INDEPENDENT BANK CORP /MI/ IBCP Income Statement

Independent bank corp /mi/ (IBCP)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest Income
Interest and fees on loans
132,966	133,883	133,581	130,355	126,193	116,865	106,670	97,501	87,776	84,281	80,434	77,200	75,459	74,157	73,432	72,704	72,247	70,930	70,503	70,452	70,847	71,823	73,747	76,012	78,169	80,664	83,449	86,751	90,144	93,780	97,193	101,030	105,436	110,574	119,178	128,631	0	0	0
Interest on securities
Taxable
11,895	11,842	11,593	11,559	11,245	10,874	10,720	10,748	10,809	10,928	10,960	10,732	10,431	9,921	9,538	8,902	8,291	7,805	7,246	6,989	6,716	6,341	5,910	5,375	4,772	4,059	3,460	3,006	2,946	2,934	2,560	2,202	1,613	1,422	1,617	2,222	0	0	0
Tax-exempt
1,358	1,342	1,425	1,518	1,638	1,743	1,857	1,957	2,024	2,000	1,868	1,686	1,457	1,250	1,100	998	938	907	828	881	946	991	1,169	1,170	1,125	1,101	1,005	984	986	1,044	1,089	1,129	1,183	1,219	1,314	1,539	0	0	0
Other investments
1,652	1,861	1,842	1,650	1,536	1,291	1,131	1,091	1,118	1,100	1,178	1,196	1,201	1,195	1,162	1,176	1,168	1,200	1,246	1,276	1,315	1,400	1,407	1,392	1,388	1,297	1,396	1,518	1,576	1,640	1,572	1,507	1,508	1,547	1,610	1,632	0	0	0
Total Interest Income
147,871	148,928	148,441	145,082	140,612	130,773	120,378	111,297	101,727	98,309	94,440	90,814	88,548	86,523	85,232	83,780	82,644	80,842	79,823	79,598	79,824	80,555	82,233	83,949	85,454	87,121	89,310	92,259	95,652	99,398	102,414	105,868	109,740	114,762	123,719	134,024	0	0	0
Interest Expense
Deposits
22,444	23,425	22,944	20,684	17,872	14,478	11,493	9,350	7,619	6,775	6,175	5,596	5,270	4,941	4,568	4,301	4,116	4,009	4,139	4,388	4,681	4,967	5,132	5,267	5,470	5,706	6,324	7,176	8,018	8,913	9,523	10,530	12,736	15,257	19,423	23,701	0	0	0
Other borrowings and subordinated debentures
2,898	2,922	2,957	3,033	3,151	3,013	2,956	2,803	2,452	2,348	2,145	2,012	1,934	1,941	1,920	1,892	1,870	1,847	1,994	2,178	2,274	2,332	2,551	2,786	3,103	3,456	3,504	3,679	3,923	4,230	4,549	4,673	4,785	4,936	5,703	6,933	0	0	0
Total Interest Expense
25,342	26,347	25,901	23,717	21,023	17,491	14,449	12,153	10,071	9,123	8,320	7,608	7,204	6,882	6,488	6,193	5,986	5,856	6,133	6,566	6,955	7,299	7,683	8,053	8,573	9,162	9,828	10,855	11,941	13,143	14,072	15,203	17,521	20,193	25,126	30,634	0	0	0
Net Interest Income
122,529	122,581	122,540	121,365	119,589	113,282	105,929	99,144	91,656	89,186	86,120	83,206	81,344	79,641	78,744	77,587	76,658	74,986	73,690	73,032	72,869	73,256	74,550	75,896	76,881	77,959	79,482	81,404	83,711	86,255	88,342	90,665	92,219	94,569	98,593	103,390	0	0	0
Provision for loan losses
6,881	824	1,636	1,854	1,852	1,503	1,305	1,940	1,873	1,199	936	179	-1,138	-1,309	-3,116	-3,185	-2,585	-2,714	-2,124	-2,512	-4,223	-3,136	-2,884	-2,607	-2,869	-3,988	-2,704	-2,098	1,065	6,887	13,355	19,275	22,375	27,946	30,572	37,081	0	0	0
Net Interest Income After Provision for Loan Losses
115,648	121,757	120,904	119,511	117,737	111,779	104,624	97,204	89,783	87,987	85,184	83,027	82,482	80,950	81,860	80,772	79,243	77,700	75,814	75,544	77,092	76,392	77,434	78,503	79,750	81,947	82,186	83,502	82,646	79,368	74,987	71,390	69,844	66,623	68,021	66,309	0	0	0
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
11,159	11,208	11,415	11,698	11,993	12,258	12,447	12,456	0	-	0	0	-	12,406	12,292	12,305	12,384	12,389	12,541	12,826	13,241	13,446	13,639	13,674	13,725	14,076	14,998	16,123	17,092	17,887	18,109	17,993	18,225	18,306	19,205	20,415	0	0	0
Represents interchange fees earned on debit card transactions.
