8-K

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:  April 20, 2015

INDEPENDENT BANK CORPORATION

(Exact name of registrant as

specified in its charter)

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

4200 East Beltline Grand Rapids, Michigan	49525
(Address of principal executive office)	(Zip Code)

Registrant's telephone number,

including area code:

(616) 527-5820

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 April 20, 2015, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended March 31, 2015.  A copy of the press release is attached as Exhibit 99.1.  Attached Exhibit 99.2 contains supplemental data to that press release and attached Exhibit 99.3 contains a slide presentation for our earnings conference call.

The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange 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 9.01. Financial Statements and Exhibits

Exhibits.

99.1	Press release dated April 20, 2015.
99.2	Supplemental data to the Registrant's press release dated April 20, 2015.
99.3	Earnings conference call presentation.

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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.

		INDEPENDENT BANK CORPORATION
		(Registrant)
Date	April 20, 2015	By	s/Robert N. Shuster
		Robert N. Shuster, Principal Financial Officer

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EX-99.1

Exhibit 99.1

News Release

Independent Bank Corporation

4200 East Beltline

Grand Rapids, MI 49525

616.527.5820

For Release: Immediately

Contact: William B. Kessel, President and CEO, 616.447.3933

Robert N. Shuster, Chief Financial Officer, 616.522.1765

INDEPENDENT BANK CORPORATION REPORTS

2015 FIRST QUARTER RESULTS

GRAND RAPIDS, Mich., Apr. 20, 2015 - Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2015 net income of $3.8 million, or $0.16 per diluted share, versus net income of $3.1 million, or $0.13 per diluted share, in the prior-year period.

2015 highlights include:

· Net income increased $0.6 million, or 20.5%, over 2014;

· A sequential quarterly increase in net interest income;

· Strong mortgage-banking activity with quarterly year-over-year gains on mortgage loans up $1.0 million, or 87.0%;

· First quarter net growth in commercial loans of $19.4 million, or 11.4% annualized;

· Continued improvement in asset quality metrics with a $1.2 million, or 5.7%, decline in non-performing assets during the first quarter;

· Growth in tangible book value per share to $10.94 at March 31, 2015 compared to $10.79 at December 31, 2014.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are very pleased to report a solid start to 2015.  Strong commercial loan growth, increased mortgage loan originations and sales, and improved asset quality metrics led to a 20.5% increase in our net income.  Further, despite continued pressure from the low interest rate environment, we did achieve modest growth in both net interest income and our net interest margin on a sequential quarterly basis.  As to two previously announced initiatives, we remain on track to complete the consolidation of six branch offices by Apr. 30, 2015, and we acquired approximately 71,000 shares of our common stock under our share repurchase plan.  As we look ahead to the remainder of 2015, we remain focused on loan growth, stable to improving asset quality, building core deposits and seeking further reductions in non-interest expenses.”

Operating Results

The Company’s net interest income totaled $18.1 million during the first quarter of 2015, a decrease of $0.4 million, or 2.1%, from the year-ago period, and an increase of $0.03 million, or 0.2% from the fourth quarter of 2014.  The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.57% during the first quarter of 2015 compared to 3.79% in the year ago period, and 3.56% in the fourth quarter of 2014.  The year-over-year quarterly decrease in net interest income is due to the decline in the net interest margin that was only partially offset by an increase in average interest-earning assets.  The decrease in the net interest margin is primarily due to the prolonged low interest rate environment that has resulted in declining average yields on the Company’s loan portfolio.  Average interest-earning assets were $2.06 billion in the first quarter of 2015 compared to $1.99 billion in the year ago quarter and $2.03 billion in the fourth quarter of 2014.

1

Non-interest income totaled $9.0 million in both the first quarter of 2015 and 2014.  Service charges on deposit accounts declined $0.2 million, or 6.7%, in the first quarter of 2015 compared to the year ago period due principally to a decrease in non-sufficient funds (“NSF”) occurrences and related NSF fees. Interchange income increased by $0.2 million, or 10.4%, in the first quarter of 2015 compared to the year ago period.  The increase in interchange income in 2015 as compared to 2014 primarily results from a new Debit Brand Agreement with MasterCard (which replaced our former agreement with VISA) that was executed in January 2014.  The Company began converting its debit card base to MasterCard in June 2014 and completed the conversion in September 2014.

Gains on mortgage loans increased $1.0 million in the first quarter of 2015 compared to the year ago period due primarily to increases in mortgage loan originations and sales.  The increase in mortgage lending and sales volumes principally reflects a rise in refinance volume resulting from a year-over-year decrease in mortgage loan interest rates. Mortgage loan servicing generated a loss of $0.4 million and income of $0.3 million in the first quarters of 2015 and 2014, respectively.  This quarterly comparative variance is primarily due to changes in the valuation allowance on and the amortization of capitalized mortgage loan servicing rights.  The first quarter of 2015 included a $0.7 million impairment charge on capitalized mortgage loan servicing rights.

Non-interest expense totaled $22.2 million in the first quarter of 2015, compared to $22.4 million in the year-ago period, representing a decrease of $0.2 million, or 1.1%.  Several categories of expenses declined in the first quarter of 2015 as compared to the year ago period, including:  occupancy, data processing, loan and collection, furniture, fixtures and equipment, communications, legal and professional fees, FDIC deposit insurance, interchange expense and credit card and bank service fees.  First quarter 2015 compensation expense includes $0.2 million of severance costs related to the Company’s branch consolidation and other personnel reductions.

