-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OomTbWphOATJm8t+FUCF3w7hy14biNUQN4sKBkjUR+hYqoBGnLE9DmVi6QJovDRq kmeF8WbY6muhCCY1ACqwqw== 0000926044-07-000294.txt : 20070724 0000926044-07-000294.hdr.sgml : 20070724 20070724084342 ACCESSION NUMBER: 0000926044-07-000294 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20070724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070724 DATE AS OF CHANGE: 20070724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INDEPENDENT BANK CORP /MI/ CENTRAL INDEX KEY: 0000039311 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 382032782 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07818 FILM NUMBER: 07995039 BUSINESS ADDRESS: STREET 1: 230 W MAIN ST STREET 2: PO BOX 491 CITY: IONIA STATE: MI ZIP: 48846 BUSINESS PHONE: 6165279450 MAIL ADDRESS: STREET 1: 230 W MAIN ST CITY: IONIA STATE: MI ZIP: 48846 8-K 1 ibc8k_072407.htm Independent Bank Corporation Form 8-K for July 24, 2007

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: July 24, 2007

INDEPENDENT BANK CORPORATION
(Exact name of registrant as
specified in its charter)

Michigan
(State or other jurisdiction
of incorporation) 		0-7818
(Commission File Number) 		38-2032782
(IRS Employer
Identification No.)

230 West Main Street
Ionia, Michigan
(Address of principal executive office) 		48846
(Zip Code)

Registrant’s telephone number,
including area code:
(616) 527-9450

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_]        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_]        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_]        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.      Results of Operations and Financial Condition

On July 24, 2007, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended June 30, 2007. A copy of the press release is attached as Exhibit 99.1. Attached Exhibit 99.2 contains supplemental data to that press release.

The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01.       Regulation FD Disclosure

Attached as Exhibit 99.3 is a slide presentation associated with the second quarter 2007 conference call to be conducted beginning at 3:30 p.m. ET on Tuesday, July 24, 2007. See the press release attached as Exhibit 99.1 to this Current Report on Form 8-K for information about participating in the conference call.

Item 9.01.      Financial Statements and Exhibits

Exhibits.

99.1 Press release dated July 24, 2007.

99.2 Supplemental data to the Registrant's press release dated July 24, 2007.

99.3 Slide presentation dated July 24, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.






Date           July 24, 2007       		INDEPENDENT BANK CORPORATION
(Registrant)


By /s/ Robert N. Shuster
      ——————————————
      Robert N. Shuster
      Principal Financial Officer

EX-99 2 ibc8k_072407ex99-1.htm Independent Bank Corporation Form 8-K for July 24, 2007 Exhibit 99.1
NEWS FROM Exhibit 99.1

FOR IMMEDIATE RELEASE

 CONTACT: Robert N. Shuster
Executive Vice President and
Chief Financial Officer
#616/522-1765

INDEPENDENT BANK CORPORATION
REPORTS SECOND QUARTER 2007 RESULTS

IONIA, Michigan, July 24, 2007 — Independent Bank Corporation (NASDAQ: IBCP), a Michigan-based bank holding company, reported second quarter 2007 net income from continuing operations of $0.1 million, or $0.00 per diluted share, versus net income from continuing operations of $10.4 million, or $0.45 per diluted share, in the prior-year period. For the quarter ended June 30, 2007, the Company recorded a net loss of $43,000, or $0.00 per share, compared to net income of $10.6 million, or $0.45 per diluted share, in the second quarter of 2006.

Return on average equity and return on average assets (based on net income from continuing operations) were 0.17% and 0.01%, respectively, in the second quarter of 2007, compared to 16.37% and 1.23%, respectively, in 2006.

For the six months ended June 30, 2007, net income from continuing operations was $4.0 million, or $0.17 per diluted share, compared to $23.5 million, or $1.01 per diluted share, in the same six-month period of 2006. Net income for the six months ended June 30, 2007 was $4.2 million, or $0.18 per diluted share, compared to $22.9 million, or $0.98 per diluted share, in the prior-year six-month period.

The year-on-year decline in second quarter 2007 income from continuing operations was primarily attributable to an increase in the provision for loan losses.

On March 23, 2007 the Company completed the acquisition of ten branches (located in Battle Creek, Bay City and Saginaw, Michigan) from TCF National Bank. At the time of the acquisition, these ten branch locations represented approximately $241.4 million in deposits.

Michael M. Magee, President and CEO of Independent Bank Corporation, commented: “Continued weakness in the overall Michigan economy contributed to asset quality challenges during the second quarter. Despite a difficult interest rate environment, our second quarter net interest margin increased when compared to the year-ago period, due in part to our recent branch acquisitions from TCF National Bank. These branch acquisitions also led to solid increases in deposit-related non-interest income.”

Discontinued Operations

As previously reported on January 15, 2007, Mepco Finance Corporation (“Mepco”), a wholly-owned subsidiary of IBC, sold substantially all of the assets related to its insurance premium finance business to Premium Financing Specialists, Inc. Mepco continues to own and operate its warranty payment plan business. The assets, liabilities and operations of Mepco’s insurance premium finance business have been reclassified as discontinued operations and all periods presented have been restated for this reclassification.

