Independent Bank Corp 8-K, filed Oct 27, 2026

Independent Bank Corp (IBCP)

8-K 2026-10-27 For: 2026-10-27

Added on October 27, 2026

About this 8-K

Independent Bank Corp filed this 8-K on October 27, 2026.

Independent Bank Corporation reported third-quarter 2026 net income of $17.9 million, or $0.80 per diluted share, versus $17.5 million, or $0.84 per diluted share. Net interest margin rose to 3.79%, and HCB Financial Corp. was acquired on July 1, 2026. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Michigan	0-7818	38-2032782
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


98 Ottawa Ave NW Grand Rapids, Michigan			49503
(Address of principal executive office)			(Zip Code)


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, no par value	IBCP	NASDAQ Global Select Market


99.1			Press release dated October 27, 2026.

99.2			Supplemental data to the Registrant’s press release dated October 27, 2026.

99.3			Earnings conference call presentation.


For Release:			Immediately
Contact:			William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929


	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	68,275	$	64,089	$	48,475	$	52,235	$	56,378
Interest bearing deposits	113,540		101,361		126,440		86,152		152,308
Cash and Cash Equivalents	181,815		165,450		174,915		138,387		208,686
Interest bearing deposits - time	746		—		—		—		—
Equity securities at fair value	—		1,088		—		—		—
Securities available for sale at fair value	519,616		493,952		482,295		495,909		502,583
Securities held to maturity at cost	292,884		287,574		301,007		309,523		321,450
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	20,452		18,940		18,102		18,102		18,102
Loans held for sale, carried at fair value	12,836		16,824		19,714		9,031		11,654

Loans
Commercial	2,763,222		2,359,988		2,267,369		2,213,557		2,125,053
Mortgage	1,612,243		1,533,268		1,520,358		1,524,821		1,517,656
Installment	521,684		520,608		520,372		537,907		555,574
Total Loans	4,897,149		4,413,864		4,308,099		4,276,285		4,198,283
Allowance for credit losses	(73,724)		(65,673)		(63,719)		(63,445)		(62,459)
Net Loans	4,823,425		4,348,191		4,244,380		4,212,840		4,135,824
Other real estate and repossessed assets, net	759		710		767		896		589
Property and equipment, net	57,235		44,549		42,319		38,972		38,805
Bank-owned life insurance	63,424		53,567		54,072		53,750		53,875
Capitalized mortgage loan servicing rights, carried at fair value	37,839		33,949		32,233		31,493		31,522
Other intangibles, net	17,045		771		886		1,001		1,123
Goodwill	50,219		28,300		28,300		28,300		28,300
Accrued income and other assets	185,337		169,976		158,519		167,516		140,600
Total Assets	$	6,263,632	$	5,663,841	$	5,557,509	$	5,505,720	$	5,493,113

Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	1,126,676	$	1,030,460	$	991,140	$	991,984	$	1,003,521
Savings and interest-bearing checking	2,591,601		2,143,895		2,146,403		2,113,260		2,040,462
Reciprocal	1,052,489		1,025,016		1,028,874		974,921		981,115
Time	750,112		662,248		657,043		662,858		660,815
Brokered time	514		514		57,220		18,659		173,242
Total Deposits	5,521,392		4,862,133		4,880,680		4,761,682		4,859,155
Other borrowings	4,009		127,005		27,010		77,003		2,006

Subordinated debentures, net	39,915		39,898		39,881		39,864		39,847
Accrued expenses and other liabilities	121,020		106,392		99,385		124,220		101,363
Total Liabilities	5,686,336		5,135,428		5,046,956		5,002,769		5,002,371

Shareholders’ Equity
Preferred stock	—		—		—		—		—
Common stock	361,741		307,820		307,679		307,845		311,770
Retained earnings	288,569		276,934		263,898		252,794		239,602
Accumulated other comprehensive loss	(73,014)		(56,341)		(61,024)		(57,688)		(60,630)
Total Shareholders’ Equity	577,296		528,413		510,553		502,951		490,742
Total Liabilities and Shareholders’ Equity	$	6,263,632	$	5,663,841	$	5,557,509	$	5,505,720	$	5,493,113


	Three Months Ended
	September 30, 2026		June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025

