real estate (“ORE”) and repossessed assets, the provision for loss reimbursement on sold loans, and vehicle service contract counterparty contingencies expense.  Several other categories of expenses declined in 2014 as compared to the year ago period, including data processing, legal and professional, FDIC deposit insurance, interchange costs, and credit card and bank service fees.

The Company recorded an income tax expense of $1.5 million and $7.2 million in the fourth quarter and full-year of 2014, respectively.  This compares to an income tax expense of $1.3 million recorded in the fourth quarter of 2013 and an income tax benefit of $54.9 million recorded for all of 2013. The 2013 full-year results include an income tax benefit of $56.0 million associated with the reversal of substantially all of the Company’s deferred tax asset valuation allowance.  The 2014 income tax expense was reduced by a credit of approximately $0.7 million in the second quarter due to a true-up of the amount of unrecognized tax benefits relative to certain net operating loss carryforwards and the reversal of the valuation allowance on a capital loss carryforward that is now believed to be more likely than not to be realized due to the generation of certain capital gains during 2014.

2

In determining net income applicable to common stock, the fourth quarter and full-year of 2013 included zero and $3.0 million, respectively, of preferred stock dividends and discount accretion.  This preferred stock, which had been issued to the U.S. Treasury, was redeemed and retired in Aug. 2013.

Branch Consolidation

On Jan. 21, 2015, the Boards of Directors of the Company and its wholly-owned subsidiary, Independent Bank (the “Bank”), authorized management to effect the consolidation of certain branch offices of the Bank (the “Branch Consolidation”).  The Branch Consolidation reflects the Company’s ongoing cost reduction initiatives and undertakings to improve the overall efficiency of its operations.  The Branch Consolidation will result in the closing of six of the Bank’s branch offices.  It is expected that the aggregate, annual reduction in non-interest expenses resulting from the Branch Consolidation will amount to approximately $1.6 million.  The Company also estimates a potential annual loss of revenue of approximately $0.3 million to $0.4 million due to possible customer attrition.  The Company expects that the Branch Consolidation will be completed not later than Apr. 30, 2015.  The Company also undertook certain additional staffing reductions related to its banking operations.

The branches being consolidated are as follows:

 
Consolidating
Into
 
Bay City Broadway
Bay City Main
 
Croton
Newaygo
 
Kingston
Marlette
 
Ubly
Bad Axe
 
Unionville
Sebewaing
 
Vermontville
Charlotte

In connection with the Branch Consolidation, the Company expects to incur one-time expenses and charges of approximately $0.3 million in the first four months of 2015, which consist primarily of severance and certain other costs.  The Company does not expect any material loss related to the sale or disposition of real property or other fixed assets that are not otherwise deployed.

Commenting on the Branch Consolidation, President and CEO Kessel stated:  “The decision to close or consolidate a branch office is a very difficult one.  We recognize that it impacts some of our customers and our employees in that community.  However, the ways in which we interact with our customers continues to evolve.  Branch transaction volumes are declining, while mobile and other electronic channels continue to experience greatly increased usage.  It is necessary to continually evaluate our branch office footprint and make necessary adjustments in response to these changing transaction patterns.  We are confident that neighboring branches, along with our many available electronic channels, will be able to serve our customers well.”

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “We made significant progress in further improving asset quality during 2014, as evidenced by declines in non-performing assets, loan net charge-offs, and credit related expenses.  In addition, thirty- to eighty-nine day delinquency rates at Dec. 31, 2014 were 0.10% for commercial loans and 0.94% 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
 
12/31/2014
   
12/31/2013
   
12/31/2012
 
   
(Dollars in Thousands)
 
Commercial
 
$
4,573
   
$
5,369
   
$
14,753
 
Consumer/installment
   
1,595
     
2,147
     
2,343
 
Mortgage
   
9,056
     
10,366
     
15,736
 
Payment plan receivables(2)
   
14
     
23
     
104
 
Total
 
$
15,238
   
$
17,905
   
$
32,936
 
Ratio of non-performing loans to total portfolio loans
   
1.08
%
   
1.30
%
   
2.32
%
Ratio of non-performing assets to total assets
   
0.96
%
   
1.64
%
   
2.92
%
Ratio of the allowance for loan losses to non-performing loans
   
170.56
%
   
180.54
%
   
134.43
%

(1) Excludes loans that are classified as “troubled debt restructured” that are still performing.
(2) Represents payment plans for which no payments have been received for 90 days or more and for which Mepco has not yet completed the process to charge the applicable counterparty for the balance due. These balances exclude receivables due from Mepco counterparties related to the cancellation of payment plan receivables.

