Independent Bank (IBCP) said Tuesday its board approved 1.1 million shares buyback program for 2025, amounting to about 5% of the its outstanding common stock.

The company will use cash on hand for the repurchases that could be through open-market or privately-negotiated deals. The timing and amount will depend on the stock price, among other factors.

The company has not repurchased any shares under the 2024 buyback plan.

Independent Bank shares were down over 1% in recent trading.

Price: 37.52, Change: -0.58, Percent Change: -1.51