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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 6 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)
Interest Income $69.29M $66.88M $66.14M $66.98M $68.33M $66.34M
Interest Expense $23.93M $22.26M $22.46M $24.13M $26.48M $24.99M
Net Interest Income $45.36M $44.62M $43.69M $42.85M $41.85M $41.35M
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
Non-Interest Income $11.94M $11.32M $10.42M $19.12M $9.51M $15.17M
Non-Interest Expense $34.13M $33.76M $34.26M $36.99M $32.58M $33.33M
Compensation & Benefits $21.12M $21.12M $20.38M $22.89M $20.05M $21.25M
Occupancy Expense $2.13M $2.05M $2.22M $1.95M $1.89M $1.89M
Technology & Equipment $892.00K $793.00K $885.00K $928.00K $932.00K $948.00K
Professional Fees $682.00K $500.00K $479.00K $849.00K $687.00K $544.00K
Other Non-Interest Expense $2.12M $1.59M $2.30M $2.25M $1.96M $1.78M
Income Before Tax $21.18M $20.68M $19.13M $22.77M $17.29M $23.17M
Income Tax Expense $3.67M $3.80M $3.54M $4.31M $3.48M $4.64M
Net Income $17.50M $16.88M $15.59M $18.46M $13.81M $18.53M
Basic EPS 0.85 0.81 0.74 0.89 0.66 0.89
Diluted EPS 0.84 0.81 0.74 0.87 0.65 0.88
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)
Cash & Due from Banks $56.38M $74.35M $60.57M $56.98M $61.50M $54.91M
Interest-Bearing Deposits $152.31M $71.81M $67.58M $62.90M $60.06M $159.44M
Investment Securities - AFS $502.58M $509.51M $529.68M $559.18M $588.95M $591.97M
Investment Securities - HTM $321.45M $329.30M $336.93M $339.44M $343.36M $344.22M
Goodwill & Intangibles $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
Other Assets $140.60M $145.72M $142.58M $147.55M $130.26M $134.15M
Total Assets $5.49B $5.42B $5.33B $5.34B $5.26B $5.28B
Total Deposits $4.86B $4.66B $4.63B $4.65B $4.63B $4.61B
Other Liabilities $101.36M $108.45M $102.79M $104.94M $100.68M $103.39M
Total Liabilities $5.00B $4.95B $4.86B $4.88B $4.81B $4.85B
Common Stock $311.77M $311.65M $318.37M $318.78M $318.22M $317.68M
Retained Earnings $239.60M $227.48M $216.00M $205.85M $192.41M $183.61M
AOCI $-60.63M $-69.89M $-67.08M $-69.94M $-58.25M $-70.83M
Total Stockholders Equity $490.74M $469.25M $467.28M $454.69M $452.37M $430.46M
Total Liabilities & Equity $5.49B $5.42B $5.33B $5.34B $5.26B $5.28B
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)
Net Income $17.50M $16.88M $15.59M $18.46M $13.81M $18.53M
Stock-based Compensation $1.97M $1.40M $758.00K $588.00K $1.74M $1.17M
Net Change in Loans HFS $263.96M $167.56M $75.68M $94.04M $276.54M $168.40M
Operating Cash Flow $68.87M $50.67M $31.70M $16.37M $46.78M $29.58M
Purchases of Securities $17.96M $9.51M $1.00M - $3.63M -
Sales of Securities $30.58M $26.36M $22.50M $86.00K $39.43M $37.27M
Maturities of Securities $54.73M $31.77M $11.11M $15.05M $66.04M $49.24M
Capital Expenditures $5.06M $3.40M $1.12M $4.01M $3.94M $2.45M
Investing Cash Flow $-76.93M $-67.30M $3.33M $-85.23M $-32.93M $34.55M
Net Change in Deposits $205.07M $5.27M $-20.16M $27.21M $4.00M $-8.55M
Common Stock Repurchased $7.77M $7.36M $33.00K - - -
Dividends Paid $16.22M $10.84M $5.45M $5.01M $15.03M $10.02M
Financing Cash Flow $96.87M $42.91M $-26.77M $67.18M $-62.07M $-19.56M
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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