Independent Bank : Named a Class of 2024 Piper Sandler Sm-All Star

IBCP

Independent Bank was one of 30 banks and thrifts that comprised the Piper Sandler Sm-All Stars Class of 2024. The list identified top performing small-cap banks and thrifts throughout the United States based on a variety of categories.

This year, Piper Sandler evaluated more than 300 publicly-traded banks and thrifts across the United States. To earn Sm-All Star status, companies were required to have a market cap below $2.5 billion and meet certain criteria related to growth, profitability, credit quality, and capital strength. Against industry medians, banks needed to outperform in earnings per share growth, loan growth, deposit growth and return on average equity, in addition to meeting nonperforming asset, net charge-off and tangible common equity ratio benchmarks.

Companies were then evaluated based on seven financial variables: year-over-year growth trends in EPS, loans, and deposits, with the last 12 months return on average equity (ROAE) also included. Asset quality measures included non-performing assets to loans plus other real estate owned (OREO) ratio and net charge-off ratio. Finally, the ratio of tangible common equity (TCE) to tangible assets (TA) was also included as an indicator of capital levels.

Banks in the Midwest region contributed 12 of the 30 members to this year's class, making this the largest number of members contributed by any one region this year. Independent Bank was one of the two banks selected in Michigan to receive the award this year. They also received this recognition in 2018 and 2023.

Disclaimer

Independent Bank Corporation published this content on November 07, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 08, 2024 at 20:50:34.120.