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Independent Bank Corporation Reports 2018 First Quarter Results

GRAND RAPIDS, Mich., April 23, 2018 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported first quarter 2018 net income of $9.2 million, or $0.42 per diluted share, versus net income of $6.0 million, or $0.28 per diluted share, in the prior-year period.  The first quarter of 2018, included a $1.5 million fair value increase due to price for capitalized mortgage loan servicing rights, $0.2 million in net securities losses and $0.2 million of merger related expenses.  Collectively, these items increased net income by $0.9 million, or $0.04 per diluted share.  Additionally, the reduction in the federal corporate income tax rate to 21% (that was effective Jan. 1, 2018) increased net income by approximately $0.07 per diluted share compared to the year ago period.

First quarter 2018 highlights include:

  • Net income and diluted earnings per share increases of 53.3% and 50.0%, respectively, over 2017;
  • Year-over-year and sequential quarterly increases in net interest income of $2.5 million and $0.6 million, respectively;
  • Net growth in total portfolio loans of $52.6 million, or 10.6% annualized;
  • A $1.6 million, or 15.8%, decline in non-performing assets.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to report a solid start to 2018.  Strong loan growth, continued reductions in non-performing assets and a lower federal corporate income tax rate helped lead to a 53% increase in our net income.  Return on average assets and return on average equity reached 1.34% and 14.04%, respectively.  Net interest income and our net interest margin increased on both a sequential and year-over-year quarterly basis.  As previously announced, our acquisition of Traverse City State Bank (“TCSB”) was completed on April 1, 2018.  We are excited about this addition, and as we look ahead to the remainder of 2018, we are focused on the successful integration of TCSB, capitalizing on growth opportunities across our markets, stable to improving asset quality, and building core deposits.”

Operating Results

The Company’s net interest income totaled $23.9 million during the first quarter of 2018, an increase of $2.5 million, or 11.5%, from the year-ago period, and an increase of $0.6 million, or 2.7% from the fourth quarter of 2017.  The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.71% during the first quarter of 2018 compared to 3.69% in the year ago period, and 3.65% in the fourth quarter of 2017.  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 $2.61 billion in the first quarter of 2018 compared to $2.37 billion in the year ago quarter and $2.57 billion in the fourth quarter of 2017.  Net interest income included net recoveries of interest on non-accrual or previously charged-off loans of $0.18 million in the first quarter of 2018 compared to $0.50 million in the year ago quarter and $0.19 million in the fourth quarter of 2017.  

Non-interest income totaled $11.5 million and $10.3 million in the first quarters of 2018 and 2017, respectively.  This increase is primarily due to an increase in mortgage loan servicing income.  The Company adopted Financial Accounting Standards Board Accounting Standards Update 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) on Jan. 1, 2018, using the modified retrospective approach.  Although ASU 2014-09 did not have any impact on Jan. 1, 2018 shareholders’ equity or first quarter 2018 net income, it did result in some classification changes in non-interest income and non-interest expense as compared to the prior year period.  Specifically, in the first quarter of 2018, interchange income and interchange expense each increased by $0.3 million and investment and insurance commissions (included in other non-interest income in the Consolidated Statements of Operations) and compensation and employee benefits expense each decreased by $0.2 million, due to classification changes under ASU 2014-09.  

Gains on mortgage loans were unchanged at $2.6 million in the first quarters of 2018 and 2017, as an increase in mortgage loan sales volume was offset by compression in the profit margin.  Mortgage loan origination volume was up 0.6% to $159.0 million in the first quarter of 2018 compared to the year ago period. 

Mortgage loan servicing generated income of $2.2 million and $0.8 million in the first quarters of 2018 and 2017, respectively.  This activity is summarized in the following table: 

    Three Months Ended  
    03/31/2018 03/31/2017  
Mortgage loan servicing:   (Dollars in thousands)
  Revenue, net $     1,192   $     1,089    
  Fair value change due to price     1,458       145     
  Fair value change due to pay-downs     (429 )     (409 )  
Total $ 2,221   $     825    

The significant variance in the fair value change due to price relates primarily to the rise in mortgage loan interest rates in the first quarter of 2018.  That increase reduced projected prepayment rates for mortgage loans serviced for others, leading to an increase in fair value.