Operating Results

The Company’s tax equivalent net interest income totaled $32.1 million during the second quarter of 2007, a decrease of 3.7%, or $1.2 million versus the year-ago period, and a 2.7% increase, or $0.9 million, from the first quarter of 2007. The year-over-year decrease in tax equivalent net interest income primarily reflects a 26 basis point decline in the Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) that was partially offset by a $60.2 million increase in the balance of average interest-earning assets. The increase in average interest-earning assets is primarily due to growth in loans that was partially offset by a decline in investment securities.

The net interest margin was 4.27% in the second quarter of 2007, compared to 4.53% in the second quarter of 2006 and 4.23% in the first quarter of 2007. The tax equivalent yield on average interest-earning assets rose to 7.70% in the second quarter of 2007 from 7.62% in the second quarter of 2006. This increase primarily reflects higher short-term interest rates that have resulted in variable rate loans re-pricing and new loans being originated at higher rates. The increase in the tax equivalent yield on average interest-earning assets was more than offset by a 34 basis point rise in the Company’s interest expense as a percentage of average interest-earning assets (the “cost of funds”) to 3.43% during the second quarter of 2007 from 3.09% during the second quarter of 2006. The increase in the Company’s cost of funds reflects higher short-term interest rates that have resulted in increased rates on certain short-term and variable rate borrowings and on deposits.

Service charges on deposits totaled $6.4 million in the second quarter of 2007, a 26.8% increase from the comparable period in 2006. VISA check card interchange income increased by 48.3% to $1.3 million for the second quarter of 2007, up from $0.9 million in the second quarter of 2006. The increase in deposit- related revenues resulted primarily from the aforementioned branch acquisition.

Gains on the sale of real estate mortgage loans were $1.2 million in both the second quarters of 2007 and 2006. Real estate mortgage loan sales totaled $77.9 million in the second quarter of 2007 compared to $73.2 million in the second quarter of 2006. Real estate mortgage loans originated totaled $129.6 million in the second quarter of 2007 compared to $135.8 million in the comparable quarter of 2006. Loans held for sale were $39.1 million at June 30, 2007, compared to $31.8 million at December 31, 2006.

Income from real estate mortgage loan servicing was $0.7 million and $0.6 million in the second quarters of 2007 and 2006, respectively. This increase is primarily due to a $0.1 million decline in the impairment reserve on capitalized mortgage loan servicing rights during the second quarter of 2007. At June 30, 2007, the Company was servicing approximately $1.6 billion in real estate mortgage loans for others on which servicing rights have been capitalized. This servicing portfolio had a weighted average coupon rate of approximately 6.03%, a weighted average service fee of 25.7 basis points and an estimated fair market value of $21.1 million.

Non-interest expense totaled $29.8 million in the second quarter of 2007 which includes $1.0 million ($0.03 per share after tax) of severance expenses associated with the Company’s staff reduction initiatives. Excluding this item, non-interest expense rose by $3.3 million or 13% from the second quarter of 2006. This increase is principally due to increased operating costs related to the addition of staff at new branch and loan production offices and overall growth in the organization, along with associated rises in such costs as furniture and equipment, data processing and advertising. Loan and collection expenses also rose in the second quarter of 2007 primarily due to the elevated level of non-performing loans.

Asset Quality

The increase in non-performing loans since year end 2006 is due principally to an increase in non-performing commercial loans and real estate mortgage loans. The increase in non-performing commercial loans is primarily attributable to the addition of several large credits with real estate developers becoming past due in the first six months of 2007. These delinquencies largely reflect cash flow difficulties encountered by many real estate developers in Michigan associated with a significant decline in sales of residential real estate. The increase in non-performing real estate mortgage loans is primarily due to a rise in foreclosures reflecting both weak economic conditions and soft residential real estate values in many parts of Michigan. Other real estate and repossessed assets totaled $5.4 million at June 30, 2007, compared to $3.2 million at December 31, 2006.

2

The provision for loan losses was $14.9 million and $2.5 million in the second quarters of 2007 and 2006, respectively. The level of the provision for loan losses in each period reflects the Company’s assessment of the allowance for loan losses, taking into consideration factors such as loan mix, levels of non-performing and classified loans and loan net charge-offs. Loan net charge-offs were $7.4 million (1.18% annualized of average loans) in the second quarter of 2007, compared to $1.7 million (0.29% annualized of average loans) in the second quarter of 2006. The rise in loan net charge-offs reflect increases in the following categories: commercial loans, $5.2 million; consumer, $0.3 million; and real estate mortgage, $0.2 million. The increase in commercial loan net charge-offs in the second quarter of 2007 primarily reflects $4.1 million of charge-offs on four credits. The single largest charge-off was $1.7 million on a commercial real estate development loan with a net balance of $3.3 million (after the charge-off) that was included in loans held for sale as of June 30, 2007. An agreement to sell this loan was executed on June 29, 2007 and the sale was completed (funded) in early July. At June 30, 2007, the allowance for loan losses totaled $38.2 million, or 1.53% of portfolio loans, compared to $26.9 million or 1.08% of portfolio loans at December 31, 2006.

Commenting on asset quality, CEO Magee stated: “As we reported earlier this month, a rise in non-performing loans and loan net charge-offs led to a substantial increase in our provision for loan losses. This adverse credit cycle has been extremely frustrating both because of the sudden and unpredictable timeframes of some loans becoming non-performing, as well as steep declines in collateral values, especially those related to residential real estate development.”

