Independent bank corp /mi/ (IBCP)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Net income

46,435

39,839

20,475

22,766

20,017

18,021

77,509

26,198

-20,200

-16,709

-90,227

Adjustments to Reconcile Net Income to Net Cash From Operating Activities
The cash inflow associated with the sale of equity securities.

560

0

0

-

-

-

-

-

-

-

-

Proceeds from sales of trading securities

-

-

-

-

-

-

-

-

-

-

-2,827

Proceeds from sales of loans held for sale

642,537

463,699

434,682

324,828

288,852

228,906

415,442

527,371

391,253

493,272

551,977

Disbursements for loans held for sale

647,606

457,077

426,410

322,342

285,608

226,550

378,323

512,734

376,694

496,806

545,548

Provision for loan losses

824

1,503

1,199

-1,309

-2,714

-3,136

-3,988

6,887

27,946

46,765

103,318

Deferred income tax expense (benefit)

-1,088

-9,294

-16,009

-9,718

-9,212

-8,918

57,550

0

-201

-1,533

2,146

Deferred loan fees and costs

2,936

4,044

5,159

1,911

1,234

753

-17

392

449

-420

439

Net depreciation, amortization of intangible assets and premiums and accretion of discounts on securities, loans and interest bearing deposits - time

6,059

6,033

6,957

5,216

4,553

3,014

-2,197

-4,718

-11,301

-27,720

-43,337

Net gains on mortgage loans

19,978

10,597

11,762

10,566

7,448

5,628

10,022

17,323

9,262

12,330

10,860

Write-down of property and equipment held for sale

-

-

-

-

-

-

-

860

0

0

-

Net gains on securities

307

138

260

563

20

329

395

1,226

249

1,639

3,826

Securities impairment recognized in earnings

-

-

-

-

-

-

26

339

760

462

82

Net gains on other real estate and repossessed assets

90

672

606

-250

180

-

-1,237

-2,854

-5,824

-9,722

-8,554

Vehicle service contract counterparty contingencies

-

-

-

-

-

-

4,837

1,629

11,048

18,633

31,234

Share based compensation

1,854

1,731

1,748

1,620

1,477

1,192

1,238

869

1,208

542

809

Litigation settlement expense

-

-

-

2,300

0

-

-

-

-

-

-

Amount of loss on sale of Mepco.

-

-

-

-320

0

-

-

-

-

-

-

Net gain on branch sale

-

-

-

-

1,193

-

0

5,402

0

0

-

Gain on extinguishment of debt

-

-

-

-

-

-

0

0

-

18,066

0

Net gain on sale of fixed assets

-

-

-

-

-

-

-

-

-

-162

-

Goodwill impairment

-

-

-

-

-

-

-

-

-

-

16,734

(Increase) decrease in accrued income and other assets

6,573

4,890

3,708

7,182

1,483

2,579

-7,747

2,425

-16,872

-397

21,083

Increase in accrued expenses and other liabilities

12,113

240

5,442

559

-1,376

-7,213

-3,508

6,606

-1,551

1,928

2,014

Total Adjustments

-12,455

5,082

18,132

938

2,838

-4,950

-25,439

3,195

55,606

14,209

94,602

Net Cash From Operating Activities

33,980

44,921

38,607

23,704

22,855

13,071

52,070

29,393

35,406

-2,500

4,375

Cash Flow Used in Investing Activities
Proceeds from the sale of securities available for sale

68,716

48,736

17,308

64,103

12,037

14,633

2,940

37,176

70,322

96,648

43,525

Proceeds from maturities, prepayments and calls of securities available for sale

153,938

160,627

173,723

203,029

167,040

58,220

29,866

83,190

3,983

44,170

8,345

Principal payments received on securities available for sale

-

-

-

-

-

84,487

43,702

23,765

9,282

14,137

27,326

Purchases of securities available for sale

237,672

103,493

100,584

297,925

234,693

224,946

332,060

192,726

173,186

55,150

15,806

The net cash inflow from sale of Interest-bearing Deposits by banks in other financial institutions for relatively short periods of time.

0

2,474

0

0

-

-

-

-

-

-

-

Proceeds from the maturity of interest bearing deposits - time

250

3,728

2,850

6,253

6,222

6,719

2,142

0

0

-

-

Purchases of interest bearing deposits - time

-

-

-

-

4,595

-

20,260

0

0

-

-

The cash inflow associated with the sale of the Federal Reserve Stock (equity interest in Federal Reserve Bank) and Federal Home Loan stock during the period.

-

-

-

371

4,906

-

0

334

2,802

2,247

0

Purchase of Federal Reserve Bank stock

0

2,038

0

443

458

314

2,581

0

0

-

-

The net cash inflow or outflow for the (increase) decrease in the beginning and end of period of portfolio loan balances originated net of principal payments.

215,276

344,330

406,859

107,472

74,343

37,195

-33,192

-90,952

-196,558

-347,574

-76,866

Redemption of Federal Reserve Bank stock

-

-

-

-

-

-

-

-

-

1,977

209

Proceeds from the sale of portfolio loans

50,516

27,658

0

0

-

-

-

-

-

-

-

Proceeds from bank-owned life insurance

470

474

523

2,235

0

0

-

-

-

-

-

Amount of cash outflow due to purchase of portfolio loans.