Non-interest expense totaled $23.9 million in the first quarter of 2018, compared to $23.6 million in the year-ago period, representing an increase of 1.6%. 

The Company recorded an income tax expense of $2.0 million and $2.6 million in the first quarters of 2018 and 2017, respectively.  Income tax expense represented 18.2% and 30.5% of pre-tax earnings in the first quarters of 2018 and 2017, respectively.  The decline in income tax expense is primarily due to a reduction in the statutory federal corporate income tax rate to 21% (from 35%) that became effective on Jan. 1, 2018.

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “We continue to make progress in further improving asset quality, as evidenced by a decline in non-performing assets.  In addition, thirty- to eighty-nine day delinquency rates at Mar. 31, 2018 were 0.005% 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   3/31/2018 12/31/2017 3/31/2017
  (Dollars in Thousands)
Commercial $   439  $   646  $   1,325 
Consumer/installment   605    543    829 
Mortgage   5,585    6,995    6,860 
  Total $ 6,629  $ 8,184  $   9,014 
Ratio of non-performing loans to total portfolio loans   0.32%   0.41%   0.54%
Ratio of non-performing assets to total assets   0.30%   0.35%   0.55%
Ratio of the allowance for loan losses to non-performing loans   348.03%     275.99%   222.30%

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

Non-performing loans decreased by $1.6 million, or 19.0%, since year-end 2017.  The decline in non-performing loans primarily reflects loan charge-offs, pay-offs, negotiated transactions and the migration of loans into other real estate (“ORE”).  ORE and repossessed assets totaled $1.6 million at both Mar. 31, 2018 and at Dec. 31, 2017.

The provision for loan losses was an expense of $0.3 million and a credit of $0.4 million in the first quarters of 2018 and 2017, 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 recoveries of $0.2 million [(0.03)% annualized of average loans] in the first quarter of 2018, compared to loan net recoveries of $0.2 million [(0.04)% annualized of average loans] in the first quarter of 2017.  At Mar. 31, 2018, the allowance for loan losses totaled $23.1 million, or 1.11% of portfolio loans, compared to $22.6 million, or 1.12% of portfolio loans, at Dec. 31, 2017.

Balance Sheet, Liquidity and Capital

Total assets were $2.79 billion at Mar. 31, 2018, an increase of $3.8 million from Dec. 31, 2017.  Loans, excluding loans held for sale, were $2.07 billion at Mar. 31, 2018, compared to $2.02 billion at Dec. 31, 2017.  Deposits totaled $2.43 billion at Mar. 31, 2018, an increase of $29.9 million from Dec. 31, 2017.  The increase in deposits is primarily due to growth in savings and interest-bearing checking account balances. 

Cash and cash equivalents totaled $42.4 million at Mar. 31, 2018, versus $54.7 million at Dec. 31, 2017. Securities available for sale totaled $489.1 million at Mar. 31, 2018, versus $522.9 million at Dec. 31, 2017. 

Total shareholders’ equity was $267.9 million at Mar. 31, 2018, or 9.59% of total assets.  Tangible common equity totaled $266.4 million at Mar. 31, 2018, or $12.46 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 3/31/2018 12/31/2017 Well
Capitalized
Minimum
Tier 1 capital to average total assets 10.01%   9.78% 5.00%
Tier 1 common equity  to risk-weighted assets 13.25% 12.95% 6.50%
Tier 1 capital to risk-weighted assets 13.25% 12.95% 8.00%
Total capital to risk-weighted assets 14.40% 14.10% 10.00%

Share Repurchase Plan

As previously announced, on Jan. 22, 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, 2018.  Thus far in 2018, the Company has not repurchased any shares.

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. 23, 2018.

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 URL:  https://services.choruscall.com/links/ibcp180423.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10117933). The replay will be available through Apr. 30, 2018.