The Company recorded an income tax expense of $1.8 million and $1.5 million in the first quarters of 2015 and 2014, respectively.

Asset Quality

Commenting on asset quality, President and CEO Kessel added:  “We continue to make progress in further improving asset quality, as evidenced by declines in non-performing assets, loan net charge-offs, and credit related expenses.  In addition, thirty- to eighty-nine day delinquency rates at Mar. 31, 2015 were 0.07% for commercial loans and 0.82% for mortgage and consumer loans.  These early stage delinquency rates continue to be well-managed.”

A breakdown of non-performing loans⁽¹⁾ by loan type is as follows:

Loan Type	3/31/2015			12/31/2014			3/31/2014
	(Dollars in Thousands)
Commercial	$	4,705		$	4,573		$	7,813
Consumer/installment		1,388			1,595			1,804
Mortgage		8,683			9,056			11,203
Payment plan receivables(2)		11			14			6
Total	$	14,787		$	15,238		$	20,826
Ratio of non-performing loans to total portfolio loans		1.04	%		1.08	%		1.53	%
Ratio of non-performing assets to total assets		0.88	%		0.96	%		1.72	%
Ratio of the allowance for loan losses to non-performing loans		166.90	%		170.56	%		146.15	%

(1) Excludes loans that are classified as “troubled debt restructured” that are still performing.

(2) Represents payment plans for which no payments have been received for 90 days or more and for which Mepco has not yet completed the process to charge the applicable counterparty for the balance due. These balances exclude receivables due from Mepco counterparties related to the cancellation of payment plan receivables.

Non-performing loans decreased by $0.5 million, or 3.0%, since year-end 2014, and have declined by $6.0 million, or 29.0%, since Mar. 31, 2014.  The decline in non-performing loans primarily reflects loan charge-offs, pay-offs, negotiated transactions and the migration of loans into ORE.  ORE and repossessed assets totaled $5.7 million at Mar. 31, 2015, compared to $6.5 million at Dec. 31, 2014.

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The provision for loan losses was a credit of $0.7 million and an expense of $0.4 million in the first quarters of 2015 and 2014, respectively.  The level of the provision for loan losses in each period reflects the Company’s overall 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 $0.7 million (0.19% annualized of average loans) in the first quarter of 2015, compared to $2.3 million (0.69% annualized of average loans) in the first quarter of 2014.  The decline in first quarter 2015 loan net charge-offs compared to year ago levels is primarily due to a $1.7 million decline in commercial loan net charge-offs that was partially offset by a $0.1 million increase in mortgage and consumer/installment loan net charge-offs.  At Mar. 31, 2015, the allowance for loan losses totaled $24.7 million, or 1.73% of portfolio loans, compared to $26.0 million, or 1.84% of portfolio loans, at Dec. 31, 2014.

Balance Sheet, Liquidity and Capital

Total assets were $2.33 billion at Mar. 31, 2015, an increase of $80.6 million from Dec. 31, 2014.  Loans, excluding loans held for sale, were $1.42 billion at Mar. 31, 2015, compared to $1.41 billion at Dec. 31, 2014.  Deposits totaled $2.00 billion at Mar. 31, 2015, an increase of $76.2 million from Dec. 31, 2014.  The increase in deposits is primarily due to growth in checking and savings account balances.

Cash and cash equivalents totaled $101.6 million at Mar. 31, 2015, versus $74.0 million at Dec. 31, 2014. Securities available for sale totaled $571.8 million at Mar. 31, 2015, versus $533.2 million at Dec. 31, 2014.  This $38.6 million increase is primarily due to the purchase of residential mortgage-backed securities, asset-backed securities, and municipal securities during the first quarter of 2015.

Total shareholders’ equity was $253.6 million at Mar. 31, 2015, or 10.89% of total assets.  Tangible common equity totaled $251.1 million at Mar. 31, 2015, or $10.94 per share.  The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

Regulatory Capital Ratios	3/31/2015			12/31/2014			Well Capitalized Minimum
Tier 1 capital to average total assets		9.70	%		10.46	%		5.00	%
Tier 1 common equity  to risk-weighted assets		14.26	%		n/a			6.50	%
Tier 1 capital to risk-weighted assets		14.26	%		15.63	%		8.00	%
Total capital to risk-weighted assets		15.53	%		16.90	%		10.00	%

Share Repurchase Plan

As previously announced, on Jan. 21, 2015, the Board of Directors of the Company authorized a share repurchase plan.  Under the terms of the share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock.    The repurchase plan is authorized to last through Dec. 31, 2015.  On Feb. 13, 2015 the Company received approval from the Michigan Department of Insurance and Financial Services for an $18.5 million return of capital request from the Company’s wholly-owned subsidiary, Independent Bank.  This return of capital transaction was completed on Feb. 17, 2015.

Thus far in 2015 (through Apr. 17, 2015), the Company had repurchased 70,643 shares of its common stock at a weighted average price of $12.77 per share.

Earnings Conference Call

Brad Kessel, President and CEO, and Rob Shuster, CFO, will review the Company’s first quarter 2015 results in a conference call for investors and analysts beginning at 11:00 am ET on Monday, Apr. 20, 2015.

To participate in the live conference call, please dial 1-866-200-8394. Also the conference call will be accessible through an audio webcast with user controlled slides via the following event site/URL:  http://services.choruscall.com/links/ibcp150420.html.

