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
2016 FOURTH QUARTER AND FULL YEAR RESULTS
AND 2017 SHARE REPURCHASE AUTHORIZATION

GRAND RAPIDS, Mich., Jan. 26, 2017 -
Independent Bank Corporation (Nasdaq: IBCP) reported fourth quarter 2016 net income of $5.9 million, or $0.27 per diluted share, versus net income of $5.6 million, or $0.25 per diluted share, in the prior-year period.

For the year ended Dec. 31, 2016, the Company reported net income of $22.8 million, or $1.05 per diluted share.  This compares to net income of $20.0 million, or $0.86 per diluted share, in 2015.

The fourth quarter of 2016 was highlighted by:

·
5.1% and 8.0% increases in net income and diluted earnings per share, respectively, over the year ago quarter.
·
Further growth in loan balances (excluding payment plan receivables), which increased $32.1 million (representing an 8.1% annualized rate) during the quarter.
·
Further growth in total deposit balances, which increased $18.8 million (representing a 3.4% annualized rate) during the quarter.
·
Expansion of the Company’s mortgage banking business, with new loan production offices opened in Ann Arbor, Brighton, Troy, and Traverse City, Michigan and in Columbus, Ohio.
·
Payment of a ten cent per share dividend on Nov. 15, 2016.
·
Execution of an agreement to divest the Company’s payment plan processing business.
·
Settlement of a litigation matter.

The Company’s full year 2016 results were highlighted by:

·
13.7% and 22.1% increases in net income and diluted earnings per share, respectively, over the prior year.
·
Total portfolio loan growth (excluding payment plan receivables) of $127.8 million, or 8.6%.
·
A $139.8 million, or 6.7%, increase in total deposits.
·
1,153,136 shares repurchased at a weighted average price of $14.62 per share.
·
A 3.9% increase in tangible book value per share to $11.62 at Dec. 31, 2016.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to report solid fourth quarter and full year 2016 results, with diluted earnings per share up 8.0% and 22.1%, over the respective year ago periods.  As we assess all of 2016, we are proud of our many significant achievements, including increased loan and deposit balances as well as growth in revenues and earnings.  We are also excited about the future prospects for our expanded mortgage banking business.  We have opened five additional loan production offices and added approximately 50 new associates.   As we move into 2017, we recognize the importance of improving our performance even further.  As an organization, we are committed to our efforts to continue strong loan and deposit growth as well as improved operating efficiencies.  Reflecting our recent success and our optimism about the future, we are announcing the continuation of our share repurchase program.  Finally, we believe our balance sheet is well positioned to benefit from a higher interest rate environment in 2017.”
 
1

Operating Results

The Company’s net interest income totaled $20.3 million during the fourth quarter of 2016, an increase of $0.9 million, or 4.6% from the year-ago period, and an increase of $0.3 million, or 1.3%, from the third quarter of 2016. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.45% during the fourth quarter of 2016, compared to 3.56% in the year-ago quarter and 3.51% in the third quarter of 2016. The increase in net interest income is principally due to an increase in average interest-earning assets.  Average interest-earning assets were $2.37 billion in the fourth quarter of 2016 compared to $2.18 billion in the year-ago quarter and $2.29 billion in the third quarter of 2016.

For the full-year of 2016, net interest income totaled $79.6 million, an increase of $4.7 million, or 6.2% from 2015.  This increase is primarily due to an increase in average interest-earning assets that was partially offset by a decline in the net interest margin. Average interest-earning assets totaled $2.28 billion in 2016 compared to $2.11 billion in 2015.  The Company’s net interest margin for all of 2016 decreased to 3.52% compared to 3.58% in 2015. This decrease is primarily due to the prolonged low interest rate environment that has resulted in declining average yields on the Company’s loan portfolio.

Interchange income totaled $2.1 million and $7.9 million for the fourth quarter and full year of 2016, respectively, compared to $1.9 million and $8.5 million, respectively, in the year ago periods.  The decrease in full year interchange income primarily results from lower incentives under the Company’s Debit Brand Agreement.  In addition, although transaction volumes increased for the full year of 2016 versus 2015, interchange income declined, primarily due to a higher mix of debit (PIN-based) versus credit (signature-based) transactions.