	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	68,998	$	60,643	$	59,249	$	60,205	$	61,325
Interest on securities
Taxable	3,902		3,300		3,354		3,513		3,660
Tax-exempt	2,755		2,525		2,522		2,633		2,767
Other investments	1,660		826		1,044		1,074		1,538
Total Interest Income	77,315		67,294		66,169		67,425		69,290
Interest Expense
Deposits	21,289		18,322		18,397		20,109		21,972
Other borrowings and subordinated debt and debentures	769		1,070		917		962		1,957
Total Interest Expense	22,058		19,392		19,314		21,071		23,929
Net Interest Income	55,257		47,902		46,855		46,354		45,361
Provision for credit losses	4,807		2,717		362		1,923		1,991
Net Interest Income After Provision for Credit Losses	50,450		45,185		46,493		44,431		43,370
Non-interest Income
Interchange income	4,638		3,576		3,234		3,186		4,157
Service charges on deposit accounts	3,353		3,100		2,935		3,096		3,131
Net gains (losses) on assets
Mortgage loans	1,011		1,651		1,308		1,372		1,474
Equity securities at fair value	65		1,600		—		—		—
Securities available for sale	(17)		(90)		(26)		(15)		(36)
Mortgage loan servicing, net	4,074		2,460		1,646		899		74
Other	2,684		3,037		2,951		3,420		3,137
Total Non-interest Income	15,808		15,334		12,048		11,958		11,937
Non-interest Expense
Compensation and employee benefits	24,487		22,560		21,829		22,563		21,125
Data processing	4,761		4,152		3,952		3,428		3,784
Occupancy, net	2,419		2,073		2,413		2,171		2,127
Merger related expense	3,457		369		300		—		—
Interchange expense	1,446		1,224		1,191		1,165		1,180
Advertising	738		1,180		1,210		991		526
Furniture, fixtures and equipment	1,124		927		894		897		892
Loan and collection	1,023		1,038		752		589		618
FDIC deposit insurance	819		738		799		861		615
Legal and professional	774		613		591		787		682
Litigation expense	—		350		1,500		—		—
Communications	537		464		593		471		465

Amortization of other intangibles	917		115		115		122		121
Other	2,257		2,006		2,172		2,033		1,996
Total Non-interest Expense	44,759		37,809		38,311		36,078		34,131
Income Before Income Tax	21,499		22,710		20,230		20,311		21,176
Income tax expense	3,649		3,905		3,355		1,739		3,674
Net Income	$	17,850	$	18,805	$	16,875	$	18,572	$	17,502
Net Income Per Common Share
Basic	$	0.81	$	0.91	$	0.82	$	0.90	$	0.85
Diluted	$	0.80	$	0.90	$	0.81	$	0.89	$	0.84


	Nine Months Ended
	September 30, 2026		September 30, 2025
	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	188,890	$	178,628
Interest on securities
Taxable	10,556		11,492
Tax-exempt	7,802		8,310
Other investments	3,530		3,882
Total Interest Income	210,778		202,312
Interest Expense
Deposits	58,008		63,389
Other borrowings and subordinated debt and debentures	2,756		5,262
Total Interest Expense	60,764		68,651
Net Interest Income	150,014		133,661
Provision for credit losses	7,886		4,212
Net Interest Income After Provision for Credit Losses	142,128		129,449
Non-interest Income
Interchange income	11,448		10,674
Service charges on deposit accounts	9,388		8,926
Net gains (losses) on assets
Mortgage loans	3,970		5,408
Equity securities at fair value	1,665		—
Securities available for sale	(133)		(355)
Mortgage loan servicing, net	8,180		(72)
Other	8,672		9,105
Total Non-interest Income	43,190		33,686
Non-interest Expense
Compensation and employee benefits	68,876		62,631
Data processing	12,865		11,360
Occupancy, net	6,905		6,396
Merger related expense	4,126		—
Interchange expense	3,861		3,476
Advertising	3,128		2,220
Furniture, fixtures and equipment	2,945		2,570
Loan and collection	2,813		2,148
FDIC deposit insurance	2,356		1,963
Legal and professional	1,978		1,661

Litigation expense	1,850		—
Communications	1,594		1,526
Amortization of other intangibles	1,147		365
Other	6,435		5,839
Total Non-interest Expense	120,879		102,155
Income Before Income Tax	64,439		60,980
Income tax expense	10,909		11,011
Net Income	$	53,530	$	49,969
Net Income Per Common Share
Basic	$	2.54	$	2.40
Diluted	$	2.51	$	2.38


	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Basic net income per common share	$	0.81		$	0.91		$	0.82		$	0.90		$	0.85
Diluted net income per common share	0.80			0.90			0.81			0.89			0.84
Cash dividend per share	0.28			0.28			0.28			0.26			0.26

Average shares outstanding	22,136,532			20,603,937			20,574,506			20,639,758			20,702,235
Average diluted shares outstanding	22,347,223			20,807,061			20,780,188			20,848,634			20,904,857

Performance Ratios
Return on average assets	1.14		%	1.37		%	1.24		%	1.35		%	1.27		%
Return on average equity	12.17			14.52			13.43			14.75			14.57
Return on average tangible equity (2)	14.48			15.38			14.25			15.67			15.54
Efficiency ratio (1)	61.25			60.64			64.33			61.18			58.86

