William B. Kessel, President and CEO, 616.447.3933
Gavin A. Mohr, Chief Financial Officer, 616.447.3929
INDEPENDENT BANK CORPORATION REPORTS FOURTH QUARTER EARNINGS OF $0.89 PER DILUTED SHARE; BOARD AUTHORIZES 5% STOCK REPURCHASE PLAN
GRAND RAPIDS, Mich., January 22, 2026 - Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2025 net income of $18.6 million, or $0.89 per diluted share, versus net income of $18.5 million, or $0.87 per diluted share, in the prior-year period. For the year ended December 31, 2025, the Company reported net income of $68.5 million, or $3.27 per diluted share, compared to net income of $66.8 million, or $3.16 per diluted share, in 2024.
Highlights for the fourth quarter of 2025 include:
•An increase in net interest income of $1.0 million (2.2%) over the third quarter of 2025;
•A net interest margin of 3.62% (eight basis point increase from the linked quarter);
•A return on average assets and a return on average equity of 1.35% and 14.75%, respectively;
•Net growth in loans of $78.0 million (or 7.4% annualized) from September 30, 2025;
•Net growth in total deposits, less brokered deposits of $57.1 million (or 4.8% annualized) from September 30, 2025;
•An increase in the tangible common equity ratio to 8.65%; and
•The payment of a 26 cent per share dividend on common stock on November 14, 2025.
“Our fourth-quarter performance marked the culmination of another remarkable year, with our organization excelling on all fundamentals,” said William B. (“Brad”) Kessel, the President and Chief Executive Officer. “Over the past year, we increased tangible book value by 13.3% and delivered near record earnings. Meanwhile, our dividend payout ratio was 32% for the year as we continue to recognize the value of returns to our shareholders. During the fourth quarter, we realized continued net interest margin expansion, strong loan growth and increased non-interest income despite the third quarter reflecting elevated revenue from an annual incentive payment related to our debit card program. In addition, our credit quality metrics remain positive, with watch credits and non-performing assets below historic averages. In anticipation of continued strong earnings, we repurchased shares and executed a tax credit transfer agreement during the fourth quarter which is expected to reduce tax obligations and enhance earnings per share. Looking ahead to 2026, our confidence is bolstered by a robust commercial loan pipeline and our on going strategic initiative to attract and integrate talented bankers into our organization.”
1
Significant items impacting comparable 2025 and 2024 results include the following:
•Net interest margin improved to 3.56% for the year ended December 31, 2025 from 3.38% the previous year.
•Income tax expense included a $1.8 million benefit ($0.09 per share) resulting from the execution of a tax credit transfer agreement (TCTA) related to the purchase of $22.9 million of energy tax credits during the three-month and full year ended December 31, 2025, compared to no such benefit in the prior year.
•Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $0.2 million ($0.01 per diluted share, after taxes) and $(2.2) million ($(0.08) per diluted share, after taxes) for the three-month and full-year ended December 31, 2025, respectively, as compared to $6.5 million ($0.24 per diluted share, after taxes) and $4.5 million ($0.17 per diluted share, after taxes) for the three-months and full-year ended December 31, 2024, respectively.
•The provision for credit losses was $6.1 million ($0.23 per diluted share, after tax) for the full year ended December 31, 2025, compared to $4.5 million ($0.17 per diluted share, after tax) for the full year ended December 31, 2024.
Operating Results
The Company’s net interest income totaled $46.4 million during the fourth quarter of 2025, an increase of $3.5 million, or 8.2% from the year-ago period, and up $1.0 million, or 2.2%, from the third quarter of 2025. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.62% during the fourth quarter of 2025, compared to 3.45% in the year-ago period, and 3.54% in the third quarter of 2025. The year-over-year quarterly increase in net interest income was due to an increase in the net interest margin and an increase in average earnings assets. Average interest-earning assets were $5.16 billion in the fourth quarter of 2025, compared to $5.01 billion in the year ago quarter and $5.16 billion in the third quarter of 2025.
For the year ended December 31, 2025, net interest income totaled $180.0 million, an increase of $13.8 million, or 8.3% from the prior year ended December 31, 2024. The Company’s net interest margin for the year ended December 31, 2025 was 3.56% compared to 3.38% in 2024. The increase in net interest income for the year ended December 31, 2025 compared to 2024 reflects an increase in average interest- earning assets as well as an increase in the net interest margin.
Non-interest income totaled $12.0 million and $45.6 million, respectively, for the fourth quarter and full year of 2025, compared to $19.1 million and $56.4 million in the respective, comparable year ago periods. These changes were primarily due to variances in mortgage banking related revenues. The full year period of 2025 also included a decrease in gains on equity securities at fair value.