Annual Shareholders Meeting
The Company’s 2018 Annual Meeting of Shareholders is being held at 3:00 pm ET on Tuesday, Apr. 24, 2018.  The Company will be conducting its Annual Meeting of Shareholders by means of remote communication via the Internet.  To attend the meeting, please log on to the Internet at www.virtualshareholdermeeting.com/IBCP2018.  At this site a shareholder will be able to vote electronically and submit questions during the meeting.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $2.8 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.

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.

In addition, factors that may cause actual results to differ from expectations regarding the April 1, 2018 acquisition of TCSB Bancorp, Inc. include, but are not limited to, the reaction to the transaction of the companies’ customers, employees and counterparties; customer disintermediation; inflation; expected synergies, cost savings and other financial benefits of the transaction might not be realized within the expected timeframes or might be less than projected; credit and interest rate risks associated with the parties' respective businesses, customers, borrowings, repayment, investment, and deposit practices; general economic conditions, either nationally or in the market areas in which the parties operate or anticipate doing business, are less favorable than expected; new regulatory or legal requirements or obligations; and other risks.

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, 2017 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.

 

   
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES  
Consolidated Statements of Financial Condition  
    March 31,   December 31,  
      2018       2017    
    (unaudited)  
    (In thousands, except share  
    amounts)  
Assets  
Cash and due from banks    $   29,126     $   36,994    
Interest bearing deposits        13,250         17,744    
  Cash and Cash Equivalents       42,376         54,738    
Interest bearing deposits - time       1,738         2,739    
Equity securities at fair value       301         -    
Trading securities       -         455    
Securities available for sale        489,119         522,925    
Federal Home Loan Bank and Federal Reserve Bank stock, at cost        15,543         15,543    
Loans held for sale, carried at fair value        34,148         39,436    
Loans          
  Commercial        857,417         853,260    
  Mortgage        888,910         849,530    
  Installment        325,108         316,027    
  Total Loans        2,071,435         2,018,817    
  Allowance for loan losses        (23,071 )       (22,587 )  
  Net Loans        2,048,364         1,996,230    
Other real estate and repossessed assets       1,647         1,643    
Property and equipment, net        38,809         39,149    
Bank-owned life insurance        54,353         54,572    
Deferred tax assets, net       13,715         15,089    
Capitalized mortgage loan servicing rights       17,783         15,699    
Other intangibles        1,500         1,586    
Accrued income and other assets        33,723         29,551    
  Total Assets    $   2,793,119     $   2,789,355    
           
Liabilities and Shareholders' Equity  
Deposits          
  Non-interest bearing    $   774,046     $   768,333    
  Savings and interest-bearing checking       1,100,505         1,064,391    
  Reciprocal       63,012         50,979    
  Time       377,663         374,872    
  Brokered time       115,175         141,959    
  Total Deposits        2,430,401         2,400,534    
Other borrowings        27,847         54,600    
Subordinated debentures        35,569         35,569    
Accrued expenses and other liabilities        31,385         33,719    
  Total Liabilities        2,525,202         2,524,422    
           
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:           
  21,374,816 shares at March 31, 2018 and 21,333,869 shares at December 31, 2017       324,517         324,986    
  Accumulated deficit       (48,098 )       (54,054 )  
  Accumulated other comprehensive loss       (8,502 )       (5,999 )  
  Total Shareholders’ Equity        267,917         264,933    
  Total Liabilities and Shareholders’ Equity    $   2,793,119     $   2,789,355    
           


   
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES  
Consolidated Statements of Operations  
                 