As a Percent of Average Interest-Earning Assets (1) (2)
Interest income	5.33		%	5.20		%	5.15		%	5.24		%	5.38		%
Interest expense	1.51			1.49			1.50			1.62			1.84
Net interest margin	3.82			3.71			3.65			3.62			3.54

Average Balances
Loans	$	4,839,412		$	4,368,577		$	4,315,371		$	4,249,389		$	4,201,557
Securities	812,965			777,422			796,251			815,269			826,362
Total earning assets	5,818,800			5,219,641			5,209,360			5,162,381			5,159,681
Total assets	6,209,611			5,521,748			5,522,244			5,449,518			5,451,922
Deposits	5,465,721			4,812,586			4,832,089			4,774,179			4,786,408
Interest bearing liabilities	4,382,511			3,896,448			3,892,702			3,846,367			3,862,024
Shareholders' equity	581,997			519,439			509,523			499,445			476,422

End of Period
Capital
Tangible common equity ratio (2)	8.23		%	8.86		%	8.71		%	8.65		%	8.44		%
Tangible common equity ratio excluding accumulated other comprehensive loss (2)	9.22			9.67			9.61			9.51			9.35
Average equity to average assets	9.37			9.41			9.23			9.16			8.74
Total capital to risk-weighted assets (3)	13.17			13.77			13.79			13.59			13.66
Tier 1 capital to risk-weighted assets (3)	11.92			12.52			12.54			12.33			12.41
Common equity tier 1 capital to risk-weighted assets (3)	11.17			11.70			11.70			11.49			11.54
Tier 1 capital to average assets (3)	9.98			10.58			10.34			10.27			10.07
Common shareholders' equity per share of common stock	$	26.14		$	25.65		$	24.80		$	24.48		$	23.72
Tangible common equity per share of common stock (2)	23.10			24.24			23.38			23.05			22.29
Total shares outstanding	22,081,450			20,602,535			20,585,805			20,548,893			20,691,604



	Three months ended										Nine months ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		9/30/2026		9/30/2025
Mortgage loan servicing, net:	(In thousands)
Revenue, net	$	1,646	$	1,625	$	1,636	$	1,656	$	1,614	$	4,907	$	5,145
Fair value change due to price	3,445		1,838		933		160		(576)		6,216		(2,328)
Fair value change due to pay-downs	(1,017)		(1,003)		(923)		(917)		(903)		(2,943)		(2,656)
Loss on sale of originated servicing rights	—		—		—		—		(61)		—		(233)
Total	$	4,074	$	2,460	$	1,646	$	899	$	74	$	8,180	$	(72)


	9/30/2026 (2)		6/30/2026 (1)		3/31/2026 (1)		12/31/2025 (1)		9/30/2025 (1)		Well Capitalized Minimum

Tier 1 capital to average total assets	7.23	%	8.45	%	8.25	%	8.19	%	7.64	%	5.00	%
Common equity tier 1 capital to risk-weighted assets	12.14	%	14.68	%	14.59	%	15.19	%	14.94	%	6.50	%
Tier 1 capital to risk-weighted assets	12.14	%	14.68	%	14.59	%	15.19	%	14.94	%	8.00	%
Total capital to risk-weighted assets	13.39	%	15.93	%	15.83	%	16.42	%	16.14	%	10.00	%



Net Interest Income and Net Interest Margin (1):


	Three months ended
	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
	Net Interest Income		Net Interest Margin		Net Interest Income		Net Interest Margin		Net Interest Income		Net Interest Margin		Net Interest Income		Net Interest Margin		Net Interest Income		Net Interest Margin
	(Dollars in thousands)
As reported (GAAP)	$	55,257	3.79	%	$	47,902	3.67	%	$	46,855	3.61	%	$	46,354	3.58	%	$	45,361	3.51	%
Add: taxable equivalent adjustment	564		0.03		440		0.04		445		0.04		446		0.04		443		0.03
Taxable equivalent (non-GAAP)	55,821		3.82		48,342		3.71		47,300		3.65		46,800		3.62		45,804		3.54
Less: Net accretion of HCB acquired loans	(852)		(0.06)		—		—		—		—		—		—		—		—

Less: Net accretion of HCB acquired securities	(80)		—		—		—		—		—		—		—		—		—
Excluding HCB acquisition-related purchase accounting accretion	$	54,889	3.76	%	$	48,342	3.71	%	$	47,300	3.65	%	$	46,800	3.62	%	$	45,804	3.54	%


Pre-Tax, Pre-Provision Net Revenue (PPNR):


