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SEC filingIndependent Bank Corporation disclosed 2025 full-year financial results at its April 21, 2026 Annual Shareholder Meeting, reporting $68.5 million net income, $3.27 diluted EPS, 1.3% return on average assets, and a 13.4% increase in tangible book value per share.
The 2025 financial results reflect continued profitability but moderating capital efficiency: net income rose 2.5% year-over-year to $68.5 million, and diluted EPS increased 3.5% to $3.27, supported by strong net interest margin expansion to 3.56% (up 18 bps from 2024), which offset modestly higher non-interest expense and a $1.7 million increase in provision for credit losses. Return on average equity declined 130 bps to 14.4%, primarily due to higher average equity from retained earnings and lower pre-tax, pre-provision income as a percentage of assets (1.62% vs. 1.77% in 2024). Tangible book value per share grew robustly (+13.4%) to $23.04, underscoring capital retention discipline. Loan growth was broad-based in commercial lending (+14.3%), though consumer loans contracted sharply (−8.0%), contributing to a rise in nonperforming assets to 0.44% of total assets — the highest level since 2020 and more than triple the 2024 ratio — suggesting emerging stress in certain segments. The Board’s re-election of all nominees, ratification of Crowe, LLP as auditor, and approval of executive compensation affirm governance continuity. No forward-looking guidance was disclosed in Exhibit 99.1 beyond cautionary statements about macroeconomic and interest rate risks.