Independent Bank Corporation (IBCP) Financial Statements (2024 and earlier)

Company Profile

Business Address 4200 E BELTLINE AVE
GRAND RAPIDS, MI 49525
State of Incorp. MI
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

6/30/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments169,78174,371109,473118,70565,30470,637
Cash and cash equivalents169,78174,371109,473118,70565,30470,244
Short-term investments      393
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss 1,8001,800  
Total current assets:171,58176,171109,473118,70565,30470,637
Noncurrent Assets
Operating lease, right-of-use asset4,9115,5446,4817,6468,282
Property, plant and equipment35,52335,89336,40436,12738,41138,777
Intangible assets, net (including goodwill)30,30430,85131,63632,60633,62634,715
Goodwill28,30028,30028,30028,30028,30028,300
Intangible assets, net (excluding goodwill)2,0042,5513,3364,3065,3266,415
Deferred income tax assets     2,072
Total noncurrent assets:70,73872,28874,52176,37982,39173,492
Other undisclosed assets5,021,4074,851,3284,520,7464,008,9293,416,9993,209,152
TOTAL ASSETS:5,263,7264,999,7874,704,7404,204,0133,564,6943,353,281
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities4,859,2774,652,1914,306,2563,814,4913,214,5253,014,287
Total liabilities:4,859,2774,652,1914,306,2563,814,4913,214,5253,014,287
Equity
Equity, attributable to parent404,449347,596398,484389,522350,169338,994
Common stock317,483320,991323,401339,353352,344377,372
Accumulated other comprehensive income (loss)(72,142)(92,763)50110,024(3,786)(10,108)
Retained earnings (accumulated deficit)159,108119,36874,58240,1451,611(28,270)
Total equity:404,449347,596398,484389,522350,169338,994
TOTAL LIABILITIES AND EQUITY:5,263,7264,999,7874,704,7404,204,0133,564,6943,353,281

Income Statement (P&L) ($ in thousands)

6/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues247,113175,439173,960202,389168,906130,773
Gain on disposition of assets for financial service operations7,4366,43135,88062,56019,978 
Net investment income239,677169,008138,080139,829148,928130,773
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
 (6,210)(5,341) (12,463)(824)(1,503)
Other undisclosed gross profit      
Gross profit:240,903170,098173,960189,926168,082129,270
Operating expenses(14,687)(15,985)(15,860)(16,389)(16,224)(19,219)
Other operating income, net
(Noninterest Income, Other Operating Income)
12,47910,7379,3927,5219,2828,760
Operating income:238,695164,850167,492181,058161,140118,811
Nonoperating income (expense)
(Gains (Losses) on Sales of Other Real Estate)
    (64)90672
Interest and debt expense(83,348)(19,447)(8,315)(16,217)(26,347)(17,491)
Other undisclosed loss from continuing operations before equity method investments, income taxes    (95,296)(77,123)(52,859)
Income from continuing operations before equity method investments, income taxes:155,347145,403159,17769,48157,76049,133
Other undisclosed loss from continuing operations before income taxes(81,671)(67,615)(81,864)   
Income from continuing operations before income taxes:73,67677,78877,31369,48157,76049,133
Income tax expense(14,609)(14,437)(14,418)(13,329)(11,325)(9,294)
Income from continuing operations:59,06763,35162,89556,15246,43539,839
Income before gain (loss) on sale of properties:62,89556,15246,43539,839
Net income available to common stockholders, diluted:59,06763,35162,89556,15246,43539,839

Comprehensive Income ($ in thousands)

6/30/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:59,06763,35162,89556,15246,43539,839
Other comprehensive income (loss)(5,435)(93,264)(9,523)(3,212)(2,106)988
Comprehensive income (loss):53,632(29,913)53,37252,94044,32940,827
Other undisclosed comprehensive income (loss), net of tax, attributable to parent26,056  17,0228,428(5,097)
Comprehensive income (loss), net of tax, attributable to parent:79,688(29,913)53,37269,96252,75735,730

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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