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Segment Reporting
 9 Months Ended
Sep. 30, 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.
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 interim condensed consolidated financial statements for the three and nine month periods ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$61,254 $— $71 $61,325 
Interest on securities6,427 — — 6,427 
Other investments1,538 343 (343)1,538 
Total Interest Income69,219 343 (272)69,290 
INTEREST EXPENSE
Deposits22,315 — (343)21,972 
Other borrowings and subordinated debt and debentures139 1,818 — 1,957 
Total Interest Expense22,454 1,818 (343)23,929 
Net Interest Income46,765 (1,475)71 45,361 
Provision for credit losses1,991 — — 1,991 
Net Interest Income After Provision for Credit Losses44,774 (1,475)71 43,370 
NON-INTEREST INCOME
Interchange income
4,157 — — 4,157 
Service charges on deposit accounts
3,131 — — 3,131 
Net gains on mortgage loans
1,425 — 49 1,474 
Mortgage loan servicing, net74 — — 74 
Other3,010 310 (219)3,101 
Total Non-interest Income11,797 310 (170)11,937 
NON-INTEREST EXPENSE
Compensation and employee benefits21,016 144 (35)21,125 
Data processing3,764 20 — 3,784 
Occupancy, net2,121 6 — 2,127 
Interchange expense1,180 — — 1,180 
Furniture, fixtures and equipment891 1 — 892 
Advertising523 3 — 526 
FDIC deposit insurance615 — — 615 
Legal and professional546 136 — 682 
Loan and collection618 — — 618 
Communications460 5 — 465 
Other1,915 202 — 2,117 
Total Non-interest Expense33,649 517 (35)34,131 
Income Before Income Tax22,922 (1,682)(64)21,176 
Income tax expense4,122 (435)(13)3,674 
Net Income$18,800 $(1,247)$(51)$17,502 
OTHER SEGMENT DISCLOSURES
Depreciation
1,125 — — 1,125 
Amortization
121 — — 121 
Total assets
5,486,851 538,943 (532,681)5,493,113 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
Three Months Ended September 30, 2024
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$58,345 $— $65 $58,410 
Interest on securities7,906 — — 7,906 
Other investments2,018 487 (487)2,018 
Total Interest Income68,269 487 (422)68,334 
INTEREST EXPENSE
Deposits24,949 — (487)24,462 
Other borrowings and subordinated debt and debentures552 1,466 — 2,018 
Total Interest Expense25,501 1,466 (487)26,480 
Net Interest Income42,768 (979)65 41,854 
Provision for credit losses1,488 — — 1,488 
Net Interest Income After Provision for Credit Losses41,280 (979)65 40,366 
NON-INTEREST INCOME
Interchange income
4,146 — — 4,146 
Service charges on deposit accounts
3,085 — — 3,085 
Net gains on mortgage loans
2,125 — 52 2,177 
Mortgage loan servicing, net(3,130)— — (3,130)
Other3,142 275 (187)3,230 
Total Non-interest Income9,368 275 (135)9,508 
NON-INTEREST EXPENSE
Compensation and employee benefits19,951 129 (32)20,048 
Data processing3,360 19 — 3,379 
Occupancy, net1,887 6 — 1,893 
Interchange expense1,149 — — 1,149 
Furniture, fixtures and equipment931 1 — 932 
Advertising580 1 — 581 
FDIC deposit insurance664 — — 664 
Legal and professional607 80 — 687 
Loan and collection657 — — 657 
Communications514 5 — 519 
Other1,888 186 — 2,074 
Total Non-interest Expense32,188 427 (32)32,583 
Income Before Income Tax18,460 (1,131)(38)17,291 
Income tax expense3,725 (237)(7)3,481 
Net Income$14,735 $(894)$(31)$13,810 
OTHER SEGMENT DISCLOSURES
Depreciation
1,283 — — 1,283 
Amortization
129 — — 129 
Total assets
5,254,269 541,422 (536,423)5,259,268 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