Net gains on mortgage loans were $2.8 million in the fourth quarter of 2016, compared to $1.7 million in the year-ago quarter.  For the full year of 2016, net gains on mortgage loans totaled $10.6 million compared to $7.4 million in 2015. The quarterly and full year comparative increases in net gains relate primarily to improved margins on sales and higher mortgage lending and sales volumes due to growth in both purchase money mortgages (reflecting stronger housing activity) as well as in refinance activity (reflecting lower interest rates during parts of 2016) .

Mortgage loan servicing generated income of $2.7 million and $1.3 million in the fourth quarters of 2016 and 2015, respectively.  For all of 2016 and 2015, mortgage loan servicing generated income of $2.2 million and $1.8 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 recoveries of previously recorded impairment charges on capitalized mortgage loan servicing rights of $2.4 million and $0.8 million in the fourth quarters of 2016 and 2015, respectively.  Capitalized mortgage loan servicing rights totaled $13.7 million at Dec. 31, 2016 compared to $12.4 million at Dec. 31, 2015.  As of Dec. 31, 2016, the Company serviced approximately $1.66 billion in mortgage loans for others on which servicing rights have been capitalized.

In Dec. 2016, the Company’s wholly-owned subsidiary, Independent Bank (the “Bank”), reached a tentative settlement regarding litigation initiated against the Bank in Wayne County, Michigan Circuit Court.  This litigation concerned the Bank’s checking account transaction sequencing during a period from Feb. 2009 to June 2011.  Under the terms of the settlement, the Bank has agreed to pay $2.2 million and is also responsible for class notification costs and certain other expenses which are estimated to total approximately $0.1 million.  Although, the Bank denies any liability associated with this matter and believes it has meritorious defenses to the allegations in the complaint, given the costs and uncertainty of litigation, it was determined that this settlement was in the best interests of the organization.

On Dec. 30, 2016, the Company’s wholly-owned subsidiary, Mepco Finance Corporation (“Mepco”) executed an Asset Purchase Agreement (the “APA”) with Seabury Asset Management LLC (“Seabury”).  Pursuant to the terms of the APA, Mepco is selling its payment plan processing business, payment plan receivables, and certain other assets to Seabury, who also is assuming certain liabilities of Mepco.  These assets and liabilities are categorized as “held for sale” in the Company’s Dec. 31, 2016 Consolidated Statement of Financial Condition.  The Company also recorded a $0.3 million loss related to the sale of these assets in the fourth quarter of 2016.  This loss is included in non-interest expenses in the Company’s Consolidated Statements of Operations.  This transaction is expected to close during the first quarter of 2017.  The closing is subject to various conditions, including the ability of Mepco to assign certain specified contracts to Seabury.

Commenting on the litigation settlement and the pending sale of Mepco, President and CEO Kessel stated:  “The settlement of the lawsuit against the Bank avoids ongoing legal expenses and allows us to finally resolve this matter.  Similar claims were made against other financial institutions and, while we know our position concerning this matter had merit, we believe the settlement is in the best interest of the Company and its shareholders.  In addition, we signed an agreement to sell the majority of the assets and the payment plan processing business of Mepco, our Chicago-based subsidiary.  Mepco had become a non-strategic asset during the last few years, and we believe this divestiture will allow us to completely focus on our core community banking business.”
 
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Non-interest expenses totaled $24.9 million in the fourth quarter of 2016, compared to $22.8 million in the year-ago period.  For the full year of 2016, non-interest expenses totaled $90.3 million versus $88.5 million in 2015.  The fourth quarter and full year of 2016 includes $2.3 million and $0.3 million related to the aforementioned litigation settlement and sale of Mepco assets, respectively.  Excluding these two items, the total of all other non-interest expenses in 2016 declined on both a comparative quarterly and full year basis compared to 2015.

The Company recorded an income tax expense of $2.6 million and $10.1 million in the fourth quarter and full-year of 2016, respectively.  This compares to an income tax expense of $2.7 million and $9.4 million in the fourth quarter and full-year of 2015, respectively.  The full year 2016 income tax expense was reduced by a credit of approximately $0.3 million due to the adoption of Financial Accounting Standards Board Accounting Standards Update 2016-09 “Compensation – Stock Compensation (718) Improvements to Employee Share-Based Payment Accounting” in the second quarter of 2016.

