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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	234.06	228.59	197.73	139.06	116.64	123.16
Interest Income on Investments	34.28	38.19	41.95	29.95	21.44	16.67
Total Interest Income	268.33	266.78	239.68	169.01	138.08	139.83
Interest Paid on Deposits	88.43	92.69	75.08	14.15	4.47	12.67
Interest Paid on Borrowings	6.9	7.83	8.27	5.3	3.85	3.55
Total Interest Expense	95.33	100.53	83.35	19.45	8.32	16.22
Net Interest Income	173.01	166.25	156.33	149.56	129.77	123.61
Net Interest Income Growth (YoY)	7.40%	6.35%	4.52%	15.25%	4.98%	0.84%
Gain (Loss) on Sale of Investments	-0.49	2.26	-0.22	-0.28	1.41	0.27
Other Non-Interest Income	31.19	35.66	31.1	43.47	29.18	9.4
Total Non-Interest Income	50.38	56.36	50.68	61.91	76.64	80.75
Non-Interest Income Growth (YoY)	-3.93%	11.22%	-18.14%	-19.22%	-5.08%	69.15%
Revenues Before Loan Losses	223.38	222.61	207.01	211.47	206.41	204.36
Provision for Loan Losses	5.93	4.47	6.21	5.34	-1.93	12.46
Revenue	217.46	218.14	200.8	206.13	208.34	191.89
Revenue Growth (YoY)	2.56%	8.64%	-2.59%	-1.06%	8.57%	13.22%
Salaries and Employee Benefits	81.88	82.62	76.74	78.86	78.02	72.8
Occupancy Expenses	6.63	6.29	6.28	7.1	7	7.05
Federal Deposit Insurance	2.74	2.87	3.01	2.14	1.4	1.6
Selling, General & Administrative	30.26	28.91	26.25	25.22	25.81	23.94
Other Non-Interest Expense	16.09	14.41	14.84	15.02	18.8	16.61
Total Non-Interest Expense	137.59	135.1	127.12	128.34	131.02	122
EBT Excluding Unusual Items	79.86	83.05	73.68	77.79	77.31	69.9
Pretax Income	79.86	83.05	73.68	77.79	77.31	69.48
Income Tax Expense	15.13	16.26	14.61	14.44	14.42	13.33
Net Income	64.74	66.79	59.07	63.35	62.9	56.15
Net Income to Common	64.74	66.79	59.07	63.35	62.9	56.15
Net Income Growth	-1.62%	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)	-0.01%	-0.30%	-0.59%	-2.34%	-1.86%	-4.15%
EPS (Basic)	3.10	3.20	2.82	3.00	2.91	2.56
EPS (Diluted)	3.06	3.16	2.79	2.97	2.88	2.53
EPS Growth	-1.95%	13.26%	-6.06%	3.13%	13.83%	26.50%
Dividend Per Share	1.000	0.960	0.920	0.880	0.840	0.800
Dividend Growth	6.38%	4.35%	4.54%	4.76%	5.00%	11.11%
Effective Tax Rate	18.94%	19.57%	19.83%	18.56%	18.65%	19.18%

Updated Jul 24, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q