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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 Quarterly (10-Q)
Showing 13 of 44 quarterly reports available
Breakdown Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
Interest Income $69.29M $66.88M $66.14M $66.98M $68.33M $66.34M $65.13M $65.36M $62.43M $57.95M $53.94M $50.98M $44.92M
Interest Expense $23.93M $22.26M $22.46M $24.13M $26.48M $24.99M $24.93M $25.25M $23.00M $19.60M $15.49M $10.38M $5.03M
Net Interest Income $45.36M $44.62M $43.69M $42.85M $41.85M $41.35M $40.20M $40.11M $39.43M $38.35M $38.44M $40.60M $39.90M
Provision for Credit Losses $1.99M $1.50M $721.00K $2.22M - - - - - - - - -
Net Interest Income After Provision $43.37M $43.12M $42.96M $40.63M $40.37M $41.33M $39.45M $40.73M $38.08M $35.03M $36.28M $39.21M $36.75M
Non-Interest Income $11.94M $11.32M $10.42M $19.12M $9.51M $15.17M $12.56M $9.10M $15.61M $15.42M $10.55M $11.47M $16.86M
Non-Interest Expense $34.13M $33.76M $34.26M $36.99M $32.58M $33.33M $32.19M $31.88M $32.04M $32.25M $30.96M $32.09M $32.37M
Compensation & Benefits $21.12M $21.12M $20.38M $22.89M $20.05M $21.25M $20.77M $19.05M $19.98M $20.60M $19.34M $20.39M $20.60M
Occupancy Expense $2.13M $2.05M $2.22M $1.95M $1.89M $1.89M $2.07M $1.93M $1.97M $1.84M $2.16M $2.23M $2.06M
Technology & Equipment $892.00K $793.00K $885.00K $928.00K $932.00K $948.00K $954.00K $974.00K $927.00K $929.00K $926.00K $933.00K $987.00K
Professional Fees $682.00K $500.00K $479.00K $849.00K $687.00K $544.00K $486.00K $585.00K $543.00K $473.00K $607.00K $588.00K $573.00K
Other Non-Interest Expense $2.12M $1.59M $2.30M $2.25M $1.96M $1.78M $1.81M $2.30M $1.85M $1.92M $1.84M $1.95M $1.75M
Income Before Tax $21.18M $20.68M $19.13M $22.77M $17.29M $23.17M $19.82M $17.95M $21.65M $18.20M $15.88M $18.59M $21.25M
Income Tax Expense $3.67M $3.80M $3.54M $4.31M $3.48M $4.64M $3.83M $4.20M $4.11M $3.41M $2.88M $3.50M $3.95M
Net Income $17.50M $16.88M $15.59M $18.46M $13.81M $18.53M $15.99M $13.74M $17.54M $14.79M $12.99M $15.09M $17.30M
Basic EPS 0.85 0.81 0.74 0.89 0.66 0.89 0.77 0.66 0.84 0.70 0.62 0.71 0.82
Diluted EPS 0.84 0.81 0.74 0.87 0.65 0.88 0.76 0.65 0.83 0.70 0.61 0.70 0.81
Breakdown Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
Cash & Due from Banks $56.38M $74.35M $60.57M $56.98M $61.50M $54.91M $41.65M $68.21M $58.57M $61.23M $47.82M $70.18M $57.06M
Interest-Bearing Deposits $152.31M $71.81M $67.58M $62.90M $60.06M $159.44M $120.20M $101.57M $68.89M $67.97M $179.20M $4.19M $13.57M
Investment Securities - AFS $502.58M $509.51M $529.68M $559.18M $588.95M $591.97M $613.62M $679.35M $684.64M $731.78M $767.53M $779.35M $804.27M
Investment Securities - HTM $321.45M $329.30M $336.93M $339.44M $343.36M $344.22M $349.96M $353.99M $358.90M $360.93M $369.58M $374.82M -
Allowance for Loan Losses - - - - - - - - - - - - $51.14M
Goodwill & Intangibles $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M $28.30M
Premises & Equipment $38.80M $38.41M $37.37M $37.49M $35.25M $35.04M $34.59M $35.52M $35.35M $36.16M $35.76M $35.89M $35.71M
Other Assets $140.60M $145.72M $142.58M $147.55M $130.26M $134.15M $133.40M $132.50M $145.31M $131.79M $116.75M $128.90M $126.22M