-

-

-

15,000

32,872

0

0

-

-

-

-

Cash received in the acquisition of TCSB Bancorp Inc.

0

23,516

0

0

-

-

-

-

-

-

-

Cash received from the sale of Mepco Finance Corporation assets, net

0

0

33,446

0

0

-

-

-

-

-

-

Net proceeds from the sale of watch, substandard and non-performing loans

-

-

-

-

-

-

6,721

0

0

-

-

Net cash paid for branch sale

-

-

-

-

7,229

-

-3,292

339,995

0

0

-

The cash inflow associated with the collection of vehicle service contract counterparty receivables.

512

511

528

4,786

1,092

385

6,751

7,413

1,613

15,863

0

Proceeds from the sale of other real estate and repossessed assets

1,766

2,526

5,703

4,251

6,179

18,471

13,546

19,331

18,638

20,455

15,162

Proceeds from the sale of property and equipment

74

106

26

416

555

-

52

1,958

224

166

-

Capital expenditures

4,936

3,862

4,242

3,459

4,354

4,298

8,371

5,293

2,779

4,757

7,995

Net Cash Used in Investing Activities

-181,642

-183,367

-277,578

-138,855

-160,513

-82,116

-221,068

-273,895

127,457

483,330

147,632

CASH FLOW FROM FINANCING ACTIVITIES
Net increase in total deposits

123,299

225,185

174,815

139,756

170,314

39,496

105,269

96,428

-165,713

-313,930

499,289

Net increase in other borrowings

25,002

-6,600

6,754

0

-1

-1

4

0

-7

-36,791

-191,722

Proceeds from Federal Home Loan Bank advances

111,000

1,272,000

622,000

0

100

100

100

12,000

31,000

33,000

242,524

Payments of Federal Home Loan Bank advances

73,143

1,308,697

583,587

2,521

615

4,817

541

27,762

68,638

56,359

462,356

Net decrease in vehicle service contract counterparty payables

-

-

-

-

-

-

-3,636

1,092

-5,106

-9,570

-5,327

Dividends paid

16,554

14,055

8,960

7,274

5,896

4,129

0

0

-

-

3,384

Proceeds from issuance of common stock

284

267

72

82

112

97

98,066

1,418

1,335

463

0

Repurchase of common stock

26,284

12,681

0

16,854

13,498

0

0

-

-

-

-

Share based compensation withholding obligation

882

1,467

579

627

1,091

0

513

0

0

-

-

Redemption of subordinated debt

-

-

-

-

-

-

9,452

0

0

1,005

0

Redemption of convertible preferred stock and common stock warrant

-

-

-

-

-

-

81,000

0

0

-

-

Net Cash From Financing Activities

142,722

153,952

210,515

112,562

149,425

23,980

108,297

83,176

-207,129

-384,192

79,024

Net Increase in Cash and Cash Equivalents

-4,940

15,506

-28,456

-2,589

11,767

-45,065

-60,701

-161,326

-44,266

96,638

231,031

Cash Paid During the Period For [Abstract]
Interest

26,697

16,737

9,163

6,416

5,769

7,365

15,914

11,052

18,729

38,095

50,420

Income taxes

9,534

120

1,970

563

295

216

43

292

59

513

335

Operating leases

2,201

0

0

-

-

-

-

-

-

-

-

Transfers to other real estate and repossessed assets

2,242

1,510

1,735

2,355

6,694

-

6,932

14,276

19,091

38,056

35,252

Transfer of payment plan receivables to vehicle service contract counterparty receivables

-

-

-

-

1,203

-

792

1,469

8,874

77,457

20,831

Purchase of securities available for sale not yet settled.

0

0

1,000

1,582

0

265

4,146

0

0

-

-

Transfer of mortgage loans to held for sale

36,622

41,471

0

0

-

-

-

47,954

0

0

2,200

Securitization of certain mortgage loans with Freddie Mac .

65,070

10,869

0

-

-

-

-

-

-

-

-

Right of use assets obtained in exchange for lease obligations

9,906

0

0

-

-

-

-

-

-

-

-

Fair value of equity interests and options issued or issuable to acquire the entity.

0

64,536

0

0

-

-

-

-

-

-

-

The value of transfers to payment plan receivables and other assets held for sale in the period.

-

-

-

33,360

0

-

-

-

-

-

-

The value of transfers to other liabilities held for sale in the period.

-

-

-

718

0

-

-

-

-

-

-

Transfers to property and equipment held for sale

-

-

-

-

-

-

-

13,033

0

0

-

Transfers to deposits held for sale

-

-

-

-

-

-

-

403,089

0

0

-

Issuance of common stock in exchange for subordinated debentures

-

-

-

-

-

-

-

-

-

23,502

0

Subordinated debentures exchanged for common stock

-

-

-

-

-

-

-

-

-

42,713

0

Retirement of Series A Preferred Stock

-

-

-

-

-

-

-

-

-

69,364

0

Retirement of common stock warrants

-

-

-

-

-

-

-

-

-

3,579

-

Issuance of Series B Preferred Stock

-

-

-

-

-

-

-

-

-

72,888

0

Issuance of common stock warrants

-

-

-

-

-

-

-

-

-

1,704

-