IBCP - Earnings call transcript Q4 2021 | Independent Bank Corporation

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Operator

Good morning, and welcome to the Independent Bank Corporation Reports 2021 Fourth Quarter and Full Year Result Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Brad Kessel, President and CEO. Please go ahead.

Brad Kessel

to welcome and morning, today's call. Good for call and you and year joining Company's us conference Corporation's full results. Bank Independent XXXX webcast quarter for fourth Thank to the discuss Executive am Officer. I President Kessel, and Brad Chief Officer; And joining Mohr, Rahn, Gavin me Commercial and Chief Banking. EVP EVP, Joel and is Financial

have direct good does today's regarding X can and copy we our presentation, historical of this yet a Before now to results. summary specifically a today's agenda will not forward-looking with another remarks, important prepared I release question-and-answer the am the us call The the very and I full then call, followed to high begin by note Slide year statements. access session remarks. Company's results our performance pleased level anyone of by core for If information already quarter like cautionary a press by the would XXXX. the you of on for at of independentbank.com. closing the it Page team, website, our issued you include provides strong generating for X morning,

our continue and We investing in on of technology. people to strategies execute

we of fourth PPP. and saw in the income, growth stabilization quarter, During loan growth, interest our net margin interest of net good across-the-board net

customers. by commercial is customers new well existing - continues as highest of at be level its to in the Our robust pipeline gathering, many quarters deposits as addition

have tapered in strategies mortgage it interchange In current growth continue solid gains addition positive our to generate while down continue be to in revenue.

have commercial of loans. full a to our the our markets trends we front, year continuing forward not very just X.X% and we these net the of in and XXXX. for the We pleased watch low quality more at could into with asset the level moment about dues I credits On as look excited past well as portfolio recoveries be

$X.XX million per X year fourth the of loan increase of Net income mortgage net prior diluted income million annualized. $X.XX XXXX of Bank million. or period. on of reported or XX.X% share portfolio $XX in or an growth quarter Corporation highlights $X.X net Turning share to income volume million fourth million mortgage origination PPP and million $XX.X versus interest The Independent Page of $XX.X in diluted per quarter Net XX.X% net in annualized; over gains $XXX.X or total loans X.X% increased $XX loans for XXXX. the excluding by of included loans

metrics by a payment dividend during $X.XX and and quality asset well nonperforming loans strong November XX, evidenced as assets; nonperforming low level loan and of XXXX. on common as stock per charge-offs Continued quarter; our on share as the a of

Michigan compared to growth of of is We share XX.X% loans on a X.X% Turning in gains by Net of for or the average increase income net XXXX equity diluted and in and XX, $X.XX annualized. year annualized. and an increases in income net increase or were diluted in in include common by would and income and deposit non-interest good return offset snapshot to in income primarily earnings or December increase $XXX.X in losses $XXX.X on Highlights third XXXX, Annualized for per to off total which deposits equity share. expense origination XXXX of mortgage and X as a interest XX.X% expense. in income XXXX. during provision net County XXXX the in share point decrease $XX.X respectively, mortgage our income a per The $XX.XX Page $XX.X out to in that opened XX.X% diluted tangible the of Ottawa net Net partially decrease of for of of year dividends County production record provides XX% metrics our average net $X.XX ended - for reported to growth loan strong million billion. non-interest per assets I and share full our loan loans in full volume credit paid of the Macomb company to an in markets. XXXX two and $XX.X respectively. income X.XX% reflects and XXXX quarter net per of tax of $X.X and offices a compared increased ended portfolio million start. million full X% X.X% are or year compared million share, million X Page that year a per increase $X.XX

result, new a As in the service half office County open a we XXXX. first of do full plan Ottawa during to

several display Overall, state we average X, Michigan, Page of to improvement of economic unemployment key the rate X.X% statistics the continued we for at in for are Turning X.X%. seeing above national now the Michigan.

of are segments state and many the economy, noticeable increase today pre-COVID. having operating wages our XXX,XXX shortages in However, an of on workers Michigan to markets impact has business in in hours. Labor fewer as including our a reductions compared employed

deposit new provide in customers. Page while continued our of portfolio overall many On manage the effectively purchases. our in shortages home applications volume home cost growth to as sales. many couple levels strong our inventory That we as of levels climb a negatively composition In very prices of markets. continue businesses in many charts reflecting as sale at stimulus for to record said, to government lows, we of working base, are this and also impacting continue XX, have the our constrained be funds. our Extensive to for continue addition, well of in chain result to home of in supply deposit levels overall increased Regional the markets continues average

