INDEPENDENT BANK CORP /MI/

Listed Company

IBCPCIK 0000039311NasdaqAcceleratedState Commercial BanksMichiganFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$68.54M

Total Assets

$5.51B

Equity

$502.95M

Shares Out

20.59M

Op. Cash Flow

$76.66M

Business

Independent Bank Corporation is a bank holding company that owns Independent Bank and conducts holding-company activities, primarily collecting dividends and supporting its banking subsidiary. It offers consumer and commercial banking products and services, including checking and savings accounts, commercial and mortgage lending, direct and indirect consumer financing, safe deposit boxes, internet and mobile banking, and third‑party investment and title insurance services. The company operates principally through its bank subsidiary, which runs branch, drive‑thru, ATM and loan production office operations. Its markets are rural and suburban communities in Lower Michigan, with one loan production office in Ohio, and services are delivered through physical branches and electronic channels.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	239	229	198	139	117
Taxable	15	19	23	21	14
Tax-exempt	11	13	13	8	6
Other investments	5	6	5	884,000	846,000
Total Interest Income	270	267	240	169	138
Deposits	83	93	75	14	4
Other borrowings and subordinated debt and debentures	6	8	8	5	4
Total Interest Expense	90	101	83	19	—
Net Interest Income	180	166	156	150	130
Provision for credit losses	6	4	6	5	−2
Net Interest Income After Provision for Credit Losses	174	162	150	144	132
Interchange income	14	14	14	14	14
Service charges on deposit accounts	12	12	12	12	10
Mortgage loans	7	7	7	6	36
Equity securities at fair value	0	3	0	0	—
Securities available for sale	−370,000	−428,000	−222,000	−275,000	1
Mortgage loan servicing, net	827,000	9	5	19	6
Other	13	12	12	11	9
Total Non-interest Income	46	56	51	62	77
Compensation and employee benefits	85	85	79	81	80
Data processing	15	14	12	10	11
Occupancy, net	9	8	8	9	9
Interchange expense	5	5	4	4	4
Furniture, fixtures and equipment	3	4	4	4	4
Advertising	3	3	2	2	2
FDIC deposit insurance	3	3	3	2	1
Loan and collection	3	2	2	3	3
Legal and professional	2	3	2	2	2
Communications	2	2	2	3	3
Other	8	7	8	8	8
Total Non-interest Expense	138	135	127	128	131
Income Before Income Tax	81	83	74	78	77
Income tax expense	13	16	15	14	14
Net Income	69	67	59	63	63
Basic (in dollars per share)	3.3	3.2	2.82	3	2.91
Diluted (in dollars per share)	3.27	3.16	2.79	2.97	2.88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	52	57	68	70	51
Interest bearing deposits	86	63	102	4	58
Cash and Cash Equivalents	138	120	170	74	109
Securities available for sale	496	559	679	779	1,413
Securities held to maturity (fair value of $282,830 at December 31, 2025 and $301,860 at December 31, 2024)	310	339	354	375	0
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	18	16	17	18	18
Loans held for sale, carried at fair value	9	8	12	27	55
Financing receivable, before allowance for credit loss	4,276	4,039	3,791	3,465	2,905
Allowance for credit losses	−63	−59	−55	−52	−47
Net Loans	4,213	3,979	3,736	3,413	2,858
Other real estate and repossessed assets, net	900,000	900,000	600,000	500,000	200,000
Property and equipment, net	39	37	36	36	36
Bank-owned life insurance	54	54	54	55	55
Capitalized mortgage loan servicing rights, carried at fair value	31	47	42	42	26
Other intangibles, net	1	1	2	3	3
Goodwill	28	28	28	28	28
Accrued income and other assets	168	148	133	129	66
Total Assets	5,506	5,338	5,264	5,000	4,705
Non-interest bearing	992	1,014	1,076	1,270	1,322
Savings and interest-bearing checking	2,113	1,995	1,906	1,973	1,897
Reciprocal	975	907	832	603	587
Time	663	628	524	321	308
Brokered time	19	110	285	212	3
Total Deposits	4,762	4,654	4,623	4,379	4,117
Other borrowings	77	45	50	86	30
Subordinated debt	0	40	40	39	39
Subordinated debentures	40	40	40	40	40
Accrued expenses and other liabilities	124	105	107	108	80
Total Liabilities	5,003	4,883	4,859	4,652	4,306
Commitments and contingent liabilities	—	—	—	—	—
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding	0	0	0	0	0
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,548,893 shares at December 31, 2025 and 20,895,714 shares at December 31, 2024	308	319	317	321	323
Retained earnings	253	206	159	119	75
Accumulated other comprehensive loss	−58	−70	−72	−93	501,000
Total Shareholders Equity	503	455	404	348	398
Total Liabilities and Shareholders Equity	5,506	5,338	5,264	5,000	4,705

