Independent Bank Corporation Announces the Adoption of Its 2023 Share Repurchase Plan

Rhea-AI Summary

Independent Bank Corporation (NASDAQ: IBCP) announced a new 2023 share repurchase plan, approved by its Board of Directors on December 20, 2022. The plan authorizes the repurchase of up to 1,100,000 shares, or about 5% of its common stock, to be executed until December 31, 2023. The repurchases will primarily occur through open market transactions, depending on various factors like stock price and regulatory requirements. The company aims to fund the repurchases from cash on hand.

Positive

• Authorization of a 1,100,000 share buyback indicates management's confidence in IBCP's future.
• Repurchase plan expected to enhance shareholder value by reducing outstanding shares.

Negative

• None.

GRAND RAPIDS, Mich., Dec. 21, 2022 (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 2023 share repurchase plan on December 20, 2022. Under the terms of the 2023 share repurchase plan, the Company is authorized to buy back up to 1,100,000 shares, representing approximately 5% of its common stock. The 2023 share repurchase plan is authorized to last through December 31, 2023.

The Company intends to accomplish 2023 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 2023 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 2022 share repurchase plan will expire on December 31, 2022. Through December 20, 2022, the Company had repurchased 181,586 shares of its common stock at an average price (including commissions) of $22.08 per share.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $4.9 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 2023 share repurchase plan by IBCP?

The 2023 share repurchase plan aims to buy back up to 1,100,000 shares to enhance shareholder value and reflect management's confidence in the company's future.

When does the 2023 share repurchase plan expire?

The 2023 share repurchase plan will last until December 31, 2023.

How many shares has IBCP repurchased under the 2022 plan?

As of December 20, 2022, IBCP repurchased 181,586 shares under the 2022 plan.

What factors will influence IBCP's share repurchase timing?

Factors influencing the timing include stock price, regulatory requirements, and financial performance.

How will IBCP fund the share repurchases?

Independent Bank Corporation plans to fund the repurchases from cash on hand.