XX, into we Bank’s Independent Page relating to Turning few a have transformation. highlights digital

whole second our turn ONE over few good the loan one growth utilization plus see time, wallet Wallet, our ONE comments to this and I Joel would to share on like our ONE to platform. portfolio. Following in quarter the presentation a to conversion, rates continue we bank Wallet+, Treasury At Rahn

Joel Rahn

XX, On Brad. you, update portfolio. of Thank our provide billion an $X.X Page we

For the million. fourth balances decreased quarter commercial $XX.X

$XX increased for portfolio and PPP by activity, by However, the commercial if grew commercial quarter you excluding million exclude our X.X%. year loans, PPP balances the our for

Looking growth quarters portfolio and the annualized is of at the fourth of an third at commercial XX%. nearly pace more increased the annualized closely

Brad balances In our by million. mortgage commercial and strong, increased As our expect the solid residential commercial said, pipeline fourth is quarter by in very XXXX. growth quarter, million $X.X balances and $XX.X installment increased loan of we first the

down loans. loan to pace to And rotation COVID-related are which believe lower Page we're from continue turn mortgage strength. our or higher XXXX. display peak to about We optimistic investments at levels track in residential to double-digit we the grow on declined yielding on these of update loans one in earning pipeline mortgage Our accelerate, to low X.X% ability asset while an continues of $X.X our to total from remain provide million the in a portfolio. modifications we modifications, We loans December Of XX, to XX. yielding our

XX, to administration the banks Protection page we Program. the update provide on an Moving of Paycheck SBA

of net $XXX,XXX had As in $XX.X in and balances outstanding million XXXX, unaccreted fees. we December XX,

of which a Consistent $X.X XXXX. the forgiven interest an $XXX income X.X%. comprised in nature. portfolio On remaining the pressures. you'll indicates The and $XX fees into remaining concentrations our very fees C&I office, metrics million or of largest that the $XXX variety of granular the retail be loan billion or display And very and being X%. chain of of real manufacturing accreted our the or expect commercial supply with quarter is during and Page first pandemic commercial resulting X% largest million categories, be the is XX% million held quarters, portfolio loans of well prior the XX, we was note XX% to the The We this of that the is portfolio. at estate, of portfolio related, portfolio is through which credit is majority up at comprised medical is concentration of to

So XXXX. a investments, quality, at comments over presentation to financials, on for I'd few our the capital, time, outlook Gavin our this share and like credit to to turn

Gavin Mohr

Page our XX Net of everyone. Thanks, Joel, from interest presentation. good income starting the ago and $X.X increased morning, I'm million year period. at

during XX the I'll Our were moment. from quarter contains tax basis topic analysis quarter margin. in income $X.X basis a and the increase in five third downside $X.X X.XX% one fourth Page in net detailed in $X.XX quarter assets which in margin up on quarter more the detailed in the billion of was compared a interest is billion the Average XXXX have more period, interest and year linked the some quarter, XXXX. of a XXXX. net and of decrease interest third quarter the of the to ago point equivalent from fourth ago XXXX, this year points interest-earning net of comments billion

quarter negative securities was by basis had in a assets and in impact loan had factors and on for basis of of available point. fourth had one change loan mix, points three liquid three mix impacted decrease the negative yield interest basis net Our impact in a margin an XXXX, sale four Growth yield negative over the a negatively points. impact a

for specifically comment in on interest interest will XXXX We income outlook presentation. more the later our for the net and margin net

lower quarter the remained $X.X slowed net to of in quarter well third of quarter Page refinancing to compared of loan strong million, as sales Mortgage a in $XX.X of fourth gains mortgage to in loan decrease was pipeline volume XXXX. quarter totaled $XX.X and XX, in in these due XXXX. ago fourth applications mortgage loans in million on as the $XX.X the the quarter on the the gains quarter Fourth fourth profit in totaled mortgage - XXXX loan Moving decrease The year income non-interest margins. and compared as XXXX, sales loan million in million million $XX.X the although XXXX. application