3

Non-performing loans have declined by $2.7 million, or 14.9%, since year-end 2013.  The decline in non-performing loans primarily reflects loan charge-offs, pay-offs, negotiated transactions and the migration of loans into ORE.  ORE and repossessed assets totaled $6.5 million at Dec. 31, 2014, compared to $18.3 million at Dec. 31, 2013.  The significant decline in ORE during 2014 primarily reflects the sale of four large properties during the last six months of the year.

The provision for loan losses was a credit of $1.1 million and a credit of $0.8 in the fourth quarters of 2014 and 2013, respectively.  The provision for loan losses was a credit of $3.1 million and a credit of $4.0 million for all of 2014 and 2013, 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.  Loan net charge-offs were $0.4 million (0.12% annualized of average loans) in the fourth quarter of 2014, compared to $1.3 million (0.37% annualized of average loans) in the fourth quarter of 2013.  Loan net charge-offs were $3.2 million (0.23% of average loans) and $8.0 million (0.58% of average loans) for all of 2014 and 2013, respectively.  The full year decline in 2014 loan net charge-offs by category were: commercial loans $2.5 million; mortgage loans $1.6 million; and consumer/installment loans $0.7 million.  At Dec. 31, 2014, the allowance for loan losses totaled $26.0 million, or 1.84% of portfolio loans, compared to $32.3 million, or 2.35% of portfolio loans, at Dec. 31, 2013.

Balance Sheet, Liquidity and Capital

Total assets were $2.25 billion at Dec. 31, 2014, an increase of $38.8 million from Dec. 31, 2013.  Loans, excluding loans held for sale, were $1.41 billion at Dec. 31, 2014, compared to $1.37 billion at Dec. 31, 2013, an increase of 2.6%.  Deposits totaled $1.92 billion at Dec. 31, 2014, an increase of $39.5 million from Dec. 31, 2013.  The increase in deposits is due to growth in checking and savings account balances.

Cash and cash equivalents totaled $74.0 million at Dec. 31, 2014, versus $119.1 million at Dec. 31, 2013. Securities available for sale totaled $533.2 million at Dec. 31, 2014, versus $462.5 million at Dec. 31, 2013.  This $70.7 million increase is primarily due to the purchase of U.S. Government Agency securities, mortgage-backed securities and corporate securities during 2014.

Total shareholders’ equity was $250.4 million at Dec. 31, 2014, or 11.1% of total assets.  Tangible common equity totaled $247.7 million at Dec. 31, 2014, or $10.79 per share.  On Jan. 21, 2015, the Company’s Board of Directors declared a quarterly cash dividend on its common stock of six cents per share.  This dividend is payable on Feb. 17, 2015 to shareholders of record on Feb. 6, 2015.

The capital ratios for the Company’s wholly-owned subsidiary, Independent Bank, remain significantly above the minimum capital ratios required for the Bank to be considered “well capitalized” for regulatory purposes as follows:

 
 
Regulatory Capital Ratio
 
 
 
12/31/2014
   
 
 
12/31/2013
   
Well
Capitalized
Minimum
 
Tier 1 capital to average total assets
   
10.46
%
   
10.09
%
   
5.00
%
Tier 1 capital to risk-weighted assets
   
15.63
%
   
15.30
%
   
6.00
%
Total capital to risk-weighted assets
   
16.90
%
   
16.57
%
   
10.00
%

Share Repurchase Plan

On Jan. 21, 2015, 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, 2015.  Under the Board authorized plan, the initiation of share repurchases is also subject to the receipt of an approval by the Michigan Department of Insurance and Financial Services of a return of capital request from the Company’s wholly-owned subsidiary, Independent Bank.  The Company intends to make this request prior to Jan. 31, 2015 in an amount of at least $15.0 million.  The Company previously received approvals of return of capital requests in the amounts of $7.5 million in August 2013 and $15.0 million in March 2014.
  
