INDEPENDENT BANK CORP MI
For the period ended Dec 31, 2024. Filed Mar 7, 2025.
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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.
FY2024 · Filed Mar 7, 2025
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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EX-13 · Item 8. Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except shareamounts) | ||
| Assets | ||
| Cash and due from banks | $56,984 | $68,208 |
| Interest bearing deposits | 62,898 | 101,573 |
| Cash and Cash Equivalents | 119,882 | 169,781 |
| Securities available for sale | 559,182 | 679,350 |
| Securities held to maturity (fair value of $301,860 at December 31, 2024 and $318,606 at December 31, 2023) | 339,436 | 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 | 7,643 | 12,063 |
| Loans | ||
| Commercial | 1,937,364 | 1,679,731 |
| Mortgage | 1,516,726 | 1,485,872 |
| Installment | 584,735 | 625,298 |
| Total Loans | 4,038,825 | 3,790,901 |
| Allowance for credit losses | (59,379) | (54,658) |
| Net Loans | 3,979,446 | 3,736,243 |
| Other real estate and repossessed assets, net | 938 | 569 |
| Property and equipment, net | 37,492 | 35,523 |
| Bank-owned life insurance | 53,855 | 54,341 |
| Capitalized mortgage loan servicing rights, carried at fair value | 46,796 | 42,243 |
| Other intangibles | 1,488 | 2,004 |
| Goodwill | 28,300 | 28,300 |
| Accrued income and other assets | 147,547 | 132,500 |
| Total Assets | $5,338,104 | $5,263,726 |
| Liabilities and Shareholders’ Equity | ||
| Deposits | ||
| Non-interest bearing | $1,013,647 | $1,076,093 |
| Savings and interest-bearing checking | 1,995,314 | 1,905,701 |
| Reciprocal | 907,031 | 832,020 |
| Time | 628,285 | 524,325 |
| Brokered time | 109,811 | 284,740 |
| Total Deposits | 4,654,088 | 4,622,879 |
| Other borrowings | 45,009 | 50,026 |
| Subordinated debt | 39,586 | 39,510 |
| Subordinated debentures | 39,796 | 39,728 |
| Accrued expenses and other liabilities | 104,939 | 107,134 |
| Total Liabilities | 4,883,418 | 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: 20,895,714 shares at December 31, 2024 and 20,835,633 shares at December 31, 2023 | 318,777 | 317,483 |
| Retained earnings | 205,853 | 159,108 |
| Accumulated other comprehensive loss | (69,944) | (72,142) |
| Total Shareholders’ Equity | 454,686 | 404,449 |
| Total Liabilities and Shareholders’ Equity | $5,338,104 | $5,263,726 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In thousands, except per share amounts) | |||
| INTEREST INCOME | |||
| Interest and fees on loans | $228,585 | $197,725 | $139,057 |
| Interest on securities | |||
| Taxable | 18,883 | 23,314 | 20,676 |
| Tax-exempt | 13,100 | 13,209 | 8,391 |
| Other investments | 6,208 | 5,429 | 884 |
| Total Interest Income | 266,776 | 239,677 | 169,008 |
| INTEREST EXPENSE | |||
| Deposits | 92,694 | 75,075 | 14,151 |
| Other borrowings and subordinated debt and debentures | 7,834 | 8,273 | 5,296 |
| Total Interest Expense | 100,528 | 83,348 | 19,447 |
| Net Interest Income | 166,248 | 156,329 | 149,561 |
| Provision for credit losses | 4,468 | 6,210 | 5,341 |
| Net Interest Income After Provision for Credit Losses | 161,780 | 150,119 | 144,220 |
| NON-INTEREST INCOME | |||
| Interchange income | 13,992 | 13,996 | 13,955 |
| Service charges on deposit accounts | 11,870 | 12,361 | 12,288 |
| Net gains (losses) on assets | |||
| Mortgage loans | 6,579 | 7,436 | 6,431 |
| Equity securities at fair value | 2,685 | — | — |
| Securities available for sale | (428) | (222) | (275) |
| Mortgage loan servicing, net | 9,447 | 4,626 | 18,773 |
| Other | 12,217 | 12,479 | 10,737 |
| Total Non-interest Income | 56,362 | 50,676 | 61,909 |
| NON-INTEREST EXPENSE | |||
| Compensation and employee benefits | 84,955 | 78,965 | 81,007 |
| Data processing | 13,579 | 11,862 | 10,183 |
| Occupancy, net | 7,806 | 7,908 | 8,907 |
| Interchange expense | 4,504 | 4,332 | 4,242 |
| Furniture, fixtures and equipment | 3,762 | 3,756 | 4,007 |
| Advertising | 3,058 | 2,165 | 2,074 |