10,399	10,297	10,413	10,114	10,014	9,905	9,178	8,697	0	-	0	0	-	7,938	7,727	7,953	8,217	8,481	8,723	8,538	8,365	8,164	7,812	7,680	7,546	7,362	7,677	8,149	8,623	9,188	9,312	9,344	9,245	9,091	8,907	8,637	0	0	0
Net gains on assets
Net gains on mortgage loans
25,207	19,978	15,616	12,684	11,637	10,597	11,447	11,673	11,762	11,762	11,725	12,310	11,495	10,566	9,440	7,696	6,951	7,448	7,224	6,902	6,623	5,628	5,746	5,826	7,529	10,022	13,697	16,729	17,100	17,323	15,550	12,973	11,187	9,262	9,582	9,929	0	0	0
Net gains on securities
256	307	513	606	615	138	127	103	60	260	323	209	428	563	225	315	97	20	92	215	302	329	524	370	423	395	277	564	626	1,226	1,132	774	720	249	268	1,688	0	0	0
Income from servicing real estate mortgages held by others net of any related impairment of capitalized service costs.
-7,421	-3,336	-6,195	-3,421	-279	3,157	5,647	4,436	3,043	1,647	3,344	4,201	4,025	2,222	821	-593	1,193	1,751	-122	1,366	107	791	2,581	1,987	3,448	3,806	3,496	2,794	52	166	-842	-3,133	-2,171	-2,011	-3,262	-2,650	0	0	0
Other than temporary impairment loss on securities
Total impairment loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	0	-	339	946	880	468	760	-170	-174	0	0	0
Loss recognized in other comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	0	-	0	0	0	327	0	0	0	0	0	0
Net impairment loss recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	0	-	339	946	880	795	760	462	458	0	0	0
Title insurance fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,104	1,188	-	1,135	1,097	977	-	1,155	1,321	1,472	1,682	1,745	1,818	1,939	1,963	1,854	1,671	1,500	1,465	1,623	1,690	0	0	0
Gain (loss) from sale of branches.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Increase in fair value of U.S. Treasury warrant
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,025	-1,099	-1,131	-1,176	-285	-99	-38	629	1,137	1,025	996	0	0	0
Other
9,181	9,282	9,328	8,970	9,081	8,760	8,323	8,229	8,126	8,168	8,722	8,797	8,616	8,603	8,987	8,753	8,910	8,848	7,983	8,258	8,676	8,931	9,039	8,923	8,579	8,537	9,153	9,673	10,553	11,034	10,589	10,668	10,246	10,174	10,034	9,077	0	0	0
Total Non-Interest Income
48,781	47,736	41,090	40,651	43,061	44,815	47,308	45,776	43,907	42,533	44,290	45,694	44,828	42,298	39,159	37,570	38,977	40,130	39,269	39,693	38,782	38,775	40,487	39,781	42,716	44,829	55,313	60,018	60,049	63,565	54,659	49,372	48,786	46,913	46,900	67,390	0	0	0
Non-interest Expense
Compensation and employee benefits
67,659	67,501	64,527	64,023	63,961	62,078	60,491	57,899	55,410	55,089	53,771	53,225	51,845	49,579	49,493	48,491	48,282	48,186	48,052	47,741	47,768	47,221	47,085	47,958	47,855	47,924	49,998	51,017	52,808	53,983	52,050	51,094	50,617	50,484	50,838	51,614	0	0	0
Occupancy, net
8,968	9,013	9,042	9,114	9,153	8,912	8,737	8,474	8,224	8,102	8,073	8,022	7,958	8,023	7,952	7,973	8,157	8,369	8,596	8,735	8,848	8,912	8,972	8,910	8,904	8,845	9,004	9,469	9,812	10,104	10,456	10,625	10,798	11,183	11,136	11,080	0	0	0
The amount of expenses incurred in the period for data processing services and related costs.
