Independent bank corp /mi/ (IBCP)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Interest Income
Interest and fees on loans

31,764

33,140

34,226

33,836

32,681

32,838

31,000

29,674

23,353

22,643

21,831

19,949

19,858

18,796

18,597

18,208

18,556

18,071

17,869

17,751

17,239

17,644

17,818

18,146

18,215

19,568

20,083

20,303

20,710

22,353

23,385

23,696

24,346

25,766

27,222

28,102

29,484

34,370

36,675

Interest on securities
Taxable

3,059

3,031

2,771

3,034

3,006

2,782

2,737

2,720

2,635

2,628

2,765

2,781

2,754

2,660

2,537

2,480

2,244

2,277

1,901

1,869

1,758

1,718

1,644

1,596

1,383

1,287

1,109

993

670

688

655

933

658

314

297

344

467

509

902

Tax-exempt

390

325

319

324

374

408

412

444

479

522

512

511

455

390

330

282

248

240

228

222

217

161

281

287

262

339

282

242

238

243

261

244

296

288

301

298

332

383

526

Other investments

366

412

495

379

575

393

303

265

330

233

263

292

312

311

281

297

306

278

295

289

338

324

325

328

423

331

310

324

332

430

432

382

396

362

367

383

435

425

389

Total Interest Income

35,579

36,908

37,811

37,573

36,636

36,421

34,452

33,103

26,797

26,026

25,371

23,533

23,379

22,157

21,745

21,267

21,354

20,866

20,293

20,131

19,552

19,847

20,068

20,357

20,283

21,525

21,784

21,862

21,950

23,714

24,733

25,255

25,696

26,730

28,187

29,127

30,718

35,687

38,492

Interest Expense
Deposits

4,700

5,487

6,236

6,021

5,681

5,006

3,976

3,209

2,287

2,021

1,833

1,478

1,443

1,421

1,254

1,152

1,114

1,048

987

967

1,007

1,178

1,236

1,260

1,293

1,343

1,371

1,463

1,529

1,961

2,223

2,305

2,424

2,571

3,230

4,511

4,945

6,737

7,508

Other borrowings and subordinated debentures

688

711

703

796

712

746

779

914

574

689

626

563

470

486

493

485

477

465

465

463

454

612

649

559

512

831

884

876

865

879

1,059

1,120

1,172

1,198

1,183

1,232

1,323

1,965

2,413

Total Interest Expense

5,388

6,198

6,939

6,817

6,393

5,752

4,755

4,123

2,861

2,710

2,459

2,041

1,913

1,907

1,747

1,637

1,591

1,513

1,452

1,430

1,461

1,790

1,885

1,819

1,805

2,174

2,255

2,339

2,394

2,840

3,282

3,425

3,596

3,769

4,413

5,743

6,268

8,702

9,921

Net Interest Income

30,191

30,710

30,872

30,756

30,243

30,669

29,697

28,980

23,936

23,316

22,912

21,492

21,466

20,250

19,998

19,630

19,763

19,353

18,841

18,701

18,091

18,057

18,183

18,538

18,478

19,351

19,529

19,523

19,556

20,874

21,451

21,830

22,100

22,961

23,774

23,384

24,450

26,985

28,571

Provision for loan losses

6,721

-221

-271

652

664

591

-53

650

315

393

582

583

-359

130

-175

-734

-530

-1,677

-244

-134

-659

-1,087

-632

-1,845

428

-835

-355

-2,107

-691

449

251

1,056

5,131

6,917

6,171

4,156

10,702

9,543

12,680

Net Interest Income After Provision for Loan Losses

23,470

30,931

31,143

30,104

29,579

30,078

29,750

28,330

23,621

22,923

22,330

20,909

21,825

20,120

20,173

20,364

20,293

21,030

19,085

18,835

18,750

19,144

18,815

20,383

18,050

20,186

19,884

21,630

20,247

20,425

21,200

20,774

16,969

16,044

17,603

19,228

13,748

17,442

15,891

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

2,591

2,885

2,883

2,800

2,640

3,092

3,166

3,095

2,905

-

3,281

3,175

-

3,242

3,281

3,038

2,845

3,128

3,294

3,117

2,850

3,280

3,579

3,532

3,055

3,473

3,614

3,583

3,406

4,395

4,739

4,552

4,201

4,617

4,623

4,784

4,282

5,516

5,833

Represents interchange fees earned on debit card transactions.