Net gains on mortgage loans in the fourth quarters of 2025 and 2024, were approximately $1.4 million and $1.7 million, respectively. The decrease in net gains on mortgage loans was due primarily to a decrease in the volume of mortgage loans sold. For the full year of 2025, net gains on mortgage loans totaled $6.8 million compared to $6.6 million in 2024. The increase in net gains on mortgage loans was due to a higher loan sale margin on mortgage loan sales that was partially offset by a decrease in the volume of mortgage loans sold.
Mortgage loan servicing, net, generated gains of $0.9 million and $7.8 million in the fourth quarters of 2025 and 2024, respectively. For the full year of 2025 and 2024, mortgage loan servicing, net, generated income of $0.8 million and $9.4 million, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. Capitalized mortgage loan servicing rights totaled $31.5 million and $46.8 million at December 31, 2025 and 2024, respectively.
2
Mortgage loan servicing, net activity is summarized in the following table:
Three months ended
Twelve months ended
12/31/2025
12/31/2024
12/31/2025
12/31/2024
(In thousands)
Mortgage loan servicing, net:
Revenue, net
$
1,656
$
2,233
$
6,801
$
8,914
Fair value change due to price
160
6,519
(2,168)
4,540
Fair value change due to pay-downs
(917)
(991)
(3,573)
(4,007)
Loss on sale of originated servicing rights
—
—
(233)
—
Total
$
899
$
7,761
$
827
$
9,447
Non-interest expenses totaled $36.1 million in the fourth quarter of 2025, compared to $37.0 million in the year-ago period. For the full year of 2025, non-interest expenses totaled $138.2 million versus $135.1 million in 2024. The decrease during the quarterly period is primarily due to lower incentive based compensation attributed to lower expected payout levels, lower data processing expenses and lower advertising expense.
The Company recorded an income tax expense of $1.7 million and $12.8 million in the fourth quarter and full year of 2025, respectively. This compares to an income tax expense of $4.3 million and $16.3 million in the fourth quarter and full year of 2024, respectively. As discussed previously, the 2025 fourth quarter and full year income tax expense includes a $1.8 million benefit resulting from the execution of the TCTA, compared to no such benefit in the prior year.
Asset Quality
A breakdown of non-performing loans by loan type is as follows:
12/31/2025
12/31/2024
12/31/2023
Loan Type
(Dollars in thousands)
Commercial
$
23,531
$
54
$
28
Mortgage
8,683
7,005
6,425
Installment
860
733
970
Sub total
33,074
7,792
7,423
Less - government guaranteed loans
9,947
1,790
2,191
Total non-performing loans
$
23,127
$
6,002
$
5,232
Ratio of non-performing loans to total portfolio loans
0.54
%
0.15
%
0.14
%
Ratio of non-performing assets to total assets
0.44
%
0.13
%
0.11
%
Ratio of allowance for credit losses to total non-performing loans
274.33
%
989.32
%
1044.69
%
The provision for credit losses was $1.9 million and $2.2 million in the fourth quarters of 2025 and 2024, respectively. The provision for credit losses was $6.1 million and $4.5 million in the full year of 2025 and 2024, respectively. The provision for credit losses in 2025 was primarily impacted by the growth in commercial loans, a decrease in prepayment speeds on retail loans and increases in unfunded lending commitments. The Company recorded loan net charge-offs of $0.4 million and $0.3 million in the fourth quarters of 2025 and 2024, respectively. At December 31, 2025, the allowance for credit losses totaled $63.4 million, or 1.48% of total portfolio loans compared to $59.4 million, or 1.47% of total portfolio loans at December 31, 2024.
The increase in non-performing commercial loans year-over-year is primarily due to one commercial relationship where the borrower is experiencing financial difficulties.
Balance Sheet, Liquidity and Capital
Total assets were $5.51 billion at December 31, 2025, an increase of $167.6 million from December 31, 2024. Loans, excluding loans held for sale, were $4.28 billion at December 31, 2025, compared to $4.04 billion at December 31, 2024.
3
This increase is primarily due to growth in commercial loans. Deposits totaled $4.76 billion at December 31, 2025, an increase of $107.6 million from December 31, 2024. This increase is primarily due to growth in savings and interest-bearing checking, reciprocal, and time deposit account balances that were partially offset by decreases in non-interest bearing and brokered time deposits.
