Independent Bank Corporation (IBCP)

Independent Bank Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	224.57	197.73	139.06	116.64	123.16	133.88
Interest Income on Investments	40.59	41.95	29.95	21.44	16.67	15.05
Total Interest Income	265.16	239.68	169.01	138.08	139.83	148.93
Interest Paid on Deposits	93.26	75.08	14.15	4.47	12.67	23.43
Interest Paid on Borrowings	8.39	8.27	5.3	3.85	3.55	2.92
Total Interest Expense	101.65	83.35	19.45	8.32	16.22	26.35
Net Interest Income	163.51	156.33	149.56	129.77	123.61	122.58
Net Interest Income Growth (YoY)	4.26%	4.53%	15.26%	4.98%	0.84%	8.21%
Gain (Loss) on Sale of Investments	2.27	-0.22	-0.28	1.41	0.27	0.31
Other Non-Interest Income	25.28	31.1	43.47	29.18	9.4	16.24
Total Non-Interest Income	46.34	50.68	61.91	76.64	80.75	47.74
Non-Interest Income Growth (YoY)	-12.65%	-18.14%	-19.22%	-5.08%	69.15%	6.52%
Revenues Before Loan Losses	209.85	207.01	211.47	206.41	204.36	170.32
Provision for Loan Losses	1.63	6.21	5.34	-1.93	12.46	0.82
Revenue	208.21	200.8	206.13	208.34	191.89	169.49
Revenue Growth (YoY)	3.25%	-2.59%	-1.06%	8.57%	13.22%	8.24%
Salaries and Employee Benefits	78.82	76.74	78.86	78.02	72.8	65.65
Occupancy Expenses	6.24	6.28	7.1	7	7.05	6.64
Federal Deposit Insurance	2.94	3.01	2.14	1.4	1.6	0.69
Selling, General & Administrative	27.67	26.25	25.22	25.81	23.94	24.46
Other Non-Interest Expense	14.33	14.84	15.02	18.8	16.61	14.31
Total Non-Interest Expense	129.99	127.12	128.34	131.02	122	111.73
EBT Excluding Unusual Items	78.23	73.68	77.79	77.31	69.9	57.76
Pretax Income	78.23	73.68	77.79	77.31	69.48	57.76
Income Tax Expense	16.15	14.61	14.44	14.42	13.33	11.33
Net Income	62.07	59.07	63.35	62.9	56.15	46.44
Net Income to Common	62.07	59.07	63.35	62.9	56.15	46.44
Net Income Growth	2.75%	-6.76%	0.73%	12.01%	20.93%	16.56%
Basic Shares Outstanding	21	21	21	22	22	23
Diluted Shares Outstanding	21	21	21	22	22	23
Shares Change (YoY)	-0.62%	-0.59%	-2.34%	-1.86%	-4.15%	-2.47%
EPS (Basic)	2.97	2.82	3.00	2.91	2.56	2.03
EPS (Diluted)	2.94	2.79	2.97	2.88	2.53	2.00
EPS Growth	3.52%	-6.06%	3.13%	13.83%	26.50%	19.05%
Dividend Per Share	0.950	0.920	0.880	0.840	0.800	0.720
Dividend Growth	4.40%	4.55%	4.76%	5.00%	11.11%	20.00%
Effective Tax Rate	20.65%	19.83%	18.56%	18.65%	19.18%	19.61%

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