INDEPENDENT BANK CORP /MI/ IBCP Income Statement

Independent bank corp /mi/ (IBCP)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest Income
Interest and fees on loans
133,883	116,865	84,281	74,157	70,930	71,823	80,664	93,780	110,574	142,282	177,948
Interest on securities
Taxable
11,842	10,874	10,928	9,921	7,805	6,341	4,059	2,934	1,422	3,052	6,333
Tax-exempt
1,342	1,743	2,000	1,250	907	991	1,101	1,044	1,219	1,932	3,669
Other investments
1,861	1,291	1,100	1,195	1,200	1,400	1,297	1,640	1,547	1,585	1,106
Total Interest Income
148,928	130,773	98,309	86,523	80,842	80,555	87,121	99,398	114,762	148,851	189,056
Interest Expense
Deposits
23,425	14,478	6,775	4,941	4,009	4,967	5,706	8,913	15,257	28,164	35,405
Other borrowings and subordinated debentures
2,922	3,013	2,348	1,941	1,847	2,332	3,456	4,230	4,936	9,034	15,128
Total Interest Expense
26,347	17,491	9,123	6,882	5,856	7,299	9,162	13,143	20,193	37,198	50,533
Net Interest Income
122,581	113,282	89,186	79,641	74,986	73,256	77,959	86,255	94,569	111,653	138,523
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
Net Interest Income After Provision for Loan Losses
121,757	111,779	87,987	80,950	77,700	76,392	81,947	79,368	66,623	64,888	35,205
Non-interest Income
Includes amounts charged depositors for: (1) maintenance of their accounts (maintenance charges); (2) failure to maintain specified minimum balances on account; (3) exceeding the number of checks or transactions allowed to be processed in a given period; (4) checks drawn on no minimum balance deposit accounts; (5) withdrawals from nontransaction deposit accounts; (6) closing savings accounts before a specified minimum period of time has elapsed; (7) accounts which have remained inactive for extended periods
11,208	12,258	12,673	12,406	12,389	13,446	14,076	17,887	18,306	21,511	24,370
Represents interchange fees earned on debit card transactions.
10,297	9,905	8,023	7,938	8,481	8,164	7,362	9,188	9,091	8,257	7,064
Net gains on assets
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
Net gains on securities
307	138	260	563	20	329	395	1,226	249	1,639	3,826
Income from servicing real estate mortgages held by others net of any related impairment of capitalized service costs.
-3,336	3,157	1,647	2,222	1,751	791	3,806	166	-2,011	-523	2,252
Other than temporary impairment loss on securities
Total impairment loss
-	-	-	-	-	-	26	339	760	462	-4,073
Loss recognized in other comprehensive income (loss)
-	-	-	-	-	-	0	0	0	0	3,991
Net impairment loss recognized in earnings
-	-	-	-	-	-	26	339	760	462	82
Title insurance fees
-	-	-	-	-	-	1,682	1,963	1,465	2,037	2,272
Gain (loss) from sale of branches.
-	-	-	-	1,193	-	0	5,402	0	0	-
Gain on extinguishment of debt
-	-	-	-	-	-	0	0	-	18,066	0
Increase in fair value of U.S. Treasury warrant
-	-	-	-	-	-	-1,025	-285	1,137	393	0
Other
9,282	8,760	8,168	8,603	8,848	8,931	8,537	11,034	10,174	8,565	9,239
Total Non-Interest Income
47,736	44,815	42,533	42,298	40,130	38,775	44,829	63,565	46,913	71,813	59,801
Non-interest Expense
Compensation and employee benefits
67,501	62,078	55,089	49,579	48,186	47,221	47,924	53,983	50,484	51,711	53,003
Occupancy, net
9,013	8,912	8,102	8,023	8,369	8,912	8,845	10,104	11,183	11,016	11,092
The amount of expenses incurred in the period for data processing services and related costs.
8,905	8,262	7,657	7,952	7,944	7,532	8,019	8,009	8,208	8,303	9,528
Furniture, fixtures and equipment
4,113	4,080	3,870	3,912	3,892	4,137	4,293	4,635	5,169	6,540	7,159
Communications
2,947	2,848	2,684	3,142	2,957	2,926	2,919	3,677	3,918	4,138	4,424
Amount of expense related to debit card transactions.
3,215	2,702	1,156	1,111	1,125	1,291	1,645	1,799	1,543	1,251	-
Expenses generally relating to the origination of loans (not subject to capitalization), the collection of loans and maintaining other real estate and repossessed assets.
2,685	2,682	2,230	2,512	3,609	5,392	6,886	9,965	12,414	15,323	14,727
Advertising
2,450	2,155	1,905	1,856	2,121	2,193	2,433	2,494	2,503	2,712	5,696
Legal and professional
1,814	1,839	1,892	1,742	2,013	1,969	2,459	4,175	3,941	4,100	3,222
FDIC deposit insurance
685	1,081	894	1,049	1,366	1,567	2,435	3,306	3,507	6,805	7,328
Charges in the period for credit card and bank service fees.
-	-	-	791	797	946	1,263	2,091	3,656	5,790	6,608
Net gains on other real estate and repossessed assets
90	672	606	-250	180	-	-1,237	-2,854	-5,824	-9,722	-8,554
Merger related expenses
0	3,465	284	0	0	-	-	-	-	-	-
Litigation settlement expense
-	-	-	2,300	0	-	-	-	-	-	-
Amount of loss on sale of Mepco.
-	-	-	-320	0	-	-	-	-	-	-
Write-down of property and equipment held for sale
-	-	-	-	-	-	-	860	0	0	-
Provision for loss reimbursement on sold loans
-	-	-	-	-	-	2,152	1,112	1,993	215	0
Goodwill impairment
-	-	-	-	-	-	-	-	-	-	16,734
Costs related to unfunded lending commitments
-	-	-	-	-	-	-90	-688	-36	-536	-286
Vehicle service contract counterparty contingencies
-	-	-	-	-	-	4,837	1,629	11,048	18,633	31,234
Other
8,495	8,029	6,925	5,808	6,251	6,831	6,861	6,730	8,593	9,277	9,420
Total Non-interest Expense
111,733	107,461	92,082	90,347	88,450	89,951	104,118	116,735	133,948	155,000	188,443
Income Before Income Tax
57,760	49,133	38,438	32,901	29,380	25,216	22,658	26,198	-20,412	-18,299	-93,437
Income tax expense
11,325	9,294	17,963	10,135	9,363	7,195	-54,851	0	-212	-1,590	-3,210
Net income
46,435	39,839	20,475	22,766	20,017	18,021	77,509	26,198	-20,200	-16,709	-90,227
Preferred stock dividends and discount accretion
-	-	-	-	-	-	3,001	4,347	-4,157	4,095	4,301
Preferred stock discount
-	-	-	-	-	-	7,554	0	0	-	-
Net income applicable to common stock
-	-	-	-	-	-	82,062	21,851	-24,357	-20,804	-94,528
Net Income Per Common Share
Basic (in dollars per share)
2.03	1.70	0.96	1.06	0.88	0.79	5.87	2.51	-2.94	-4.09	-39.60
Diluted (in dollars per share)
2.00	1.68	0.95	1.05	0.86	0.77	3.55	0.80	-2.94	-4.09	-39.60
Dividends Per Common Share
Declared (in dollars per share)
-	-	-	-	0.26	0.18	0.00	0.00	0.00	0.00	0.30