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “Although non-performing assets and loan net charge-offs were up slightly in 2016 as compared to 2015, they remain at modest levels.  In addition, thirty- to eighty-nine day delinquency rates at Dec. 31, 2016 were zero for commercial loans and 0.66% 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
 
12/31/2016
   
12/31/2015
   
12/31/2014
 
   
(Dollars in Thousands)
 
Commercial
 
$
5,163
   
$
3,572
   
$
4,573
 
Consumer/installment
   
907
     
972
     
1,595
 
Mortgage
   
7,294
     
6,174
     
9,056
 
Payment plan receivables(2)
   
--
     
5
     
14
 
Total
 
$
13,364
   
$
10,723
   
$
15,238
 
Ratio of non-performing loans to total portfolio loans
   
0.83
%
   
0.71
%
   
1.08
%
Ratio of non-performing assets to total assets
   
0.72
%
   
0.74
%
   
0.96
%
Ratio of the allowance for loan losses to non-performing loans
   
151.41
%
   
210.48
%
   
170.56
%

(1)
Excludes loans that are classified as “troubled debt restructured” that are still performing.
(2)
At Dec. 31, 2016, $0.025 million of payment plan receivables that were 90 days or more past due were classified as “held for sale” and not included in the above table.

Non-performing loans increased by $2.6 million since year-end 2015.  The increase in non-performing loans primarily reflects the default of one commercial loan relationship and one mortgage loan relationship in the fourth quarter of 2016.  ORE and repossessed assets totaled $5.0 million at Dec. 31, 2016, compared to $7.2 million at Dec. 31, 2015.  The decrease in ORE during 2016 primarily reflects sales of properties during the year in excess of the inflow of new properties acquired through foreclosure.

The provision for loan losses was an expense of $0.1 million and a credit of $1.7 million in the fourth quarters of 2016 and 2015, respectively.  The provision for loan losses was a credit of $1.3 million and a credit of $2.7 million for all of 2016 and 2015, 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 $1.9 million (0.46% annualized of average loans) in the fourth quarter of 2016, compared to $0.4 million (0.10% annualized of average loans) in the fourth quarter of 2015.  Loan net charge-offs were $1.0 million (0.06% of average loans) and $0.7 million (0.05% of average loans) for all of 2016 and 2015, respectively.  The fourth quarter 2016 increase in loan net charge-offs primarily relates to charge-offs on the aforementioned commercial loan relationship and mortgage loan relationship.  At Dec. 31, 2016, the allowance for loan losses totaled $20.2 million, or 1.26% of portfolio loans, compared to $22.6 million, or 1.49% of portfolio loans, at Dec. 31, 2015.

Balance Sheet, Liquidity and Capital

Total assets were $2.55 billion at Dec. 31, 2016, an increase of $139.9 million from Dec. 31, 2015.  Loans, excluding loans held for sale and payment plan receivables, were $1.61 billion at Dec. 31, 2016, compared to $1.48 billion at Dec. 31, 2015, an increase of 8.6%.
 
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Deposits totaled $2.23 billion at Dec. 31, 2016, an increase of $139.8 million from Dec. 31, 2015.  The increase in deposits is due to growth in checking, savings and time (certificate of deposit) account balances.

Cash and cash equivalents totaled $83.2 million at Dec. 31, 2016, versus $85.8 million at Dec. 31, 2015. Securities available for sale totaled $610.6 million at Dec. 31, 2016, versus $585.5 million at Dec. 31, 2015.  This $25.1 million increase is primarily due to the purchase of asset-backed, municipal and corporate securities during 2016.

Total shareholders’ equity was $249.0 million at Dec. 31, 2016, or 9.77% of total assets.  Tangible common equity totaled $247.0 million at Dec. 31, 2016, or $11.62 per share.  On Jan. 24, 2017, the Company’s Board of Directors declared a quarterly cash dividend on its common stock of ten cents per share.  This dividend is payable on Feb. 15, 2017 to shareholders of record on Feb. 8, 2017.

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 Ratios
 
12/31/2016
   
12/31/2015
   
Well
Capitalized
Minimum
 
                         
Tier 1 capital to average total assets
   
9.90
%
   
10.23
%
   
5.00
%
Tier 1 common equity  to risk-weighted assets
   
13.87
%
   
14.43
%
   
6.50
%
Tier 1 capital to risk-weighted assets
   
13.87
%
   
14.43
%
   
8.00
%
Total capital to risk-weighted assets
   
15.02
%
   
15.69
%
   
10.00
%

Share Repurchase Plan

On Jan. 23, 2017, 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, 2017.

