Independent Bank Corporation (IBCP)

Independent Bank Balance Sheet

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
Cash & Equivalents	119.88	119.88	169.48	74.07	109.47	108.77
Investment Securities	898.62	898.62	733.14	826.72	979.3	677.55
Trading Asset Securities	-	-	38.68	39.75	12.28	16.78
Mortgage-Backed Securities	-	-	300.2	327.45	433.53	394.61
Total Investments	898.62	898.62	1,072	1,194	1,425	1,089
Gross Loans	4,039	4,039	3,791	3,465	2,905	2,743
Allowance for Loan Losses	-59.38	-59.38	-54.66	-52.44	-47.25	-35.43
Other Adjustments to Gross Loans	-	-	-	-	-	-8.9
Net Loans	3,979	3,979	3,736	3,413	2,858	2,698
Property, Plant & Equipment	37.49	37.49	40.43	41.44	42.89	43.77
Goodwill	28.3	28.3	28.3	28.3	28.3	28.3
Other Intangible Assets	1.49	1.49	2	2.55	3.34	4.31
Loans Held for Sale	7.64	7.64	12.06	46.89	90.28	92.43
Accrued Interest Receivable	147.55	147.55	65.11	54.12	18.87	12.32
Restricted Cash	-	-	0.3	0.3	-	9.94
Long-Term Deferred Tax Assets	-	-	23.8	29.5	4.35	0.28
Other Real Estate Owned & Foreclosed	0.94	0.94	0.57	0.46	0.25	0.77
Other Long-Term Assets	100.65	100.65	96.58	97.69	105.68	97.52
Total Assets	5,338	5,338	5,264	5,000	4,705	4,204
Accrued Expenses	104.94	104.94	80.19	83.13	67.65	48.7
Interest Bearing Deposits	3,640	3,640	3,370	3,026	2,702	2,434
Institutional Deposits	-	-	176.6	82.9	93.1	50
Non-Interest Bearing Deposits	1,014	1,014	1,076	1,270	1,322	1,153
Total Deposits	4,654	4,654	4,623	4,379	4,117	3,637
Short-Term Borrowings	-	-	21.84	80.13	5.96	11.75
Current Portion of Leases	-	-	1.14	-	-	-
Long-Term Debt	84.6	84.6	39.54	39.44	39.37	39.29
Federal Home Loan Bank Debt, Long-Term	-	-	50	25	30	30
Long-Term Leases	-	-	3.97	5.77	6.6	7.87
Trust Preferred Securities	39.8	39.8	39.73	39.66	39.59	39.52
Total Liabilities	4,883	4,883	4,859	4,652	4,306	3,814
Common Stock	318.78	318.78	317.48	320.99	323.4	339.35
Retained Earnings	205.85	205.85	159.11	119.37	74.58	40.15
Comprehensive Income & Other	-69.94	-69.94	-72.14	-92.76	0.5	10.02
Shareholders' Equity	454.69	454.69	404.45	347.6	398.48	389.52
Total Liabilities & Equity	5,338	5,338	5,264	5,000	4,705	4,204
Total Debt	124.39	124.39	156.21	190	121.52	128.44
Net Cash (Debt)	-4.51	-4.51	51.95	-76.18	0.24	-2.89
Net Cash Per Share	-0.21	-0.21	2.45	-3.58	0.01	-0.13
Filing Date Shares Outstanding	20.9	20.9	20.91	21.13	21.2	21.77
Total Common Shares Outstanding	20.9	20.9	20.84	21.06	21.17	21.85
Book Value Per Share	21.76	21.76	19.41	16.50	18.82	17.82
Tangible Book Value	424.9	424.9	374.15	316.75	366.85	356.92
Tangible Book Value Per Share	20.33	20.33	17.96	15.04	17.33	16.33

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