A playback of the call can be accessed by dialing 1-877-344-7529 (Conference ID # 10062166). The replay will be available through May 4, 2015.

Annual Shareholders Meeting

The Company’s 2015 Annual Meeting of Shareholders is being held at 3:00 pm ET on Tuesday, Apr. 21, 2015.  For the first time, the Company will be conducting its Annual Meeting of Shareholders by means of remote communication via the Internet.  To attend the meeting, please log on to the Internet at www.virtualshareholdermeeting.com/IBCP2015.  At this site a shareholder will be able to vote electronically and submit questions during the meeting.

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About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $2.33 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 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: www.IndependentBank.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 “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on course,” “trend,” “objective,” “looks forward” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Independent Bank Corporation or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Independent Bank Corporation's management 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 Independent Bank Corporation's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, and estimates of credit trends. Such statements reflect the view of Independent Bank Corporation's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Independent Bank Corporation's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in capital and credit markets; the interdependence of financial service companies; changes in regulation or oversight; unfavorable developments concerning credit quality; any future acquisitions or divestitures; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Independent Bank Corporation's customers; the implementation of Independent Bank Corporation's strategies and business models; Independent Bank Corporation's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; operational difficulties, failure of technology infrastructure or information security incidents; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; competitive product and pricing pressures among financial institutions within Independent Bank Corporation's markets; changes in customer behavior; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events; changes in accounting standards and the critical nature of Independent Bank Corporation's accounting policies. Independent Bank Corporation cautions that the foregoing list of factors is not exclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” in Independent Bank Corporation's Annual Report on Form 10-K for the year ended December 31, 2014. 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

	March 31,			December 31,
	2015			2014
	(unaudited)
	(In thousands, except share
	amounts)
Assets
Cash and due from banks	$	46,435		$	48,326
Interest bearing deposits		55,117			25,690
Cash and Cash Equivalents		101,552			74,016
Interest bearing deposits - time		11,575			13,561
Trading securities		213			203
Securities available for sale		571,762			533,178
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		20,051			19,919
Loans held for sale, carried at fair value		30,932			23,662
Loans
Commercial		710,323			690,955
Mortgage		465,907			472,628
Installment		207,962			206,378
Payment plan receivables		38,767			40,001
Total Loans		1,422,959			1,409,962
Allowance for loan losses		(24,679	)		(25,990	)
Net Loans		1,398,280			1,383,972
Other real estate and repossessed assets		5,662			6,454
Property and equipment, net		45,220			45,948
Bank-owned life insurance		53,975			53,625
Deferred tax assets, net		46,190			48,632
Capitalized mortgage loan servicing rights		11,318			12,106
Vehicle service contract counterparty receivables, net		7,229			7,237
Other intangibles		2,540			2,627
Accrued income and other assets		22,797			23,590
Total Assets	$	2,329,296		$	2,248,730
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	620,598		$	576,882
Savings and interest-bearing checking		988,776			943,734
Reciprocal		58,705			53,668
Retail time		331,095			338,720
Brokered time		1,299			11,298
Total Deposits		2,000,473			1,924,302
Other borrowings		12,468			12,470
Subordinated debentures		35,569			35,569
Vehicle service contract counterparty payables		2,312			1,977
Accrued expenses and other liabilities		24,849			24,041
Total Liabilities		2,075,671			1,998,359
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: 22,958,316 shares at March 31, 2015 and 22,957,323 shares at December 31, 2014		351,881			352,462
Accumulated deficit		(94,054	)		(96,455	)
Accumulated other comprehensive loss		(4,202	)		(5,636	)
Total Shareholders’ Equity		253,625			250,371
Total Liabilities and Shareholders’ Equity	$	2,329,296		$	2,248,730

5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

	Three Months Ended
	March 31, 2015			December 31, 2014			March 31, 2014
				(unaudited)
	(In thousands)
Interest Income
Interest and fees on loans	$	17,239		$	17,644		$	18,215
Interest on securities
Taxable		1,758			1,718			1,383
Tax-exempt		217			161			262
Other investments		338			324			423
Total Interest Income		19,552			19,847			20,283
Interest Expense
Deposits		1,007			1,178			1,293
Other borrowings		454			612			512
Total Interest Expense		1,461			1,790			1,805
Net Interest Income		18,091			18,057			18,478
Provision for loan losses		(659	)		(1,087	)		428
Net Interest Income After Provision for Loan Losses		18,750			19,144			18,050
Non-interest Income
Service charges on deposit accounts		2,850			3,280			3,055
Interchange income		2,142			2,172			1,941
Net gains (losses) on assets
Mortgage loans		2,139			1,489			1,144
Securities		85			(5	)		112
Mortgage loan servicing		(420	)		(598	)		264
Title insurance fees		256			261			274
Gain on extinguishment of debt		-			500			-
Other		1,910			2,102			2,165
Total Non-interest Income		8,962			9,201			8,955
Non-Interest Expense
Compensation and employee benefits		11,785			12,447			11,238
Occupancy, net		2,419			2,197			2,483
Data processing		1,930			1,879			2,086
Loan and collection		1,155			1,109			1,465
Furniture, fixtures and equipment		952			1,010			1,069
Communications		736			714			789
Advertising		484			646			519
Legal and professional		380			589			401
FDIC deposit insurance		343			332			417
Interchange expense		291			179			402
Credit card and bank service fees		202			212			263
Vehicle service contract counterparty contingencies		29			30			68
Costs related to unfunded lending commitments		16			4			10
Provision for loss reimbursement on sold loans		(69	)		-			(481	)
Net gains on other real estate and repossessed assets		(39	)		(90	)		(87	)
Other		1,537			1,649			1,758
Total Non-interest Expense		22,151			22,907			22,400
Income Before Income Tax		5,561			5,438			4,605
Income tax expense		1,780			1,536			1,467
Net Income	$	3,781		$	3,902		$	3,138

