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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 10 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)
FY 2019
(Dec 31, 2019)
FY 2018
(Dec 31, 2018)
FY 2017
(Dec 31, 2017)
FY 2016
(Dec 31, 2016)
FY 2015
(Dec 31, 2015)
Interest Income $269.29M $266.78M $239.68M $169.01M $138.08M $139.83M $148.93M $130.77M $98.31M $86.52M $80.84M
Interest Expense $92.78M $100.53M $83.35M $19.45M $8.31M $16.22M $26.35M $17.49M $9.12M $6.88M $5.86M
Net Interest Income $176.51M $166.25M $156.33M $149.56M $129.76M $123.61M $122.58M $113.28M $89.19M $79.64M $74.99M
Provision for Credit Losses $6.43M $4.47M $6.21M $5.34M $-1.93M $12.46M $824.00K - - - -
Net Interest Income After Provision $170.08M $161.78M $150.12M $144.22M $131.69M $111.15M $121.76M $111.78M $87.99M $80.95M $77.70M
Non-Interest Income $52.81M $56.36M $50.68M $61.91M $76.64M $80.75M $47.74M $44.81M $42.53M $42.30M $40.13M
Non-Interest Expense $139.14M $135.10M $127.12M $128.34M $131.02M $122.41M $111.73M $107.46M $92.08M $90.35M $88.45M
Compensation & Benefits $85.52M $84.95M $78.97M $81.01M $79.97M $74.78M $67.50M $62.08M $55.09M $49.58M $48.19M
Occupancy Expense $8.35M $7.81M $7.91M $8.91M $8.79M $8.94M $9.01M $8.91M $8.10M $8.02M $8.37M
Technology & Equipment $3.50M $3.76M $3.76M $4.01M $4.17M $4.09M $4.11M $4.08M $3.87M $3.91M $3.89M
Professional Fees $2.51M $2.57M $2.21M $2.13M $2.07M $2.03M $1.81M $1.84M $1.89M $1.74M $2.01M
Other Non-Interest Expense $8.26M $7.80M $7.91M $7.47M $8.16M $7.80M $8.49M $7.62M $6.40M $5.81M $6.25M
Income Before Tax $83.75M $83.05M $73.68M $77.79M $77.31M $69.48M $57.76M - - - -
Income Tax Expense $15.32M $16.26M $14.61M $14.44M $14.42M $13.33M $11.32M $9.29M $17.96M $10.13M $9.36M
Net Income $68.43M $66.79M $59.07M $63.35M $62.90M $56.15M $46.44M $39.84M $20.48M $22.77M $20.02M
Basic EPS 3.29 3.20 2.82 3.00 2.91 2.56 2.03 1.70 0.96 1.06 0.88
Diluted EPS 3.26 3.16 2.79 2.97 2.88 2.53 2.00 1.68 0.95 1.05 0.86
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)
FY 2019
(Dec 31, 2019)
FY 2018
(Dec 31, 2018)
FY 2017
(Dec 31, 2017)
FY 2016
(Dec 31, 2016)
FY 2015
(Dec 31, 2015)
Cash & Due from Banks $56.98M $68.21M $70.18M $51.07M $56.01M $53.30M $23.35M $36.99M $35.24M $54.26M
Interest-Bearing Deposits $62.90M $101.57M $4.19M $58.40M $62.70M $12.01M $46.89M $17.74M $47.96M $31.52M
Trading Assets - - - - - - - $455.00K $410.00K $148.00K
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 $2.70B $2.56B $2.00B $1.59B $1.49B
Goodwill & Intangibles $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M - - -
Premises & Equipment $37.49M $35.52M $35.89M $36.40M $36.13M $38.41M $38.78M $39.15M $40.17M $43.10M
Other Assets $147.55M $132.50M $128.90M $66.14M $62.46M $42.75M $34.87M $29.55M $28.64M $23.73M
Total Assets $5.34B $5.26B $5.00B $4.70B $4.20B $3.56B $3.35B $2.79B $2.55B $2.41B
Total Deposits $4.65B $4.62B $4.38B $4.12B $3.64B $3.04B $2.91B $2.40B $2.23B $2.09B
Other Liabilities $104.94M $107.13M $108.02M $80.21M $68.32M $49.70M $35.77M $33.72M $28.53M $23.69M
Total Liabilities $4.88B $4.86B $4.65B $4.31B $3.81B $3.21B $3.01B $2.52B $2.30B $2.16B
Common Stock $318.78M $317.48M $320.99M $323.40M $339.35M $352.34M $377.37M $324.99M $323.75M $339.46M
Retained Earnings $205.85M $159.11M $119.37M $74.58M $40.15M $1.61M $-28.27M $-54.05M $-65.66M $-82.33M
AOCI $-69.94M $-72.14M $-92.76M $501.00K $10.02M $-3.79M $-10.11M $-6.00M $-9.11M $-6.04M
Total Stockholders Equity $454.69M $404.45M $347.60M $398.48M $389.52M $350.17M $338.99M $264.93M $248.98M $251.09M
Total Liabilities & Equity $5.34B $5.26B $5.00B $4.70B $4.20B $3.56B $3.35B $2.79B $2.55B $2.41B
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)
FY 2019
(Dec 31, 2019)
FY 2018
(Dec 31, 2018)
FY 2017
(Dec 31, 2017)
FY 2016
(Dec 31, 2016)
FY 2015
(Dec 31, 2015)
Net Income $68.43M $66.79M $59.07M $63.35M $62.90M $56.15M $46.44M $39.84M $20.48M $22.77M $20.02M
Provision for Credit Losses - - - - - $12.46M $824.00K - - - -
Stock-based Compensation $4.71M $2.33M $2.23M $2.14M $1.95M $1.98M $1.85M $1.73M $1.75M $1.62M $1.48M
Net Change in Loans HFS $601.24M $370.57M $334.17M $514.24M $1.21B $1.44B $647.61M $457.08M $426.41M $322.34M $285.61M
Operating Cash Flow $167.60M $63.15M $75.59M $94.63M $110.15M $58.68M $33.98M $44.92M $38.61M $23.70M $22.86M
Purchases of Securities $28.47M - - $137.55M $824.35M $859.07M $237.67M - - - -
Sales of Securities $79.53M $39.52M $278.00K $70.52M $85.37M $38.09M $68.72M - - - -
Maturities of Securities $112.67M $81.09M $122.81M $167.55M $375.72M $306.69M $153.94M $160.63M $173.72M $203.03M $167.04M
Net Change in Loans - - - - - - - $344.33M $406.86M $107.47M $74.34M
Capital Expenditures $13.59M $7.95M $6.02M $5.68M $5.84M $4.38M $4.94M $3.86M $4.24M $3.46M $4.35M
Investing Cash Flow $-226.13M $-118.16M $-162.94M $-424.59M $-563.06M $-553.91M $-181.64M $-183.37M $-277.58M $-138.85M $-160.51M
Net Change in Deposits $217.39M $31.21M $243.81M $261.98M $479.74M $600.63M $123.30M $225.19M $174.81M $139.76M $170.31M
Common Stock Repurchased $15.16M - $5.16M $4.01M $17.27M $14.23M $26.28M $12.68M - $16.85M $13.50M
Dividends Paid $37.52M $20.05M $19.33M $18.57M $18.16M $17.62M $16.55M $14.05M $8.96M $7.27M $5.90M
Financing Cash Flow $180.19M $5.11M $182.77M $294.86M $443.68M $548.62M $142.72M $153.95M $210.51M $112.56M $149.43M
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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