INDEPENDENT BANK CORP /MI/
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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FY2025 · Filed Mar 6, 2026
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, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands, except shareamounts) | ||
| Assets | ||
| Cash and due from banks | $52,235 | $56,984 |
| Interest bearing deposits | 86,152 | 62,898 |
| Cash and Cash Equivalents | 138,387 | 119,882 |
| Securities available for sale | 495,909 | 559,182 |
| Securities held to maturity (fair value of $282,830 at December 31, 2025 and $301,860 at December 31, 2024) | 309,523 | 339,436 |
| Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 18,102 | 16,099 |
| Loans held for sale, carried at fair value | 9,031 | 7,643 |
| Loans | ||
| Commercial | 2,213,557 | 1,937,364 |
| Mortgage | 1,524,821 | 1,516,726 |
| Installment | 537,907 | 584,735 |
| Total Loans | 4,276,285 | 4,038,825 |
| Allowance for credit losses | (63,445) | (59,379) |
| Net Loans | 4,212,840 | 3,979,446 |
| Other real estate and repossessed assets, net | 896 | 938 |
| Property and equipment, net | 38,972 | 37,492 |
| Bank-owned life insurance | 53,750 | 53,855 |
| Capitalized mortgage loan servicing rights, carried at fair value | 31,493 | 46,796 |
| Other intangibles, net | 1,001 | 1,488 |
| Goodwill | 28,300 | 28,300 |
| Accrued income and other assets | 167,516 | 147,547 |
| Total Assets | $5,505,720 | $5,338,104 |
| Liabilities and Shareholders’ Equity | ||
| Deposits | ||
| Non-interest bearing | $991,984 | $1,013,647 |
| Savings and interest-bearing checking | 2,113,260 | 1,995,314 |
| Reciprocal | 974,921 | 907,031 |
| Time | 662,858 | 628,285 |
| Brokered time | 18,659 | 109,811 |
| Total Deposits | 4,761,682 | 4,654,088 |
| Other borrowings | 77,003 | 45,009 |
| Subordinated debt | — | 39,586 |
| Subordinated debentures | 39,864 | 39,796 |
| Accrued expenses and other liabilities | 124,220 | 104,939 |
| Total Liabilities | 5,002,769 | 4,883,418 |
| 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: 20,548,893 shares at December 31, 2025 and 20,895,714 shares at December 31, 2024 | 307,845 | 318,777 |
| Retained earnings | 252,794 | 205,853 |
| Accumulated other comprehensive loss | (57,688) | (69,944) |
| Total Shareholders’ Equity | 502,951 | 454,686 |
| Total Liabilities and Shareholders’ Equity | $5,505,720 | $5,338,104 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands, except per share amounts) | |||
| INTEREST INCOME | |||
| Interest and fees on loans | $238,833 | $228,585 | $197,725 |
| Interest on securities | |||
| Taxable | 15,005 | 18,883 | 23,314 |
| Tax-exempt | 10,943 | 13,100 | 13,209 |
| Other investments | 4,956 | 6,208 | 5,429 |
| Total Interest Income | 269,737 | 266,776 | 239,677 |
| INTEREST EXPENSE | |||
| Deposits | 83,498 | 92,694 | 75,075 |
| Other borrowings and subordinated debt and debentures | 6,224 | 7,834 | 8,273 |
| Total Interest Expense | 89,722 | 100,528 | 83,348 |
| Net Interest Income | 180,015 | 166,248 | 156,329 |
| Provision for credit losses | 6,135 | 4,468 | 6,210 |
| Net Interest Income After Provision for Credit Losses | 173,880 | 161,780 | 150,119 |
| NON-INTEREST INCOME | |||
| Interchange income | 13,860 | 13,992 | 13,996 |
| Service charges on deposit accounts | 12,022 | 11,870 | 12,361 |
| Net gains (losses) on assets | |||
| Mortgage loans | 6,780 | 6,579 | 7,436 |
| Equity securities at fair value | — | 2,685 | — |
| Securities available for sale | (370) | (428) | (222) |
| Mortgage loan servicing, net | 827 | 9,447 | 4,626 |
| Other | 12,525 | 12,217 | 12,479 |
| Total Non-interest Income | 45,644 | 56,362 | 50,676 |
| NON-INTEREST EXPENSE | |||
| Compensation and employee benefits | 85,194 | 84,955 | 78,965 |
| Data processing | 14,788 | 13,579 | 11,862 |
| Occupancy, net | 8,567 | 7,806 | 7,908 |
| Interchange expense | 4,641 | 4,504 | 4,332 |
| Furniture, fixtures and equipment | 3,467 | 3,762 | 3,756 |
| Advertising | 3,211 | 3,058 | 2,165 |
| FDIC deposit insurance | 2,824 | 2,870 | 3,005 |
| Loan and collection | 2,737 | 2,474 | 2,174 |
| Legal and professional | 2,448 | 2,566 | 2,208 |
| Communications | 1,997 | 2,095 | 2,406 |
| Other | 8,359 | 7,427 | 8,338 |
| Total Non-interest Expense | 138,233 | 135,096 | 127,119 |
| Income Before Income Tax | 81,291 | 83,046 | 73,676 |
| Income tax expense | 12,750 | 16,256 | 14,609 |
| Net Income | $68,541 | $66,790 | $59,067 |
| Net income per common share | |||
| Basic | $3.30 | $3.20 | $2.82 |
| Diluted | $3.27 | $3.16 | $2.79 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Net income | $68,541 | $66,790 | $59,067 |
| Other comprehensive income | |||
| Securities available for sale | |||
| Unrealized gain arising during period | 11,082 | 1,866 | 22,094 |
| Accretion of net unrealized losses on securities transferred to held to maturity | 3,189 | 3,332 | 3,563 |
| Reclassification adjustments for losses included in earnings | 370 | 428 | 222 |
| Unrealized gains recognized in other comprehensive income on securities available for sale | 14,641 | 5,626 | 25,879 |
| Income tax expense | 3,075 | 1,181 | 5,435 |
| Unrealized gains recognized in other comprehensive income on securities available for sale, net of tax | 11,566 | 4,445 | 20,444 |