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

Loan Type 6/30/2007 3/31/2007 12/31/2006
(Dollars in Millions)
                 
Commercial   $ 32.7   $ 27.5   $ 21.6  
Consumer    2.7    2.8    2.5  
Real estate mortgage    18.3    15.7    13.0  
Finance receivables  
(excludes discontinued  
operations)    1.2    2.1    2.1  
  Total   $ 54.9   $ 48.1   $ 39.2  
Ratio of non-performing  
loans to total portfolio  
loans    2.20 %  1.93 %  1.58 %
Ratio of the allowance  
for loan losses to non-  
performing loans    69.62 %  64.30 %  68.53 %

Balance Sheet

Total assets were $3.26 billion at June 30, 2007, compared to $3.43 billion at December 31, 2006. Loans, excluding loans held for sale, were $2.49 billion at June 30, 2007 compared to $2.48 billion at December 31, 2006. Deposits totaled $2.79 billion at June 30, 2007, an increase of $191.4 million from December 31, 2006. The increase in deposits primarily reflects the aforementioned branch acquisition. Brokered certificates of deposit, federal funds purchased, and other borrowings declined by $242.1 million, $66.6 million and $108.5 million, respectively, during the first six months of 2007. These declines reflect the deployment of funds from the sale of Mepco’s insurance premium finance business and from the branch acquisition. Stockholders’ equity totaled $244.0 million at June 30, 2007, or 7.48% of total assets, representing a net book value per share of $10.78.

Magee concluded: “Although our second quarter profitability was below expectations, we are encouraged by improvements in our net interest margin and non-interest income reported in the period. Looking ahead, we remain focused on growing operational efficiencies throughout the Company, guided by our ongoing bank charter consolidation, which is on track to be completed by September 2007. As before, our chief priority remains improving asset quality and reducing credit costs despite the ongoing economic challenges evident within the State of Michigan.”

3

Conference Call

Michael M. Magee, President and Chief Executive Officer, Robert N. Shuster, Chief Financial Officer and Stefanie M. Kimball, Chief Lending Officer, will review second quarter 2007 results in a conference call for investors and analysts beginning at 3:30 p.m. ET on Tuesday, July 24, 2007.

To participate in the live conference call, please dial 1-877-407-8031. Also the call can be accessed (listen-only mode) via the Company’s website at www.ibcp.com in the “Investor Relations” section. A playback of the call can be accessed by dialing 1-877-660-6853 (Account # 286 and Conference ID # 246259). The replay will be available through August 24, 2007.

In addition, a Power Point presentation associated with the second quarter 2007 conference call will be available on the Company’s website at www.ibcp.com in the “Investor Relations” section beginning on Tuesday, July 24, 2007.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of over $3 billion. Founded as Second National Bank of Ionia in 1864, Independent Bank Corporation now operates over 100 offices across Michigan’s Lower Peninsula through four state-chartered bank subsidiaries. These subsidiaries, Independent Bank, Independent Bank East Michigan, Independent Bank South Michigan and Independent Bank West Michigan, provide a full range of financial services, including commercial banking, mortgage lending, investments and title services. The Company also provides payment plans to consumers to purchase vehicle service contracts through Mepco Finance Corporation, a wholly owned subsidiary of Independent Bank. 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 website at: www.ibcp.com

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “estimate,” “project,” “may” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are predicated on management’s beliefs and assumptions based on information known to Independent Bank Corporation’s management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Independent Bank Corporation’s management for future or past operations, products or services, and forecasts of the Company’s revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, and estimates of credit quality trends. Such statements reflect the view of Independent Bank Corporation’s management as of this date with respect to future events and are not guarantees of future performance, involve assumptions and are subject to substantial risks and uncertainties, such as the changes in Independent Bank Corporation’s plans, objectives, expectations and intentions. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in interest rates, changes in the accounting treatment of any particular item, the results of regulatory examinations, changes in industries where the Company has a concentration of loans, changes in the level of fee income, changes in general economic conditions and related credit and market conditions, and the impact of regulatory responses to any of the foregoing. Forward-looking statements speak only as of the date they are made. Independent Bank Corporation does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Independent Bank Corporation claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

4

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition

June 30,
2007		 December 31,
2006
(unaudited)
(in thousands)
             
