• Independent Bank Corporation Reports 2023 Third Quarter Results

    ソース: Nasdaq GlobeNewswire / 24 10 2023 06:59:15   America/Chicago

    Third Quarter Highlights

    Highlights for the third quarter of 2023 include:

    • An increase in net interest income of $1.1 million (2.8%) over the second quarter of 2023;
    • Net growth in core deposits of $112.6 million (or 10.5% annualized) from June 30, 2023;
    • Net growth in loans of $110.4 million (or 12.1% annualized) from June 30, 2023; and
    • The payment of a 23 cent per share dividend on common stock on August 14, 2023.

    GRAND RAPIDS, Mich., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2023 net income of $17.5 million, or $0.83 per diluted share, versus net income of $17.3 million, or $0.81 per diluted share, in the prior-year period. For the nine months ended September 30, 2023, the Company reported net income of $45.3 million, or $2.14 per diluted share, compared to net income of $48.3 million, or $2.27 per diluted share, in the prior year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our team continued its positive momentum in the third quarter, achieving strong financial results with solid balance sheet growth, a stable net interest margin, disciplined expense management, and healthy asset quality. Capitalizing on the current operating environment, we gained new banking relationships with clients who appreciate our value proposition as a commercial bank with robust treasury management solutions, industry expertise, and client centric service. This success led to double-digit annualized growth in loans and deposits. Despite expecting lower loan growth in the fourth quarter due to seasonality, we have a solid pipeline of high-quality relationship opportunities.”

    Significant items impacting comparable third quarter 2023 and 2022 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $1.6 million ($0.06 per diluted share, after taxes) for the three-month period ended September 30, 2023, as compared to $3.2 million ($0.12 per diluted share, after taxes) for the three-months ended September 30, 2022.
    • The provision for credit losses on loans was an expense of $1.4 million ($0.05 per diluted share, after taxes) in the third quarter ended September 30, 2023, as compared to an expense of $3.1 million ($0.12 per diluted share, after taxes) in the third quarter ended September 30, 2022.

    Operating Results

    The Company’s net interest income totaled $39.4 million during the third quarter of 2023, a decrease of $0.5 million, or 1.2% from the year-ago period, and an increase of $1.1 million, or 2.8%, from the second quarter of 2023. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.25% during the third quarter of 2023, compared to 3.49% in the year-ago period, and 3.26 in the second quarter of 2023. The year-over-year quarterly decrease in net interest income was due to a decrease in net interest margin that was partially offset by an increase in average interest-earning assets. The increase in net interest income compared to the linked quarter was due to an increase in average interest-earning assets that partially offset by a decrease in net interest margin. Average interest-earning assets were $4.89 billion in the third quarter of 2023, compared to $4.61 billion in the year ago quarter and $4.76 billion in the second quarter of 2023.

    For the first nine months of 2023, net interest income totaled $116.2 million, an increase of $7.3 million, or 6.7% from the first nine months in 2022. The Company’s net interest margin for the first nine months of 2023 was 3.28% compared to 3.25% in 2022. The increase in net interest income for the first nine months of 2023 compared to 2022 reflects this improved margin as well as our increase in average interest- earning assets.

    Non-interest income totaled $15.6 million and $41.6 million, respectively, for the third quarter and for the first nine months 2023, compared to $16.9 million and $50.4 million in the respective comparable prior year periods. These changes were primarily due to variances in mortgage banking related revenues.

    Net gains on mortgage loans in the third quarters of 2023 and 2022, were approximately $2.1 million and $2.9 million, respectively. For the first nine months of 2023, net gains on mortgage loans totaled $5.5 million compared to $4.9 million in 2022. The comparative quarterly decrease in net gains on mortgage loans was primarily due to a decrease in the volume of mortgage loans sold that was partially offset by an increase in the gain on sale margin on mortgage loans sold.

    Mortgage loan servicing, net, generated income of $2.7 million and $4.3 million in the third quarters of 2023 and 2022, respectively. For the first nine months of 2023 and 2022, mortgage loan servicing, net, generated income of $7.1 million and $18.1 million, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with the magnitude of changes in mortgage loan interest rates and expected future prepayment levels between periods. Mortgage loan servicing, net activity is summarized in the following table:

     Three months ended Nine months ended
     9/30/2023 9/30/2022 9/30/2023 9/30/2022
     (In thousands)
    Mortgage loan servicing, net:       
    Revenue, net$        2,197  $        2,190  $        6,612  $        6,397 
    Fair value change due to price         1,556           3,203           3,364           14,775 
    Fair value change due to pay-downs         (1,085)          (1,110)          (2,908)          (3,086)
    Total$        2,668  $        4,283  $        7,068  $        18,086 


    Non-interest expenses totaled $32.0 million in the third quarter of 2023, compared to $32.4 million in the year-ago period. For the first nine months of 2023, non-interest expenses totaled $95.2 million versus $96.3 million in 2022.