    Three Months Ended    
    March 31,   December 31,   March 31,    
      2018       2017       2017      
    (unaudited)  
Interest Income   (In thousands, except per share amounts)  
  Interest and fees on loans    $   23,353     $   22,643     $   19,858      
  Interest on securities                 
  Taxable        2,635         2,628       2,754      
  Tax-exempt        479         522       455      
  Other investments        330         233       312      
  Total Interest Income        26,797       26,026       23,379      
Interest Expense                
  Deposits        2,287         2,021       1,443      
  Other borrowings and subordinated debentures       574         689       470      
  Total Interest Expense        2,861       2,710       1,913      
  Net Interest Income        23,936       23,316       21,466      
Provision for loan losses        315       393       (359 )    
  Net Interest Income After Provision for Loan Losses        23,621       22,923       21,825      
Non-interest Income                
  Service charges on deposit accounts        2,905         3,208       3,009      
  Interchange income        2,246         2,154       1,922      
  Net gains (losses) on assets                
  Mortgage loans        2,571         2,876       2,571      
  Securities        (173 )       198       27      
  Mortgage loan servicing, net        2,221         979       825      
  Other       1,755         2,029       1,985      
  Total Non-interest Income      11,525       11,444       10,339      
Non-Interest Expense                
  Compensation and employee benefits        14,280         13,985       14,147      
  Occupancy, net        2,264         2,070       2,142      
  Data processing       1,878         1,987       1,937      
  Furniture, fixtures and equipment        967         927       977      
  Communications       680         638       683      
  Loan and collection       677         666       413      
  Interchange expense       598         287       283      
  Advertising       441         354       506      
  Legal and professional       378         516       437      
  FDIC deposit insurance       230         286       198      
  Merger related expenses       174         284         -      
  Credit card and bank service fees       96         97       191      
  Net (gains) losses on other real estate and repossessed assets       (290 )       (738 )     11      
  Other       1,574         1,777       1,644      
  Total Non-interest Expense        23,947       23,136       23,569      
  Income Before Income Tax       11,199       11,231       8,595      
Income tax expense        2,038       9,520       2,621      
  Net Income   $   9,161     $   1,711     $   5,974      
Net Income Per Common Share                
  Basic   $   0.43     $   0.08     $   0.28      
  Diluted   $   0.42     $   0.08     $   0.28      
                 


 
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
                   
  March 31,   December 31,   September 30,   June 30,   March 31,
    2018     2017     2017     2017     2017  
  (unaudited)
  (Dollars in thousands except per share data)
Three Months Ended                  
  Net interest income $   23,936   $   23,316   $   22,912   $   21,492   $   21,466  
  Provision for loan losses     315       393       582       583       (359 )
  Non-interest income     11,525       11,444       10,304       10,446       10,339  
  Non-interest expense     23,947       23,136       22,616       22,761       23,569  
  Income before income tax     11,199       11,231       10,018       8,594       8,595  
  Income tax expense     2,038       9,520       3,159       2,663       2,621  
  Net income  $   9,161   $   1,711   $   6,859   $   5,931   $   5,974  
                   
  Basic earnings per share $   0.43   $   0.08   $   0.32   $   0.28   $   0.28  
  Diluted earnings per share     0.42       0.08       0.32       0.27       0.28  
  Cash dividend per share     0.15       0.12       0.10       0.10       0.10  
                   
  Average shares outstanding     21,364,708       21,332,053       21,334,247       21,331,363       21,308,396  
  Average diluted shares outstanding     21,674,375       21,661,133       21,651,963       21,646,941       21,638,768  
                   
  Performance Ratios                  
  Return on average assets     1.34 %     0.25 %     1.01 %     0.92 %     0.95  %
  Return on average common equity     14.04       2.51       10.27       9.15       9.63  
  Efficiency ratio (1)     66.72       66.14       67.38       70.29       73.29  
                   
  As a Percent of Average Interest-Earning Assets (1)                
  Interest income     4.15 %     4.07 %     4.05 %     3.94 %     4.02  %
  Interest expense     0.44       0.42       0.39       0.34       0.33  
  Net interest income     3.71       3.65       3.66       3.60       3.69  
                   