share of positively purchase to a downs rights to volumes in loan tax to due the on due strong, million servicing be capitalized per gain servicing price value loan to quarter income fourth mortgage in $X.X continued $X.X $X.XX or due impacting increase pay of Our million non-interest mortgage after and million a decrease $X.X diluted the mortgage XXXX. was a

decreased in an million costs overtime unfunded The hiring catch-up The in of lending unfunded fourth due were non-interest Page on raises affected quarter million increase as the fourth the million expense totaled that in processing $XX.X quarter to higher related the XXXX our and of Performance-based to $XX.X quarter XXXX. to of the a balances. commitments fourth the XXXX data in XXXX. of accrual quarter $X.X due to at increased Compensation the the lending compared included to increase and conversion. of million third $XX to for lenders million start the related year. reserve new year of detailed $X.X year to XX, million commitment quarter prior of compared compensation in due As $X ago quarter

these We continues total commitments assets information more current Page provides to will $X.X XX.X% XX, at non-interest loan $XX XX, totaled other the September This XX were December at provides on December defaults, Page highlight XXXX. new assets data classified XX, XXXX, and non-performing Page data on and portfolio delinquent defaults additional assets loan of XX, days there of million presentation. with being portfolio December XX later outlook new XX decreased information million December Loans $X.X perform on for that non-performing some on in well to X.XX% XX, XXXX. at XX asset to Total million our million full would commercial XX estate, have quality to provides on TDR year XXXX. early-stage our including XXXX. XXXX. were loans, I $X.X for expense at no assets. non-performing real at delinquencies. compared or loans

outlook the of a $X.X the quarter or XX, fourth the totaled and quarter, Page ago million State compared the credit for to XXXX. to allowance XXXX. provision the we The XX of recorded on year update loan to loans. portfolio of compared to loans actual excluding in on a our Bank the of and quarter January a Page million original of Traverse provided million $X.X remaining in provision XX, X.XX% in losses in outlook see loans credit provision for expense Moving $X.X million, XXXX XXXX. losses year City during credit $XX.X the for of how third ratio increases we performance when our This is acquired December PPP that XXXX to X.XX%

by low XXXX the loans annualized. increased a of quarter loan and loans $XX.X offset in estimated in a loans million loan outlook growth XXXX. to the Growth million in Our mortgage $XX.X commercial fourth or due in installment the X.X% in decrease PPP fourth in of decline quarter were balances single-digits

XXXX of at grew XX.X% total full our above the loans during Excluding annualized portfolio PPP rate forecasted loans, year range.

For full over interest forecast. X% our increased income is by net than which year XXXX, XXXX, higher

is fourth steeper year million of processing which expense in for The interest been than expense the full net margins slowed XXXX. quarter an within investment fourth the has reserve the deposit securities unfunded solid, increase to forecasted in benefits, the lower of that Non-interest growth and for than pipeline deployed interest yielding recoveries primary fourth although a into continues of $XX to basis million XX subjective is targeted million X.XX%, our XXXX points year to forecasted range charged net commitments data for related to to in range employee The expense million. variances. and margin $XX full the Non-interest anticipated the compensation fourth provision loans of total range. quarter of XXXX the decrease caused the than $XX $XX.X higher that was which credit decline the provision expense XXXX range. categories were of of the However, of is a primary reason income was to drivers our forecast largely quarter off. lower previously adjustment primary decrease in our activity of exceed these quarter our be The Increases for average in based XXXX, that an X.XX in the for $X.X totaled loans. million target in the below of portfolio This were lending refinance quarterly $XX.X X.XX for loan is year non-interest million. to mortgage allocations million losses of full and provision XXXX down credit on outside factors losses $XX.X this

tax-exempt for to year quarter of Our expected fourth to lower respectively, forecast. is This than higher our levels effective a part was income XX.X% full a income. in of XX.X% interest due of tax than rate the bit XXXX

shares company year XXXX. the Lastly, XXX,XXX purchased the average full cost of an at $XX.XX for

our Page to will XXXX. initial XX, summarize Turning this for outlook

year is section are in loan first and anticipate range loan rate XX%. growth of growth growth. full low a We The double-digit the targeting

We Michigan three in improving This expect all outlook to see across economy. categories. loan assumes growth

X% interest to forecasting net growth of income, low X% where over is single-digit year a Next are full we XXXX.