    The Company recorded income tax expense of $4.1 million and $10.4 million in the third quarter and first nine months of 2023, respectively. This compares to an income tax expense of $4.0 million and $10.9 million in the third quarter and first nine months of 2022. The changes in income tax expense principally reflect changes in pre-tax earnings in 2023 relative to 2022.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows:

     9/30/2023 12/31/2022 9/30/2022
    Loan Type(Dollars in thousands)
    Commercial$        31   $        38   $        41  
    Mortgage         6,137            4,745            4,737  
    Installment         801            598            529  
    Sub total         6,969            5,381            5,307  
    Less - government guaranteed loans         2,254            1,660            1,491  
    Total non-performing loans$        4,715   $        3,721   $        3,816  
    Ratio of non-performing loans to total portfolio loans         0.13 %          0.11 %          0.11 %
    Ratio of non-performing assets to total assets         0.10 %          0.08 %          0.08 %
    Ratio of allowance for credit losses to total non-performing loans         1176.99 %          1409.16 %          1340.20 %


    The provision for credit losses on loans was an expense of $1.4 million and $3.1 million in the third quarters of 2023 and 2022, respectively. The provision for credit losses on loans was an expense of $3.8 million in both the first nine months of 2023 and 2022. The quarterly change in the provision for credit losses on loans in 2023 compared to 2022, is primarily the result of a decrease in pooled loan reserve loss rates on retail loans and a decline in loan growth. We recorded loan net charge offs (recoveries) of $(0.18) million and $(0.12) million in the third quarters of 2023 and 2022, respectively and $0.78 million and $(0.11) million during the first nine months of 2023 and 2022, respectively. At September 30, 2023, the allowance for credit losses for loans totaled $55.5 million, or 1.48% of total portfolio loans compared to $52.4 million, or 1.51% of total portfolio loans at December 31, 2022. The year-to-date increase in the provision for credit losses for securities HTM in 2023 compared to 2022, was the result of a loss incurred on a $3.0 million subordinated debt security that defaulted during the first quarter.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.20 billion at September 30, 2023, an increase of $200.2 million from December 31, 2022. Loans, excluding loans held for sale, were $3.74 billion at September 30, 2023, compared to $3.47 billion at December 31, 2022.  Deposits totaled $4.59 billion at September 30, 2023, an increase of $206.5 million from December 31, 2022. This increase is primarily due to growth in reciprocal, time and brokered time deposit account balances that were partially offset by decreases in non-interest bearing and in savings and interest-bearing checking deposit account balances.

    Cash and cash equivalents totaled $127.5 million at September 30, 2023, versus $74.4 million at December 31, 2022. Securities available for sale (“AFS”) totaled $684.6 million at September 30, 2023, versus $779.3 million at December 31, 2022.

    Total shareholders’ equity was $375.0 million at September 30, 2023, or 7.21% of total assets compared to $347.6 million or 6.95% at December 31, 2022. Tangible common equity totaled $344.6 million at September 30, 2023, or $16.53 per share compared to $316.7 million or $15.04 per share at December 31, 2022. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios9/30/2023 12/31/2022 Well
    Capitalized
    Minimum
          
    Tier 1 capital to average total assets8.71 %         8.56 %         5.00 %
    Tier 1 common equity to risk-weighted assets11.09 %         10.97 %         6.50 %
    Tier 1 capital to risk-weighted assets11.09 %         10.97 %         8.00 %
    Total capital to risk-weighted assets12.34 %         12.22 %         10.00 %


    At September 30, 2023, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $989.9 million and $504.0 million, respectively. We also had approximately $812.3 million in fair value of unpledged securities AFS and HTM at September 30, 2023 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $749.4 million.