  Average Balances                  
  Loans $   2,062,847   $   2,006,207   $   1,911,635   $   1,782,953   $   1,690,003  
  Securities available for sale     500,599       532,202       565,546       592,594       599,451  
  Total earning assets     2,611,890       2,574,779       2,522,060       2,423,283       2,371,705  
  Total assets     2,776,986       2,742,761       2,697,362       2,598,605       2,559,487  
  Deposits     2,417,906       2,340,593       2,315,806       2,239,605       2,233,853  
  Interest bearing liabilities     1,724,153       1,680,917       1,664,734       1,595,984       1,574,306  
  Shareholders' equity     264,584       270,099       265,074       260,095       251,566  
                   
End of Period                  
  Capital                  
  Tangible common equity ratio     9.54 %     9.45 %     9.67 %     9.79 %     9.78  %
  Average equity to average assets     9.53       9.85       9.83       10.01       9.83  
  Tangible common equity per share                   
  of common stock $   12.46   $   12.34   $   12.47   $   12.22   $   11.89  
  Total shares outstanding     21,374,816       21,333,869       21,332,317       21,334,740       21,327,796  
                   
  Selected Balances                  
  Loans $   2,071,435   $   2,018,817   $   1,937,094   $   1,811,677   $   1,670,747  
  Securities available for sale     489,119       522,925       548,865       583,725       608,964  
  Total earning assets     2,625,534       2,617,204       2,568,554       2,486,518       2,411,369  
  Total assets     2,793,119       2,789,355       2,753,446       2,665,367       2,596,482  
  Deposits     2,430,401       2,400,534       2,343,761       2,246,219       2,263,059  
  Interest bearing liabilities     1,719,771       1,722,370       1,701,624       1,646,599       1,597,417  
  Shareholders' equity     267,917       264,933       267,710       262,453       255,475  
                   
(1)  Presented on a fully tax equivalent basis assuming a marginal tax rate of 21% in 2018 and 35% in 2017.    
     

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,  
    2018       2017    
  (Dollars in thousands)  
 Net Interest Margin, Fully Taxable         
  Equivalent ("FTE")         
         
Net interest income $   23,936     $   21,466    
  Add:  taxable equivalent adjustment      128         261    
Net interest income - taxable equivalent $   24,064     $   21,727    
Net interest margin (GAAP) (1)   3.69 %     3.67 %  
Net interest margin (FTE) (1)   3.71 %     3.69 %  
 
(1) Annualized  


                   
 Tangible Common Equity Ratio                   
  March 31,   December 31,   September 30,   June 30,   March 31,  
    2018       2017       2017       2017       2017    
  (Dollars in thousands)  
Common shareholders' equity $   267,917     $   264,933     $   267,710     $   262,453     $   255,475    
Less:                    
  Goodwill     -         -         -         -         -    
  Other intangible assets   1,500       1,586       1,673       1,759       1,845    
Tangible common equity $   266,417     $   263,347     $   266,037     $   260,694     $   253,630    
                     
Total assets $ 2,793,119     $   2,789,355     $   2,753,446     $   2,665,367     $   2,596,482    
Less:                    
  Goodwill     -          -          -          -          -     
  Other intangible assets     1,500         1,586         1,673         1,759         1,845    
Tangible assets $   2,791,619     $   2,787,769     $   2,751,773     $   2,663,608     $   2,594,637    
                     
Common equity ratio   9.59 %     9.50 %     9.72 %     9.85 %     9.84 %  
Tangible common equity ratio   9.54 %     9.45 %     9.67 %     9.79 %     9.78 %  
                     
                     
 Tangible Common Equity per Share of Common Stock:   
 
Common shareholders' equity $   267,917     $   264,933     $   267,710     $   262,453     $   255,475    
Tangible common equity $   266,417     $   263,347     $   266,037     $   260,694     $   253,630    
Shares of common stock  
  outstanding (in thousands)   21,375       21,334       21,332       21,335       21,328    
 
Common shareholders' equity per share  
  of common stock $   12.53     $   12.42     $   12.55     $   12.30     $   11.98    
Tangible common equity per share   
  of common stock $   12.46     $   12.34     $   12.47     $   12.22     $   11.89    
 


The tangible common equity ratio removes the effect of intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders’ equity per share of common stock.

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

 

 

                                                                                                                                                               


 

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