Assets  
Cash and due from banks   $ 66,431   $ 73,142  
Securities available for sale    415,677    434,785  
Federal Home Loan Bank stock, at cost    14,326    14,325  
Loans held for sale    39,065    31,846  
Loans  
  Commercial    1,079,769    1,083,921  
  Real estate mortgage    849,783    865,522  
  Installment    364,195    350,273  
  Finance receivables    199,862    183,679  
                                                             Total Loans    2,493,609    2,483,395  
  Allowance for loan losses    (38,213 )  (26,879 )
                                                               Net Loans    2,455,396    2,456,516  
Property and equipment, net    72,020    67,992  
Bank owned life insurance    42,001    41,109  
Goodwill    66,754    48,709  
Other intangibles    17,130    7,854  
Assets of discontinued operations    336    189,432  
Accrued income and other assets    72,121    64,188  
                                                            Total Assets   $ 3,261,257   $ 3,429,898  
Liabilities and Shareholders' Equity  
Deposits  
  Non-interest bearing   $ 321,903   $ 282,632  
  Savings and NOW    984,358    875,541  
  Time    1,487,890    1,444,618  
                                                          Total Deposits    2,794,151    2,602,791  
Federal funds purchased    17,517    84,081  
Other borrowings    55,228    163,681  
Subordinated debentures    72,269    64,197  
Financed premiums payable    38,252    32,767  
Liabilities of discontinued operations    462    183,676  
Accrued expenses and other liabilities    39,344    40,538  
                                                       Total Liabilities    3,017,223    3,171,731  
Shareholders' Equity  
  Preferred stock, no par value--200,000 shares authorized; none  
    outstanding  
  Common stock, $1.00 par value--40,000,000 shares authorized;  
    issued and outstanding: 22,635,346 shares at June 30, 2007  
    and 22,864,587 shares at December 31, 2006    22,586    22,865  
  Capital surplus    195,014    200,241  
  Retained earnings    26,138    31,420  
  Accumulated other comprehensive income    296    3,641  
                                              Total Shareholders' Equity    244,034    258,167  
                              Total Liabilities and Shareholders' Equity   $ 3,261,257   $ 3,429,898  

5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations

Three Months Ended Six Months Ended
June 30,
2007		 March 31,
2007		 June 30,
2006		 June 30,
2007		 June 30,
2006
(unaudited)
(in thousands)
                         
Interest Income  
  Interest and fees on loans   $ 50,576   $ 49,953   $ 48,437   $ 100,529   $ 94,483  
  Securities available for sale  
    Taxable    2,592    2,477    2,797    5,069    5,645  
    Tax-exempt    2,535    2,600    2,851    5,135    5,720  
  Other investments    464    314    199    778    422  
                                    Total Interest Income    56,167    55,344    54,284    111,511    106,270  
Interest Expense  
  Deposits    23,378    22,408    16,971    45,786    32,898  
  Other borrowings    2,313    3,304    5,707    5,617    10,031  
                                   Total Interest Expense    25,691    25,712    22,678    51,403    42,929  
                                      Net Interest Income    30,476    29,632    31,606    60,108    63,341  
Provision for loan losses    14,893    8,139    2,511    23,032    3,897  
         Net Interest Income After Provision for Loan Losses    15,583    21,493    29,095    37,076    59,444  
Non-interest Income  
  Service charges on deposit accounts    6,380    4,888    5,031    11,268    9,499  
  Mepco litigation settlement                    2,800  
  Net gains on assets  
    Real estate mortgage loans    1,238    1,081    1,188    2,319    2,214  
    Securities    128    79    171    207    171  
  VISA check card interchange income    1,292    950    871    2,242    1,662  
  Real estate mortgage loan servicing    712    527    621    1,239    1,274  
  Title insurance fees    430    414    440    844    882  
  Other income    2,593    2,731    2,523    5,324    4,881  
                                Total Non-interest Income    12,773    10,670    10,845    23,443    23,383  
Non-interest Expense  
  Compensation and employee benefits    14,784    13,968    12,274    28,752    25,815  
  Occupancy, net    2,735    2,614    2,420    5,349    5,107  
  Furniture, fixtures and equipment    1,991    1,900    1,733    3,891    3,516  
  Data processing    1,912    1,438    1,418    3,350    2,760  
  Advertising    1,341    1,152    1,016    2,493    2,003  
  Branch acquisition and conversion costs    (92 )  422        330      
  Goodwill impairment        343    612    343    612  
  Other expenses    7,130    6,129    6,067    13,259    11,965  
                               Total Non-interest Expense    29,801    27,966    25,540    57,767    51,778  
Income (Loss) From Continuing Operations
   Before Income Tax		    (1,445 )  4,197    14,400    2,752    31,049  
Income tax expense (benefit)    (1,553 )  305    3,978    (1,248 )  7,571  
                        Income From Continuing Operations    108    3,892    10,422    4,000    23,478  
                      Discontinued operations, net of tax    (151 )  351    180    200    (533 )
                                         Net Income (Loss)   $ (43 ) $ 4,243   $ 10,602   $ 4,200   $ 22,945  

6

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data

Three Months Ended Six Months Ended
June 30,
2007		 March 31,
2007		 June 30,
2006		 June 30,
2007		 June 30,
2006
(unaudited)
                         
Per Share Data (A)  
Income From Continuing Operations  
   
  Basic   $ .00   $ .17   $ .45   $ .18   $ 1.02  
  Diluted    .00    .17    .45    .17    1.01  
Net Income (Loss) (B)  
  Basic   $ .00   $ .19   $ .46   $ .18   $ 1.00  
  Diluted (B)    .00    .18    .45    .18    .98  
Cash dividends declared    .21    .21    .19    .42    .38  
   
Selected Ratios (annualized)  
As a Percent of Average Interest-Earning Assets  
  Tax equivalent interest income    7.70 %  7.74 %  7.62 %  7.72 %  7.54 %
  Interest expense    3.43    3.51    3.09    3.47    2.96  
  Tax equivalent net interest income    4.27    4.23    4.53    4.25    4.58  
Income From Continuing Operations  
  Average equity    0.17 %  6.08 %  16.37 %  3.14 %  18.80 %
  Average assets    0.01    0.48    1.23    0.25    1.40  
Net Income (Loss) to  
  Average equity    (0.07 )%  6.63 %  16.65 %  3.30 %  18.37 %
  Average assets    (0.01 )  0.53    1.25    0.26    1.37  
   