Nine Months Ended September 30, 2025
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$178,419 $— $209 $178,628 
Interest on securities19,802 — — 19,802 
Other investments3,882 1,082 (1,082)3,882 
Total Interest Income202,103 1,082 (873)202,312 
INTEREST EXPENSE
Deposits64,471 — (1,082)63,389 
Other borrowings and subordinated debt and debentures585 4,677 — 5,262 
Total Interest Expense65,056 4,677 (1,082)68,651 
Net Interest Income137,047 (3,595)209 133,661 
Provision for credit losses4,212 — — 4,212 
Net Interest Income After Provision for Credit Losses132,835 (3,595)209 129,449 
NON-INTEREST INCOME
Interchange income
10,674 — — 10,674 
Service charges on deposit accounts
8,926 — — 8,926 
Net gains on mortgage loans
5,231 — 177 5,408 
Mortgage loan servicing, net(72)— — (72)
Other8,429 938 (617)8,750 
Total Non-interest Income33,188 938 (440)33,686 
NON-INTEREST EXPENSE
Compensation and employee benefits62,329 409 (107)62,631 
Data processing11,302 58 — 11,360 
Occupancy, net6,378 18 — 6,396 
Interchange expense3,476 — — 3,476 
Furniture, fixtures and equipment2,568 2 — 2,570 
Advertising2,213 7 — 2,220 
FDIC deposit insurance1,963 — — 1,963 
Legal and professional1,325 336 — 1,661 
Loan and collection2,148 — — 2,148 
Communications1,507 19 — 1,526 
Other5,609 595 — 6,204 
Total Non-interest Expense100,818 1,444 (107)102,155 
Income Before Income Tax65,205 (4,101)(124)60,980 
Income tax expense12,232 (1,195)(26)11,011 
Net Income$52,973 $(2,906)$(98)$49,969 
OTHER SEGMENT DISCLOSURES
Depreciation
3,721 1 — 3,722 
Amortization
365 — — 365 
Total assets
5,486,851 538,943 (532,681)5,493,113 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
Nine Months Ended September 30, 2024
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$170,050 $— $189 $170,239 
Interest on securities24,661 — — 24,661 
Other investments4,898 1,320 (1,320)4,898 
Total Interest Income199,609 1,320 (1,131)199,798 
INTEREST EXPENSE
Deposits71,468 — (1,320)70,148 
Other borrowings and subordinated debt and debentures1,856 4,397 — 6,253 
Total Interest Expense73,324 4,397 (1,320)76,401 
Net Interest Income126,285 (3,077)189 123,397 
Provision for credit losses2,251 — — 2,251 
Net Interest Income After Provision for Credit Losses124,034 (3,077)189 121,146 
NON-INTEREST INCOME
Interchange income
10,698 — — 10,698 
Service charges on deposit accounts
8,894 — — 8,894 
Net gains on mortgage loans
4,750 — 124 4,874 
Mortgage loan servicing, net1,686 — — 1,686 
Other10,809 754 (474)11,089 
Total Non-interest Income36,837 754 (350)37,241 
NON-INTEREST EXPENSE
Compensation and employee benefits61,795 356 (82)62,069 
Data processing9,836 55 — 9,891 
Occupancy, net5,835 018 — 5,853 
Interchange expense3,373 — — 3,373 
Furniture, fixtures and equipment2,831 3 — 2,834 
Advertising1,854 6 — 1,860 
FDIC deposit insurance2,141 — — 2,141 
Legal and professional1,417 300 — 1,717 
Loan and collection1,868 — — 1,868 
Communications1,617 16 — 1,633 
Other4,306 564 — 4,870 
Total Non-interest Expense96,873 1,318 (82)98,109 
Income Before Income Tax63,998 (3,641)(79)60,278 
Income tax expense12,765 (800)(16)11,949 
Net Income$51,233 $(2,841)$(63)$48,329 
OTHER SEGMENT DISCLOSURES
Depreciation
3,879 2 — 3,881 
Amortization
387 — — 387 
Total assets
5,254,269 541,422 (536,423)5,259,268 
(1)    Includes amounts relating to our parent company and certain insignificant operations.