Cash and cash equivalents totaled $138.4 million at December 31, 2025, versus $119.9 million at December 31, 2024. Securities available for sale (“AFS”) totaled $495.9 million at December 31, 2025, versus $559.2 million at December 31, 2024.
Total shareholders’ equity was $503.0 million at December 31, 2025, or 9.14% of total assets compared to $454.7 million or 8.52% at December 31, 2024. Tangible common equity totaled $473.7 million at December 31, 2025, or $23.05 per share compared to $424.9 million or $20.33 per share at December 31, 2024. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a reduction in the accumulated other comprehensive loss.
The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:
Regulatory Capital Ratios
12/31/2025
12/31/2024
Well Capitalized Minimum
Tier 1 capital to average total assets
9.36
%
9.58
%
5.00
%
Tier 1 common equity to risk-weighted assets
11.24
%
11.74
%
6.50
%
Tier 1 capital to risk-weighted assets
11.24
%
11.74
%
8.00
%
Total capital to risk-weighted assets
12.49
%
12.99
%
10.00
%
At December 31, 2025, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $774.2 million and $1.24 billion, respectively. We also had approximately $456.3 million in fair value of unpledged securities AFS and HTM at December 31, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $428.3 million.
Share Repurchase Plan
On December 16, 2025, the Board of Directors of the Company authorized the 2026 share repurchase plan. Under the terms of the 2026 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2026. For the full year of 2025, the Company repurchased 407,113 shares of its common stock at an aggregate cost of $12.4 million.
Earnings Conference Call
Brad Kessel, President and CEO, Gavin A. Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, January 22, 2026.
To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: https://register-conf.media-server.com/register/BIda5dc0f6055c4175bbaa1e1fddbc12fa
In order to view the webcast and presentation slides, please go to https://edge.media-server.com/mmc/p/f4iidb88 during the time of the call. A replay of the webcast will be available until January 22, 2027.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of $5.5 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 insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
For more information, please visit our Web site at: IndependentBank.com.
4
Forward-Looking Statements
This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.
Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; the outcome of litigation proceedings to which we are or may become subject; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
5
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
December 31,
2025
2024
(unaudited)
(In thousands, except share amounts)
Assets
Cash and due from banks
$
52,235
$
56,984
Interest bearing deposits
86,152
62,898
Cash and Cash Equivalents
138,387
119,882
Securities available for sale
495,909
559,182
Securities held to maturity (fair value of $282,830 at December 31, 2025 and $301,860 at December 31, 2024)
309,523
339,436
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
18,102
16,099
Loans held for sale, carried at fair value
9,031
7,643
Loans
Commercial
2,213,557
1,937,364
Mortgage
1,524,821
1,516,726
Installment
537,907
584,735
Total Loans
4,276,285
4,038,825
Allowance for credit losses
(63,445)
(59,379)
Net Loans
4,212,840
3,979,446
Other real estate and repossessed assets, net
896
938
Property and equipment, net
38,972
37,492
Bank-owned life insurance
53,750
53,855
Capitalized mortgage loan servicing rights, carried at fair value
31,493
46,796
Other intangibles, net
1,001
1,488
Goodwill
28,300
28,300
Accrued income and other assets
167,516
147,547
Total Assets
$
5,505,720
$
5,338,104
Liabilities and Shareholders’ Equity
Deposits
Non-interest bearing
$
991,984
$
1,013,647
Savings and interest-bearing checking
2,113,260
1,995,314
Reciprocal
974,921
907,031
Time
662,858
628,285
Brokered time
18,659
109,811
Total Deposits
4,761,682
4,654,088
Other borrowings
77,003
45,009
Subordinated debt
—
39,586
Subordinated debentures
39,864
39,796