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data

	Three Months Ended
	March 31,  2015			December 31, 2014			March 31, 2014
	(unaudited)
Per Common Share Data
Net Income Per Common Share
Basic (A)	$	0.16		$	0.17		$	0.14
Diluted (B)		0.16			0.17			0.13
Cash dividends declared per common share		0.06			0.06			-
Selected Ratios (C)
As a Percent of Average Interest-Earning Assets
Interest income		3.86	%		3.91	%		4.16
Interest expense		0.29			0.35			0.37
Net interest income		3.57			3.56			3.79
Net Income to
Average common shareholders' equity		6.05	%		6.19	%		5.41
Average assets		0.67			0.69			0.57
Average Shares
Basic (A)		22,996,621			22,952,610			22,887,502
Diluted (B)		23,537,629			23,491,133			23,436,228

(A) Average shares of common stock for basic net income per common share include shares issued and outstanding during the period and participating share awards.

(B) Average shares of common stock for diluted net income per common share include shares to be issued upon exercise of stock options, restricted stock units and stock units for a deferred compensation plan for non-employee directors.

(C) Ratios have been annualized.

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EX-99.2

Exhibit 99.2

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Supplemental Data

Non-performing assets (1)
	March 31, 2015			December 31, 2014
	(Dollars in thousands)
Non-accrual loans	$	14,593		$	15,231
Loans 90 days or more past due and still accruing interest		194			7
Total non-performing loans		14,787			15,238
Other real estate and repossessed assets		5,662			6,454
Total non-performing assets	$	20,449		$	21,692
As a percent of Portfolio Loans
Non-performing loans		1.04	%		1.08
Allowance for loan losses		1.73			1.84
Non-performing assets to total assets		0.88			0.96
Allowance for loan losses as a percent of non-performing loans		166.90			170.56

⁽⁽¹⁾ Excludes loans classified as "trouble debt restructured" that are not past due and vehicle service contract counterparty receivables, net.

Troubled debt restructurings ("TDR")

	March 31, 2015
	Commercial		Retail			Total
	(In thousands)
Performing TDR's	$	27,904	$	71,477		$	99,381
Non-performing TDR's(1)		1,935		5,194	(2)		7,129
Total	$	29,839	$	76,671		$	106,510

	December 31, 2014
	Commercial		Retail			Total
	(In thousands)
Performing TDR's	$	29,475	$	73,496		$	102,971
Non-performing TDR's(1)		1,978		5,225	(2)		7,203
Total	$	31,453	$	78,721		$	110,174

(1) Included in non-performing assets table above.

(2) Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis.

1

Allowance for loan losses

	Three months ended March 31,
	2015					2014
	Loans			Unfunded Commitments		Loans			Unfunded Commitments
	(Dollars in thousands)
Balance at beginning of period	$	25,990		$	539	$	32,325		$	508
Additions (deductions)
Provision for loan losses		(659	)		-		428			-
Recoveries credited to allowance		990			-		1,068			-
Loans charged against the allowance		(1,642	)		-		(3,384	)		-
Additions (deductions) included in non-interest expense		-			16		-			10
Balance at end of period	$	24,679		$	555	$	30,437		$	518
Net loans charged against the allowance to average Portfolio Loans		0.19	%				0.69	%

Capitalization

	March 31, 2015			December 31, 2014
	(In thousands)
Subordinated debentures	$	35,569		$	35,569
Amount not qualifying as regulatory capital		(1,069	)		(1,069	)
Amount qualifying as regulatory capital		34,500			34,500
Shareholders’ equity
Common stock		351,881			352,462
Accumulated deficit		(94,054	)		(96,455	)
Accumulated other comprehensive loss		(4,202	)		(5,636	)
Total shareholders’ equity		253,625			250,371
Total capitalization	$	288,125		$	284,871

2

Non-Interest Income

	Three months ended
	March 31, 2015			December 31, 2014			March 31, 2014
	(In thousands)
Service charges on deposit accounts	$	2,850		$	3,280		$	3,055
Interchange income		2,142			2,172			1,941
Net gains (losses) on assets
Mortgage loans		2,139			1,489			1,144
Securities		85			(5	)		112
Mortgage loan servicing		(420	)		(598	)		264
Investment and insurance commissions		446			509			402
Bank owned life insurance		350			350			319
Title insurance fees		256			261			274
Gain on extinguishment of debt		-			500			-
Other		1,114			1,243			1,444
Total non-interest income	$	8,962		$	9,201		$	8,955

Capitalized Mortgage Loan Servicing Rights

	Three months ended March 31,
	2015			2014
	(In thousands)
Balance at beginning of period	$	12,106		$	13,710
Originated servicing rights capitalized		663			382
Amortization		(759	)		(534	)
Change in valuation allowance		(692	)		(285	)
Balance at end of period	$	11,318		$	13,273
Valuation allowance at end of period	$	4,465		$	3,140

