v3.25.4
INDEPENDENT BANK CORPORATION (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements of Financial Condition
December 31,
20252024
(In thousands)
ASSETS
Cash and due from banks$46,731 $9,901 
Interest bearing deposits - time— 40,000 
Investment in subsidiaries492,936 484,887 
Accrued income and other assets25,072 8,830 
Total Assets$564,739 $543,618 
  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt$— $39,586 
Subordinated debentures39,864 39,796 
Accrued expenses and other liabilities20,746 8,520 
Shareholders’ equity504,129 455,716 
Total Liabilities and Shareholders’ Equity$564,739 $543,618 
Condensed Statements of Operations
CONDENSED STATEMENTS OF OPERATIONS
Year Ended December 31,
202520242023
(In thousands)
OPERATING INCOME   
Dividends from subsidiary$76,500 $25,000 $24,000 
Interest income1,356 1,746 1,317 
Other income87 99 96 
Total Operating Income77,943 26,845 25,413 
OPERATING EXPENSES
Interest expense5,396 5,818 5,726 
Administrative and other expenses1,144 1,073 1,134 
Total Operating Expenses6,540 6,891 6,860 
Income Before Income Tax and Equity in Undistributed Net Income of Subsidiaries71,403 19,954 18,553 
Income tax benefit(1,492)(1,112)(1,215)
Income Before Equity in Undistributed Net Income of Subsidiaries72,895 21,066 19,768 
Equity in undistributed net income of subsidiaries(4,354)45,724 39,299 
Net Income$68,541 $66,790 $59,067 
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year Ended December 31,
202520242023
(In thousands)
Net Income$68,541 $66,790 $59,067 
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH FROM OPERATING ACTIVITIES   
Deferred income tax expense (benefit)
13 72 (56)
Share based compensation66 61 91 
Accretion of discount on subordinated debt and debentures482 144 145 
(Increase) decrease in accrued income and other assets(16,255)(4,483)1,857 
Increase (decrease) in accrued expenses and other liabilities
12,334 5,334 (2,862)
Equity in undistributed net income of subsidiaries4,354 (45,724)(39,299)
Total Adjustments994 (44,596)(40,124)
Net Cash From Operating Activities69,535 22,194 18,943 
   
CASH FLOW USED IN INVESTING ACTIVITIES   
Purchases of interest bearing deposits - time(115,000)(145,000)(80,000)
Maturity of interest bearing deposits - time155,000 145,000 80,000 
Net Cash Used In Investing Activities40,000 — — 
   
CASH FLOW USED IN FINANCING ACTIVITIES
   
Extinguishment of subordinated debt
(40,000)— — 
Dividends paid(21,600)(20,045)(19,327)
Proceeds from issuance of common stock2,543 2,284 2,208 
Share based compensation withholding obligation(1,215)(1,051)(650)
Repurchase of common stock(12,433)— (5,157)
Net Cash Used In Financing Activities
(72,705)(18,812)(22,926)
Net Increase (Decrease) in Cash and Cash Equivalents36,830 3,382 (3,983)
Cash and Cash Equivalents at Beginning of Year9,901 6,519 10,502 
Cash and Cash Equivalents at End of Year$46,731 $9,901 $6,519