INDEPENDENT BANK CORP /MI/ (IBCP) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	322.8M	315.4M	316.3M	283.8M	224.2M
Cost of Revenue	91.6M	95.9M	104.7M	90.0M	25.4M
Gross Profit	231.2M	219.5M	211.7M	193.8M	198.8M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	111.0M	97.2M	91.8M	85.1M	86.1M
General & Admin Expense	109.8M	97.2M	88.8M	82.9M	84.0M
Selling & Marketing Expense	1.2M	—	3.1M	2.2M	2.1M
Other Expenses	35.5M	41.0M	36.8M	35.1M	34.9M
Total Operating Expenses	146.4M	138.2M	128.6M	120.2M	121.0M
Cost and Expenses	238.1M	234.1M	233.3M	210.2M	146.4M
Operating Income (EBIT)	84.8M	81.3M	83.0M	73.7M	77.8M
Non-Operating
Interest Income	278.2M	269.7M	266.8M	239.7M	169.0M
Interest Expense	81.8M	89.7M	100.5M	83.3M	19.4M
Net Interest Income	196.4M	180.0M	166.2M	156.3M	149.6M
Other Non-Op Income/Expense	—	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	84.8M	81.3M	83.0M	73.7M	77.8M
Income Tax Expense	12.6M	12.8M	16.3M	14.6M	14.4M
Bottom Line
Net Income	72.1M	68.5M	66.8M	59.1M	63.4M
Earnings from Cont. Ops	72.1M	68.5M	66.8M	59.1M	63.4M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	72.1M	68.5M	66.8M	59.1M	63.4M
Per Share
Basic EPS	$3.44	$3.30	$3.20	$2.82	$3.00
Diluted EPS	$3.40	$3.27	$3.16	$2.79	$2.97
Revenue Per Share	$14.58	$15.26	$15.16	$13.55	$10.62
Shares
Basic Shares Outstanding	22.1M	20.7M	20.9M	20.9M	21.1M
Diluted Shares Outstanding	22.3M	20.9M	21.1M	21.2M	21.3M
Profitability Metrics
EBITDA	91.9M	91.2M	93.1M	83.7M	88.6M
D&A	7.1M	9.9M	10.0M	10.0M	10.8M
EBIT	84.8M	81.3M	83.0M	73.7M	77.8M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026