Under its 2016 share repurchase plan (which expired on Dec. 31, 2016), the Company repurchased 1,153,136 shares (or approximately 5.2% of its beginning of the year outstanding common stock) at a weighted average price of $14.62 per share.

The Company intends to accomplish the 2017 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, 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.

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 Thursday, Jan. 26, 2017.

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/ibcp170126.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10098379). The replay will be available through Feb. 2, 2017.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $2.5 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:  IndependentBank.com.
 
4

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, 2015. 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

 
 
  
December 31,
2016
     
December 31,
2015
  
 
 
(unaudited)
 
 
 
(In thousands, except share
 
 
 
amounts)
 
Assets
 
Cash and due from banks
 
$
35,238
   
$
54,260
 
Interest bearing deposits
   
47,956
     
31,523
 
Cash and Cash Equivalents
   
83,194
     
85,783
 
Interest bearing deposits - time
   
5,591
     
11,866
 
Trading securities
   
410
     
148
 
Securities available for sale
   
610,616
     
585,484
 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
   
15,543
     
15,471
 
Loans held for sale, carried at fair value
   
35,946
     
27,866
 
Payment plan receivables and other assets held for sale
   
33,360
     
-
 
Loans
               
Commercial
   
804,017
     
748,398
 
Mortgage
   
538,615
     
498,036
 
Installment
   
265,616
     
234,017
 
Payment plan receivables
   
-
     
34,599
 
Total Loans
   
1,608,248
     
1,515,050
 
Allowance for loan losses
   
(20,234
)
   
(22,570
)
Net Loans
   
1,588,014
     
1,492,480
 
Other real estate and repossessed assets
   
5,004
     
7,150
 
Property and equipment, net
   
40,175
     
43,103
 
Bank-owned life insurance
   
54,033
     
54,402
 
Deferred tax assets, net
   
32,818
     
39,635
 
Capitalized mortgage loan servicing rights
   
13,671
     
12,436
 
Vehicle service contract counterparty receivables, net
   
2,271
     
7,229
 
Other intangibles
   
1,932
     
2,280
 
Accrued income and other assets
   
26,372
     
23,733
 
Total Assets
 
$
2,548,950
   
$
2,409,066
 
 
               
Liabilities and Shareholders' Equity
 
Deposits
               
Non-interest bearing
 
$
717,472
   
$
659,793
 
Savings and interest-bearing checking
   
1,015,724
     
988,174
 
Reciprocal
   
38,657
     
50,207
 
Time
   
453,866
     
387,789
 
Total Deposits
   
2,225,719
     
2,085,963
 
Other borrowings
   
9,433
     
11,954
 
Subordinated debentures
   
35,569
     
35,569
 
Other liabilities held for sale
   
718
     
-
 
Accrued expenses and other liabilities
   
28,531
     
24,488
 
Total Liabilities
   
2,299,970
     
2,157,974
 
 
               
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: 21,258,092 shares at December 31, 2016 and 22,251,373 shares at December 31, 2015
   
323,745
     
339,462
 
Accumulated deficit
   
(65,657
)
   
(82,334
)
Accumulated other comprehensive loss
   
(9,108
)
   
(6,036
)
Total Shareholders’ Equity
   
248,980
     
251,092
 
Total Liabilities and Shareholders’ Equity
 
$
2,548,950
   
$
2,409,066
 
 
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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
 
   
Three Months Ended
   
Twelve Months Ended
 
   
December 31,
   
September 30,
   
December 31,
   
December 31,
 
   
2016
   
2016
   
2015
   
2016
   
2015
 
   
(unaudited)
 
Interest Income
 
(In thousands, except per share amounts)
 