3

Motgage Loan Activity

	Three months ended
	March 31, 2015			December 31, 2014			March 31, 2014
	(Dollars in thousands)
Mortgage loans originated	$	79,790		$	78,322		$	44,241
Mortgage loans sold		68,727			67,490			47,118
Mortgage loans sold with servicing rights released		2,669			10,029			7,861
Net gains on the sale of mortgage loans		2,139			1,489			1,144
Net gains as a percent of mortgage loans sold  ("Loan Sales Margin")		3.11	%		2.21	%		2.43	%
Fair value adjustments included in the Loan Sales Margin		0.81			(0.18	)		(0.14	)

Non-Interest Expense

	Three months ended
	March 31, 2015			December 31, 2014			March 31, 2014
	(In thousands)
Compensation	$	8,330		$	8,512		$	8,308
Performance-based compensation		1,288			1,806			912
Payroll taxes and employee benefits		2,167			2,129			2,018
Compensation and employee benefits		11,785			12,447			11,238
Occupancy, net		2,419			2,197			2,483
Data processing		1,930			1,879			2,086
Loan and collection		1,155			1,109			1,465
Furniture, fixtures and equipment		952			1,010			1,069
Communications		736			714			789
Advertising		484			646			519
Legal and professional fees		380			589			401
FDIC deposit insurance		343			332			417
Interchange expense		291			179			402
Supplies		213			247			239
Credit card and bank service fees		202			212			263
Amortization of intangible assets		87			134			134
Vehicle service contract counterparty contingencies		29			30			68
Cost related to unfunded lending commitments		16			4			10
Provision for loss reimbursement on sold loans		(69	)		-			(481	)
Net gains on other real estate and repossessed assets		(39	)		(90	)		(87	)
Other		1,237			1,268			1,385
Total non-interest expense	$	22,151		$	22,907		$	22,400

4

Average Balances and Tax Equivalent Rates

	Three Months Ended March 31,
	2015							2014
	Average Balance		Interest		Rate (3)			Average Balance		Interest		Rate (3)
	(Dollars in thousands)
Assets (1)
Taxable loans	$	1,420,272	$	17,195		4.88	%	$	1,369,065	$	18,162		5.36	%
Tax-exempt loans (2)		4,360		68		6.33			5,193		82		6.40
Taxable securities		506,411		1,758		1.39			441,783		1,383		1.27
Tax-exempt securities (2)		33,877		333		3.93			41,023		399		3.94
Cash - interest bearing		75,171		70		0.38			108,855		91		0.34
Other investments		19,991		268		5.44			23,419		332		5.75
Interest Earning Assets		2,060,082		19,692		3.86			1,989,338		20,449		4.16
Cash and due from banks		46,035							45,439
Other assets, net		171,878							188,246
Total Assets	$	2,277,995						$	2,223,023
Liabilities
Savings and interest-bearing checking	$	985,482		266		0.11		$	946,295		263		0.11
Time deposits		376,958		741		0.80			443,630		1,030		0.94
Other borrowings		48,038		454		3.83			54,329		512		3.82
Interest Bearing Liabilities		1,410,478		1,461		0.42			1,444,254		1,805		0.51
Non-interest bearing deposits		590,088							511,463
Other liabilities		23,955							32,284
Shareholders’ equity		253,474							235,022
Total liabilities and shareholders’ equity	$	2,277,995						$	2,223,023
Net Interest Income			$	18,231						$	18,644
Net Interest Income as a Percent of Average Interest Earning Assets						3.57	%						3.79	%

(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%

(3) Annualized

5

Commercial Loan Portfolio Analysis as of March 31, 2015

	Total Commercial Loans
			Watch Credits						Percent of Loan
Loan Category	All Loans		Performing		Non-performing		Total		Category in Watch Credit
	(Dollars in thousands)
Land	$	8,274	$	771	$	358	$	1,129		13.6	%
Land Development		9,630		1,720		217		1,937		20.1
Construction		14,495		24		-		24		0.2
Income Producing		271,337		10,228		1,187		11,415		4.2
Owner Occupied		212,997		13,091		477		13,568		6.4
Total Commercial Real Estate Loans	$	516,733	$	25,834		2,239	$	28,073		5.4
Other Commercial Loans	$	193,590	$	18,281		2,466	$	20,747		10.7
Total non-performing commercial loans					$	4,705

6

EX-99.3

Exhibit 99.3

 INDEPENDENT BANK CORPORATIONEarnings conference call1st quarter - 2015  April 20, 2015 

 Cautionary note regarding forward-looking statements    This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements of goals, intentions, and expectations as to future trends, plans, events, or results of Independent Bank Corporation’s operations and policies, including, but not limited to, Independent Bank Corporation’s outlook on earnings and the sufficiency of the allowance for loan losses, and statements regarding asset quality, projections of future revenue, earnings or other measures of economic performance, Independent Bank Corporation’s plans and expectations regarding non-performing assets, business opportunities, and general economic conditions. Forward-looking statements include expressions such as “will,” “may,” “should,” “believe,” “expect,” “forecast,” “anticipate,” “estimate,” “project,” “intend,” “likely,” “optimistic” and “plan,” and similar words or phrases, which are necessarily statements of belief as to expected outcomes of future events. These statements are based on current and anticipated economic conditions, nationally and in Independent Bank Corporation’s markets, interest rates and interest rate policy, competitive factors, and other conditions which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this presentation and the forward-looking statements are based, actual future operations and results may differ materially from those indicated in this presentation. For a discussion of certain factors, risks and uncertainties which could cause actual future operations and results to differ from estimates and projections discussed in these forward-looking statements, please read the “Risk Factors” section in Independent Bank Corporation’s 2014 Annual Report on Form 10-K. You should not place undue reliance on any such forward-looking statement. These forward-looking statements are not guarantees of future performance. Independent Bank Corporation does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation.  2 

