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	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	236.97	228.59	197.73	139.06	116.64	123.16
Interest Income on Investments	32.32	38.19	41.95	29.95	21.44	16.67
Total Interest Income	269.29	266.78	239.68	169.01	138.08	139.83
Interest Paid on Deposits	85.94	92.69	75.08	14.15	4.47	12.67
Interest Paid on Borrowings	6.84	7.83	8.27	5.3	3.85	3.55
Total Interest Expense	92.78	100.53	83.35	19.45	8.32	16.22
Net Interest Income	176.51	166.25	156.33	149.56	129.77	123.61
Net Interest Income Growth (YoY)	7.95%	6.35%	4.52%	15.25%	4.98%	0.84%
Gain (Loss) on Sale of Investments	-0.37	2.26	-0.22	-0.28	1.41	0.27
Other Non-Interest Income	34.16	35.66	31.1	43.47	29.18	9.4
Total Non-Interest Income	52.81	56.36	50.68	61.91	76.64	80.75
Non-Interest Income Growth (YoY)	13.96%	11.22%	-18.14%	-19.22%	-5.08%	69.15%
Revenues Before Loan Losses	229.32	222.61	207.01	211.47	206.41	204.36
Provision for Loan Losses	6.43	4.47	6.21	5.34	-1.93	12.46
Revenue	222.89	218.14	200.8	206.13	208.34	191.89
Revenue Growth (YoY)	7.05%	8.64%	-2.59%	-1.06%	8.57%	13.22%
Salaries and Employee Benefits	82.96	82.62	76.74	78.86	78.02	72.8
Occupancy Expenses	6.87	6.29	6.28	7.1	7	7.05
Federal Deposit Insurance	2.69	2.87	3.01	2.14	1.4	1.6
Selling, General & Administrative	30.5	28.91	26.25	25.22	25.81	23.94
Other Non-Interest Expense	16.12	14.41	14.84	15.02	18.8	16.61
Total Non-Interest Expense	139.14	135.1	127.12	128.34	131.02	122
EBT Excluding Unusual Items	83.75	83.05	73.68	77.79	77.31	69.9
Pretax Income	83.75	83.05	73.68	77.79	77.31	69.48
Income Tax Expense	15.32	16.26	14.61	14.44	14.42	13.33
Net Income	68.43	66.79	59.07	63.35	62.9	56.15
Net Income to Common	68.43	66.79	59.07	63.35	62.9	56.15
Net Income Growth	10.24%	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)	-0.27%	-0.30%	-0.59%	-2.34%	-1.86%	-4.15%
EPS (Basic)	3.29	3.20	2.82	3.00	2.91	2.56
EPS (Diluted)	3.25	3.16	2.79	2.97	2.88	2.53
EPS Growth	10.56%	13.26%	-6.06%	3.13%	13.83%	26.50%
Dividend Per Share	1.020	0.960	0.920	0.880	0.840	0.800
Dividend Growth	7.37%	4.35%	4.54%	4.76%	5.00%	11.11%
Effective Tax Rate	18.29%	19.57%	19.83%	18.56%	18.65%	19.18%

Updated Oct 28, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q