yields forecast and June interest target would up net rates increase XXXX year the year $XX long-term Full $XX earning on expense basis to allowance average margin to rate a lower slightly assets. trend XX% X.XX% year of unreasonable. non-interest We million. a for Related compared with approximately expect funds provision the to points XXXX XXXX to XX XX by This by to million X.X% to full federal the assumes primarily and range due end. be income, for loans estimate in to declining quarterly credit losses of not to of September we

to declining decline expect in We volumes origination with loan by the mortgage combined loans. XX% on approximately XXXX sold margins

to X% a is X% year, total, million the the range million XXXX for Our below $XX.X non-interest expense outlook for quarterly to for $XX.X at actuals.

employee to and be compared XXXX. conversion-related expenses and compensation total lower in expect to XXXX We benefits

for XXXX. of XX.X% an statutory does federal tax at the rate approximately tax income not it outlook change rate effective income assuming corporate during Our

the to be to Lastly, share the over would of X% call shares. concludes at we turn my of will prepared midpoint outstanding our believe approximately Brad. like back authorization remarks. That of now the I repurchases

Brad Kessel

initiatives. high Thanks, key level our Gavin. of a strategic Slide displays view XX

harvested our in seeds were the prior banking investments have the we planted year, past in others this mortgage years. years business. business This prior when included During fruit the exiting of in

volumes, and our service have over in base years, servicing produced As material for a a others. strong with increase record over the income customer in overall result, fee balances XX% we origination last few increase

rate finance a seen activity increase to our other have in technology decline overall refinance improve higher moving be we environment, volume to of probability goals. home significant continues heightened to platform made experience and customer investments purchase the we a productivity the to strong. in XXXX, our With In amongst

These believe specifically in in improve significant investment. growth people investments were year by already begin we with of in and human XXXX commercial strong this the commercial we this very positive very expansion have seen We pipeline XXXX. some XXXX results showing fiscal I see continued in our very XX%. capital will are recruitment productivity over as already team investments banking made and results and

share our for for we like positioned point, We well call earnings are up consecutive increased eight XXXX years. per have beyond. dividends now believe At questions. this and would I and open to for we the

Operator

Brendan first with Instructions] Nosal comes [Operator from Sandler. Our question Piper

ahead. go may You

Brendan Nosal

little fairly a cost the to inflationary digging into the mean feels environment. down start X% Maybe off just given to expenses here, X% optimistic outlook more I

call between slide you three expense guidance us So pressure? into how a you that drive tied in improvement wage areas know despite year maybe this the help you declining that can the then out and comp breakdown

Brad Kessel

talk this how Yes, the thanks the slide had referencing that on Yes incentive outperform. is year we based did compensation aware the as compensation, we the as we Brendan. is - so, budget are structured, you about current again,

higher. - year, accrual not be that was the will We the next will believe case. it So be

coming it's through the incentive really So, piece. reduction in

anticipate that lower the if relating overtime, not this were Those in production reduced well, as mortgage goals, all the tied have incentives expenses year. that conversion related to greatly We conversion in fully beyond reduced, broad to lower company reduction just production.

we the those then had can declined the we've this as the XXXX credit in seen, class. asset commitments outstandings, the just but that outstandings other see, unfunded availability quarter significantly. balanced lending out in the you seen an necessarily pointed we not saw and we've thing As And through growth of here that increase

Brendan Nosal

of ratio percent right, all to me of kind for provisioning healthy. Maybe very of kind me mean turning coverage Got and is helpful one it strikes reserve that's more needs color. X.XXish

heftier provisioning was of thinking, terms for coverage strong XX bps outlook ratio. then bit given probably of a loans I XX that in was the So to

little you how left to that of move can maybe into So flex the reserve and much that Thanks. through offer allow how might you factors as COVID reserve have in you a insight we lower in bit the today year? ratio

Brad Kessel

great Yes, another question.

within subjective. total in are subjectively, factor. There reserve, currently the XX is related we as million as that $XX.X form some or COVID points the So to would define is loans there basis within reserve

is growing, point the your we're but - is our be so And the you could loans our, potential so know, are there factor, what to there, I really Bren is seeing pooled in some strong growth we've costly seen that - the that the is because portfolio the of assets, losses. of booking growth the to most in And allowance flows mortgage one credit for for terms cash in of and the guess, of length reserve

So that's the offset.

this So quarter-over-quarter was down objective did it if loan just but come the offset by growth. $X million, actually