2,457

2,553

2,785

2,604

2,355

2,669

2,486

2,504

2,246

-

1,942

2,005

-

2,141

1,943

1,976

1,878

1,930

2,169

2,240

2,142

2,172

1,984

2,067

1,941

1,820

1,852

1,933

1,757

2,135

2,324

2,407

2,322

2,259

2,356

2,308

2,168

2,075

2,086

Net gains on assets
Net gains on mortgage loans

8,840

6,388

5,677

4,302

3,611

2,026

2,745

3,255

2,571

2,876

2,971

3,344

2,571

2,839

3,556

2,529

1,642

1,713

1,812

1,784

2,139

1,489

1,490

1,505

1,144

1,607

1,570

3,208

3,637

5,282

4,602

3,579

3,860

3,509

2,025

1,793

1,935

3,829

2,372

Net gains on securities

253

3

0

0

304

209

93

9

-173

198

69

-34

27

261

-45

185

162

-77

45

-33

85

-5

168

54

112

190

14

107

84

72

301

169

684

-22

-57

115

213

-3

1,363

Income from servicing real estate mortgages held by others net of any related impairment of capitalized service costs.

-5,300

1,348

-1,562

-1,907

-1,215

-1,511

1,212

1,235

2,221

979

1

-158

825

2,676

858

-334

-978

1,275

-556

1,452

-420

-598

932

193

264

1,192

338

1,654

622

882

-364

-1,088

736

-126

-2,655

-126

896

-1,377

-2,043

Other than temporary impairment loss on securities
Total impairment loss

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

-

-

-

0

26

-

7

70

85

177

614

4

-327

469

-316

0

Loss recognized in other comprehensive income (loss)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

0

-

0

0

0

0

0

0

327

-327

0

0

Net impairment loss recognized in earnings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

-

-

-

0

26

-

7

70

85

177

614

4

0

142

316

0

Title insurance fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

253

288

-

281

337

256

-

243

217

274

421

409

368

484

484

482

489

508

375

299

318

473

533

366

Gain (loss) from sale of branches.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,193

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-20

18,086

Increase in fair value of U.S. Treasury warrant

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

20

-1,045

-74

-32

-25

-154

112

29

642

354

0

0

Other

2,163

2,420

2,492

2,106

2,264

2,466

2,134

2,217

1,943

2,029

2,040

2,114

1,985

2,583

2,115

1,933

1,972

2,967

1,881

2,090

1,910

2,102

2,156

2,508

2,165

2,210

2,040

2,164

2,123

2,826

2,560

3,044

2,604

2,381

2,639

2,622

2,532

2,241

1,682

Total Non-Interest Income

11,004

15,597

12,275

9,905

9,959

8,951

11,836

12,315

11,713

11,444

10,304

10,446

10,339

13,201

11,708

9,580

7,809

10,062

10,119

10,987

8,962

9,201

10,543

10,076

8,955

10,913

9,837

13,011

11,068

21,397

14,542

13,042

14,584

12,491

9,255

12,456

12,711

12,478

29,745

Non-interest Expense
Compensation and employee benefits

16,509

18,546

16,673

15,931

16,351

15,572

16,169

15,869

14,468

13,985

13,577

13,380

14,147

12,667

13,031

12,000

11,881

12,581

12,029

11,791

11,785

12,447

11,718

11,818

11,238

12,311

12,591

11,715

11,307

14,385

13,610

13,506

12,482

12,452

12,654

13,029

12,349

12,806

13,430

Occupancy, net

2,460

2,216

2,161

2,131

2,505

2,245

2,233

2,170

2,264

2,070

1,970

1,920

2,142

2,041

1,919

1,856

2,207

1,970

1,940

2,040

2,419

2,197

2,079

2,153

2,483

2,257

2,017

2,147

2,424

2,416

2,482

2,490

2,716

2,768

2,651

2,663

3,101

2,721

2,595

The amount of expenses incurred in the period for data processing services and related costs.

