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	Dec 31, 2024	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	228.59	228.59	197.73	139.06	116.64	123.16
Interest Income on Investments	38.19	38.19	41.95	29.95	21.44	16.67
Total Interest Income	266.78	266.78	239.68	169.01	138.08	139.83
Interest Paid on Deposits	92.69	92.69	75.08	14.15	4.47	12.67
Interest Paid on Borrowings	7.83	7.83	8.27	5.3	3.85	3.55
Total Interest Expense	100.53	100.53	83.35	19.45	8.32	16.22
Net Interest Income	166.25	166.25	156.33	149.56	129.77	123.61
Net Interest Income Growth (YoY)	6.34%	6.34%	4.53%	15.26%	4.98%	0.84%
Gain (Loss) on Sale of Investments	2.26	2.26	-0.22	-0.28	1.41	0.27
Other Non-Interest Income	35.66	35.66	31.1	43.47	29.18	9.4
Total Non-Interest Income	56.36	56.36	50.68	61.91	76.64	80.75
Non-Interest Income Growth (YoY)	11.22%	11.22%	-18.14%	-19.22%	-5.08%	69.15%
Revenues Before Loan Losses	222.61	222.61	207.01	211.47	206.41	204.36
Provision for Loan Losses	4.47	4.47	6.21	5.34	-1.93	12.46
Revenue	218.14	218.14	200.8	206.13	208.34	191.89
Revenue Growth (YoY)	8.64%	8.64%	-2.59%	-1.06%	8.57%	13.22%
Salaries and Employee Benefits	84.96	84.96	76.74	78.86	78.02	72.8
Occupancy Expenses	7.81	7.81	6.28	7.1	7	7.05
Federal Deposit Insurance	2.87	2.87	3.01	2.14	1.4	1.6
Selling, General & Administrative	25.06	25.06	26.25	25.22	25.81	23.94
Other Non-Interest Expense	14.41	14.41	14.84	15.02	18.8	16.61
Total Non-Interest Expense	135.1	135.1	127.12	128.34	131.02	122
EBT Excluding Unusual Items	83.05	83.05	73.68	77.79	77.31	69.9
Pretax Income	83.05	83.05	73.68	77.79	77.31	69.48
Income Tax Expense	16.26	16.26	14.61	14.44	14.42	13.33
Net Income	66.79	66.79	59.07	63.35	62.9	56.15
Net Income to Common	66.79	66.79	59.07	63.35	62.9	56.15
Net Income Growth	13.07%	13.07%	-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)	-0.16%	-0.16%	-0.59%	-2.34%	-1.86%	-4.15%
EPS (Basic)	3.20	3.20	2.82	3.00	2.91	2.56
EPS (Diluted)	3.16	3.16	2.79	2.97	2.88	2.53
EPS Growth	13.26%	13.26%	-6.06%	3.13%	13.83%	26.50%
Dividend Per Share	0.960	0.960	0.920	0.880	0.840	0.800
Dividend Growth	4.35%	4.35%	4.55%	4.76%	5.00%	11.11%
Effective Tax Rate	19.57%	19.57%	19.83%	18.56%	18.65%	19.18%

Source: S&P Capital IQ. Banks template. Financial Sources.