 Agenda1st Quarter 2015 Earnings Conference Call  Formal Remarks.William B. (Brad) Kessel, President and Chief Executive OfficerRobert N. Shuster, Executive Vice President and Chief Financial OfficerQuestion and Answer session.Closing Remarks.Note: This presentation is available at www.IndependentBank.com in the Investor Relations area under the “Presentations” tab.  3 

 Financial Summary      1Q’15  4Q’14  3Q’14  2Q’14  1Q’14  Diluted EPS  $ 0.16  $ 0.17  $ 0.21  $ 0.26  $ 0.13  Income before taxes   5,561  5,438  7,274  7,899  4,605  Net income  3,781  3,902  4,929  6,052  3,138  Total assets  2,329,296  2,248,730  2,239,857  2,249,864  2,259,639  Total portfolio loans  1,422,959  1,409,962  1,398,784  1,377,494  1,360,512  Total deposits  2,000,473  1,924,302  1,895,895  1,908,071  1,938,742  Shareholders’ equity  253,625  250,371  247,067  242,961  236,586  Tangible BV per share  10.94  10.79  10.65  10.47  10.19  TCE to tangible assets  10.79%  11.03%  10.92%  10.68%  10.35%  Note: Dollars in 000’s, except per share data.  4 

 2015 1st Quarter Financial Highlights  Income Statement  Net income of $3.8 million, or $0.16 per diluted share, up 20.5% over 2014.Improved asset quality metrics led to $0.7 million credit loan loss provision.Gains on mortgage loans increased $1.0 million, or 87.0%.Impairment charge on MSR’s of $0.7 million ($0.02 per diluted share after tax).Quarterly non-interest expenses reduced by $0.2 million, or 1.1% year-over-year. 1Q’15 compensation expense includes $0.2 million of severance costs.Continue to focus on long-term profitability through organic growth.  Balance Sheet/Capital  Commercial loans grew $19.4 million, or 11.4% annualized.NPA’s reduced by $1.2 million, or 5.7%, to $20.4 million at 3/31/15.Deposits grew to $2.00 billion at 3/31/15 from $1.92 billion at 12/31/14.Repurchased 70,643 shares at an average price of $12.77 per share. TBV per share increased to $10.94 at 3/31/15 from $10.79 at 12/31/14.Paid a six cent per share cash dividend on common stock on 2/17/15.  5 

 Core Banking Markets  Since 2012, substantial changes have been implemented to streamline and optimize our branch delivery network.Significant market presence and opportunity to gain market share in attractive Michigan markets. Michigan’s unemployment rate was 5.9% in February 2015 (1.9% lower than February 2014).Michigan payroll jobs totaled 4.248 million in February 2015 (90K higher than one year earlier).S&P/Case-Shiller MI Detroit Home Price Index up 2.9% year over year (Jan. 2015 vs. Jan. 2014).  Region  Cities  Branches  3/31/15 Loans(1)  % ofLoans(1)  3/31/15Deposits(3)  % of Deposits(3)  3/31/14 Loans(2)  3/31/14 Deposits(3)  East / “Thumb”  Bay City / Saginaw  28  $293  23%  $732  39%  $276  $719  West  Grand Rapids / Ionia  23  468  37%  618  33%  408  586  Central  Lansing  12  187  15%  292  15%  188  289  Southeast  Troy  7  311  25%  255  13%  292  220  Total    70  $1,259  100%  $1,897  100%  $1,164  $1,814  Note: Dollars are in millions.Loans exclude those related to resort lending ($124 million) and payment plan receivables ($39 million).Loans exclude those related to resort lending ($142 million) and payment plan receivables ($55 million). Deposits exclude reciprocal deposits, brokered deposits and certain other “non-market” deposits.  6 

 Statewide Low Cost Deposit FranchiseFocused on Core Deposit Growth  $2.00 billion in total deposits at 3/31/15.Substantially all core funding.$1.63 billion of transaction accounts (81.3% of total deposits).Cost of deposits of 0.21% (1Q ’15 annualized).Total deposits increased $76.2 million, or 4.0% since 12/31/14.2015 focus:Commercial – small to middle market business and public funds.Treasury management services.Retail – checking accounts and debit card services.Branch consolidation on track for 4/30/15.  Cost of Deposits (%)  Deposit Composition – 3/31/15  Deposit Highlights  7                                           

 Diversified Loan PortfolioFocused on High Quality Growth  Four consecutive quarters of net loan growth.$1.45 billion in total loans at 3/31/15 (including $30.9 million of loans held for sale).1Q 2015 lending results include:Commercial loan growth of $19.4 million, or 11.4% annualized. Line usage at 48.4% 1Q’15 vs. 45.7% 1Q’14.Consumer installment loan growth of $1.6 million, or 3.1%, annualized.Residential mortgage loan originations of $79.8 million and loan sales of $68.7 million (net gains of $2.1 million).2015 focus:Commercial – businesses with $1 million to $50 million in annual sales.Consumer – through branch network, internet and indirect channels.Residential mortgage – purchase money (both salable and portfolio) and QRM and home equity lending opportunities. Current low interest rates have spurred higher refinances.  Loan Composition – 3/31/15  Yield on Loans (%)  Lending Highlights   8 

