INDEPENDENT BANK CORP MI

For the period ended Dec 31, 2024. Filed Mar 7, 2025.

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.

FY2024 · Filed Mar 7, 2025

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,
	2024	2023	2022	2021	2020
(Dollars in thousands, except per share amounts)
SUMMARY OF OPERATIONS
Interest income	$266,776	$239,677	$169,008	$138,080	$139,829
Interest expense	100,528	83,348	19,447	8,315	16,217
Net interest income	166,248	156,329	149,561	129,765	123,612
Provision for credit losses(1)	4,468	6,210	5,341	(1,928)	12,463
Net gains (losses) on securities available for sale	(428)	(222)	(275)	1,411	267
Other non-interest income	56,790	50,898	62,184	75,232	80,478
Non-interest expense	135,096	127,119	128,341	131,023	122,413
Income before income tax	83,046	73,676	77,788	77,313	69,481
Income tax expense	16,256	14,609	14,437	14,418	13,329
Net income	$66,790	$59,067	$63,351	$62,895	$56,152
PER COMMON SHARE DATA
Net income per common share
Basic	$3.20	$2.82	$3.00	$2.91	$2.56
Diluted	3.16	2.79	2.97	2.88	2.53
Cash dividends declared and paid	0.96	0.92	0.88	0.84	0.80
Book value	21.76	19.41	16.50	18.82	17.82
SELECTED BALANCES
Assets	$5,338,104	$5,263,726	$4,999,787	$4,704,740	$4,204,013
Loans	4,038,825	3,790,901	3,465,352	2,905,045	2,733,678
Allowance for credit losses(1)	59,379	54,658	52,435	47,252	35,429
Deposits	4,654,088	4,622,879	4,379,069	4,117,090	3,637,355
Shareholders’ equity	454,686	404,449	347,596	398,484	389,522
Other borrowings	45,009	50,026	86,006	30,009	30,012
Subordinated debt	39,586	39,510	39,433	39,357	39,281
Subordinated debentures	39,796	39,728	39,660	39,592	39,524
SELECTED RATIOS
Net interest income to average interest earning assets	3.38%	3.26%	3.32%	3.10%	3.34%
Net income to
Average shareholders' equity	15.66	16.04	18.41	16.13	15.68
Average assets	1.27	1.15	1.31	1.41	1.43
Average shareholders’ equity to average assets	8.14	7.20	7.13	8.73	9.10
Tier 1 capital to average assets	9.85	9.03	8.86	8.79	9.15
Non-performing loans to Portfolio Loans	0.15	0.14	0.11	0.18	0.29

(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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