Average Shares (A)  
  Basic    22,584,535    22,828,615    22,944,123    22,705,901    22,941,160  
  Diluted (B)    22,801,194    23,143,875    23,321,282    22,973,356    23,326,095  



(A) Restated to give effect to a 5% stock dividend paid in September 2006. Average shares of common stock for basic net income per share include shares issued and outstanding during the period. Average shares of common stock for diluted net income per share include shares to be issued upon exercise of stock options and stock units for deferred compensation plan for non-employee directors.
(B) For any period in which a loss is recorded, the earnings per share calculation is based on basic average shares outstanding.

7

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Exhibit 99.2

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Supplemental Data

Non-performing assets

June 30,
2007		 December 31,
2006
(dollars in thousands)
             
  Non-accrual loans   $ 47,544   $ 35,683  
  Loans 90 days or more past due and  
    still accruing interest    7,165    3,479  
  Restructured loans    181    60  
                           Total non-performing loans    54,890    39,222  
  Other real estate    5,363    3,153  
                          Total non-performing assets   $ 60,253   $ 42,375  
As a percent of Portfolio Loans  
     Non-performing loans    2.20 %  1.58 %
     Allowance for loan losses    1.53    1.08  
   Non-performing assets to total assets    1.85    1.24  
   Allowance for loan losses as a percent of  
     non-performing loans    70    69  

Allowance for loan losses

Six months ended
June 30,
2007 2006
Loan
Losses		 Unfunded
Commitments		 Loan
Losses		 Unfunded
Commitments
(in thousands)
                     
Balance at beginning of period   $ 26,879   $ 1,881   $ 22,420   $ 1,820  
Additions (deduction)  
  Provision charged to operating expense    22,658    374    3,979    (82 )
  Recoveries credited to allowance    1,140        1,225      
  Loans charged against the allowance    (12,464 )      (4,056 )    
Balance at end of period   $ 38,213   $ 2,255   $ 23,568   $ 1,738  
   
Net loans charged against the allowance to  
       average Portfolio Loans (annualized)    0.92 %      0.24 %    

Alternative Sources of Funds

June 30,
2007		 December 31,
2006
Amount Average
Maturity		 Rate Amount Average
Maturity		 Rate
(dollars in thousands)
                                 
Brokered CDs(1)   $ 812,929   1.7 years   4.71 % $ 1,055,010   1.9 years   4.72 %
Fixed rate FHLB advances(1)    43,199   5.6 years   6.08    58,272   4.6 years   5.66  
Variable rate FHLB advances(1)               2,000   0.5 years   5.31  
Securities sold under agreements to  
   Repurchase(1)               83,431   0.1 years   5.34  
Federal funds purchased    17,517   1 day   5.50    84,081   1 day   5.40  
      Total   $ 873,645   1.9 years   4.80 % $ 1,282,794   1.8 years   4.85 %

(1)     Certain of these items have had their average maturity and rate altered through the use of derivative instruments, including pay-fixed and pay-variable interest rate swaps.

1

Capitalization

June 30,
2007		 December 31,
2006
(in thousands)
             
Unsecured debt   $ 4,000   $ 5,000  
   
Subordinated debentures    72,269    64,197  
Amount not qualifying as regulatory capital    (2,169 )  (1,847 )
  Amount qualifying as regulatory capital    70,100    62,350  
Shareholders' Equity  
  Preferred stock, no par value  
  Common stock, par value $1.00 per share    22,586    22,865  
  Capital surplus    195,014    200,241  
  Retained earnings    26,138    31,420  
  Accumulated other comprehensive income    296    3,641  
          Total shareholders' equity    244,034    258,167  
          Total capitalization   $ 318,134   $ 325,517  

Non-Interest Income

Three months ended Six months ended
June 30, March 31, June 30, June 30,
2007 2007 2006 2007 2006
(in thousands)
                         
Service charges on deposit  
  accounts   $ 6,380   $ 4,888   $ 5,031   $ 11,268   $ 9,499  
Mepco litigation settlement                    2,800  
Net gains on assets sales  
  Real estate mortgage loans    1,238    1,081    1,188    2,319    2,214  
  Securities    128    79    171    207    171  
VISA check card interchange income    1,292    950    871    2,242    1,662  
Real estate mortgage loan servicing    712    527    621    1,239    1,274  
Mutual fund and annuity commissions    467    479    351    946    646  
Bank owned life insurance    448    449    401    897    793  
Title insurance fees    430    414    440    844    882  
Manufactured home loan origination fees  
  and commissions    115    114    247    229    486  
Other    1,563    1,689    1,524    3,252    2,956  
    Total non-interest income   $ 12,773   $ 10,670   $ 10,845   $ 23,443   $ 23,383  

Real Estate Mortgage Loan Activity

Three months ended Six months ended
June 30, March 31, June 30, June 30,
2007 2007 2006 2007 2006
(in thousands)
                         