Interest and fees on loans
 
$
18,796
   
$
18,597
   
$
18,071
   
$
74,157
   
$
70,930
 
Interest on securities
                                       
Taxable
   
2,660
     
2,537
     
2,277
     
9,921
     
7,805
 
Tax-exempt
   
390
     
330
     
240
     
1,250
     
907
 
Other investments
   
311
     
281
     
278
     
1,195
     
1,200
 
Total Interest Income
   
22,157
     
21,745
     
20,866
     
86,523
     
80,842
 
Interest Expense
                                       
Deposits
   
1,421
     
1,254
     
1,048
     
4,941
     
4,009
 
Other borrowings
   
486
     
493
     
465
     
1,941
     
1,847
 
Total Interest Expense
   
1,907
     
1,747
     
1,513
     
6,882
     
5,856
 
Net Interest Income
   
20,250
     
19,998
     
19,353
     
79,641
     
74,986
 
Provision for loan losses
   
130
     
(175
)
   
(1,677
)
   
(1,309
)
   
(2,714
)
Net Interest Income After Provision for Loan Losses
   
20,120
     
20,173
     
21,030
     
80,950
     
77,700
 
Non-interest Income
                                       
Service charges on deposit accounts
   
3,242
     
3,281
     
3,128
     
12,406
     
12,389
 
Interchange income
   
2,141
     
1,943
     
1,930
     
7,938
     
8,481
 
Net gains (losses) on assets
                                       
Mortgage loans
   
2,839
     
3,556
     
1,713
     
10,566
     
7,448
 
Securities
   
261
     
(45
)
   
(77
)
   
563
     
20
 
Mortgage loan servicing, net
   
2,676
     
858
     
1,275
     
2,222
     
1,751
 
Title insurance fees
   
327
     
319
     
282
     
1,187
     
1,156
 
Net gain on branch sale
   
-
     
-
     
-
     
-
     
1,193
 
Other
   
1,715
     
1,796
     
1,811
     
7,416
     
7,692
 
Total Non-interest Income
   
13,201
     
11,708
     
10,062
     
42,298
     
40,130
 
Non-Interest Expense
                                       
Compensation and employee benefits
   
12,667
     
13,031
     
12,581
     
49,579
     
48,186
 
Occupancy, net
   
2,041
     
1,919
     
1,970
     
8,023
     
8,369
 
Data processing
   
1,944
     
1,971
     
1,986
     
7,952
     
7,944
 
Furniture, fixtures and equipment
   
973
     
990
     
977
     
3,912
     
3,892
 
Communications
   
862
     
670
     
773
     
3,142
     
2,957
 
Loan and collection
   
548
     
568
     
671
     
2,512
     
3,609
 
Litigation settlement expense
   
2,300
     
-
     
-
     
2,300
     
-
 
Advertising
   
446
     
455
     
783
     
1,856
     
2,121
 
Legal and professional
   
564
     
420
     
661
     
1,742
     
2,013
 
Interchange expense
   
302
     
276
     
266
     
1,111
     
1,125
 
FDIC deposit insurance
   
197
     
187
     
322
     
1,049
     
1,366
 
Credit card and bank service fees
   
203
     
203
     
195
     
791
     
797
 
Loss on sale of payment plan business
   
320
     
-
     
-
     
320
     
-
 
Net (gains) losses on other real estate and repossessed assets
   
152
     
263
     
(7
)
   
250
     
(180
)
Other
   
1,359
     
1,576
     
1,663
     
5,808
     
6,251
 
Total Non-interest Expense
   
24,878
     
22,529
     
22,841
     
90,347
     
88,450
 
Income Before Income Tax
   
8,443
     
9,352
     
8,251
     
32,901
     
29,380
 
Income tax expense
   
2,588
     
2,979
     
2,681
     
10,135
     
9,363
 
Net Income
 
$
5,855
   
$
6,373
   
$
5,570
   
$
22,766
   
$
20,017
 
Net Income Per Common Share
                                       
Basic
 
$
0.28
   
$
0.30
   
$
0.25
   
$
1.06
   
$
0.88
 
Diluted
 
$
0.27
   
$
0.30
   
$
0.25
   
$
1.05
   
$
0.86
 
 
7

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
 
     
December 31,
2016
     
September 30,
2016
     
June 30,
     
March 31,
     
December 31,
  
2016
2016
2015
   
(unaudited)
 
   
(dollars in thousands except per share data)
 
Three Months Ended
                             
Net interest income
 
$
20,250
   
$
19,998
   
$
19,630
   
$
19,763
   
$
19,353
 
Provision for loan losses
   
130
     
(175
)
   
(734
)
   
(530
)
   
