Independent Bank Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Interest Income on Loans	923.02	789.99	730.2	578.1	382.29
Interest Income on Investments	99.38	62.77	65.53	64.75	32.99
Total Interest Income	1,022	852.75	795.73	642.84	415.28
Interest Paid on Deposits	274.4	246.96	144.75	24.65	8.33
Interest Paid on Borrowings	39.17	44.06	44.45	4.94	5.39
Total Interest Expense	313.57	291.02	189.21	29.59	13.72
Net Interest Income	708.83	561.73	606.52	613.25	401.56
Net Interest Income Growth (YoY)	26.19%	-7.38%	-1.10%	52.72%	9.20%
Trust Income	50.05	42.74	40.19	36.83	35.31
Mortgage Banking Activities	4.53	4.14	2.33	3.52	13.28
Gain (Loss) on Sale of Assets	-	-	-	-	-0.14
Gain (Loss) on Sale of Investments	-	0.42	1.18	-3.06	0.55
Other Non-Interest Income	61.97	54.25	57.43	50.95	39.96
Total Non-Interest Income	148.69	128.01	124.61	111.61	105.71
Non-Interest Income Growth (YoY)	16.15%	2.73%	11.65%	5.58%	-3.93%
Revenues Before Loan Losses	857.52	689.74	731.13	724.86	507.27
Provision for Loan Losses	65.47	36.25	23.25	6.5	18.21
Revenue	792.05	653.49	707.88	718.36	489.07
Revenue Growth (YoY)	21.20%	-7.68%	-1.46%	46.88%	15.00%
Salaries and Employee Benefits	287.5	227.73	216.36	200.92	169.01
Occupancy Expenses	57.6	37.67	36.08	32.45	21.69
Federal Deposit Insurance	12.5	10.89	11.95	6.95	3.98
Amortization of Goodwill & Intangibles	16.91	5.91	6.88	7.66	5.72
Selling, General & Administrative	11.18	55.56	55.28	53.78	41.47
Other Non-Interest Expense	104.56	66.11	65.6	61.08	48.96
Total Non-Interest Expense	490.25	404.46	392.75	363.5	291.55
EBT Excluding Unusual Items	301.81	249.03	315.13	354.85	197.52
Pretax Income	262.17	247.13	315.13	347.75	156.68
Income Tax Expense	57.05	55.05	75.63	83.94	35.68
Net Income	205.12	192.08	239.5	263.81	120.99
Net Income to Common	205.12	192.08	239.5	263.81	120.99
Net Income Growth	6.79%	-19.80%	-9.21%	118.04%	-0.14%
Basic Shares Outstanding	46	42	44	46	35
Diluted Shares Outstanding	46	43	44	46	35
Shares Change (YoY)	8.65%	-3.81%	-4.74%	32.97%	4.82%
EPS (Basic)	4.44	4.52	5.42	5.69	3.47
EPS (Diluted)	4.44	4.52	5.42	5.69	3.47
EPS Growth	-1.76%	-16.61%	-4.73%	63.97%	-4.68%
Dividend Per Share	2.360	2.280	2.200	2.080	1.920
Dividend Growth	3.51%	3.64%	5.77%	8.33%	4.35%
Effective Tax Rate	21.76%	22.27%	24.00%	24.14%	22.78%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

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