9,116	8,905	8,679	8,448	8,528	8,262	8,167	7,912	7,598	7,657	7,614	7,789	7,788	7,952	7,994	8,024	8,115	7,944	7,837	7,626	7,376	7,532	7,624	7,924	8,189	8,019	8,097	8,031	7,992	8,009	6,941	7,419	7,831	8,208	9,475	9,443	0	0	0
Furniture, fixtures and equipment
4,120	4,113	4,109	4,129	4,142	4,080	3,956	3,874	3,860	3,870	3,916	3,945	3,905	3,912	3,916	3,924	3,924	3,892	3,925	3,932	4,020	4,137	4,249	4,295	4,330	4,293	4,316	4,348	4,471	4,635	4,431	4,656	4,947	5,169	5,819	6,159	0	0	0
Communications
2,981	2,947	2,956	2,950	2,937	2,848	2,749	2,707	2,681	2,684	2,908	2,893	2,937	3,142	3,053	3,137	3,109	2,957	2,898	2,856	2,873	2,926	2,926	2,909	2,928	2,919	3,091	3,292	3,484	3,677	4,009	3,976	3,943	3,918	3,754	3,906	0	0	0
Amount of expense related to debit card transactions.
3,386	3,215	3,060	2,884	2,792	2,702	2,261	1,840	1,471	1,156	1,171	1,153	1,128	1,111	1,075	1,078	1,100	1,125	1,038	1,127	1,180	1,291	1,519	1,561	1,637	1,645	1,716	1,774	1,803	1,799	0	0	0	-	-	-	-	-	-
Expenses generally relating to the origination of loans (not subject to capitalization), the collection of loans and maintaining other real estate and repossessed assets.
2,856	2,685	2,758	2,575	2,639	2,682	2,566	2,516	2,494	2,230	2,112	2,199	2,100	2,512	2,635	2,883	3,279	3,609	4,047	4,622	5,082	5,392	5,657	5,850	6,125	6,886	7,348	8,596	9,301	9,965	10,438	10,264	11,437	12,414	13,910	14,037	0	0	0
Advertising
2,461	2,450	2,512	2,470	2,386	2,155	1,932	1,864	1,840	1,905	1,997	1,926	1,885	1,856	2,193	2,144	2,114	2,121	1,984	2,005	2,158	2,193	2,099	2,324	2,382	2,433	2,533	2,528	2,508	2,494	2,381	2,474	2,505	2,503	2,656	2,590	0	0	0
Legal and professional
1,838	1,814	1,809	1,745	1,830	1,839	1,837	1,900	1,833	1,892	1,930	1,810	1,766	1,742	1,839	1,938	2,046	2,013	1,941	1,981	1,948	1,969	1,996	1,924	2,168	2,459	2,901	3,366	3,970	4,175	4,728	4,527	4,060	3,941	3,161	3,304	0	0	0
FDIC deposit insurance
687	685	1,054	1,311	1,219	1,081	1,036	974	926	894	805	784	913	1,049	1,174	1,337	1,357	1,366	1,376	1,422	1,493	1,567	1,644	1,933	2,222	2,435	2,843	2,974	3,079	3,306	3,224	3,293	3,129	3,507	4,423	5,301	0	0	0
Charges in the period for credit card and bank service fees.