(1,677
)
Non-interest income
   
13,201
     
11,708
     
9,580
     
7,809
     
10,062
 
Non-interest expense
   
24,878
     
22,529
     
20,895
     
22,045
     
22,841
 
Income before income tax
   
8,443
     
9,352
     
9,049
     
6,057
     
8,251
 
Income tax expense
   
2,588
     
2,979
     
2,611
     
1,957
     
2,681
 
Net income
 
$
5,855
   
$
6,373
   
$
6,438
   
$
4,100
   
$
5,570
 
                                         
Basic earnings per share
 
$
0.28
   
$
0.30
   
$
0.30
   
$
0.19
   
$
0.25
 
Diluted earnings per share
   
0.27
     
0.30
     
0.30
     
0.19
     
0.25
 
Cash dividend per share
   
0.10
     
0.08
     
0.08
     
0.08
     
0.08
 
                                         
Average shares outstanding
   
21,248,343
     
21,232,252
     
21,280,926
     
21,751,108
     
22,314,319
 
Average diluted shares outstanding
   
21,587,283
     
21,548,647
     
21,639,077
     
22,061,937
     
22,629,107
 
                                         
Performance Ratios
                                       
Return on average assets
   
0.91
%
   
1.02
%
   
1.06
%
   
0.68
%
   
0.93
%
Return on average common equity
   
9.29
     
10.20
     
10.66
     
6.70
     
8.80
 
Efficiency ratio (1)
   
74.19
     
70.25
     
71.27
     
79.67
     
76.77
 
                                         
As a Percent of Average Interest-Earning Assets (1)
                                 
Interest income
   
3.77
%
   
3.81
%
   
3.81
%
   
3.90
%
   
3.84
%
Interest expense
   
0.32
     
0.30
     
0.29
     
0.29
     
0.28
 
Net interest income
   
3.45
     
3.51
     
3.52
     
3.61
     
3.56
 
                                         
Average Balances
                                       
Loans
 
$
1,655,222
   
$
1,616,681
   
$
1,577,026
   
$
1,549,789
   
$
1,492,687
 
Securities available for sale
   
605,781
     
593,013
     
591,648
     
563,815
     
598,961
 
Total earning assets
   
2,365,517
     
2,294,644
     
2,258,536
     
2,210,586
     
2,178,624
 
Total assets
   
2,549,108
     
2,482,002
     
2,447,910
     
2,420,855
     
2,385,459
 
Deposits
   
2,223,446
     
2,158,987
     
2,131,788
     
2,103,477
     
2,061,178
 
Interest bearing liabilities
   
1,547,856
     
1,499,932
     
1,506,335
     
1,497,584
     
1,459,837
 
Shareholders' equity
   
250,735
     
248,678
     
242,800
     
246,086
     
251,123
 
                                         
End of Period
                                       
Capital
                                       
Tangible common equity ratio
   
9.70
%
   
9.81
%
   
9.99
%
   
9.60
%
   
10.34
%
Average equity to average assets
   
9.84
     
10.02
     
9.92
     
10.17
     
10.93
 
Tangible book value per share
 
$
11.62
   
$
11.72
   
$
11.49
   
$
11.22
   
$
11.18
 
Total shares outstanding
   
21,258,092
     
21,227,974
     
21,315,881
     
21,261,830
     
22,251,373
 
                                         
Selected Balances
                                       
Loans
 
$
1,608,248
   
$
1,607,354
   
$
1,582,122
   
$
1,538,982
   
$
1,515,050
 
Securities available for sale
   
610,616
     
603,112
     
599,755
     
589,500
     
585,484
 
Total earning assets
   
2,355,703
     
2,347,072
     
2,264,079
     
2,285,331
     
2,187,408
 
Total assets
   
2,548,950
     
2,538,319
     
2,452,696
     
2,488,367
     
2,409,066
 
Deposits
   
2,225,719
     
2,206,960
     
2,128,292
     
2,154,706
     
2,085,963
 
Interest bearing liabilities
   
1,553,249
     
1,528,890
     
1,497,169
     
1,530,607
     
1,473,693
 
Shareholders' equity
   
248,980
     
250,902
     
246,923
     
240,792
     
251,092
 
 
(1)
Presented on a fully tax equivalent basis assuming a marginal tax rate of 35%
 
 
8


The following information was filed by Independent Bank Corp (IBCP) on Thursday, January 26, 2017 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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