The Company intends and expects to accomplish the repurchases through open market transactions, though the Company could effect repurchases through other means, such as privately negotiated transactions.  The timing and amount of any share repurchases will depend on a variety of factors, including, among others, the aforementioned approval of a return of capital request, securities law restrictions, the trading price of the Company's common stock, other regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any repurchases from cash on hand.

4

Earnings Conference Call

Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the Company’s fourth quarter and full year 2014 results in a conference call for investors and analysts beginning at 11:00 am ET on Friday, Jan. 23, 2015.

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 via the following event site/URL:  http://services.choruscall.com/links/ibcp150123.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10058166). The replay will be available through Jan. 31, 2015.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $2.25 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 title services.  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:  www.IndependentBank.com.

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on course,” “trend,” “objective,” “looks forward” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Independent Bank Corporation or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Independent Bank Corporation's management based on information known to Independent Bank Corporation's management as of the date of this news release and do not purport to speak as of any other date. Forward looking statements may include descriptions of plans and objectives of Independent Bank Corporation's management for future or past operations, products or services, and forecasts of Independent Bank Corporation's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, and estimates of credit trends. Such statements reflect the view of Independent Bank Corporation's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Independent Bank Corporation's actual results could differ materially from those discussed. 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. Independent Bank Corporation cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” in Independent Bank Corporation's Annual Report on Form 10-K for the year ended December 31, 2013. Forward-looking statements speak only as of the date they are made. Independent Bank Corporation does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward looking statements are made. For any forward-looking statements made in this news release or in any documents, Independent Bank Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
 
5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition (unaudited)

   
December 31,
 
   
2014
   
2013
 
   
(In thousands, except share amounts)
 
Assets
   
Cash and due from banks
 
$
48,326
   
$
48,156
 
Interest bearing deposits
   
25,690
     
70,925
 
Cash and Cash Equivalents
   
74,016
     
119,081
 
Interest bearing deposits - time
   
13,561
     
17,999
 
Trading securities
   
203
     
498
 
Securities available for sale
   
533,178
     
462,481
 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
   
19,919
     
23,419
 
Loans held for sale, carried at fair value
   
23,662
     
20,390
 
Loans
               
Commercial
   
690,955
     
635,234
 
Mortgage
   
472,628
     
486,633
 
Installment
   
206,378
     
192,065
 
Payment plan receivables
   
40,001
     
60,638
 
Total Loans
   
1,409,962
     
1,374,570
 
Allowance for loan losses
   
(25,990
)
   
(32,325
)
Net Loans
   
1,383,972
     
1,342,245
 
Other real estate and repossessed assets
   
6,454
     
18,282
 
Property and equipment, net
   
45,948
     
48,594
 
Bank-owned life insurance
   
53,625
     
52,253
 
Deferred tax assets, net
   
48,632
     
57,550
 
Capitalized mortgage loan servicing rights
   
12,106
     
13,710
 
Vehicle service contract counterparty receivables, net
   
7,237
     
7,716
 
Other intangibles
   
2,627
     
3,163
 
Accrued income and other assets
   
23,590
     
22,562
 
Total Assets
 
$
2,248,730
   
$
2,209,943
 
                 
Liabilities and Shareholders' Equity
 
Deposits
               
Non-interest bearing
 
$
576,882
   
$
518,658
 
Savings and interest-bearing checking
   
943,734
     
910,352
 
Reciprocal
   
53,668
     
83,527
 
Retail time
   
338,720
     
358,800
 
Brokered time
   
11,298
     
13,469
 
Total Deposits
   
1,924,302
     
1,884,806
 
Other borrowings
   
12,470
     
17,188
 
Subordinated debentures
   
35,569
     
40,723
 
Vehicle service contract counterparty payables
   
1,977
     
4,089
 
Accrued expenses and other liabilities
   
24,041
     
31,556
 
Total Liabilities
   
1,998,359
     
1,978,362
 
                 
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:22,957,323 shares at December 31, 2014 and 22,819,136 shares at December 31, 2013
   