Operator

comes Our with next KBW. question from Damon DelMonte

go now may ahead. You

Damon DelMonte

into margin the So you regarding know down mentioned guidance Is first quarter. guidance, the taking or be the the where mentioned past a like reported the you core which that question it PPP from XXXX? was to account during bit I impact this margin, that is, margin it you think included

Brad Kessel

that think is through we margin. core be reported very the Great will The very, question, stable XXXX. so

Damon DelMonte

And Okay, helpful. some we income the when decline - look banking. positive the other all sorry bit you expected outlook, What drivers that little more could mortgage you mean, in revenue elaborate a for? then outlook that's could non-interest great right the I are the on consider of

Gavin Mohr

So one couple factors there of right. the a

apologize let talking rate about me non-interest are So I I one, guess income reschedule. factoring yes you we increases. are into

Damon DelMonte

income? non-interest Yes

Gavin Mohr

Yes okay.

see good are But the charges offset as SFBS income as the in very industry we in growth as fees in Treasury seeing related all the deposits. management forecasted area it's as yes, service think X% continue Management service we that I anticipating. to growth year-over-year on decline is treasury well. We it we will interchange approximately down, can is saying to that well So charges be think

more a you gives that context. So little

Damon DelMonte

split? it is And for area loan that outlook, do pretty one Yes, CRE growth or you. outlook. the one other that's you over and loans just kind does this between see breaking C&I then commercial thank better strong guess you equally I talk when it on is helpful, set the lastly, out up growth about of How

Joel Rahn

split. Joel, Yes, are We've real on design this we running it. estate. very to like is And versus keep C&I balance maintain going evenly that been XX/XX roughly by we that want investment to

those forecasting us to maintain we're And growth that's that important buckets. we yes in of So to want discipline. both that

Operator

Gunther Russell next Our D.A. comes Davidson. question with from

You may now go ahead.

Russell Gunther

on remarked XX% CRE on follow the a up you double-digits loan Appreciate Just just and color quick the versus discussion. what C&I. growth on the

of resi you that wondering down family how XX% think portfolio would Just do be given sense an that to to across get of less mix a within breaks you to similar growth, the commercial a XXXX XX% want expected there to for just outlook, today, classes? appetite be asset single

Brad Kessel

question. great Yes,

the So to indicate we mix. are sensitive to

three going be categories this pretty a growth year good loan rates, we'll like level what representation next think is of I to across going The forward. is year. the

Russell Gunther

full And Okay picture the guide. you mentioned XXXX. do? Do your something line would - included - you two look it sounds quarter like in that's the that's XX% expansion very came But in LPOs markets bigger in that LPOs third is to helpful. on in service that of or strategically then consider guys adjacent opening you not

Brad Kessel

I the question, are terms are Russell, of - online because function two guess that in not growth so. loan I'm LPOs clear those of forecasts a your

Russell Gunther

bigger further additional are than something I if guys picture do? strategically, asking even you think Is about you if afield do kind you wasn't bit no sorry I typically LPOs Yes, of look a understood. what clear. that adjacent to in footprint. would markets was I'm in would

Brad Kessel

Yes, okay yes.

the in said in a. know recruits. year new team is always and as are Having team. and our a function our adding so a we're growing so the continue I probably ongoing grown to open dialogues I we've there substantial that, by desire say to you now, do So we last and to right Joel would success LPOs And think have amount talented mentioned, of additional

and blend think existing team. culture them an to effort the into our I important with

it's can't not to it's it happen, a So I'd what accomplish. we're we're trying XXXX huge of say not not, forecast but as part we

Russell Gunther

Brad. the there to appreciate then And thoughts margin. your switching Understood, and gears I

isolate guys for to the NII So terms point Funds be your Fed in Could deposit in assuming and Brad move basis you that around and what your analysis? a I expectations you margin assumptions. what of would thoughts thoughts, basis your rate XX your appreciate in means

Brad Kessel

And we first question to beta think able points the one is will the hold rates of there great two very increasing then XX what Yes, so couple that that's basis on basis the assumption to be beta, points back low on deposit low margin. it. really

Russell Gunther

what Okay, then one in thinking contraction very in portfolio And helpful. you NII guide, your XXXX? last is do the within size me potential overall in guys growth for terms or of the investment of terms

Brad Kessel

Yes portfolio have that we I to don't so, asset there optimistic reasonable size through on rotation in level declining maintaining shrinking, anticipate are is the be loan would take XXXX. year an depending will current the experienced when also, the - will place but we the to it drastically just take of slightly or growth.