| FDIC deposit insurance | 2,870 | 3,005 | 2,142 |
| Legal and professional | 2,566 | 2,208 | 2,133 |
| Loan and collection | 2,474 | 2,174 | 2,657 |
| Communications | 2,095 | 2,406 | 2,871 |
| Costs (recoveries) related to unfunded lending commitments | (373) | 424 | 599 |
| Other | 7,800 | 7,914 | 7,519 |
| Total Non-interest Expense | 135,096 | 127,119 | 128,341 |
| Income Before Income Tax | 83,046 | 73,676 | 77,788 |
| Income tax expense | 16,256 | 14,609 | 14,437 |
| Net Income | $66,790 | $59,067 | $63,351 |
| Net income per common share | |||
| Basic | $3.20 | $2.82 | $3.00 |
| Diluted | $3.16 | $2.79 | $2.97 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In thousands) | |||
| Net income | $66,790 | $59,067 | $63,351 |
| Other comprehensive income (loss) | |||
| Securities available for sale | |||
| Unrealized gain (loss) arising during period | 1,866 | 22,094 | (95,263) |
| Net unrealized loss at time of transfer on securities available for sale transferred to held to maturity | — | — | (26,479) |
| Accretion of net unrealized losses on securities transferred to held to maturity | 3,332 | 3,563 | 3,413 |
| Reclassification adjustments for losses included in earnings | 428 | 222 | 275 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale | 5,626 | 25,879 | (118,054) |
| Income tax expense (benefit) | 1,181 | 5,435 | (24,790) |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on securities available for sale, net of tax | 4,445 | 20,444 | (93,264) |
| Derivative instruments | |||
| Unrealized losses arising during period | (4,212) | (213) | — |
| Reclassification adjustment for expense recognized in earnings | 1,366 | 437 | — |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments | (2,846) | 224 | — |
| Income tax expense (benefit) | (599) | 47 | — |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on derivative instruments, net of tax | (2,247) | 177 | — |
| Other comprehensive income (loss) | 2,198 | 20,621 | (93,264) |
| Comprehensive income (loss) | $68,988 | $79,688 | $(29,913) |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
| CommonStock | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | TotalShareholders’Equity | |
|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | ||||
| Balances at December 31, 2021 | $323,401 | $74,582 | $501 | $398,484 |
| Net income for 2022 | — | 63,351 | — | 63,351 |
| Cash dividends declared, $0.88 per share | — | (18,565) | — | (18,565) |
| Repurchase of 181,586 shares of common stock | (4,010) | — | — | (4,010) |
| Issuance of 40,532 shares of common stock | 77 | — | — | 77 |
| Share based compensation (issuance of 62,114 shares of common stock) | 2,143 | — | — | 2,143 |
| Share based compensation withholding obligation (withholding of 28,125 shares of common stock) | (620) | — | — | (620) |
| Other comprehensive loss | — | — | (93,264) | (93,264) |
| Balances at December 31, 2022 | 320,991 | 119,368 | (92,763) | 347,596 |
| Net income for 2023 | — | 59,067 | — | 59,067 |
| Cash dividends declared, $0.92 per share | — | (19,327) | — | (19,327) |
| Repurchase of 298,601 shares of common stock | (5,157) | — | — | (5,157) |
| Issuance of 28,583 shares of common stock | 70 | — | — | 70 |
| Share based compensation (issuance of 77,211 shares of common stock) | 2,229 | — | — | 2,229 |
| Share based compensation withholding obligation (withholding of 35,531 shares of common stock) | (650) | — | — | (650) |
| Other comprehensive income | — | — | 20,621 | 20,621 |
| Balances at December 31, 2023 | 317,483 | 159,108 | (72,142) | 404,449 |
| Net income for 2024 | — | 66,790 | — | 66,790 |
| Cash dividends declared, $0.96 per share | — | (20,045) | — | (20,045) |
| Issuance of 6,141 shares of common stock | 13 | — | — | 13 |
| Share based compensation (issuance of 95,966 shares of common stock) | 2,332 | — | — | 2,332 |
| Share based compensation withholding obligation (withholding of 42,026 shares of common stock) | (1,051) | — | — | (1,051) |
| Other comprehensive income | — | — | 2,198 | 2,198 |