352,462
     
351,173
 
Accumulated deficit
   
(96,455
)
   
(110,347
)
Accumulated other comprehensive loss
   
(5,636
)
   
(9,245
)
Total Shareholders’ Equity
   
250,371
     
231,581
 
Total Liabilities and Shareholders’ Equity
 
$
2,248,730
   
$
2,209,943
 

6

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)

   
Three Months Ended
   
Twelve Months Ended
 
   
December 31,
   
September 30,
   
December 31,
   
December 31,
 
   
2014
   
2014
   
2013
   
2014
   
2013
 
Interest Income
 
(In thousands)
 
Interest and fees on loans
 
$
17,644
   
$
17,818
   
$
19,568
   
$
71,823
   
$
80,664
 
Interest on securities
                                       
Taxable
   
1,718
     
1,644
     
1,287
     
6,341
     
4,059
 
Tax-exempt
   
161
     
281
     
339
     
991
     
1,101
 
Other investments
   
324
     
325
     
331
     
1,400
     
1,297
 
Total Interest Income
   
19,847
     
20,068
     
21,525
     
80,555
     
87,121
 
Interest Expense
                                       
Deposits
   
1,178
     
1,236
     
1,343
     
4,967
     
5,706
 
Other borrowings
   
612
     
649
     
831
     
2,332
     
3,456
 
Total Interest Expense
   
1,790
     
1,885
     
2,174
     
7,299
     
9,162
 
Net Interest Income
   
18,057
     
18,183
     
19,351
     
73,256
     
77,959
 
Provision for loan losses
   
(1,087
)
   
(632
)
   
(835
)
   
(3,136
)
   
(3,988
)
Net Interest Income After Provision for Loan Losses
   
19,144
     
18,815
     
20,186
     
76,392
     
81,947
 
Non-interest Income
                                       
Service charges on deposit accounts
   
3,280
     
3,579
     
3,473
     
13,446
     
14,076
 
Interchange income
   
2,172
     
1,984
     
1,820
     
8,164
     
7,362
 
Net gains (losses) on assets
                                       
Mortgage loans
   
1,489
     
1,490
     
1,607
     
5,628
     
10,022
 
Securities
   
(5
)
   
168
     
190
     
329
     
395
 
Other than temporary impairment loss on securities
                                       
Total impairment loss
   
-
     
(9
)
   
-
     
(9
)
   
(26
)
Loss recognized in other comprehensive loss
   
-
     
-
     
-
     
-
     
-
 
Net impairment loss recognized in earnings
   
-
     
(9
)
   
-
     
(9
)
   
(26
)
Mortgage loan servicing
   
(598
)
   