| Derivative instruments | |||
| Unrealized losses arising during period | (1,238) | (4,212) | (213) |
| Reclassification adjustment for expense recognized in earnings | 2,111 | 1,366 | 437 |
| Unrealized gains (losses) recognized in other comprehensive income on derivative instruments | 873 | (2,846) | 224 |
| Income tax expense (benefit) | 183 | (599) | 47 |
| Unrealized gains (losses) recognized in other comprehensive income on derivative instruments, net of tax | 690 | (2,247) | 177 |
| Other comprehensive income | 12,256 | 2,198 | 20,621 |
| Comprehensive income | $80,797 | $68,988 | $79,688 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
| CommonStock | RetainedEarnings | AccumulatedOtherComprehensiveLoss | TotalShareholders’Equity | |
|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | ||||
| Balances at January 1, 2023 | $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 |
| Net income for 2025 | — | 68,541 | — | 68,541 |
| Cash dividends declared, $1.04 per share | — | (21,600) | — | (21,600) |
| Repurchase of 407,113 shares of common stock | (12,433) | — | — | (12,433) |
| Share based compensation (issuance of 93,336 shares of common stock) | 2,716 | — | — | 2,716 |
| Share based compensation withholding obligation (withholding of 35,837 shares of common stock) | (1,215) | — | — | (1,215) |
| Other comprehensive income | — | — | 12,256 | 12,256 |
| Balances at December 31, 2025 | $307,845 | $252,794 | $(57,688) | $502,951 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Net Income | $68,541 | $66,790 | $59,067 |
| 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 | 350,335 | 380,739 | 356,207 |
| Disbursements for loans held for sale | (345,144) | (370,575) | (334,174) |
| Provision for credit losses | 6,135 | 4,468 | 6,210 |
| Deferred income tax (benefit) expense | (3,531) | (1,248) | 215 |
| Net deferred loan fees | 1,643 | 961 | 1,244 |
| Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans | 9,906 | 10,005 | 10,019 |
| Net gains on mortgage loans | (6,780) | (6,579) | (7,436) |
| Net gains on equity securities at fair value | — | (2,685) | — |
| Net losses on sales of securities available for sale | 370 | 428 | 222 |
| Net loss on sale of capitalized mortgage loan servicing rights | 233 | — | — |
| Share based compensation | 2,716 | 2,332 | 2,229 |
| Increase in accrued income and other assets | (25,648) | (25,187) | (14,617) |
| Increase (decrease) in accrued expenses and other liabilities | 17,886 | 1,017 | (3,597) |
| Total Adjustments | 8,121 | (3,639) | 16,522 |
| Net Cash From Operating Activities | 76,662 | 63,151 | 75,589 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Proceeds from the sale of securities available for sale | 32,193 | 39,517 | 278 |
| 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 | 69,591 | 81,092 | 122,806 |
| Proceeds from maturities, prepayments and calls of securities held to maturity | 34,370 | 18,811 | 22,317 |
| Purchases of securities available for sale | (24,463) | — | — |
| Purchases of securities held to maturity | (2,000) | (3,628) | (1,740) |
| Proceeds from the redemption of Federal Home Loan Bank stock | 1,209 | 722 | 1,310 |
| Purchase of Federal Home Loan Bank stock | (3,212) | — | (478) |
| Net increase in portfolio loans (loans originated, net of principal payments) | (261,131) | (271,800) | (361,609) |
| Proceeds from the sale of portfolio loans | 22,594 | 20,780 | 56,561 |
| Proceeds from the sale of other real estate and repossessed assets | 864 | 892 | 650 |
| Proceeds from bank-owned life insurance death benefits | 1,292 | 1,320 | 1,336 |
| Proceeds from the sale of property and equipment | — | 960 | 1,648 |
| Capital expenditures | (6,494) | (7,950) | (6,024) |
| Proceeds from the sale of capitalized mortgage loan servicing rights | 12,690 | — | — |
| Net Cash Used in Investing Activities | (122,497) | (118,159) | (162,945) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Net increase in total deposits | 107,594 | 31,209 | 243,810 |
| Net decrease in other borrowings | (6) | (17) | (60,980) |
| Proceeds from Federal Home Loan Bank advances | 307,000 | 130,000 | 135,000 |
| Payments of Federal Home Loan Bank advances | (275,000) | (135,000) | (110,000) |
| Repayment of subordinated debt | (40,000) | — | — |
| Dividends paid | (21,600) | (20,045) | (19,327) |
| Proceeds from issuance of common stock | — | 13 | 70 |
| Repurchase of common stock | (12,433) | — | (5,157) |
| Share based compensation withholding obligation | (1,215) | (1,051) | (650) |
| Net Cash From Financing Activities | 64,340 | 5,109 | 182,766 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 18,505 | (49,899) | 95,410 |
| Cash and Cash Equivalents at Beginning of Year | 119,882 | 169,781 | 74,371 |
| Cash and Cash Equivalents at End of Year | $138,387 | $119,882 | $169,781 |
| Cash paid during the year for | |||
| Interest | $90,939 | $103,953 | $79,101 |
| Federal income taxes | 11,650 | 13,900 | 16,100 |
| Transfers to other real estate and repossessed assets | 776 | 1,091 | 783 |
| Right of use assets obtained in exchange for lease obligations | 3,139 | 2,354 | 865 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.