Independent Bank Corporation (IBCP)

Independent Bank Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	231.31	228.59	197.73	139.06	116.64	123.16
Interest Income on Investments	36.48	38.19	41.95	29.95	21.44	16.67
Total Interest Income	267.79	266.78	239.68	169.01	138.08	139.83
Interest Paid on Deposits	90.84	92.69	75.08	14.15	4.47	12.67
Interest Paid on Borrowings	7.22	7.83	8.27	5.3	3.85	3.55
Total Interest Expense	98.06	100.53	83.35	19.45	8.32	16.22
Net Interest Income	169.74	166.25	156.33	149.56	129.77	123.61
Net Interest Income Growth (YoY)	7.37%	6.35%	4.52%	15.25%	4.98%	0.84%
Gain (Loss) on Sale of Investments	2.2	2.26	-0.22	-0.28	1.41	0.27
Other Non-Interest Income	32.7	35.66	31.1	43.47	29.18	9.4
Total Non-Interest Income	54.23	56.36	50.68	61.91	76.64	80.75
Non-Interest Income Growth (YoY)	2.92%	11.22%	-18.14%	-19.22%	-5.08%	69.15%
Revenues Before Loan Losses	223.96	222.61	207.01	211.47	206.41	204.36
Provision for Loan Losses	4.45	4.47	6.21	5.34	-1.93	12.46
Revenue	219.52	218.14	200.8	206.13	208.34	191.89
Revenue Growth (YoY)	6.57%	8.64%	-2.59%	-1.06%	8.57%	13.22%
Salaries and Employee Benefits	82.24	82.62	76.74	78.86	78.02	72.8
Occupancy Expenses	6.44	6.29	6.28	7.1	7	7.05
Federal Deposit Insurance	2.8	2.87	3.01	2.14	1.4	1.6
Selling, General & Administrative	29.66	28.91	26.25	25.22	25.81	23.94
Other Non-Interest Expense	16.04	14.41	14.84	15.02	18.8	16.61
Total Non-Interest Expense	137.17	135.1	127.12	128.34	131.02	122
EBT Excluding Unusual Items	82.35	83.05	73.68	77.79	77.31	69.9
Pretax Income	82.35	83.05	73.68	77.79	77.31	69.48
Income Tax Expense	15.96	16.26	14.61	14.44	14.42	13.33
Net Income	66.39	66.79	59.07	63.35	62.9	56.15
Net Income to Common	66.39	66.79	59.07	63.35	62.9	56.15
Net Income Growth	6.96%	13.08%	-6.76%	0.73%	12.01%	20.93%
Basic Shares Outstanding	21	21	21	21	22	22
Diluted Shares Outstanding	21	21	21	21	22	22
Shares Change (YoY)	-0.01%	-0.30%	-0.59%	-2.34%	-1.86%	-4.15%
EPS (Basic)	3.17	3.20	2.82	3.00	2.91	2.56
EPS (Diluted)	3.14	3.16	2.79	2.97	2.88	2.53
EPS Growth	6.78%	13.26%	-6.06%	3.13%	13.83%	26.50%
Dividend Per Share	0.720	0.960	0.920	0.880	0.840	0.800
Dividend Growth	-22.58%	4.35%	4.54%	4.76%	5.00%	11.11%
Effective Tax Rate	19.38%	19.57%	19.83%	18.56%	18.65%	19.18%

Updated Apr 24, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q