Accrued expenses and other liabilities
124,220
104,939
Total Liabilities
5,002,769
4,883,418
Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
—
—
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,548,893 shares at December 31, 2025 and 20,895,714 shares at December 31, 2024
307,845
318,777
Retained earnings
252,794
205,853
Accumulated other comprehensive loss
(57,688)
(69,944)
Total Shareholders’ Equity
502,951
454,686
Total Liabilities and Shareholders’ Equity
$
5,505,720
$
5,338,104
6
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended
Twelve Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
December 31,
2025
2024
(unaudited)
INTEREST INCOME
(In thousands, except per share amounts)
Interest and fees on loans
$
60,205
$
61,325
$
58,346
$
238,833
$
228,585
Interest on securities
Taxable
3,513
3,660
4,417
15,005
18,883
Tax-exempt
2,633
2,767
2,905
10,943
13,100
Other investments
1,074
1,538
1,310
4,956
6,208
Total Interest Income
67,425
69,290
66,978
269,737
266,776
INTEREST EXPENSE
Deposits
20,109
21,972
22,546
83,498
92,694
Other borrowings and subordinated debt and debentures
962
1,957
1,581
6,224
7,834
Total Interest Expense
21,071
23,929
24,127
89,722
100,528
Net Interest Income
46,354
45,361
42,851
180,015
166,248
Provision for credit losses
1,923
1,991
2,217
6,135
4,468
Net Interest Income After Provision for Credit Losses
44,431
43,370
40,634
173,880
161,780
NON-INTEREST INCOME
Interchange income
3,186
4,157
3,294
13,860
13,992
Service charges on deposit accounts
3,096
3,131
2,976
12,022
11,870
Net gains (losses) on assets
Mortgage loans
1,372
1,474
1,705
6,780
6,579
Equity securities at fair value
—
—
—
—
2,685
Securities available for sale
(15)
(36)
(14)
(370)
(428)
Mortgage loan servicing, net
899
74
7,761
827
9,447
Other
3,420
3,137
3,399
12,525
12,217
Total Non-interest Income
11,958
11,937
19,121
45,644
56,362
NON-INTEREST EXPENSE
Compensation and employee benefits
22,563
21,125
22,886
85,194
84,955
Data processing
3,428
3,784
3,688
14,788
13,579
Occupancy, net
2,171
2,127
1,953
8,567
7,806
Interchange expense
1,165
1,180
1,131
4,641
4,504
Furniture, fixtures and equipment
897
892
928
3,467
3,762
Advertising
991
526
1,198
3,211
3,058
FDIC deposit insurance
861
615
729
2,824
2,870
Loan and collection
589
618
606
2,737
2,474
Legal and professional
787
682
849
2,448
2,566
Communications
471
465
462
1,997
2,095
Other
2,155
2,117
2,557
8,359
7,427
Total Non-interest Expense
36,078
34,131
36,987
138,233
135,096
Income Before Income Tax
20,311
21,176
22,768
81,291
83,046
Income tax expense
1,739
3,674
4,307
12,750
16,256
Net Income
$
18,572
$
17,502
$
18,461
$
68,541
$
66,790
Net income per common share
Basic
$
0.90
$
0.85
$
0.88
$
3.30
$
3.20
Diluted
$
0.89
$
0.84
$
0.87
$
3.27
$
3.16
7
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
(unaudited)
(Dollars in thousands except per share data)
Three Months Ended
Net interest income
$
46,354
$
45,361
$
44,615
$
43,685
$
42,851
Provision for credit losses
1,923
1,991
1,500
721
2,217
Non-interest income
11,958
11,937
11,325
10,424
19,121
Non-interest expense
36,078
34,131
33,762
34,262
36,987
Income before income tax
20,311
21,176
20,678
19,126
22,768
Income tax expense
1,739
3,674
3,801
3,536
4,307
Net income
$
18,572
$
17,502
$
16,877
$
15,590
$
18,461
Basic earnings per share
$
0.90
$
0.85
$
0.81
$
0.74
$
0.88
Diluted earnings per share
0.89
0.84
0.81
0.74
0.87
Cash dividend per share
0.26
0.26
0.26
0.26
0.24
Average shares outstanding
20,639,758
20,702,235
20,749,925
20,943,094
20,893,820
Average diluted shares outstanding
20,848,634
20,904,857
20,945,522
21,150,550
21,122,096
Performance Ratios
Return on average assets
1.35
%
1.27
%
1.27
%
1.18
%
1.39
%
Return on average equity
14.75
14.57
14.66
13.71
16.31
Efficiency ratio (1)
61.18
58.86
59.67
62.20
59.09
As a Percent of Average Interest-Earning Assets (1)
Interest income
5.24
%
5.38
%
5.35
%
5.28
%
5.37
%
Interest expense
1.62
1.84
1.77
1.79
1.92
Net interest income
3.62
3.54
3.58
3.49
3.45
Average Balances
Loans
$
4,249,389
$
4,201,557
$
4,128,771
$
4,060,941
$
3,994,661
Securities
815,269
826,362
846,052
883,676
912,073
Total earning assets
5,162,381