Real estate mortgage loans originated   $ 129,613   $ 116,815   $ 135,783   $ 246,428   $ 254,434  
Real estate mortgage loans sold    77,913    69,212    73,223    147,125    133,470  
Real estate mortgage loans sold with servicing  
  rights released    12,604    11,679    8,936    24,283    16,380  
Net gains on the sale of real estate mortgage loans    1,238    1,081    1,188    2,319    2,214  
Net gains as a percent of real estate mortgage  
  loans sold ("Loan Sale Margin")    1.59 %  1.56 %  1.62 %  1.58 %  1.66 %
SFAS #133 adjustments included in the Loan  
  Sale Margin    0.00    (0.04 )  (0.13 )  0.00    0.05  

2

Capitalized Real Estate Mortgage Loan Servicing Rights

Three months ended
June 30,		 Six months ended
June 30,
2007 2006 2007 2006
(in thousands)
                     
Balance at beginning of period   $ 14,961   $ 13,728   $ 14,782   $ 13,439  
  Originated servicing rights capitalized    776    760    1,462    1,394  
  Amortization    (432 )  (371 )  (839 )  (716 )
  (Increase)/decrease in impairment reserve    138    11    38    11  
 Balance at end of period   $ 15,443   $ 14,128   $ 15,443   $ 14,128  
   
 Impairment reserve at end of period   $ 30       $ 30      

Non-Interest Expense

Three months ended Six months ended
June 30, March 31, June 30, June 30,
2007 2007 2006 2007 2006
(in thousands)
                         
 Salaries   $ 10,776   $ 10,001   $ 9,358   $ 20,777   $ 18,734  
 Performance-based compensation and benefits    1,153    1,321    315    2,474    1,804  
 Other benefits    2,855    2,646    2,601    5,501    5,277  
   Compensation and employee benefits    14,784    13,968    12,274    28,752    25,815  
 Occupancy, net    2,735    2,614    2,420    5,349    5,107  
 Furniture, fixtures and equipment    1,991    1,900    1,733    3,891    3,516  
 Data processing    1,912    1,438    1,418    3,350    2,760  
 Advertising    1,341    1,152    1,016    2,493    2,003  
 Loan and collection    1,221    1,006    982    2,227    1,805  
 Credit card and bank service fees    970    967    1,015    1,937    1,922  
 Communications    1,014    830    852    1,844    1,843  
 Supplies    581    607    516    1,188    1,025  
 Amortization of intangible assets    935    570    600    1,505    1,200  
 Legal and professional    457    506    396    963    884  
 Branch acquisition and conversion costs    (92 )  422        330      
 Goodwill impairment        343    612    343    612  
 Other    1,952    1,643    1,706    3,595    3,286  
       Total non-interest expense   $ 29,801   $ 27,966   $ 25,540   $ 57,767   $ 51,778  

3

Average Balances and Tax Equivalent Rates

Three Months Ended
June 30,
2007 2006
Average
Balance		 Interest Rate Average
Balance		 Interest Rate
(dollars in thousands)
                             
Assets  
Taxable loans (1)   $ 2,523,614   $ 50,468    8.01 % $ 2,461,397   $ 48,362    7.87 %
Tax-exempt loans (1,2)    9,761    166    6.82    6,577    115    7.01  
Taxable securities    202,342    2,592    5.14    210,785    2,797    5.32  
Tax-exempt securities (2)    230,873    4,069    7.07    248,301    4,498    7.27  
Other investments    38,068    464    4.89    17,359    199    4.60  
               Interest Earning Assets -  
                   Continuing Operations    3,004,658    57,759    7.70    2,944,419    55,971    7.62  
Cash and due from banks    49,947            52,906          
Taxable loans - discontinued operations    744            201,017          
Other assets, net    230,147            210,694          
                            Total Assets   $ 3,285,496           $ 3,409,036          
   
Liabilities  
Savings and NOW   $ 994,116    4,728    1.91   $ 850,491    3,077    1.45  
Time deposits    1,521,496    18,650    4.92    1,354,352    13,894    4.11  
Long-term debt    2,495    29    4.66    4,495    52    4.64  
Other borrowings    129,781    2,284    7.06    398,925    5,655    5.69  
           Interest Bearing Liabilities -  
                    Continuing Operations    2,647,888    25,691    3.89    2,608,263    22,678    3.49  
Demand deposits    300,329            277,340          
Time deposits - discontinued operations    527            176,316          
Other liabilities    82,591            91,716          
Shareholders' equity    254,161            255,401          
 Total liabilities and shareholders' equity   $ 3,285,496           $ 3,409,036          
        
   
         Tax Equivalent Net Interest Income       $ 32,068           $ 33,293      
   
      Tax Equivalent Net Interest Income  
          as a Percent of Earning Assets            4.27 %          4.53 %



(1) All domestic
(2) Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 35%

4

Average Balances and Tax Equivalent Rates

Six Months Ended
June 30,
2007 2006
Average
Balance		 Interest Rate Average
Balance		 Interest Rate
(dollars in thousands)
                             
Assets  
Taxable loans (1)   $ 2,517,273   $ 100,317    8.01 % $ 2,434,790   $ 94,340    7.79 %
Tax-exempt loans (1,2)    9,639    326    6.82    6,237    220    7.11  
Taxable securities    193,787    5,069    5.27    216,082    5,645    5.27  
Tax-exempt securities (2)    234,741    8,190    7.04    251,482    9,031    7.24  
Other investments    31,850    778    4.93    17,398    422    4.89  
Interest Earning Assets -  
Continuing Operations    2,987,290    114,680    7.72    2,925,989    109,658    7.54  
  
