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INDEPENDENT BANK CORP /MI/

CIK: 39311 SIC: 6022
$156.33M
Net Interest Income
$59.07M
Net Income
61.4%
Efficiency Ratio
2.97%
Net Int. Margin
17.0%
ROE
Financial Statements Annual (10-K)
Showing 5 of 15 annual reports available (2011 - 2025)
Breakdown TTM
(Dec 31, 2025)
FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
Interest Income $269.74M $269.74M $266.78M $239.68M $169.01M $138.08M
Interest Expense $89.72M $89.72M $100.53M $83.35M $19.45M $8.31M
Net Interest Income $180.01M $180.01M $166.25M $156.33M $149.56M $129.76M
Provision for Credit Losses $6.13M $6.13M $4.47M $6.21M $5.34M $-1.93M
Net Interest Income After Provision $173.88M $173.88M $161.78M $150.12M $144.22M $131.69M
Non-Interest Income $45.64M $45.64M $56.36M $50.68M $61.91M $76.64M
Non-Interest Expense $138.23M $138.23M $135.10M $127.12M $128.34M $131.02M
Compensation & Benefits $85.19M $85.19M $84.95M $78.97M $81.01M $79.97M
Occupancy Expense $8.57M $8.57M $7.81M $7.91M $8.91M $8.79M
Technology & Equipment $3.47M $3.47M $3.76M $3.76M $4.01M $4.17M
Professional Fees $2.45M $2.45M $2.57M $2.21M $2.13M $2.07M
Other Non-Interest Expense $8.16M $8.36M $7.80M $7.91M $7.47M $8.16M
Income Before Tax $81.29M $81.29M $83.05M $73.68M $77.79M $77.31M
Income Tax Expense $12.75M $12.75M $16.26M $14.61M $14.44M $14.42M
Net Income $68.54M $68.54M $66.79M $59.07M $63.35M $62.90M
Basic EPS 3.30 3.30 3.20 2.82 3.00 2.91
Diluted EPS 3.27 3.27 3.16 2.79 2.97 2.88
Breakdown FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
Cash & Due from Banks $52.23M $56.98M $68.21M $70.18M $51.07M
Interest-Bearing Deposits $86.15M $62.90M $101.57M $4.19M $58.40M
Investment Securities - AFS $495.91M $559.18M $679.35M $779.35M $1.41B
Investment Securities - HTM $309.52M $339.44M $353.99M $374.82M -
Loans & Leases (Gross) $4.28B $4.04B - - -
Allowance for Loan Losses - - - - $47.25M
Loans & Leases (Net) $4.21B $3.98B - - -
Goodwill & Intangibles $28.30M $28.30M $28.30M $28.30M $28.30M
Premises & Equipment $38.97M $37.49M $35.52M $35.89M $36.40M
Other Assets $167.52M $147.55M $132.50M $128.90M $66.14M
Total Assets $5.51B $5.34B $5.26B $5.00B $4.70B
Total Deposits $4.76B $4.65B $4.62B $4.38B $4.12B
Other Liabilities $124.22M $104.94M $107.13M $108.02M $80.21M
Total Liabilities $5.00B $4.88B $4.86B $4.65B $4.31B
Common Stock $307.85M $318.78M $317.48M $320.99M $323.40M
Retained Earnings $252.79M $205.85M $159.11M $119.37M $74.58M
AOCI $-57.69M $-69.94M $-72.14M $-92.76M $501.00K
Total Stockholders Equity $502.95M $454.69M $404.45M $347.60M $398.48M
Total Liabilities & Equity $5.51B $5.34B $5.26B $5.00B $4.70B
Breakdown TTM
(Dec 31, 2025)
FY 2025
(Dec 31, 2025)
FY 2024
(Dec 31, 2024)
FY 2023
(Dec 31, 2023)
FY 2022
(Dec 31, 2022)
FY 2021
(Dec 31, 2021)
Net Income $68.54M $68.54M $66.79M $59.07M $63.35M $62.90M
Deferred Taxes - $-3.53M $-1.25M $215.00K - -
Stock-based Compensation $4.87M $2.72M $2.33M $2.23M $2.14M $1.95M
Net Change in Loans HFS $588.39M $345.14M $370.57M $334.17M $514.24M $1.21B
Operating Cash Flow $159.03M $76.66M $63.15M $75.59M $94.63M $110.15M
Purchases of Securities $34.97M $24.46M - - $137.55M $824.35M
Sales of Securities $81.05M $32.19M $39.52M $278.00K $70.52M $85.37M
Maturities of Securities $112.47M $69.59M $81.09M $122.81M $167.55M $375.72M
Capital Expenditures $11.02M $6.49M $7.95M $6.02M $5.68M $5.84M
Investing Cash Flow $-186.47M $-122.50M $-118.16M $-162.94M $-424.59M $-563.06M
Net Change in Deposits $92.71M $107.59M $31.21M $243.81M $261.98M $479.74M
Common Stock Repurchased $19.82M $12.43M - $5.16M $4.01M $17.27M
Dividends Paid $37.88M $21.60M $20.05M $19.33M $18.57M $18.16M
Financing Cash Flow $80.48M $64.34M $5.11M $182.77M $294.86M $443.68M
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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