    Share Repurchase Plan

    On December 20, 2022, the Board of Directors of the Company authorized the 2023 share repurchase plan. Under the terms of the 2023 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2023. For the first nine months of 2023, the Company repurchased 288,401 shares of common stock, for an aggregate purchase price of $5.0 million.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 24, 2023.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 218288). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/796177293

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 103128). The replay will be available through October 31, 2023.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.2 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, consumer banking, investments and insurance. 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.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
     
     September 30, 2023 December 31, 2022
     (Unaudited)
     (In thousands, except share
    amounts)
    Assets   
    Cash and due from banks$        58,567  $        70,180 
    Interest bearing deposits         68,894           4,191 
    Cash and Cash Equivalents         127,461           74,371 
    Securities available for sale         684,641           779,347 
    Securities held to maturity (fair value of $309,199 at September 30, 2023 and $335,418 at December 31, 2022)         358,899           374,818 
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost         16,821           17,653 
    Loans held for sale, carried at fair value         13,979           26,518 
    Loans held for sale, carried at lower of cost or fair value         —           20,367 
    Loans   
    Commercial         1,626,122           1,466,853 
    Mortgage         1,475,908           1,368,409 
    Installment         639,456           630,090 
    Total Loans         3,741,486           3,465,352 
    Allowance for credit losses         (55,495)          (52,435)
    Net Loans         3,685,991           3,412,917 
    Other real estate and repossessed assets, net         443           455 
    Property and equipment, net         35,346           35,893 
    Bank-owned life insurance         54,631           55,204 
    Capitalized mortgage loan servicing rights, carried at fair value         46,057           42,489 
    Other intangibles         2,141           2,551 
    Goodwill         28,300           28,300 
    Accrued income and other assets         145,308           128,904 
    Total Assets$        5,200,018  $        4,999,787 
        
    Liabilities and Shareholders' Equity   
    Deposits   
    Non-interest bearing$        1,141,641  $        1,269,759 
    Savings and interest-bearing checking         1,929,947           1,973,308 
    Reciprocal         799,883           602,575 
    Time         477,928           321,492 
    Brokered time         236,213           211,935 
    Total Deposits         4,585,612           4,379,069 
    Other borrowings         50,014           86,006 
    Subordinated debt         39,491           39,433 
    Subordinated debentures         39,711           39,660 
    Accrued expenses and other liabilities         110,192           108,023 
    Total Liabilities         4,825,020           4,652,191 
        
    Shareholders’ Equity   
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding         —           — 
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,850,455 shares at September 30, 2023 and 21,063,971 shares at December 31, 2022         317,145           320,991 
    Retained earnings         150,157           119,368 
    Accumulated other comprehensive loss         (92,304)          (92,763)
    Total Shareholders’ Equity         374,998           347,596 
    Total Liabilities and Shareholders’ Equity$        5,200,018  $        4,999,787 
            


    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations
                        
     Three Months Ended Nine Months Ended
      September 30,   June 30,   September 30,  September 30,
      2023   2023   2022   2023   2022 
     (Unaudited)
    Interest Income(In thousands, except per share amounts)
    Interest and fees on loans$51,419  $47,679  $37,092  $143,392  $96,964 
    Interest on securities         
    Taxable 5,865   5,919   5,329   17,668   14,831 
    Tax-exempt 3,409   3,283   2,284   9,775   5,584 
    Other investments 1,739   1,067   220   3,481   651 
    Total Interest Income 62,432   57,948   44,925   174,316   118,030 
    Interest Expense         
    Deposits 20,743   17,461   3,625   51,964   5,608 
    Other borrowings and subordinated debt and debentures 2,262   2,137   1,403   6,134   3,463 
    Total Interest Expense 23,005   19,598   5,028   58,098   9,071 
    Net Interest Income 39,427   38,350   39,897   116,218   108,959 
    Provision for credit losses 1,350   3,317   3,145   6,827   3,951 
    Net Interest Income After Provision for Credit Losses 38,077   35,033   36,752   109,391   105,008 
    Non-interest Income         
    Interchange income 4,100   3,355   4,049   10,660   10,553 
    Service charges on deposit accounts 3,309   3,134   3,082   9,300   9,135 
    Net gains (losses) on assets         
    Mortgage loans 2,099   2,120   2,857   5,475   4,945 
    Securities available for sale          (222)  (275)
    Mortgage loan servicing, net 2,668   3,674   4,283   7,068   18,086 
    Other 3,435   3,134   2,590   9,298   7,997 
    Total Non-interest Income 15,611   15,417   16,861   41,579   50,441 
    Non-interest Expense         
    Compensation and employee benefits 19,975   20,602   20,601   59,916   60,613 
    Data processing 3,071   2,891   2,653   8,953   7,513 
    Occupancy, net 1,971   1,845   2,062   5,975   6,682 
    Interchange expense 1,119   1,054   927   3,222   3,200 
    Furniture, fixtures and equipment 927   929   987   2,782   3,074 
    FDIC deposit insurance 677   749   591   2,209   1,570 
    Communications 568   635   723   1,871   2,242 
    Loan and collection 520   620   772   1,718   1,978 
    Legal and professional 543   473   573   1,623   1,545 
    Advertising 360   431   345   1,286   1,585 
    Costs (recoveries) related to unfunded lending commitments 451   100   382   76   676 
    Other 1,854   1,919   1,750   5,610   5,572 
    Total Non-interest Expense 32,036   32,248   32,366   95,241   96,250 
    Income Before Income Tax 21,652   18,202   21,247   55,729   59,199 
    Income tax expense 4,109   3,412   3,950   10,405   10,934 
    Net Income$17,543  $14,790  $17,297  $45,324  $48,265 
    Net Income Per Common Share         
    Basic$0.84  $0.70  $0.82  $2.16  $2.29 
    Diluted$0.83  $0.70  $0.81  $2.14  $2.27 
              