Total Assets $5.49B $5.42B $5.33B $5.34B $5.26B $5.28B $5.23B $5.26B $5.20B $5.14B $5.14B $5.00B $4.93B
Total Deposits $4.86B $4.66B $4.63B $4.65B $4.63B $4.61B $4.58B $4.62B $4.59B $4.49B $4.54B $4.38B $4.33B
Other Liabilities $101.36M $108.45M $102.79M $104.94M $100.68M $103.39M $104.02M $107.13M $110.19M $103.58M $97.31M $108.02M $106.28M
Total Liabilities $5.00B $4.95B $4.86B $4.88B $4.81B $4.85B $4.82B $4.86B $4.83B $4.76B $4.77B $4.65B $4.60B
Common Stock $311.77M $311.65M $318.37M $318.78M $318.22M $317.68M $317.10M $317.48M $317.14M $318.24M $321.03M $320.99M $320.44M
Retained Earnings $239.60M $227.48M $216.00M $205.85M $192.41M $183.61M $170.10M $159.11M $150.16M $137.43M $127.50M $119.37M $108.92M
AOCI $-60.63M $-69.89M $-67.08M $-69.94M $-58.25M $-70.83M $-71.63M $-72.14M $-92.30M $-80.51M $-80.81M $-92.76M $-97.05M
Total Stockholders Equity $490.74M $469.25M $467.28M $454.69M $452.37M $430.46M $415.57M $404.45M $375.00M $375.16M $367.71M $347.60M $332.31M
Total Liabilities & Equity $5.49B $5.42B $5.33B $5.34B $5.26B $5.28B $5.23B $5.26B $5.20B $5.14B $5.14B $5.00B $4.93B
Breakdown Q3 2025
(Sep 30, 2025)
Q2 2025
(Jun 30, 2025)
Q1 2025
(Mar 31, 2025)
Q4 2024
(Dec 31, 2024)
Q3 2024
(Sep 30, 2024)
Q2 2024
(Jun 30, 2024)
Q1 2024
(Mar 31, 2024)
Q4 2023
(Dec 31, 2023)
Q3 2023
(Sep 30, 2023)
Q2 2023
(Jun 30, 2023)
Q1 2023
(Mar 31, 2023)
Q4 2022
(Dec 31, 2022)
Q3 2022
(Sep 30, 2022)
Net Income $17.50M $16.88M $15.59M $18.46M $13.81M $18.53M $15.99M $13.74M $45.32M $27.78M $12.99M $15.09M $17.30M
Stock-based Compensation $1.97M $1.40M $758.00K $588.00K $1.74M $1.17M $591.00K $559.00K $1.67M $1.05M $569.00K $554.00K $1.59M
Net Change in Loans HFS $263.96M $167.56M $75.68M $94.04M $276.54M $168.40M $70.80M $78.57M $255.60M $146.40M $54.43M $132.82M $381.42M
Operating Cash Flow $68.87M $50.67M $31.70M $16.37M $46.78M $29.58M $20.83M $16.80M $58.79M $33.35M $23.56M $-736.00K $95.37M
Purchases of Securities $17.96M $9.51M $1.00M - $3.63M - - - - - - - $137.55M
Sales of Securities $30.58M $26.36M $22.50M $86.00K $39.43M $37.27M $37.27M - $278.00K $278.00K $278.00K - $70.52M
Maturities of Securities $54.73M $31.77M $11.11M $15.05M $66.04M $49.24M $27.48M $33.49M $89.31M $59.51M $27.74M $29.95M $137.60M
Capital Expenditures $5.06M $3.40M $1.12M $4.01M $3.94M $2.45M $676.00K $1.51M $4.51M $3.07M $1.32M $1.71M $3.97M
Investing Cash Flow $-76.93M $-67.30M $3.33M $-85.23M $-32.93M $34.55M $17.69M $-6.75M $-156.20M $-77.59M $4.78M $-42.23M $-382.36M
Net Change in Deposits $205.07M $5.27M $-20.16M $27.21M $4.00M $-8.55M $-40.47M $37.27M $206.54M $108.57M $165.68M $52.04M $209.94M
Common Stock Repurchased $7.77M $7.36M $33.00K - - - - $194.00K $4.96M $3.27M - - $4.01M
Dividends Paid $16.22M $10.84M $5.45M $5.01M $15.03M $10.02M $5.00M $4.79M $14.54M $9.72M $4.86M $4.63M $13.93M
Financing Cash Flow $96.87M $42.91M $-26.77M $67.18M $-62.07M $-19.56M $-46.46M $32.27M $150.50M $99.06M $124.31M $46.71M $248.15M
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-Q filings.

Quarterly data represents single quarter results (Q1-Q4). Some items may show year-to-date values if quarterly breakdown is unavailable.

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