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Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 month periods ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$59,171 $— $78 $59,249 
Interest on securities5,876 — — 5,876 
Other investments1,044 — — 1,044 
Total Interest Income66,091 — 78 66,169 
INTEREST EXPENSE
Deposits18,397 — — 18,397 
Other borrowings and subordinated debt and debentures240 677 — 917 
Total Interest Expense18,637 677 — 19,314 
Net Interest Income47,454 (677)78 46,855 
Provision for credit losses362 — — 362 
Net Interest Income After Provision for Credit Losses47,092 (677)78 46,493 
NON-INTEREST INCOME
Interchange income
3,234 — — 3,234 
Service charges on deposit accounts
2,935 — — 2,935 
Net gains on mortgage loans
1,208 — 100 1,308 
Mortgage loan servicing, net1,646 — — 1,646 
Other2,828 345 (248)2,925 
Total Non-interest Income11,851 345 (148)12,048 
NON-INTEREST EXPENSE
Compensation and employee benefits21,740 134 (45)21,829 
Data processing3,929 23 — 3,952 
Occupancy, net2,407 6 — 2,413 
Litigation expense
1,500 — — 1,500 
Advertising1,208 2 — 1,210 
Interchange expense1,191 — — 1,191 
Furniture, fixtures and equipment894 — — 894 
FDIC deposit insurance799 — — 799 
Loan and collection752 — — 752 
Communications587 6 — 593 
Legal and professional444 147 — 591 
Other2,369 218 — 2,587 
Total Non-interest Expense37,820 536 (45)38,311 
Income (Loss) Before Income Tax
21,123 (868)(25)20,230 
Income tax expense (benefit)
3,563 (203)(5)3,355 
Net Income (Loss)
$17,560 $(665)$(20)$16,875 
OTHER SEGMENT DISCLOSURES
Depreciation
1,262 1 — 1,263 
Amortization
115 — — 115 
Total assets
5,551,229 571,840 (565,560)5,557,509 
(1)    Includes amounts relating to our parent company and certain insignificant operations.
Three Months Ended March 31, 2025
Independent Bank
Other(1)
Eliminations
Total
(In thousands)
INTEREST INCOME
Interest and fees on loans$57,708 $— $60 $57,768 
Interest on securities6,806 — — 6,806 
Other investments1,570 369 (369)1,570 
Total Interest Income66,084 369 (309)66,144 
INTEREST EXPENSE
Deposits21,324 — (369)20,955 
Other borrowings and subordinated debt and debentures143 1,361 — 1,504 
Total Interest Expense21,467 1,361 (369)22,459 
Net Interest Income44,617 (992)60 43,685 
Provision for credit losses721 — — 721 
Net Interest Income After Provision for Credit Losses43,896 (992)60 42,964 
NON-INTEREST INCOME
Interchange income
3,127 — — 3,127 
Service charges on deposit accounts
2,814 — — 2,814 
Net gains on mortgage loans
2,223 — 80 2,303 
Mortgage loan servicing, net(636)— — (636)
Other2,694 319 (197)2,816 
Total Non-interest Income10,222 319 (117)10,424 
NON-INTEREST EXPENSE
Compensation and employee benefits20,292 132 (41)20,383 
Data processing3,710 19 — 3,729 
Occupancy, net2,217 06 — 2,223 
Interchange expense1,119 — — 1,119 
Furniture, fixtures and equipment884 1 — 885 
Advertising859 2 — 861 
FDIC deposit insurance711 — — 711 
Legal and professional356 123 — 479 
Loan and collection786 — — 786 
Communications582 9 — 591 
Other2,301 194 — 2,495 
Total Non-interest Expense33,817 486 (41)34,262 
Income (Loss) Before Income Tax
20,301 (1,159)(16)19,126 
Income tax expense (benefit)
3,954 (414)(4)3,536 
Net Income (Loss)
$16,347 $(745)$(12)$15,590 
OTHER SEGMENT DISCLOSURES
Depreciation
1,240 1 — 1,241 
Amortization
122 — — 122 
Total assets
5,321,109 562,848 (555,529)5,328,428 
(1)    Includes amounts relating to our parent company and certain insignificant operations.