    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data
     
     September 30,
    2023
     June 30,
    2023
     March 31,
    2023
     December 31,
    2022
     September 30, 2022
     (unaudited)
     (Dollars in thousands except per share data)
    Three Months Ended         
    Net interest income$        39,427   $        38,350   $        38,441   $        40,602   $        39,897  
    Provision for credit losses         1,350            3,317            2,160            1,390            3,145  
    Non-interest income         15,611            15,417            10,551            11,468            16,861  
    Non-interest expense         32,036            32,248            30,957            32,091            32,366  
    Income before income tax         21,652            18,202            15,875            18,589            21,247  
    Income tax expense         4,109            3,412            2,884          3,503            3,950  
    Net income$        17,543   $        14,790   $        12,991   $        15,086   $        17,297  
              
    Basic earnings per share$        0.84   $        0.70   $        0.62   $        0.72   $        0.82  
    Diluted earnings per share         0.83            0.70            0.61            0.71            0.81  
    Cash dividend per share         0.23            0.23            0.23            0.22            0.22  
              
    Average shares outstanding 20,922,431    21,040,349    21,103,831    21,064,556    21,057,673  
    Average diluted shares outstanding 21,114,445    21,222,535    21,296,980    21,266,876    21,251,933  
              
    Performance Ratios         
    Return on average assets         1.34 %          1.18 %          1.06 %          1.21 %          1.40 %
    Return on average equity         18.68            16.29            14.77            17.94            20.48  
    Efficiency ratio (1)         57.52            59.26            62.07            60.82            56.26  
              
    As a Percent of Average Interest-Earning Assets (1)         
    Interest income         5.12 %          4.91 %          4.67 %          4.41 %          3.92 %
    Interest expense         1.87            1.65            1.34            0.89            0.43  
    Net interest income         3.25            3.26            3.33            3.52            3.49  
              
    Average Balances         
    Loans$        3,694,534   $        3,567,920   $        3,494,169   $        3,449,944   $        3,360,621  
    Securities         1,071,211            1,111,670            1,146,075            1,164,809            1,226,203  
    Total earning assets         4,892,208            4,763,295            4,696,786            4,637,475            4,610,307  
    Total assets         5,192,114            5,044,746            4,988,440            4,934,859            4,884,841  
    Deposits         4,577,796            4,447,843            4,417,106            4,350,748            4,326,958  
    Interest bearing liabilities         3,554,179            3,415,621            3,304,868            3,159,374            3,075,210  
    Shareholders' equity         372,667            364,143            356,720            333,610            335,120  

    (1)   Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.


