$IBCP

INDEPENDENT BANK CORP /MI/

CIK:0000039311|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest Income
Interest and fees on loans	$ 60,643,000	$ 59,535,000	$ 119,892,000	$ 117,303,000
Interest on securities
Taxable	3,300,000	3,796,000	6,654,000	7,832,000
Tax-exempt	2,525,000	2,773,000	5,047,000	5,543,000
Other investments	826,000	774,000	1,870,000	2,344,000
Total Interest Income	67,294,000	66,878,000	133,463,000	133,022,000
Interest Expense
Deposits	18,322,000	20,462,000	36,719,000	41,417,000
Other borrowings and subordinated debt and debentures	1,070,000	1,801,000	1,987,000	3,305,000
Total Interest Expense	19,392,000	22,263,000	38,706,000	44,722,000
Net Interest Income	47,902,000	44,615,000	94,757,000	88,300,000
Provision for credit losses	2,717,000	1,500,000	3,079,000	2,221,000
Net Interest Income After Provision for Credit Losses	45,185,000	43,115,000	91,678,000	86,079,000
Non-interest Income
Interchange income	3,576,000	3,390,000	6,810,000	6,517,000
Service charges on deposit accounts	3,100,000	2,981,000	6,035,000	5,795,000
Net gains (losses) on assets
Mortgage loans	1,651,000	1,631,000	2,959,000	3,934,000
Equity securities at fair value	1,600,000	0	1,600,000	0
Securities available for sale	(90,000)	11,000	(116,000)	(319,000)
Mortgage loan servicing, net	2,460,000	490,000	4,106,000	(146,000)
Other	3,037,000	2,822,000	5,988,000	5,968,000
Total Non-interest Income	15,334,000	11,325,000	27,382,000	21,749,000
Non-interest Expense
Compensation and employee benefits	22,560,000	21,123,000	44,389,000	41,506,000
Data processing	4,152,000	3,847,000	8,104,000	7,576,000
Occupancy, net	2,073,000	2,046,000	4,486,000	4,269,000
Interchange expense	1,224,000	1,177,000	2,415,000	2,296,000
Advertising	1,180,000	833,000	2,390,000	1,694,000
Litigation expense	350,000	0	1,850,000	0
Furniture, fixtures and equipment	927,000	793,000	1,821,000	1,678,000
Loan and collection	1,038,000	744,000	1,790,000	1,530,000
FDIC deposit insurance	738,000	637,000	1,537,000	1,348,000
Legal and professional	613,000	500,000	1,204,000	979,000
Communications	464,000	470,000	1,057,000	1,061,000
Merger related expense	369,000	0	669,000	0
Other	2,121,000	1,592,000	4,408,000	4,087,000
Total Non-interest Expense	37,809,000	33,762,000	76,120,000	68,024,000
Income Before Income Tax	22,710,000	20,678,000	42,940,000	39,804,000
Income tax expense	3,905,000	3,801,000	7,260,000	7,337,000
Net Income	$ 18,805,000	$ 16,877,000	$ 35,680,000	$ 32,467,000
Net Income Per Common Share
Basic (in dollars per share)	$ 0.91	$ 0.81	$ 1.73	$ 1.56
Diluted (in dollars per share)	$ 0.90	$ 0.81	$ 1.72	$ 1.54