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Proceeds from sales of equity securities at fair value	0	3	0	0	—
Proceeds from sales of loans held for sale	350	381	356	549	1,284
Disbursements for loans held for sale	−345	−371	−334	−514	−1,211
Deferred income tax (benefit) expense	−4	−1	215,000	−359,000	2
Net deferred loan fees	2	961,000	1	−4	−8
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans	10	10	10	11	12
Net loss on sale of capitalized mortgage loan servicing rights	233,000	0	0	—	—
Share based compensation	3	2	2	2	2
Increase in accrued income and other assets	−26	−25	−15	−26	−12
Increase (decrease) in accrued expenses and other liabilities	18	1	−4	15	17
Total Adjustments	8	−4	17	31	47
Net Cash From Operating Activities	77	63	76	95	110
Proceeds from the sale of securities available for sale	32	40	278,000	71	85
Proceeds from the sale of securities held to maturity previously charged off	0	1	0	0	—
Proceeds from maturities, prepayments and calls of securities available for sale	70	81	123	168	376
Proceeds from maturities, prepayments and calls of securities held to maturity	34	19	22	22	0
Purchases of securities available for sale	−24	0	0	−138	−824
Purchases of securities held to maturity	−2	−4	−2	−3	0
Proceeds from the redemption of Federal Home Loan Bank stock	1	722,000	1	774,000	0
Purchase of Federal Home Loan Bank stock	−3	0	−478,000	0	0
Net increase in portfolio loans (loans originated, net of principal payments)	−261	−272	−362	−606	−206
Proceeds from the sale of portfolio loans	23	21	57	64	10
Proceeds from the sale of other real estate and repossessed assets	864,000	892,000	650,000	723,000	1
Proceeds from bank-owned life insurance death benefits	1	1	1	433,000	467,000
Proceeds from the sale of property and equipment	0	960,000	2	2	63,000
Capital expenditures	−6	−8	−6	−6	−6
Proceeds from the sale of capitalized mortgage loan servicing rights	13	0	0	—	—
Net Cash Used In Investing Activities	−122	−118	−163	−425	−563
Net increase in total deposits	108	31	244	262	480
Net decrease in other borrowings	−6,000	−17,000	−61	61	−3,000
Proceeds from Federal Home Loan Bank advances	307	130	135	290	100
Payments of Federal Home Loan Bank advances	−275	−135	−110	−295	−100
Repayment of subordinated debt	−40	0	0	—	—
Dividends paid	−22	−20	−19	−19	−18
Proceeds from issuance of common stock	0	13,000	70,000	77,000	61,000
Repurchase of common stock	−12	0	−5	−4	−17
Share based compensation withholding obligation	−1	−1	−650,000	−620,000	−691,000
Net Cash From Financing Activities	64	5	183	295	444
Net Increase (Decrease) in Cash and Cash Equivalents	19	−50	95	−35	−9
Interest	91	104	79	18	8
Federal income taxes	12	14	16	10	14
Transfers to other real estate and repossessed assets	776,000	1	783,000	719,000	253,000
Right of use assets obtained in exchange for lease obligations	3	2	865,000	791,000	283,000

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