Independent Bank Corporation's Board of Directors authorized a new share repurchase plan on December 17, 2024. This plan permits the company to buy back up to 1,100,000 shares of its common stock. This represents approximately 5% of the company's outstanding common stock.
The 2025 share repurchase plan is authorized to remain in effect through December 31, 2025. Repurchases are expected to be conducted through open market transactions, with funding from cash on hand. The company's 2024 share repurchase plan will expire on December 31, 2024, and no shares were repurchased under that plan through December 17, 2024.
This authorization signals management's confidence in the company's financial health and commitment to returning capital to shareholders. The timing and amount of repurchases will depend on various factors, including market conditions and the company's financial performance.
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