	Three months ended										Nine months ended
	9/30/2026		6/30/2026		3/31/2026		12/31/2025		9/30/2025		9/30/2026		9/30/2025
			(In thousands)
Income before income tax	$	21,499	$	22,710	$	20,230	$	20,311	$	21,176	$	64,439	$	60,980
Add back provision for credit losses	4,807		2,717		362		1,923		1,991		7,886		4,212

PPNR	$	26,306	$	25,427	$	20,592	$	22,234	$	23,167	$	72,325	$	65,192



Net Income and Diluted Earnings per Share Excluding After-Tax Merger Related Expenses

	Three months ended
	9/30/2026				6/30/2026				3/31/2026				12/31/2025				9/30/2025
	Net Income		Diluted EPS		Net Income		Diluted EPS		Net Income		Diluted EPS		Net Income		Diluted EPS		Net Income		Diluted EPS
	(In thousands, except per share amounts)
As reported (GAAP)	$	17,850	$	0.80	$	18,805	$	0.90	$	16,875	$	0.81	$	18,572	$	0.89	$	17,502	$	0.84
Add: after-tax merger related expenses	2,799		0.12		368		0.02		299		0.02		—		—		—		—
Adjusted	$	20,649	$	0.92	$	19,173	$	0.92	$	17,174	$	0.83	$	18,572	$	0.89	$	17,502	$	0.84



	9/30/2026			6/30/2026			3/31/2026			12/31/2025			9/30/2025
Loan Type	(Dollars in thousands)
Commercial	$	37,619		$	32,274		$	27,077		$	23,531		$	13,825
Mortgage	12,084			10,432			9,953			8,683			7,873
Installment	574			981			745			860			900
Subtotal	50,277			43,687			37,775			33,074			22,598
Less - government guaranteed loans	11,116			10,890			10,202			9,947			2,243
Total non-performing loans	$	39,161		$	32,797		$	27,573		$	23,127		$	20,355
Ratio of non-performing loans to total portfolio loans	0.80		%	0.74		%	0.64		%	0.54		%	0.48		%
Ratio of non-performing assets to total assets	0.64		%	0.59		%	0.51		%	0.44		%	0.38		%
Ratio of allowance for credit losses to total non-performing loans	188.26		%	200.24		%	231.09		%	274.33		%	306.85		%
Ratio of allowance for credit losses to total portfolio loans	1.51		%	1.49		%	1.48		%	1.48		%	1.49		%


	Nine months ended September 30,
	2026							2025
	Loans			Securities HTM		Unfunded Commitments(1)		Loans			Securities HTM		Unfunded Commitments (1)
	(Dollars in thousands)
Balance at beginning of period	$	63,445		$	92	$	5,440	$	59,379		$	132	$	5,131
Additions (deductions)
Provision for credit losses	6,574			(31)		1,343		4,252			(40)		—
Recoveries credited to allowance	1,691			—		—		1,604			—		—
Assets charged against the allowance	(2,538)			—		—		(2,776)			—		—
Initial allowance on purchased seasoned loans	4,445			—		61		—			—		—
Initial allowance on purchased credit deteriorated loans	107			—		—		—			—		—
Additions included in non-interest expense	—			—		—		—			—		(190)
Balance at end of period	$	73,724		$	61	$	6,844	$	62,459		$	92	$	4,941

Net loans charged against the allowance to average Portfolio Loans	0.03		%					0.04		%


(1)			Beginning in the fourth quarter of 2025, we classified the provision for unfunded lending commitments in the provision for credit losses in the Consolidated Statements of Operations.



(1)			Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
(2)			Annualized


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	(In thousands)
Balance at beginning of period	$	33,949	$	32,053	$	31,493	$	46,796
Originated servicing rights capitalized	1,067		948		2,678		2,766
Change in fair value	2,428		(1,479)		3,273		(4,984)
Sale of originated servicing rights (1)	—		61		—		(12,823)
Loss on sale of originated servicing rights (1)	—		(61)		—		(233)
Servicing rights acquired	$	395	$	—	$	395	$	—
Balance at end of period	$	37,839	$	31,522	$	37,839	$	31,522


	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	12,139	$	—	$	—	$	—	—	%
Land Development	17,471		—		—		—		—
Construction	173,032		—		14,345		14,345		8.3
Income Producing	1,060,229		18,966		13,949		32,915		3.1
Owner Occupied	782,444		22,599		121		22,720		2.9
Total Commercial Real Estate Loans	$	2,045,315	$	41,565	$	28,415	$	69,980	3.4

Other Commercial Loans	$	717,907	$	32,663	9,204		$	41,867	5.8
Total non-performing commercial loans					$	37,619