Cash and due from banks    51,907            54,012          
Taxable loans - discontinued operations    16,737            198,099          
Other assets, net    218,120            207,656          
Total Assets   $ 3,274,054           $ 3,385,756          
   
Liabilities  
Savings and NOW   $ 949,021    8,977    1.91   $ 864,533    6,065    1.41  
Time deposits    1,514,266    36,809    4.90    1,358,177    26,833    3.98  
Long-term debt    2,743    63    4.63    4,743    109    4.63  
Other borrowings    164,529    5,554    6.81    360,862    9,922    5.54  
Interest Bearing Liabilities-  
Continuing Operations    2,630,559    51,403    3.94    2,588,315    42,929    3.34  
  
Demand deposits    291,598            276,647          
Time deposits - discontinued operations    12,173            172,051          
Other liabilities    82,828            96,930          
Shareholders' equity    256,896            251,813          
 Total liabilities and shareholders' equity   $ 3,274,054           $ 3,385,756          
   
Tax Equivalent Net Interest Income       $ 63,277           $ 66,729      
   
Tax Equivalent Net Interest Income  
as a Percent of Earning Assets            4.25 %          4.58 %
(1) All domestic
(2) Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 35%

5

 EX-99 5 ibc8k_072407ex99-3.htm Independent Bank Corporation Form 8-K Exhibit 99.3



Independent Bank Corporation
2nd Quarter 2007 Earnings Conference Call – July 24, 2007




Independent Bank

Overview of 2nd Quarter 2007 Results
Michael M. Magee, President and Chief Executive Officer




Independent Bank

2

Safe Harbor Statement

This presentation may contain certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995. Forward-looking statements include expressions such as “expects,” “intends,” “believes” and “should” which are necessarily statements of belief as to expected outcomes of future events. Actual results could materially differ from those contained in, or implied by such statements. Independent Bank Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this presentation.



Independent Bank

3

Financial Overview

2Q07 1Q07 2Q06 6M '07 6M '06
Income from continuing
      operations (millions) 		    $0.1   $3.9   $10.4   $4.0   $23.5  

EPS - continuing operations 		    $0.00   $0.17   $0.45   $0.17   $1.01  

ROA - continuing operations 		      0.01%   0.48%   1.23%   0.25%   1.40%

ROE - continuing operations 		      0.17%   6.08%   16.37%   3.14%   18.80%

Total assets (billions) at period end 		    $3.26   $3.36   $3.44  

Stockholders' equity 		   
      (millions) at period end     $244.0   $251.8   $256.5  

Common shares
      outstanding (millions) 		   
      at period end       22.64     22.58     22.96  


Independent Bank

4

2007 – A Year of Challenges

• Michigan economy remains one of the weakest in U.S.
  - Decline of manufacturing industry, particularly in Eastern MI
  - Job growth remains stagnant
  - Deterioration of property values
  - Unfavorable business taxes and stringent labor laws

• Impact to the regional banking industry
  - Slowing loan growth
  - Credit quality
  - Credit costs
  - Net interest margin pressure

• Competitive community banking landscape

• Flat yield curve


Independent Bank

5

Bank Charter Consolidation

• Charter consolidation designed to streamline bank operations. In April 2007, IBCP announced the Company’s plan to consolidate the four existing bank charters into one.

• Net impact to IBCP associates. Excluding employees added with the TCF branch acquisition, at 6/30/07 the total number of employees was down 109 (7.7%) since year-end 2006; this reduced number of employees includes 36 fewer at Mepco due to sale of insurance premium finance business, and 11 fewer at First Home Financial as this business was dissolved at the end of the second quarter.

• Status update. On track to complete this charter consolidation late in the third quarter of 2007.



Independent Bank

6

Charter Consolidation –Expected Benefits

• Streamlined operations and legal governance structure

• Stronger risk management processes

• More rapid development and deployment of new products and services

• Improved productivity and resource utilization leading to $4-$5 million in estimated annual cost savings



Independent Bank

7

2nd Quarter 2007 Financial Review
Robert N. Shuster, Executive Vice President and CFO




Independent Bank

8

2nd Quarter 2007 Recap

• Positive Factors
  - Net interest margin increased on a quarter-over-quarter basis
  - Experienced continued growth in recurring non-interest income on a quarter-over-quarter and year-over-year basis
  - Committed to conservative management of asset quality; strategic hire of new chief lending officer marks important addition to senior team

• Challenges
  - Credit costs
  - Asset quality diminished by an increase in non-performing loans; largely attributable to non-performing commercial loans and real estate mortgage loans
  - Weak Michigan economy has led to slower loan growth



Independent Bank

9

Tax Equivalent Net Interest Margin



Independent Bank

10

TE Net Interest Income



Independent Bank

11

Non-Interest Income

Category ($ in 000's) 2Q07 1Q07 2Q06
Total non-interest income      12,773    10,670    10,845  

Service charges - Deposits		    6,380    4,888    5,031  

VISA check card income		    1,292    950    871  

Net gains - mortgage loan sales		    1,238    1,081    1,188  

Mortgage loan servicing fees		    712    527    621  


Independent Bank

12

Non-Interest Expense

Category ($ in 000's) 2Q07 1Q07 2Q06
Total non-interest expense      29,801    27,966    25,540  

Salaries (a)		    10,776    10,001    9,358  

Performance-based compensation		    1,153    1,321    315  

Amortization of intangible assets		    935    570    600  

Loan and collection		    1,221    1,006    982  


(a)     The second quarter of 2007 includes $0.95 million of severance expense.



