INDEPENDENT BANK CORPORATION
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $32.1M | $32.0M | $32.9M | $31.6M | $29.1M | $24.0M | $26.0M | $27.1M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $81.3M | $83.0M | $157.0M | $97.2M | $85.6M | $85.7M | $84.1M | $66.6M |
| Operating Margin | 253.4% | 259.7% | 477.2% | 307.3% | 294.3% | 356.7% | 324.1% | 245.6% |
| Interest Expense | — | — | $83.3M | $19.4M | $8.3M | $16.2M | $26.3M | $17.5M |
| Pretax Income | $81.3M | $83.0M | $73.7M | $77.8M | $77.3M | $69.5M | $57.8M | $49.1M |
| Income Tax Expense | $12.8M | $16.3M | $14.6M | $14.4M | $14.4M | $13.3M | $11.3M | $9.3M |
| Net Income | $68.5M | $66.8M | $59.1M | $63.4M | $62.9M | $56.2M | $46.4M | $39.8M |
| Net Margin | 213.7% | 208.9% | 179.5% | 200.2% | 216.1% | 233.7% | 178.9% | 146.9% |
| EPS (Basic) | $3.30 | $3.20 | $2.82 | $3.00 | $2.91 | $2.56 | $2.03 | $1.70 |
| EPS (Diluted) | $3.27 | $3.16 | $2.79 | $2.97 | $2.88 | $2.53 | $2.00 | $1.68 |
| Shares Outstanding (Basic) | 20.8M | 20.9M | 21.0M | 21.1M | 21.6M | 22.0M | 22.9M | 23.4M |
| Shares Outstanding (Diluted) | 20.8M | 20.9M | 21.0M | 21.1M | 21.6M | 22.0M | 22.9M | 23.4M |
| Dividends Per Share | $1.04 | $0.96 | $0.92 | $0.88 | $0.84 | $0.80 | $0.72 | $0.60 |