932
     
1,192
     
791
     
3,806
 
Title insurance fees
   
261
     
243
     
421
     
995
     
1,682
 
Gain on extinguishment of debt
   
500
     
-
     
-
     
500
     
-
 
Increase in fair value of U.S. Treasury warrant
   
-
     
-
     
-
     
-
     
(1,025
)
Other
   
2,102
     
2,156
     
2,210
     
8,931
     
8,537
 
Total Non-interest Income
   
9,201
     
10,543
     
10,913
     
38,775
     
44,829
 
Non-Interest Expense
                                       
Compensation and employee benefits
   
12,447
     
11,718
     
12,311
     
47,221
     
47,924
 
Occupancy, net
   
2,197
     
2,079
     
2,257
     
8,912
     
8,845
 
Data processing
   
1,879
     
1,790
     
1,971
     
7,532
     
8,019
 
Loan and collection
   
1,109
     
1,391
     
1,374
     
5,392
     
6,886
 
Furniture, fixtures and equipment
   
1,010
     
1,005
     
1,122
     
4,137
     
4,293
 
Communications
   
714
     
712
     
714
     
2,926
     
2,919
 
Advertising
   
646
     
427
     
552
     
2,193
     
2,433
 
Legal and professional
   
589
     
559
     
616
     
1,969
     
2,459
 
FDIC deposit insurance
   
332
     
396
     
409
     
1,567
     
2,435
 
Interchange expense
   
179
     
368
     
407
     
1,291
     
1,645
 
Credit card and bank service fees
   
212
     
226
     
288
     
946
     
1,263
 
Vehicle service contract counterparty contingencies
   
30
     
28
     
1,434
     
199
     
4,837
 
Costs (recoveries) related to unfunded lending commitments
   
4
     
12
     
(33
)
   
31
     
(90
)
Provision for loss reimbursement on sold loans
   
-
     
-
     
(284
)
   
(466
)
   
2,152
 
Net (gains) losses on other real estate and repossessed assets
   
(90
)
   
(285
)
   
146
     
(500
)
   
1,237
 
Other
   
1,649
     
1,658
     
1,685
     
6,601
     
6,861
 
Total Non-interest Expense
   
22,907
     
22,084
     
24,969
     
89,951
     
104,118
 
Income Before Income Tax
   
5,438
     
7,274
     
6,130
     
25,216
     
22,658
 
Income tax expense (benefit)
   
1,536
     
2,345
     
1,321
     
7,195
     
(54,851
)
Net Income
 
$
3,902
   
$
4,929
   
$
4,809
   
$
18,021
   
$
77,509
 
Preferred stock dividends and discount accretion
   
-
     
-
     
-
     
-
     
(3,001
)
Preferred stock discount
   
-
     
-
     
-
     
-
     
7,554
 
Net Income Applicable to Common Stock
 
$
3,902
   
$
4,929
   
$
4,809
   
$
18,021
   
$
82,062
 

7

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (unaudited)

   
Three Months Ended
   
Twelve Months Ended
 
   
December 31,
   
September 30,
   
December 31,
   
December 31,
 
   
2014
   
2014
   
2013
   
2014
   
2013
 
Per Common Share Data
                   
Net Income Per Common Share (A)
                   
Basic (B)
 
$
0.17
   
$
0.21
   
$
0.21
   
$
0.79
   
$
5.87
 
Diluted (C)
   
0.17
     
0.21
     
0.21
     
0.77
     
3.55
 
Cash dividends declared per common share
   
0.06
     
0.06
     
-
     
0.18
     
-
 
                                         
Selected Ratios (D)
                                       
As a Percent of Average Interest-Earning Assets
                                 
Interest income
   
3.91
%
   
3.98
%
   
4.40
%
   
4.03
%
   
4.59
%
Interest expense
   
0.35
     
0.37
     
0.44
     
0.36
     
0.48
 
Net interest income
   
3.56
     
3.61
     
3.96
     
3.67
     
4.11
 
Net Income to (A)
                                       
Average common shareholders' equity
   
6.19
%
   
7.95
%
   
8.29
%
   
7.43
%
   
64.22
%
Average assets
   
0.69
     
0.87
     
0.87
     
0.80
     
3.87
 
                                         
Average Shares
                                       
Basic (B)
   
22,952,610
     
22,940,375
     
22,815,467
     
22,927,339
     
13,970,024
 
Diluted (C)
   
23,491,133
     
23,478,318
     
23,360,524
     
23,471,059
     
21,864,306
 

(A)  These amounts are calculated using net income applicable to common stock.  Dividends on convertible preferred stock are added back in the diluted per share calculation.

(B)  Average shares of common stock for basic net income per common share include shares issued and outstanding during the period and participating share awards.

(C)  Average shares of common stock for diluted net income per common share include shares to be issued upon exercise of stock options, restricted stock units and stock units for a deferred compensation plan for non-employee directors. During 2013 average shares of common stock also include shares to be issued upon conversion of convertible preferred stock and shares to be issued upon exercise of common stock warrants.

(D)  Ratios have been annualized.
 
 
8


The following information was filed by Independent Bank Corp (IBCP) on Friday, January 23, 2015 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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