Independent Bank

13

Provision for Loan Losses



Independent Bank

14

Asset Quality Measures – Non-Performing Loans

Non-performing loans
by loan type ($ in 000's)		 6/30/07 3/31/07 12/31/06
Commercial      32,697    27,537    21,624  

Mortgage		    18,346    15,691    12,954  

Consumer		    2,683    2,747    2,496  

Finance receivables*		    1,164    2,096    2,148  
Total     $54,890   $48,071   $39,222  
As a % of total loans       2.20%   1.93%   1.58%

*Excludes discontinued operations



Independent Bank

15

Allowance for Loan Losses

Allocation ($ in 000's) 6/30/07 3/31/07 12/31/06
Specific loan allocations    9,070    4,992    2,631  

Adversely rated loans		    10,905    9,260    9,303  

Historical losses		    10,089    8,833    7,482  

Other factors/subjective		    8,149    7,823    7,463  
Total     $38,213   $30,908   $26,879  
As a % of portfolio loans       1.53%   1.24%   1.08%


Independent Bank

16

Asset Quality Measures –Net Loan Charge-Offs

Net loan charge-offs
   by loan type ($ in 000's)		 2Q07 1Q07 2Q06
Commercial    5,478    1,900    271  

Mortgage		    945    760    780  

Consumer		    917    1,179    598  

Finance receivables*		    24    121    98  
Total     $7,364   $3,960   $1,747  
As a % of average loans       1.18%   0.65%   0.29%


*Excludes discontinued operations



Independent Bank

17

Balance Sheet Overview



Independent Bank

18

2nd Quarter 2007 Credit Review
Stefanie M. Kimball, Executive Vice President and CLO




Independent Bank

19

Commercial Loan Growth



Independent Bank

20

Internal Watch Credits Continued to Rise in the 2nd Quarter



Independent Bank

21

Select CRE Segments Have Contributed
Disproportionately to the Level of Watch Credits



Independent Bank

22

Factors Impacting Current Credit Environment

• Michigan’s economic environment continues to challenge businesses in the State with high exposure to the development, construction and sale of residential real estate

• IBC experienced rapid commercial loan growth in 2004 and 2005, including growth in SE Michigan, as a result of the Midwest Guaranty Bank acquisition (May 2004). A concentration in commercial real estate developed as a result of:
  - Established position in the market as a recognized leader in residential lending
  - Strong profit margins available in that business at the time
  - Management strategy to further the end mortgage business by lending to residential developers
  - IBC’s strong retail business created a comfort level with the residential development segment of commercial lending

• The expansion of commercial lending included loans to a select number of larger, more complex borrowers

• Increase in non-performing loans in 2Q07 is due principally to an increase in commercial loans and real estate mortgage loans
  - Non-performing commercial loans: Attributable primarily to the addition of several large credits with real estate developers coming past due in the first six months of 2007
  - Non-performing real estate mortgage loans: Due to a rise in foreclosures reflecting weak economic conditions and soft real estate values in many parts of Michigan



Independent Bank

23

Credit Process Changes

• Despite the apparent challenges within the Michigan economy, we are making strides to proactively improve the operational efficiency and strategic positioning of the bank

• A new organizational structure has been put in place with functional alignment of lending and credit across our markets

• Strategic direction has been focused on the need for more diversification in the commercial loan portfolio to balance the real estate concentration

• Key consistent credit processes have been put in place to include:
  - Further enhancements in the quarterly credit quality review process designed to even better monitor watch credits, ensure appropriate action plans are in place and assess loan loss reserves.
  - A Special Assets Group has been assembled and will be augmented to provide consistent and more effective management of our most troubled loans. A select group of law firms support the team providing professional advice and systemic feedback. The team will translate issues discovered in the independent management of these loans into recommendations to enhance credit processes; any additional loans sales will be managed by this team.
  - Further utilization of a cross-functional team to assess the loan portfolio for estimated losses, including: input from Senior Lenders, Credit Administration, the Special Assets Group and Loan Review.


Independent Bank

24

Commercial Lending Changes

• Our new organizational structure has been designed to:
  - Enhance business development efforts toward specified target markets
  - Assigned two dedicated Senior Executives for this purpose
  - Centralize commercial lending management with Senior Lenders covering our diverse geographic markets
  - Realign the Credit Administration function to provide even more upfront credit guidance, policy exception identification, approval recommendations and risk ratings
  - Centralize the appraisals, environmental, documentation and credit services to support the commercial lending team



Independent Bank

25

Q & A

Michael M. Magee Jr.
President and Chief Executive Officer

Robert N. Shuster
Executive Vice President and
Chief Financial Officer

Stefanie M. Kimball
Executive Vice President and
Chief Lending Officer



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26





Thank you for participating in the conference call.





Independent Bank

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