2,355

2,308

2,282

2,171

2,144

2,082

2,051

2,251

1,878

1,987

1,796

1,937

1,937

1,944

1,971

1,936

2,101

1,986

2,001

2,027

1,930

1,879

1,790

1,777

2,086

1,971

2,090

2,042

1,916

2,049

2,024

2,003

1,933

981

2,502

2,415

2,310

2,248

2,470

Furniture, fixtures and equipment

1,036

1,055

1,023

1,006

1,029

1,051

1,043

1,019

967

927

961

1,005

977

973

990

965

984

977

998

965

952

1,010

1,005

1,053

1,069

1,122

1,051

1,088

1,032

1,145

1,083

1,211

1,196

941

1,308

1,502

1,418

1,591

1,648

Communications

803

728

733

717

769

737

727

704

680

638

685

678

683

862

670

722

888

773

754

694

736

714

712

711

789

714

695

730

780

886

896

922

973

1,218

863

889

948

1,054

1,015

Amount of expense related to debit card transactions.

859

883

891

753

688

728

715

661

598

287

294

292

283

302

276

267

266

266

279

289

291

179

368

342

402

407

410

418

410

478

468

447

406

-

-

-

-

-

-

Expenses generally relating to the origination of loans (not subject to capitalization), the collection of loans and maintaining other real estate and repossessed assets.

805

709

714

628

634

782

531

692

677

666

481

670

413

548

568

571

825

671

816

967

1,155

1,109

1,391

1,427

1,465

1,374

1,584

1,702

2,226

1,836

2,832

2,407

2,890

2,309

2,658

3,580

3,867

3,805

2,785

Advertising

683

515

636

627

672

577

594

543

441

354

526

519

506

446

455

478

477

783

406

448

484

646

427

601

519

552

652

659

570

652

647

639

556

539

740

670

554

692

674

Legal and professional

393

533

541

371

369

528

477

456

378

526

540

389

437

564

420

345

413

661

519

453

380

589

559

420

401

616

487

664

692

1,058

952

1,268

897

1,611

751

801

778

831

894

FDIC deposit insurance

370

-38

13

342

368

331

270

250

230

286

208

202

198

197

187

331

334

322

350

351

343

332

396

422

417

409

685

711

630

817

816

816

857

735

885

652

1,235

1,651

1,763

Charges in the period for credit card and bank service fees.

-

-

-

-

-

-

-

-

-

-

-

136

191

203

203

198

187

195

197

203

202

212

226

245

263

288

310

331

334

383

433

624

651

727

869

1,013

1,047

1,378

1,500

Net gains on other real estate and repossessed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

-5

139

39

-

285

38

87

-146

-119

-320

-652

-943

-291

-633

-987

-1,710

-1,931

-777

-1,406

-1,296

-1,554

Merger related expenses

-

-

0

0

-

111

98

3,082

174

274

10

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-down of property and equipment held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

860

-

-

-

0

-

-

-

-

Provision for loss reimbursement on sold loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-35

45

-69

-

0

15

-481

-284

1,417

356

663

361

193

126

432

973

251

363

406

-

-

Costs related to unfunded lending commitments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26

4

16

-

12

5

10

-33

-86

48

-19

-91

-538

-12

-47

-48

-172

89

95

-807

280

Vehicle service contract counterparty contingencies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30

