Independent Bank Corporation Announces the Adoption of its 2022 Share Repurchase Plan

Rhea-AI Summary

Independent Bank Corporation (NASDAQ: IBCP) announced a new share repurchase plan on December 17, 2021, allowing the buyback of up to 1,100,000 shares, about 5% of its common stock. The plan is set to be executed through open market transactions until December 31, 2022. As of December 17, 2021, the company had already repurchased 789,358 shares in its 2021 plan at an average price of $21.14 per share. The repurchases will be funded by cash on hand, reflecting the company's commitment to enhancing shareholder value.

Positive

• Authorization to repurchase up to 1,100,000 shares enhances shareholder value.
• Previous repurchase plan saw 789,358 shares bought back, indicating strong financial discipline.

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• None.

GRAND RAPIDS, Mich., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors authorized a 2022 share repurchase plan on December 17, 2021. Under the terms of the 2022 share repurchase plan, the Company is authorized to buy back up to 1,100,000 shares, representing approximately 5% of its common stock. The 2022 share repurchase plan is authorized to last through December 31, 2022.

The Company intends to accomplish 2022 share repurchases through open market transactions, though the Company could accomplish repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of the Company's common stock, regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The 2022 share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any repurchases from cash on hand.

The Company’s 2021 share repurchase plan will expire on December 31, 2021. Through December 17, 2021, the Company had repurchased 789,358 shares of its common stock at an average price (including commissions) of $21.14 per share.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $4.6 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, insurance and title services. 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.

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

FAQ

What is the purpose of the IBCP share repurchase plan?

The purpose of the share repurchase plan is to enhance shareholder value by reducing the number of outstanding shares.

How many shares is Independent Bank Corporation authorized to repurchase?

Independent Bank Corporation is authorized to repurchase up to 1,100,000 shares, approximately 5% of its common stock.

When does the IBCP share repurchase plan expire?

The IBCP share repurchase plan is authorized to last through December 31, 2022.

What was the average price of shares repurchased under the 2021 plan?

The average price for shares repurchased under the 2021 plan was $21.14 per share.

How will the share repurchases be funded?

The share repurchases will be funded from cash on hand.