INDEPENDENT BANK CORP MI

For the period ended Dec 31, 2023. Filed Mar 8, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 8, 2024

IBCP$36.99+1.9%Stored close · as of Nov 9, 2026

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Contents

EX-13 · Selected Consolidated Financial Data

SELECTED CONSOLIDATED FINANCIAL DATA

	Year Ended December 31,
	2023	2022	2021	2020	2019
(Dollars in thousands, except per share amounts)
SUMMARY OF OPERATIONS
Interest income	$239,677	$169,008	$138,080	$139,829	$148,928
Interest expense	83,348	19,447	8,315	16,217	26,347
Net interest income	156,329	149,561	129,765	123,612	122,581
Provision for credit losses(1)	6,210	5,341	(1,928)	12,463	824
Net gains (losses) on securities available for sale	(222)	(275)	1,411	267	307
Other non-interest income	50,898	62,184	75,232	80,478	47,429
Non-interest expense	127,119	128,341	131,023	122,413	111,733
Income before income tax	73,676	77,788	77,313	69,481	57,760
Income tax expense	14,609	14,437	14,418	13,329	11,325
Net income	$59,067	$63,351	$62,895	$56,152	$46,435
PER COMMON SHARE DATA
Net income per common share
Basic	$2.82	$3.00	$2.91	$2.56	$2.03
Diluted	2.79	2.97	2.88	2.53	2.00
Cash dividends declared and paid	0.92	0.88	0.84	0.80	0.72
Book value	19.41	16.50	18.82	17.82	15.58
SELECTED BALANCES
Assets	$5,263,726	$4,999,787	$4,704,740	$4,204,013	$3,564,694
Loans	3,790,901	3,465,352	2,905,045	2,733,678	2,725,023
Allowance for credit losses(1)	54,658	52,435	47,252	35,429	26,148
Deposits	4,622,879	4,379,069	4,117,090	3,637,355	3,036,727
Shareholders’ equity	404,449	347,596	398,484	389,522	350,169
Other borrowings	50,026	86,006	30,009	30,012	88,646
Subordinated debt	39,510	39,433	39,357	39,281	—
Subordinated debentures	39,728	39,660	39,592	39,524	39,456
SELECTED RATIOS
Net interest income to average interest earning assets	3.26%	3.32%	3.10%	3.34%	3.80%
Net income to
Average shareholders' equity	16.04	18.41	16.13	15.68	13.63
Average assets	1.15	1.31	1.41	1.43	1.35
Average shareholders’ equity to average assets	7.20	7.13	8.73	9.10	9.90
Tier 1 capital to average assets	9.03	8.86	8.79	9.15	10.11
Non-performing loans to Portfolio Loans	0.14	0.11	0.18	0.29	0.35

(1)Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.