    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)
     
     September 30,
    2023
     June 30,
    2023
     March 31,
    2023
     December 31,
    2022
     September 30, 2022
     (unaudited)
     (Dollars in thousands except per share data)
    End of Period         
    Capital         
    Tangible common equity ratio         6.67 %          6.75 %          6.60 %          6.37 %          6.15 %
    Tangible common equity ratio excluding accumulated other comprehensive loss         8.20            8.09            7.95            7.98            7.86  
    Average equity to average assets         7.18            7.22            7.15            6.76            6.86  
    Total capital to risk-weighted assets (2)         13.58            13.66            13.80            13.62            13.58  
    Tier 1 capital to risk-weighted assets (2)         11.36            11.42            11.53            11.36            11.29  
    Common equity tier 1 capital to risk-weighted assets (2)         10.44            10.46            10.55            10.38            10.29  
    Tier 1 capital to average assets (2)         8.93            8.97            8.92            8.86            8.77  
    Common shareholders' equity per share of common stock$        17.99   $        17.91   $        17.40   $        16.50   $        15.78  
    Tangible common equity per share of common stock         16.53            16.45            15.94            15.04            14.30  
    Total shares outstanding 20,850,455    20,943,694    21,138,303    21,063,971    21,063,954  
              
    Selected Balances         
    Loans$        3,741,486   $        3,631,114   $        3,509,809   $        3,465,352   $        3,409,858  
    Securities         1,043,540            1,092,703            1,137,103            1,154,165            1,183,701  
    Total earning assets         4,884,720            4,830,185            4,860,696            4,688,246            4,633,876  
    Total assets         5,200,018            5,135,564            5,138,934            4,999,787            4,931,377  
    Deposits         4,585,612            4,487,636            4,544,749            4,379,069            4,327,028  
    Interest bearing liabilities         3,573,187            3,501,280            3,481,511            3,274,409            3,116,027  
    Shareholders' equity         374,998            375,162            367,714            347,596            332,308  

    (2)   September 30, 2023 are Preliminary.

     

    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

     Three Months Ended September 30, Nine Months Ended September 30,
      2023  2022  2023  2022
     (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent ("FTE")       
            
    Net interest income$        39,427   $        39,897   $        116,218   $        108,959  
    Add:  taxable equivalent adjustment         422            462            1,284            1,425  
    Net interest income - taxable equivalent$        39,849   $        40,359   $        117,502   $        110,384  
    Net interest margin (GAAP) (1)         3.21 %          3.45 %          3.25 %          3.21 %
    Net interest margin (FTE) (1)         3.25 %          3.49 %          3.28 %          3.25 %

    (1)   Annualized.

    Tangible Common Equity Ratio

     September 30,
    2023
     June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022
     (Dollars in thousands)
    Common shareholders' equity$        374,998   $        375,162   $        367,714   $        347,596   $        332,308  
    Less:         
    Goodwill         28,300            28,300            28,300            28,300            28,300  
    Other intangibles         2,141            2,278            2,415            2,551            2,697  
    Tangible common equity         344,557            344,584            336,999            316,745            301,311  
    Addition:         
    Accumulated other comprehensive loss for regulatory purposes         86,507            74,712            75,013            86,966            91,248  
    Tangible common equity excluding other comprehensive loss adjustments$        431,064   $        419,296   $        412,012   $        403,711   $        392,559  
              
    Total assets$        5,200,018   $        5,135,564   $        5,138,934   $        4,999,787   $        4,931,377  
    Less:         
    Goodwill         28,300            28,300            28,300            28,300            28,300  
    Other intangibles         2,141            2,278            2,415            2,551            2,697  
    Tangible assets         5,169,577            5,104,986            5,108,219            4,968,936            4,900,380  
    Addition:         
    Net unrealized losses on available for sale securities and derivatives, net of tax         86,507            74,712            75,013            86,966            91,248  
    Tangible assets excluding other comprehensive loss adjustments$        5,256,084   $        5,179,698   $        5,183,232   $        5,055,902   $        4,991,628  
              
    Common equity ratio         7.21 %          7.31 %          7.16 %          6.95 %          6.74 %
    Tangible common equity ratio         6.67 %          6.75 %          6.60 %          6.37 %          6.15 %
    Tangible common equity ratio excluding other comprehensive loss         8.20 %          8.09 %          7.95 %          7.98 %          7.86 %
              
    Tangible Common Equity per Share of Common Stock:
              
    Common shareholders' equity$        374,998   $        375,162   $        367,714   $        347,596   $        332,308  
    Tangible common equity$        344,557   $        344,584   $        336,999   $        316,745   $        301,311  
    Shares of common stock outstanding (in thousands)         20,850            20,944            21,138            21,064            21,064  
              
    Common shareholders' equity per share of common stock$        17.99   $        17.91   $        17.40   $        16.50   $        15.78  
    Tangible common equity per share of common stock$        16.53   $        16.45   $        15.94   $        15.04   $        14.30  


    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

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

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