 Net Interest Margin/Income  Interest rate sensitivity profile of the loan and securities portfolios, in combination with a low cost core deposit base, positions us to benefit from a rising interest rate environment.Net interest income increased slightly in 1Q’15 vs. 4Q’14 due to a 1 BP increase in the NIM and a $29.8 million increase in average interest earning assets.Low interest rate environment continues to place pressure on the net interest margin. 2015 goal is to grow net interest income by 2% to 3% as NIM compression ends and average loans increase.  Net Interest Margin (TE) (%)  Highlights  Net Interest Income ($ in Millions)  Note: All dollars in millions.  9 

 Net Interest Income and Net Interest MarginAnalysis of Linked Quarter Increase  Summary1Q’15 net interest income of $18.091 million, up $34K from 4Q’14. The linked quarter increase was due to a $110K increase in interest income on securities and investments and a $329K decrease in interest expense on deposits and borrowings that was partially offset by a $405K decrease in interest income and fees on loans. Net interest income was reduced by approximately $0.2 million due to two fewer days in 1Q’15 vs. 4Q’14.The tax equivalent net interest margin (NIM) increased 1 bps (3.57% vs. 3.56%) due primarily to a lower cost of funds that was partially offset by a lower average yield on loans.Rates on new commercial loans 3.75% to 4%; rates on new retail loans (mortgage and consumer installment) at about 4%.Loan Portfolio DetailsCommercial loans: Interest income declined $19K due to two less days in the quarter ($177K impact) and a decline in average yield that was substantially offset by an increase in the average balance. Average yield declined 9 bps (4.69% vs. 4.78%) and average balance increased $26.6 million.Mortgage loans (includes loans held for sale): Interest income declined $138K. Average yield declined 9 bps (4.17% vs. 4.26%) and average balance declined by $1.8 million.Consumer installment loans: Interest income declined $130K due in part to two less days in the quarter ($63K impact). Average yield declined 6 bps (5.57% vs. 5.63%) and average balance decreased $2.4 million. Payment plan receivables: Interest income declined $118K due to a $3.9 million decline in average balance. Other FactorsSecurities and investments: Interest income increased $110K due to an increase in average yield of 7 bps (1.53% vs. 1.46%) and an $11.2 million increase in average balance. Deposits and borrowings: Interest expense declined $329K due primarily to a 9 bps decrease in the funding cost (0.42% vs. $0.51%) that was partially offset by a $9.8 million increase in average interest-bearing liabilities. Two less days in quarter reduced interest expense by $32K.    10 

 Non-interest Income  2015 Non-interest Income Breakout  Highlights  Diverse sources of non-interest income which totaled $9.0 million in 1Q’15.1Q’15 total non-interest income represents approximately 33.1% of total revenue (net interest income and non-interest income).New debit card brand agreement executed in January 2014. Debit card conversion took place from June to September 2014. 1Q’15 interchange revenue up $0.2 million, or 10.4%, compared to 1Q’14.1Q’15 gains on mortgage loans totaled $2.1 million, up $1.0 million, or 87.0%, from 1Q’14.1Q’15 mortgage loan servicing includes a $0.7 million impairment charge on MSR’s (approximately $0.02 per diluted share after tax). At 3/31/15 mortgage loans serviced for others totaled $1.65 billion with a weighted average coupon rate of 4.41%.  Non-interest Income Trends  11 

 Non-interest Expense  Non-interest Expense ($ in Millions)  Highlights  Q1’15 non-interest expenses totaled $22.2 million (a decrease from both Q1’14 and Q4’14).Target for 2015 is total non-interest expenses at $21 million to $22 million per quarter (with an average at $21.3 million) – representing a 5.4% reduction over 2014 actual.Q1’15 compensation and benefits includes $0.2 million of severance costs related to the upcoming branch consolidation and other personnel reductions.Branch consolidation (six offices) expected to occur on April 30, 2015. Estimated annualized reduction in non-interest expenses of $1.6 million.   Note: Efficiency ratio is defined as non-interest expense, excluding amortization of intangibles and non-recurring expense, as a percent of net interest income and non-interest income, excluding realized gains on securities and non-recurring items.  12 

 Investment Securities Portfolio  High quality, liquid, diverse portfolio with short duration.77% of the portfolio is AAA rated (or backed by the U.S. Government).1.9 year estimated average duration with a weighted average yield of 1.53%.Approximately 40% of the portfolio is variable rate.  Total Investments(1) FV : $583.4 millionNet Unrealized Gain: $2.5 million  Includes investments in bank CD’s of $11.6 million but excludes $0.2 million of trading securities.  Investment Portfolio by Type (3/31/15)  Investment Portfolio by Rating (3/31/15)  Highlights  13 

 Credit Quality Summary  Non-performing Loans ($ in Millions)  30-89 Days Delinquent ($ in Millions)  ORE / ORA ($ in Millions)  Non-performing Assets ($ in Millions)  Note: Non-performing loans and non-performing assets exclude troubled debt restructurings that are performing.  14 

Credit Cost SummaryProvision for Loan LossesLoan Net Charge-OffsAllowance for Loan LossesNote:  Dollars all in millions

 Classified Assets and New Default Trends  Total Classified Assets ($ in Millions)  Commercial Loan New Defaults ($ in Millions)  Total Loan New Defaults ($ in Millions)  Retail Loan New Defaults ($ in Millions)  16 