-	-	-	-	-	-	-	-	-	-	-	733	795	791	783	777	782	797	814	843	885	946	1,022	1,106	1,192	1,263	1,358	1,481	1,774	2,091	2,435	2,871	3,260	3,656	4,307	4,938	0	0	0
Net gains on other real estate and repossessed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	180	263	553	452	-	264	-140	-498	-1,237	-2,034	-2,206	-2,519	-2,854	-3,621	-5,261	-5,405	-5,824	-5,410	-5,033	0	0	0
Merger related expenses
-	-	111	209	-	3,465	3,628	3,540	458	284	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Write-down of property and equipment held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-
Provision for loss reimbursement on sold loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-59	-24	-54	-	-750	667	1,008	2,152	2,797	1,573	1,343	1,112	1,724	1,782	2,019	1,993	0	0	0	-	-
Costs related to unfunded lending commitments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-6	-104	-61	-90	-148	-600	-660	-688	-645	-279	-178	-36	-795	-343	0	0	0
Vehicle service contract counterparty contingencies
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	1,603	1,724	4,778	4,837	3,954	4,086	1,285	1,629	7,124	8,188	9,173	11,048	10,970	14,486	0	0	0
Other
8,480	8,495	9,310	8,961	9,110	8,029	7,345	7,081	6,650	6,925	6,117	6,388	5,981	5,808	6,286	6,011	6,196	6,251	6,391	6,485	6,610	6,831	6,637	6,742	6,890	6,861	7,214	7,417	7,810	6,730	6,900	7,160	7,234	8,593	8,659	8,560	0	0	0
Total Non-interest Expense
112,462	111,733	109,255	108,147	111,316	107,461	103,772	99,648	92,648	92,082	93,824	93,737	91,871	90,347	88,310	87,660	88,344	88,450	88,516	88,721	89,702	89,951	92,013	95,863	101,045	104,118	109,056	112,418	114,159	116,735	123,541	125,707	128,129	133,948	134,743	140,877	0	0	0
Income Before Income Tax
51,967	57,760	52,739	52,015	49,482	49,133	48,160	43,332	41,042	38,438	35,650	34,984	35,439	32,901	32,709	30,682	29,876	29,380	26,567	26,516	26,172	25,216	25,908	22,421	21,421	22,658	28,443	31,102	28,536	26,198	6,105	-4,945	-9,499	-20,412	-19,822	-7,178	0	0	0
Income tax expense
10,103	11,325	10,247	10,043	9,423	9,294	16,546	16,784	17,380	17,963	11,031	10,851	10,799	10,135	10,228	9,527	9,540	9,363	8,218	8,285	7,508	7,195	6,980	4,917	-53,419	-54,851	-56,172	-56,454	35	0	536	54	-204	-212	-1,726	-1,088	0	0	0
Net income
41,864	46,435	42,492	41,972	40,059	39,839	31,614	26,548	23,662	20,475	24,619	24,133	24,640	22,766	22,481	21,155	20,336	20,017	18,349	18,231	18,664	18,021	18,928	17,504	74,840	77,509	84,615	87,556	28,501	26,198	5,569	-4,999	-9,295	-20,200	-18,096	-6,090	0	0	0
Preferred stock dividends and discount accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,001	4,107	4,451	4,386	4,347	-4,018	-4,068	-4,109	-4,157	4,211	4,281	0	0	0
Preferred stock discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-
Net income applicable to common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	82,062	88,062	83,105	24,115	21,851	1,273	-9,245	-13,500	-24,357	-22,307	-10,371	0	0	0
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