| Balances at December 31, 2024 | $318,777 | $205,853 | $(69,944) | $454,686 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In thousands) | |||
| Net Income | $66,790 | $59,067 | $63,351 |
| ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH FROM OPERATING ACTIVITIES | |||
| Proceeds from sales of equity securities at fair value | 2,685 | — | — |
| Proceeds from sales of loans held for sale | 380,739 | 356,207 | 549,079 |
| Disbursements for loans held for sale | (370,575) | (334,174) | (514,244) |
| Provision for credit losses | 4,468 | 6,210 | 5,341 |
| Deferred income tax (benefit) expense | (1,248) | 215 | (359) |
| Net deferred loan fees (costs) | 961 | 1,244 | (4,155) |
| Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities, loans and interest bearing deposits - time | 10,005 | 10,019 | 10,827 |
| Net gains on mortgage loans | (6,579) | (7,436) | (6,431) |
| Net gains on equity securities at fair value | (2,685) | — | — |
| Net (gains) losses on securities available for sale | 428 | 222 | 275 |
| Share based compensation | 2,332 | 2,229 | 2,143 |
| Increase in accrued income and other assets | (25,187) | (14,617) | (25,843) |
| Increase (decrease) in accrued expenses and other liabilities | 1,017 | (3,597) | 14,648 |
| Total Adjustments | (3,639) | 16,522 | 31,281 |
| Net Cash From Operating Activities | 63,151 | 75,589 | 94,632 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Proceeds from the sale of securities available for sale | 39,517 | 278 | 70,523 |
| Proceeds from the sale of securities held to maturity previously charged off | 1,125 | — | — |
| Proceeds from maturities, prepayments and calls of securities available for sale | 81,092 | 122,806 | 167,550 |
| Proceeds from maturities, prepayments and calls of securities held to maturity | 18,811 | 22,317 | 21,964 |
| Purchases of securities available for sale | — | — | (137,550) |
| Purchases of securities held to maturity | (3,628) | (1,740) | (2,658) |
| Proceeds from the redemption of Federal Home Loan Bank stock | 722 | 1,310 | 774 |
| Purchase of Federal Home Loan Bank stock | — | (478) | — |
| Net increase in portfolio loans (loans originated, net of principal payments) | (271,800) | (361,609) | (606,069) |
| Proceeds from the sale of portfolio loans | 20,780 | 56,561 | 63,564 |
| Proceeds from the sale of other real estate and repossessed assets | 892 | 650 | 723 |
| Proceeds from bank-owned life insurance | 1,320 | 1,336 | 433 |
| Proceeds from the sale of property and equipment | 960 | 1,648 | 1,833 |
| Capital expenditures | (7,950) | (6,024) | (5,679) |
| Net Cash Used in Investing Activities | (118,159) | (162,945) | (424,592) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Net increase in total deposits | 31,209 | 243,810 | 261,979 |
| Net increase (decrease) in other borrowings | (17) | (60,980) | 60,997 |
| Proceeds from Federal Home Loan Bank advances | 130,000 | 135,000 | 290,000 |
| Payments of Federal Home Loan Bank advances | (135,000) | (110,000) | (295,000) |
| Dividends paid | (20,045) | (19,327) | (18,565) |
| Proceeds from issuance of common stock | 13 | 70 | 77 |
| Repurchase of common stock | — | (5,157) | (4,010) |
| Share based compensation withholding obligation | (1,051) | (650) | (620) |
| Net Cash From Financing Activities | 5,109 | 182,766 | 294,858 |
| Net Increase (Decrease) in Cash and Cash Equivalents | (49,899) | 95,410 | (35,102) |
| Cash and Cash Equivalents at Beginning of Year | 169,781 | 74,371 | 109,473 |
| Cash and Cash Equivalents at End of Year | $119,882 | $169,781 | $74,371 |
| Cash paid during the year for | |||
| Interest | $103,953 | $79,101 | $17,657 |
| Income taxes | 13,900 | 16,100 | 10,040 |
| Transfers to other real estate and repossessed assets | 1,091 | 783 | 719 |
| Right of use assets obtained in exchange for lease obligations | 2,354 | 865 | 791 |
| Transfer of securities available for sale to held to maturity | — | — | 391,618 |
| Transfer of mortgage loans to held for sale | — | — | 20,367 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.