v3.25.4
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Independent Bank Corporation is a bank holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including Independent Bank. As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers.
We have one reportable segment which is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the products and services we offer, primarily banking operations. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if the operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the performance of our business components such as evaluating revenue streams, significant expenses, and budget to actual results assessing our segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income, earnings per share, and return on average assets to benchmark us against our competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessing performance and in establishing compensation. Loans, investments, and deposits provide the majority of revenues in the banking operation. Interest expense, provisions for credit losses, and compensation and employee benefits provide the significant expenses in the banking operation. All operations are domestic.
Accounting policies for our segment are the same as those described in Note #1 - Accounting Policies. Segment performance is evaluated using consolidated net income, earnings per share, and return on average assets. Information reported internally for performance assessment by the chief operating decision maker is as follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023.
2025
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$238,532 $— $301 $238,833 
Interest on securities25,948 — — 25,948 
Other investments4,956 1,356 (1,356)4,956 
Total Interest Income269,436 1,356 (1,055)269,737 
INTEREST EXPENSE
Deposits84,854 — (1,356)83,498 
Other borrowings and subordinated debt and debentures828 5,396 — 6,224 
Total Interest Expense85,682 5,396 (1,356)89,722 
Net Interest Income183,754 (4,040)301 180,015 
Provision for credit losses6,135 — — 6,135 
Net Interest Income After Provision for Credit Losses177,619 (4,040)301 173,880 
NON-INTEREST INCOME
Interchange income
13,860 — — 13,860 
Service charges on deposit accounts
12,022 — — 12,022 
Net gains on mortgage loans
6,543 — 237 6,780 
Mortgage loan servicing, net827 — — 827 
Other11,751 1,278 (874)12,155 
Total Non-interest Income45,003 1,278 (637)45,644 
NON-INTEREST EXPENSE
Compensation and employee benefits84,799 545 (150)85,194 
Data processing14,709 79 — 14,788 
Occupancy, net8,544 23 — 8,567 
Interchange expense4,641 — — 4,641 
Furniture, fixtures and equipment3,464 3 — 3,467 
Advertising3,202 9 — 3,211 
FDIC deposit insurance2,824 — — 2,824 
Loan and collection2,737 — — 2,737 
Legal and professional2,009 439 — 2,448 
Communications1,972 25 — 1,997 
Other7,559 800 — 8,359 
Total Non-interest Expense136,460 1,923 (150)138,233 
Income Before Income Tax86,162 (4,685)(186)81,291 
Income tax expense14,195 (1,406)(39)12,750 
Net Income$71,967 $(3,279)$(147)$68,541 
OTHER SEGMENT DISCLOSURES
Depreciation
$4,991 $2 $— $4,993 
Amortization
487 — — 487 
Total assets
5,499,615 565,709 (559,604)5,505,720 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
2024
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$228,325 $— $260 $228,585 
Interest on securities31,983 — — 31,983 
Other investments6,208 1,746 (1,746)6,208 
Total Interest Income266,516 1,746 (1,486)266,776 
INTEREST EXPENSE
Deposits94,440 — (1,746)92,694 
Other borrowings and subordinated debt and debentures2,016 5,818 — 7,834 
Total Interest Expense96,456 5,818 (1,746)100,528 
Net Interest Income170,060 (4,072)260 166,248 
Provision for credit losses4,468 — — 4,468 
Net Interest Income After Provision for Credit Losses165,592 (4,072)260 161,780 
NON-INTEREST INCOME
Interchange income
13,992 — — 13,992 
Service charges on deposit accounts
11,870 — — 11,870 
Net gains on mortgage loans
6,374 — 205 6,579 
Mortgage loan servicing, net9,447 — — 9,447 
Other14,074 1,082 (682)14,474 
Total Non-interest Income55,757 1,082 (477)56,362 
NON-INTEREST EXPENSE
Compensation and employee benefits84,580 493 (118)84,955 
Data processing13,505 74 — 13,579 
Occupancy, net7,782 24 — 7,806 
Interchange expense4,504 — — 4,504 
Furniture, fixtures and equipment3,759 3 — 3,762 
Advertising3,049 9 — 3,058 
FDIC deposit insurance2,870 — — 2,870 
Legal and professional2,163 403 — 2,566 
Loan and collection2,474 — — 2,474 
Communications2,073 22 — 2,095 
Other6,674 753 — 7,427 
Total Non-interest Expense133,433 1,781 (118)135,096 
Income Before Income Tax87,916 (4,771)(99)83,046 
Income tax expense17,334 (1,057)(21)16,256 
Net Income$70,582 $(3,714)$(78)$66,790 
OTHER SEGMENT DISCLOSURES
Depreciation
$5,185 $3 $— $5,188 
Amortization
516 — — 516 
Total assets
5,328,488 549,242 (539,626)5,338,104 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
2023
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$197,489 $— $236 $197,725 
Interest on securities36,523 — — 36,523 
Other investments5,429 1,317 (1,317)5,429 
Total Interest Income239,441 1,317 (1,081)239,677 
INTEREST EXPENSE
Deposits76,392 — (1,317)75,075 
Other borrowings and subordinated debt and debentures2,547 5,726 — 8,273 
Total Interest Expense78,939 5,726 (1,317)83,348 
Net Interest Income160,502 (4,409)236 156,329 
Provision for credit losses6,210 — — 6,210 
Net Interest Income After Provision for Credit Losses154,292 (4,409)236 150,119 
NON-INTEREST INCOME
Interchange income
13,996 — — 13,996 
Service charges on deposit accounts
12,361 — — 12,361 
Net gains on mortgage loans
7,270 — 166 7,436 
Mortgage loan servicing, net4,626 — — 4,626 
Other11,867 927 (537)12,257 
Total Non-interest Income50,120 927 (371)50,676 
NON-INTEREST EXPENSE
Compensation and employee benefits78,444 609 (88)78,965 
Data processing11,790 72 — 11,862 
Occupancy, net7,884 24 — 7,908 
Interchange expense4,332 — — 4,332 
Furniture, fixtures and equipment3,751 5 — 3,756 
Advertising2,156 9 — 2,165 
FDIC deposit insurance3,005 — — 3,005 
Legal and professional1,748 460 — 2,208 
Loan and collection2,174 — — 2,174 
Communications2,381 25 — 2,406 
Other7,537 801 — 8,338 
Total Non-interest Expense125,202 2,005 (88)127,119 
Income Before Income Tax79,210 (5,487)(47)73,676 
Income tax expense15,842 (1,223)(10)14,609 
Net Income$63,368 $(4,264)$(37)$59,067 
OTHER SEGMENT DISCLOSURES
Depreciation
$5,178 $5 $— $5,183 
Amortization
547 — — 547 
Total assets
5,259,523 493,158 (488,955)5,263,726 
(1)    Includes amounts relating to our parent company and certain insignificant operations.