30

29

-

28

73

68

1,434

149

3,127

127

551

281

326

471

6,046

1,345

1,311

2,346

5,968

4,861

Other

2,446

1,938

2,181

1,915

2,461

2,753

1,832

2,064

1,380

2,069

1,568

1,633

1,655

1,261

1,839

1,226

1,482

1,739

1,564

1,411

1,537

1,879

1,658

1,536

1,758

1,685

1,763

1,684

1,729

2,038

1,966

2,077

649

2,208

2,226

2,151

2,008

2,274

2,127

Total Non-interest Expense

28,719

29,303

27,848

26,592

27,990

26,825

26,740

29,761

24,135

23,136

22,616

22,761

23,569

24,878

22,529

20,895

22,045

22,841

21,879

21,579

22,151

22,907

22,084

22,560

22,400

24,969

25,934

27,742

25,473

29,907

29,296

29,483

28,049

36,713

31,462

31,905

33,868

37,508

37,596

Income Before Income Tax

5,755

17,225

15,570

13,417

11,548

12,204

14,846

10,884

11,199

11,231

10,018

8,594

8,595

8,443

9,352

9,049

6,057

8,251

7,325

8,243

5,561

5,438

7,274

7,899

4,605

6,130

3,787

6,899

5,842

11,915

6,446

4,333

3,504

-8,178

-4,604

-221

-7,409

-7,588

8,040

Income tax expense

945

3,346

3,125

2,687

2,167

2,268

2,921

2,067

2,038

9,520

3,159

2,663

2,621

2,588

2,979

2,611

1,957

2,681

2,278

2,624

1,780

1,536

2,345

1,847

1,467

1,321

282

-56,489

35

0

0

0

0

536

-482

-258

-8

-978

156

Net income

4,810

13,879

12,445

10,730

9,381

9,936

11,925

8,817

9,161

1,711

6,859

5,931

5,974

5,855

6,373

6,438

4,100

5,570

5,047

5,619

3,781

3,902

4,929

6,052

3,138

4,809

3,505

63,388

5,807

11,915

6,446

4,333

3,504

-8,714

-4,122

37

-7,401

-6,610

7,884

Preferred stock dividends and discount accretion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

749

1,157

1,095

1,106

1,093

1,092

1,056

-7,259

1,043

1,051

1,008

1,109

1,113

Preferred stock discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,554

-

-

-

0

-

-

-

-

-

-

-

-

Net income applicable to common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,809

10,310

62,231

4,712

10,809

5,353

3,241

2,448

-9,769

-5,165

-1,014

-8,409

-7,719

6,771

Net Income Per Common Share
Basic (in dollars per share)

0.22

0.61

0.55

0.47

0.40

0.41

0.49

0.37

0.43

0.08

0.32

0.28

0.28

0.27

0.30

0.30

0.19

0.25

0.22

0.25

0.16

0.18

0.21

0.26

0.14

-1.93

0.73

6.56

0.51

1.23

0.61

0.38

0.29

-1.15

-0.61

-0.12

-1.06

-1.03

2.37

Diluted (in dollars per share)

0.21

0.60

0.55

0.46

0.39

0.41

0.49

0.36

0.42

0.08

0.32

0.27

0.28

0.26

0.30

0.30

0.19

0.24

0.22

0.24

0.16

0.17

0.21

0.26

0.13

0.47

0.17

2.64

0.27

0.46

0.16

0.11

0.07

-1.15

-0.61

-0.12

-1.06

-1.03

0.44

Dividends Per Common Share
Declared (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.10

0.10

0.10

-

0.08

0.08

0.08

0.08

0.06

0.06

0.06

0.06

0.06

0.06

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Paid (in dollars per share)

-

-

-

-

-

-

-

-

-

-

0.10

0.10

0.10

-

0.08

0.08

0.08

-

0.06

0.06

0.06

-

0.06

0.06

0.00

-

0.00

0.00

0.00

-

0.00

0.00

0.00

-

0.00

0.00

0.00

0.00

0.00