 Troubled Debt Restructurings (TDRs)90% of TDRs are Current  Working with client base to maximize sustainable performance.The specific reserves allocated to TDRs totaled $11.4 million at 3/31/15.A majority of our TDRs are performing under their modified terms but remain in TDR status for the life of the loan.89.7% of TDRs are current as of 3/31/15.Commercial TDR Statistics:95 loans with $29.8 million book balance.93.5% performing.WAR of 4.89% (accruing loans).Well seasoned portfolio; over 73% of accruing loans are not only performing but have been over a year since modification.Retail TDR Statistics817 loans with $76.7 million book balance.93.2% performing.WAR of 4.38% (accruing loans).Well seasoned portfolio; over 96% of accruing loans are not only performing but it has been over a year since modification.  TDRs ($ in Millions)  TDR Highlights  17 

 2015 Actual vs. Management Original Outlook  Category  Outlook  Lending  Modest growthGoal of mid single digit % overall loan growth, primarily supported by mid single digit % growth in commercial loans and consumer loans with modest increases in mortgage loans and payment plan receivables. Expect much of this growth to occur in the last three quarters of 2015. This growth forecast also assumes a stable to somewhat improving Michigan economy. 1Q’15 Update: Net loan growth of $13.0 million, or 3.7% annualized. Growth concentrated in commercial loans.   Net interest income  Modestly higherGoal of low single digit % increase in net interest income over 2014. Pressure on the net interest margin is expected to abate by mid-2015. Growth in net interest income over 4Q’14 level expected by 2Q’15 with continued acceleration in last half of 2015 due primarily to growth in loans as described above. Forecast assumes short-term interest rates remain at current levels until 4Q’15 (modest 0.25% increase in the federal funds rates expected) and mid- to long-term rates up slightly over year end 2014 levels. 1Q’15 Update: Net interest income of $18.1 million up slightly over 4Q’14, also NIM was 3.57% in 1Q’15 vs. 3.56% in 4Q’14.  Provision for loan losses  Steady to slightly improving asset quality metricsVery difficult area to forecast. Future provision levels will be particularly sensitive to loan net charge-offs, watch credit levels, loan default volumes, and TDR portfolio performance. The allowance as a percentage of total loans was at 1.84% at 12/31/14. Any credit provision in 2015 would largely be a function of recoveries of previously charged-off loans, pay-downs in the TDR portfolio (permitting the release of specific reserves) and low levels of new loan defaults. 1Q’15 Update: Generally improving asset quality metrics led to $0.7 million credit loan loss provision. ALLL stood at 1.73% of portfolio loans at 3/31/15.  Non-interest income  Forecasted quarterly range of $9.5 million to $10 million with total for the year similar to 2014Expect mortgage-banking revenues and mortgage lending volumes in 2015 to be similar to 2014. Expect modestly lower service charges on deposits (continued decline in NSF occurrences and related fees) and lower other non-interest income (due to decline in rental income on ORE properties). Expect higher interchange revenue (due to full year under new debit card brand agreement). 1Q’15 Update: Actual non-interest income of $9.0 million. Includes $0.7 million impairment charge on MSR’s.  Non-interest expense  Forecasted quarterly range of $21 to $22 million with full year low to mid-single digit % decline vs. 2014The expected decline in non-interest expenses compared to 2014 is primarily concentrated in compensation and benefits, occupancy and equipment and loan and collection costs. This reflects the branch consolidation, staffing reductions and reduced levels of non-performing assets and watch credits. The reduced expenses are expected to be concentrated in the last three quarters of 2015. 1Q’15 Update: Actual non-interest expense of $22.2 million. Includes $0.2 million of severance costs.  Income taxes  Approximately 31% to 32% in 2015. 1Q’15 Update: Actual effective income tax rate of 32.0%.   18  (1) Outlook as of 4/20/15 

 Strategic Initiatives  Balance SheetGenerate quality loan growth with continued focus on commercial and consumer installment lending as well as salable mortgage loans.Remain asset sensitive and positioned to benefit from higher interest rates (short duration investment portfolio, large variable rate loan portfolio and strong core deposit base with a significant amount of small to medium balance transaction accounts).Prudent capital management. Target TCE ratio – 10% to 11% near-term / 9% to 10% long- term. Priorities are: (A) capital retention to support (1) organic growth and (2) acquisitions; and (B) return of capital through (1) strong and consistent dividend and (2) share repurchase.Share repurchase plan approved for up to 5% of outstanding common shares. 71K shares repurchased in 1Q’15.Current cash dividend rate on common stock of six cents per share. Income StatementGenerate increased net interest income through change in earning asset mix (increased loans to deposits ratio and reduced level of investment securities).Increase non-interest income with focus on transaction related revenue (treasury management and debit card) and mortgage banking revenue.Continued reductions in non-interest expenses (credit related costs, branch optimization, process re-engineering and outsourcing).Improved efficiency ratio: 75% near-term (six to12 months); 70% mid-term (18 to 24 months) and 65% longer-term (over 24 months). Achieve improvements through combination of revenue growth and expense reductions. Enterprise Risk ManagementContinued asset quality improvements.Meet increased compliance and regulatory requirements.Focus on data security and loss prevention.   19 

 Independent Bank Corporation1st Quarter 2015 Earnings Conference Call  Question and Answer SessionClosing RemarksThank you for attending !NASDAQ: IBCP  20