Grand Rapids, MI-based Independent Bank Corporation (NASDAQ: IBCP; “the company”) is a ~$5 billion holding company that through subsidiary, Independent Bank (“the bank”), offers a broad range of commercial banking, mortgage banking, consumer lending, and investment and title services across 56 branches and five LPOs primarily in Central and Lower Michigan’s suburban and rural markets. Contemporary growth has been organic (most recent acquisition closed in 2018) as the company has capitalized on dislocations from institutions in footprint to add banker talent and full-relationship clients.
With respect to the loan portfolio, the mix is comparatively less commercial-centric, evidenced by residential mortgage loans accounting for 37% of total loans and, to a lesser, but still meaningful extent, consumer installment loans (largely reflecting well-established niche marine and RV lending verticals) representing 14%. Investor CRE exposures are low, tracking at…
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