INDEPENDENT BANK CORP MI
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
IBCP$36.64-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Statements of Financial Condition
| September 30,2024 | December 31,2023 | |
|---|---|---|
| (Unaudited) | ||
| (In thousands, except shareamounts) | ||
| Assets | ||
| Cash and due from banks | $61,503 | $68,208 |
| Interest bearing deposits | 60,057 | 101,573 |
| Cash and Cash Equivalents | 121,560 | 169,781 |
| Securities available for sale | 588,950 | 679,350 |
| Securities held to maturity (fair value of $314,638 at September 30, 2024 and $318,606 at December 31, 2023 ) | 343,362 | 353,988 |
| Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 16,099 | 16,821 |
| Loans held for sale, carried at fair value | 14,029 | 12,063 |
| Loans | ||
| Commercial | 1,825,247 | 1,679,731 |
| Mortgage | 1,511,400 | 1,485,872 |
| Installment | 605,640 | 625,298 |
| Total Loans | 3,942,287 | 3,790,901 |
| Allowance for credit losses | (57,444) | (54,658) |
| Net Loans | 3,884,843 | 3,736,243 |
| Other real estate and repossessed assets, net | 781 | 569 |
| Property and equipment, net | 35,250 | 35,523 |
| Bank-owned life insurance | 54,017 | 54,341 |
| Capitalized mortgage loan servicing rights, carried at fair value | 40,204 | 42,243 |
| Other intangibles | 1,617 | 2,004 |
| Goodwill | 28,300 | 28,300 |
| Accrued income and other assets | 130,256 | 132,500 |
| Total Assets | $5,259,268 | $5,263,726 |
| Liabilities and Shareholders' Equity | ||
| Deposits | ||
| Non-interest bearing | $1,023,739 | $1,076,093 |
| Savings and interest-bearing checking | 1,947,571 | 1,905,701 |
| Reciprocal | 995,469 | 832,020 |
| Time | 620,446 | 524,325 |
| Brokered time | 39,650 | 284,740 |
| Total Deposits | 4,626,875 | 4,622,879 |
| Other borrowings | — | 50,026 |
| Subordinated debt | 39,567 | 39,510 |
| Subordinated debentures | 39,779 | 39,728 |
| Accrued expenses and other liabilities | 100,678 | 107,134 |
| Total Liabilities | 4,806,899 | 4,859,277 |
| Commitments and contingent liabilities | ||
| Shareholders’ Equity | ||
| Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | — | — |
| Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,893,800 shares at September 30, 2024 and 20,835,633 shares at December 31, 2023 | 318,216 | 317,483 |
| Retained earnings | 192,405 | 159,108 |
| Accumulated other comprehensive loss | (58,252) | (72,142) |
| Total Shareholders’ Equity | 452,369 | 404,449 |
| Total Liabilities and Shareholders’ Equity | $5,259,268 | $5,263,726 |
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