5,159,681
5,036,090
5,078,596
5,007,566
Total assets
5,449,518
5,451,922
5,324,959
5,378,022
5,300,368
Deposits
4,774,179
4,786,408
4,646,639
4,715,331
4,655,091
Interest bearing liabilities
3,846,367
3,862,024
3,763,477
3,799,852
3,717,483
Shareholders' equity
499,445
476,422
461,720
461,291
450,214
(1)Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (continued)
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
(unaudited)
(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio
8.65
%
8.44
%
8.16
%
8.26
%
8.00
%
Tangible common equity ratio excluding accumulated other comprehensive loss
9.51
9.35
9.24
9.31
9.10
Average equity to average assets
9.16
8.74
8.67
8.58
8.49
Total capital to risk-weighted assets (2)
13.60
13.67
14.20
14.51
14.22
Tier 1 capital to risk-weighted assets (2)
12.35
12.42
12.23
12.34
12.06
Common equity tier 1 capital to risk-weighted assets (2)
11.50
11.55
11.36
11.45
11.17
Tier 1 capital to average assets (2)
10.27
10.07
10.07
9.89
9.85
Common shareholders' equity per share of common stock
$
24.48
$
23.72
$
22.65
$
22.28
$
21.76
Tangible common equity per share of common stock
23.05
22.29
21.23
20.87
20.33
Total shares outstanding
20,548,893
20,691,604
20,715,650
20,970,115
20,895,714
Selected Balances
Loans
$
4,276,285
$
4,198,283
$
4,164,367
$
4,072,691
$
4,038,825
Securities
805,432
824,033
838,813
866,604
898,618
Total earning assets
5,195,002
5,204,380
5,105,579
5,031,975
5,024,083
Total assets
5,505,720
5,493,113
5,418,519
5,328,428
5,338,104
Deposits
4,761,682
4,859,155
4,659,359
4,633,931
4,654,088
Interest bearing liabilities
3,886,565
3,897,487
3,832,845
3,768,435
3,764,832
Shareholders' equity
502,951
490,742
469,250
467,277
454,686
(2)December 31, 2025 are Preliminary.
8
Reconciliation of Non-GAAP Financial Measures
Independent Bank Corporation
Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends. Tangible common equity is used by the Company to measure the quality of capital.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")
Net interest income
$
46,354
$
42,851
$
180,015
$
166,248
Add: taxable equivalent adjustment
446
389
1,785
902
Net interest income - taxable equivalent
$
46,800
$
43,240
$
181,800
$
167,150
Net interest margin (GAAP) (1)
3.58
%
3.42
%
3.52
%
3.36
%
Net interest margin (FTE) (1)
3.62
%
3.45
%
3.56
%
3.38
%
(1)Quarter to date are Annualized.
9
Tangible Common Equity Ratio
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024
(Dollars in thousands)
Common shareholders' equity
$
502,951
$
490,742
$
469,250
$
467,277
$
454,686
Less:
Goodwill
28,300
28,300
28,300
28,300
28,300
Other intangibles, net
1,001
1,123
1,244
1,366
1,488
Tangible common equity
473,650
461,319
439,706
437,611
424,898
Addition:
Accumulated other comprehensive loss for regulatory purposes
51,891
54,833
64,089
61,285
64,146
Tangible common equity excluding accumulated other comprehensive loss adjustments
$
525,541
$
516,152
$
503,795
$
498,896
$
489,044
Total assets
$
5,505,720
$
5,493,113
$
5,418,519
$
5,328,428
$
5,338,104
Less:
Goodwill
28,300
28,300
28,300
28,300
28,300
Other intangibles, net
1,001
1,123
1,244
1,366
1,488
Tangible assets
5,476,419
5,463,690
5,388,975
5,298,762
5,308,316
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax
51,891
54,833
64,089
61,285
64,146
Tangible assets excluding accumulated other comprehensive loss adjustments
$
5,528,310
$
5,518,523
$
5,453,064
$
5,360,047
$
5,372,462
Common equity ratio
9.14
%
8.93
%
8.66
%
8.77
%
8.52
%
Tangible common equity ratio
8.65
%
8.44
%
8.16
%
8.26
%
8.00
%
Tangible common equity ratio excluding accumulated other comprehensive loss
9.51
%
9.35
%
9.24
%
9.31
%
9.10
%
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity
$
502,951
$
490,742
$
469,250
$
467,277
$
454,686
Tangible common equity
$
473,650
$
461,319
$
439,706
$
437,611
$
424,898
Shares of common stock outstanding (in thousands)
20,549
20,692
20,716
20,970
20,896
Common shareholders' equity per share of common stock
$
24.48
$
23.72
$
22.65
$
22.28
$
21.76
Tangible common equity per share of common stock
$
23.05
$
22.29
$
21.23
$
20.87
$
20.33
The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.
