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INDEPENDENT BANK CORP /MI/

CIK: 39311 SIC: 6022
$149.56M
Net Interest Income
$59.07M
Net Income
62.3%
Efficiency Ratio
2.80%
Net Int. Margin
17.0%
ROE
Financial Statements Annual (10-K)
Showing 5 of 14 annual reports available (2011 - 2024)
Breakdown TTM
(Sep 30, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
FY 2020
(Dec 31, 2020)
Interest Income $269.29M $266.78M $239.68M $169.01M $138.08M $139.83M
Interest Expense $92.78M $100.53M $83.35M $19.45M $8.31M $16.22M
Net Interest Income $176.51M $166.25M $156.33M $149.56M $129.76M $123.61M
Provision for Credit Losses $6.43M $4.47M $6.21M $5.34M $-1.93M $12.46M
Net Interest Income After Provision $170.08M $161.78M $150.12M $144.22M $131.69M $111.15M
Non-Interest Income $52.81M $56.36M $50.68M $61.91M $76.64M $80.75M
Non-Interest Expense $139.14M $135.10M $127.12M $128.34M $131.02M $122.41M
Compensation & Benefits $85.52M $84.95M $78.97M $81.01M $79.97M $74.78M
Occupancy Expense $8.35M $7.81M $7.91M $8.91M $8.79M $8.94M
Technology & Equipment $3.50M $3.76M $3.76M $4.01M $4.17M $4.09M
Professional Fees $2.51M $2.57M $2.21M $2.13M $2.07M $2.03M
Other Non-Interest Expense $8.26M $7.80M $7.91M $7.47M $8.16M $7.80M
Income Before Tax $83.75M $83.05M $73.68M $77.79M $77.31M $69.48M
Income Tax Expense $15.32M $16.26M $14.61M $14.44M $14.42M $13.33M
Net Income $68.43M $66.79M $59.07M $63.35M $62.90M $56.15M
Basic EPS 3.29 3.20 2.82 3.00 2.91 2.56
Diluted EPS 3.26 3.16 2.79 2.97 2.88 2.53
Breakdown FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
FY 2020
(Dec 31, 2020)
Cash & Due from Banks $56.98M $68.21M $70.18M $51.07M $56.01M
Interest-Bearing Deposits $62.90M $101.57M $4.19M $58.40M $62.70M
Investment Securities - AFS $559.18M $679.35M $779.35M $1.41B $1.07B
Investment Securities - HTM $339.44M $353.99M $374.82M - -
Allowance for Loan Losses - - - $47.25M -
Loans & Leases (Net) - - - - $2.70B
Goodwill & Intangibles $28.30M $28.30M $28.30M $28.30M $28.30M
Premises & Equipment $37.49M $35.52M $35.89M $36.40M $36.13M
Other Assets $147.55M $132.50M $128.90M $66.14M $62.46M
Total Assets $5.34B $5.26B $5.00B $4.70B $4.20B
Total Deposits $4.65B $4.62B $4.38B $4.12B $3.64B
Other Liabilities $104.94M $107.13M $108.02M $80.21M $68.32M
Total Liabilities $4.88B $4.86B $4.65B $4.31B $3.81B
Common Stock $318.78M $317.48M $320.99M $323.40M $339.35M
Retained Earnings $205.85M $159.11M $119.37M $74.58M $40.15M
AOCI $-69.94M $-72.14M $-92.76M $501.00K $10.02M
Total Stockholders Equity $454.69M $404.45M $347.60M $398.48M $389.52M
Total Liabilities & Equity $5.34B $5.26B $5.00B $4.70B $4.20B
Breakdown TTM
(Sep 30, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
FY 2020
(Dec 31, 2020)
Net Income $68.43M $66.79M $59.07M $63.35M $62.90M $56.15M
Provision for Credit Losses - - - - - $12.46M
Stock-based Compensation $4.71M $2.33M $2.23M $2.14M $1.95M $1.98M
Net Change in Loans HFS $601.24M $370.57M $334.17M $514.24M $1.21B $1.44B
Operating Cash Flow $167.60M $63.15M $75.59M $94.63M $110.15M $58.68M
Purchases of Securities $28.47M - - $137.55M $824.35M $859.07M
Sales of Securities $79.53M $39.52M $278.00K $70.52M $85.37M $38.09M
Maturities of Securities $112.67M $81.09M $122.81M $167.55M $375.72M $306.69M
Capital Expenditures $13.59M $7.95M $6.02M $5.68M $5.84M $4.38M
Investing Cash Flow $-226.13M $-118.16M $-162.94M $-424.59M $-563.06M $-553.91M
Net Change in Deposits $217.39M $31.21M $243.81M $261.98M $479.74M $600.63M
Common Stock Repurchased $15.16M - $5.16M $4.01M $17.27M $14.23M
Dividends Paid $37.52M $20.05M $19.33M $18.57M $18.16M $17.62M
Financing Cash Flow $180.19M $5.11M $182.77M $294.86M $443.68M $548.62M
SEC Filing Format - Data shown as it appears in the Q3 2025 (10-Q) filing Period ended: Sep 30, 2025
Condensed Consolidated Statements of Operations
Description Sep 30, 2025 Sep 30, 2025
Current Prior Year Current YTD Prior Year YTD
Interest Expense $23.93M $26.48M $68.52M $78.72M
Income Before Tax $21.18M $17.29M $60.98M $60.28M
Income Tax Expense $3.67M $3.48M $11.01M $11.95M
Net Income $17.50M $13.81M $49.97M $48.33M
Basic EPS 0.85 0.66 2.40 2.31
Diluted EPS 0.84 0.65 2.38 2.29
Condensed Consolidated Balance Sheets
Description Sep 30, 2025 Dec 31, 2024
Cash & Cash Equivalents $208.69M $119.88M
Property Plant & Equipment $38.80M $37.49M
Goodwill $28.30M $28.30M
Intangible Assets $1.12M $1.49M
Total Assets $5.49B $5.34B
Total Liabilities $5.00B $4.88B
Common Stock $311.77M $318.78M
Retained Earnings $239.60M $205.85M
Total Stockholders Equity $490.74M $454.69M
Total Liabilities & Equity $5.49B $5.34B
Condensed Consolidated Statements of Cash Flows
Description Sep 30, 2025 Sep 30, 2025
Current Prior Year Current YTD Prior Year YTD
Net Income $17.50M $13.81M $49.97M $48.33M
Stock-based Compensation - - $1.97M $1.74M
Operating Cash Flow - - $68.87M $46.78M
Capital Expenditure - - $5.06M $3.94M
Sales of Investments - - $54.73M $66.04M
Investing Cash Flow - - $-76.93M $-32.93M
Stock Repurchased - - $7.77M -
Dividends Paid - - $16.22M $15.03M
Financing Cash Flow - - $96.87M $-62.07M

All values are in USD (United States Dollars). Data is sourced from SEC EDGAR 10-K filings.

Annual data represents full fiscal year results. FY = Fiscal Year ending.

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