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net income	$ 35,680,000	$ 32,467,000
Adjustments to Reconcile Net Income to Net Cash From Operating Activities
Proceeds from sales of loans held for sale	181,448,000	166,445,000
Disbursements for loans held for sale	(186,394,000)	(167,561,000)
Provision for credit losses	3,079,000	2,221,000
Deferred income tax benefit (expense)	975,000	(1,811,000)
Net deferred loan fees	337,000	332,000
Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans	4,761,000	4,757,000
Net gains on mortgage loans	(2,959,000)	(3,934,000)
Net gains on equity securities at fair value	(1,600,000)	0
Net losses on sales of securities available for sale	116,000	319,000
Net loss on sale of capitalized mortgage loan servicing rights	0	172,000
Share based compensation	1,363,000	1,397,000
(Increase) Decrease in accrued income and other assets	(13,730,000)	2,124,000
Increase (Decrease) in accrued expenses and other liabilities	(11,949,000)	1,511,000
Total Adjustments	(24,553,000)	5,972,000
Net Cash From Operating Activities	11,127,000	38,439,000
Cash Flow Used in Investing Activities
Proceeds from sales of equity securities at fair value	512,000	0
Proceeds from the sale of securities available for sale	5,550,000	26,356,000
Proceeds from maturities, prepayments and calls of securities available for sale	30,481,000	31,774,000
Proceeds from maturities, prepayments and calls of securities held to maturity	23,063,000	11,372,000
Purchases of securities available for sale	(32,962,000)	(9,509,000)
Purchases of Federal Home Loan Bank stock	(4,160,000)	(3,212,000)
Proceeds from the redemption of Federal Home Loan Bank stock	3,322,000	1,209,000
Net increase in portfolio loans (loans originated, net of principal payments)	(143,882,000)	(139,380,000)
Proceeds from the sale of portfolio loans	3,133,000	15,688,000
Proceeds from bank-owned life insurance	861,000	862,000
Proceeds from the sale of other real estate and repossessed assets	624,000	937,000
Proceeds from the sale of property and equipment	39,000	0
Capital expenditures	(8,170,000)	(3,401,000)
Proceeds from the sale of capitalized mortgage loan servicing rights	0	12,229,000
Net Cash Used in Investing Activities	(121,589,000)	(55,075,000)
Cash Flow From Financing Activities
Net increase in total deposits	100,451,000	5,271,000
Net increase (decrease) in other borrowings	2,000	(1,000)
Proceeds from Federal Home Loan Bank Advances	200,000,000	197,000,000
Payments of Federal Home Loan Bank Advances	(150,000,000)	(140,000,000)
Dividends paid	(11,540,000)	(10,836,000)
Repurchase of common stock	0	(7,357,000)
Share based compensation withholding obligation	(1,388,000)	(1,164,000)
Net Cash From Financing Activities	137,525,000	42,913,000
Net Increase in Cash and Cash Equivalents	27,063,000	26,277,000
Cash and Cash Equivalents at Beginning of Period	138,387,000	119,882,000
Cash and Cash Equivalents at End of Period	165,450,000	146,159,000
Cash paid during the period for
Interest	38,074,000	44,130,000
Income taxes	4,375,000	8,500,000
Transfers to other real estate and repossessed assets	448,000	309,000
Right of use assets obtained in exchange for lease obligations	$ 96,000	$ 1,587,000

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 64,089	$ 52,235
Interest bearing deposits	101,361	86,152
Cash and Cash Equivalents	165,450	138,387
Equity securities at fair value	1,088	0
Securities available for sale	493,952	495,909
Securities held to maturity (fair value of $261,020 at June 30, 2026 and $282,830 at December 31, 2025)	287,574	309,523
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	18,940	18,102
Loans held for sale, carried at fair value	16,824	9,031
Loans
Total Loans	4,413,864	4,276,285
Allowance for credit losses	(65,673)	(63,445)
Net Loans	4,348,191	4,212,840
Other real estate and repossessed assets, net	710	896
Property and equipment, net	44,549	38,972
Bank-owned life insurance	53,567	53,750
Capitalized mortgage loan servicing rights, carried at fair value	33,949	31,493
Other intangibles, net	771	1,001
Goodwill	28,300	28,300
Accrued income and other assets	169,976	167,516
Total Assets	5,663,841	5,505,720
Deposits
Non-interest bearing	1,030,460	991,984
Savings and interest-bearing checking	2,143,895	2,113,260
Reciprocal	1,025,016	974,921
Time	662,248	662,858
Brokered time	514	18,659
Total Deposits	4,862,133	4,761,682
Other borrowings	127,005	77,003
Subordinated debentures, net	39,898	39,864
Accrued expenses and other liabilities	106,392	124,220
Total Liabilities	5,135,428	5,002,769
Commitments and contingent liabilities
Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding	0	0
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,602,535 shares at June 30, 2026 and 20,548,893 shares at December 31, 2025	307,820	307,845
Retained earnings	276,934	252,794
Accumulated other comprehensive loss	(56,341)	(57,688)
Total Shareholders’ Equity	528,413	502,951
Total Liabilities and Shareholders’ Equity	5,663,841	5,505,720
Commercial
Loans
Total Loans	2,359,988	2,213,557
Allowance for credit losses	(35,085)	(29,012)
Mortgage
Loans
Total Loans	1,533,268	1,524,821
Allowance for credit losses	(18,005)	(20,914)
Installment
Loans
Total Loans	520,608	537,907
Allowance for credit losses	$ (3,503)	$ (2,639)