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Independent Bank (IBCP) investor relations material
Independent Bank Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Net income for Q3 2025 was $17.5 million ($0.84 per diluted share), up from $13.8 million ($0.65 per share) year-over-year, with strong loan growth and asset quality maintained.
Net interest income increased for the ninth consecutive quarter, rising $3.5 million year-over-year and $0.7 million sequentially.
Tangible common equity per share increased 10.2% year-over-year and 20.0% annualized from June 30, 2025.
Commercial loan portfolio grew $57 million in Q3, with total loans up 3.2% annualized and core deposits (excluding brokered time) up 13% annualized.
Credit quality remains strong, with NPAs/Total Assets at 0.38% and net charge-offs at 0.07% of average loans, despite a rise in non-performing assets due to one commercial relationship.
Financial highlights
Net interest margin was 3.54% in Q3 2025, up from 3.37% a year ago but slightly down from 3.58% in Q2 2025.
Non-interest income totaled $11.9 million, up from $9.5 million year-over-year but below forecast, mainly due to mortgage banking revenue variances.
Non-interest expense was $34.1 million, below the forecasted range, with compensation and benefits as the primary driver.
Return on average assets was 1.27% and return on average equity was 14.57%.
Efficiency ratio improved to 58.86% in Q3 2025.
Outlook and guidance
Year-to-date loan growth of $159.5 million (5.3% annualized) is within forecast; Q3 loan growth was below target.
Net interest income growth (8.4% year-over-year) is within the 8%-9% forecasted range, with NIM projected to increase by 0.20–0.25% over 2024.
Margin expected to remain stable even with potential Fed rate cuts; tailwinds from asset repricing anticipated in 2026.
Non-interest income and mortgage servicing gains were below forecast, with non-interest income for 2025 forecasted to decline 14–14.5% from 2024.
Non-interest expenses projected to rise 3–4% in 2025, mainly due to higher compensation, benefits, and data processing costs.
Describe the commercial credit quality issue.
Detail NIM stability and 2026 outlook.
Discuss commercial banking talent acquisition.
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Next Independent Bank earnings date
Q4 202529 Jan, 2026
Next Independent Bank earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Independent Bank Corporation is a bank holding company operating through its subsidiary, Independent Bank. The company offers personal and business banking services, mortgage lending, and investment services primarily within Michigan. It delivers financial products through a network of branches and digital platforms. Independent Bank Corporation is headquartered in Grand Rapids, Michigan, and its shares are listed on the NASDAQ.
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