Independent Bank (IBCP) Declares $0.08 Quarterly Dividend and Expands Buyback Plan by 5M Shares

Independent Bank (NASDAQ: IBCP) declared a quarterly dividend of $0.08 per share, or $0.32 annualized.

The dividend will be payable on May 16, 2016, to stockholders of record on May 6, 2016, with an ex-dividend date of May 4, 2016.

The annual yield on the dividend is 2.1 percent.

The Company also announced today that its Board of Directors authorized a $5 million expansion of its 2016 share repurchase plan. The repurchase plan is authorized to last through Dec. 31, 2016.

In Jan. 2016, the Company announced its 2016 share repurchase plan, under which the Company was authorized to buy back up to 5% of its outstanding common stock. During the first quarter of 2016, the Company repurchased 1,059,865 shares of its common stock (representing 4.8% of its Dec. 31, 2015 outstanding shares) at a weighted average price of $14.63 per share. This leaves just 52,703 shares remaining in the original 2016 share repurchase plan.

Since the beginning of 2015, the Company has repurchased a total of 2,027,064 shares at an average price of $14.31 per share.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to make these announcements concerning our quarterly cash dividend and the expansion of our 2016 share repurchase plan. Two key capital management priorities for our organization are a solid and consistent dividend and a share repurchase plan supported by our strong capital position and operating results.”

For a dividend history and other dividend-related data on Independent Bank (IBCP) click here.

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