Operator

comes question next & from Scattergood. Boenning Our Daniel with Cardenas

go now may You ahead.

Daniel Cardenas

specifically it in little a lending give the of headwind color us various to factors you that as you out as to that growth loan there, question side, competitive your Do to kind markets? the relates on could see a XXXX? of are as bit Quick in pricing

Brad Kessel

that break Let's down.

with a about bit little and go maybe talk first Let's Joel, commercial that.

Joel Rahn

that the you rate is environment got rate there being loans already will Yes, lot you - increase there's around a was, that frankly in market, you the Treasury pricing squeeze then on a for banks forecast And industry the than little the to always a dramatically some do, seemed in increasing know, community in that. bit. you the on we're are different it we've know, assets, don't the competition that is little increase know, bit of XXXX. yield being, a the lag factor. fixed been hikes pricing. We in whole mean XXXX, Yes, of some, but in is help the following mean, always know, I market so smaller looking when bond kind seeing of see the I pricing, And state any

philosophy. a are industry in the our slightly pressure rates move keeps little got obviously. on rising, Everyone's as margins the different bit because, it So tandem, a doesn't

with good pressure fair So yes, finding product really and win quality. there's returns going on there, at business continued to to we're way be focus a but a

Brad Kessel

think competitive. to mortgage very is I over the And side, add very, on it that

the there. You there's to I you'd have the which last the and right on was pressure We've type less a jumbo for that lot it both pricing, of pricing. writing year, non-saleable conforming through margins some the seen go think and then We've some an know, than seen and on be saleable example, conforming as top. historically premium of that

in QX And so, year fighting in being for as know It yes, considered believes in and overall we the and terms heightened early long challenging hard our Independent real be part its forecast business more the we're we've in little definitely that haul. the of mortgage you competitiveness. whatnot, the may and a here, but of the side is

Daniel Cardenas

I deposit about But growth. side loan what's on Is XXXX? think think the keep I of growth should going how going that with in then outlook don't forward? to it's And excellent. lockstep the deposit Okay kind

Gavin Mohr

now to you if outpace that's the first going will We shot, deposits, Gavin growth year, deposit flip seeing coming can years long how take they'll growth think this stick. very forecast, in difficult couple have I for we you of loan significantly. know to and surge a

I think but pretty we deposits to what will flat it's directly how direct - and keeping move, it be forecast, rates so. in our fast are related not,

Brad Kessel

Back to run Xish years. a last percent nothing in the levels, we've historical that much what to seen few rate more

Daniel Cardenas

digital traction. me as is about something franchise? you do your Is platform or to that as platform gain digital think that grows continues case? question Okay, not guys from excellent. to that last the then your branch your contract How necessarily And would begin

Brad Kessel

same the over over - I years, than the deposits and And constantly back. great think really, that has will another we've years, per did we forward. am the eight that XXXX, we call XX XXXX/XXXX doubled go what at Independent the and decline. number per it the continues sorry, is footprint the branch well a has the have the the had that's early consolidated for average time, moving likely whole of to to We conversion average average, help fielded locations And In we that At more digital than locations. some that we profitability looking transactions timeframe bank XXXX over paired branch. really transformation more doubled XXX question. the changed. We We're has branch significantly We're and forward eight, Daniel, do last at looking FTE going to eight optimization. in I additional we XXXX, really as at the location. us the

reasonable in would to think the So it coming additional back see us quarters. some I be scaling

Operator

to our I'd turn concludes answer Kessel, session. like This conference over to remarks. for any closing Brad back the question and

Brad Kessel

would member or common done our in his our member by management I In the also being job continue to each our to for Board associates Directors want her continues to I own our to team leadership. closing, and our all goal to their be of of part that senior their way, guiding independent. of support proud so be to and team, do thank like thank our each customers of

a great for Finally, Independent for on Have joining us like I interest in to thank and day. would of your you today's each call. Bank Corporation,

Operator

presentation. conference you The today's now for Thank has concluded. attending

now may disconnect. You

Independent Bank (IBCP) 27 Jan 222021 Q4 Earnings call transcript