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Independent Bank Corporation (Parent Company Only) Financial Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Independent Bank Corporation (Parent Company Only) Financial Information INDEPENDENT BANK CORPORATION (PARENT COMPANY ONLY) FINANCIAL INFORMATION
Presented below are condensed financial statements for our parent company.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
December 31,
20232022
(In thousands)
ASSETS
Cash and due from banks$6,519 $10,502 
Interest bearing deposits - time40,000 40,000 
Investment in subsidiaries436,887 376,930 
Accrued income and other assets4,419 6,220 
Total Assets$487,825 $433,652 
  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt$39,510 $39,433 
Subordinated debentures39,728 39,660 
Accrued expenses and other liabilities3,186 6,048 
Shareholders’ equity405,401 348,511 
Total Liabilities and Shareholders’ Equity$487,825 $433,652 
CONDENSED STATEMENTS OF OPERATIONS
Year Ended December 31,
202320222021
(In thousands)
OPERATING INCOME   
Dividends from subsidiary$24,000 $30,000 $32,000 
Interest income1,317 199 55 
Other income96 54 33 
Total Operating Income25,413 30,253 32,088 
OPERATING EXPENSES
Interest expense5,726 4,311 3,625 
Administrative and other expenses1,134 892 787 
Total Operating Expenses6,860 5,203 4,412 
Income Before Income Tax and Equity in Undistributed Net Income of Subsidiaries18,553 25,050 27,676 
Income tax benefit(1,215)(1,108)(1,048)
Income Before Equity in Undistributed Net Income of Subsidiaries19,768 26,158 28,724 
Equity in undistributed net income of subsidiaries39,299 37,193 34,171 
Net Income$59,067 $63,351 $62,895 
CONDENSED STATEMENTS OF CASH FLOWS
Year Ended December 31,
202320222021
(In thousands)
Net Income$59,067 $63,351 $62,895 
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH FROM OPERATING ACTIVITIES   
Deferred income tax benefit(56)(110)(81)
Share based compensation91 95 95 
Accretion of discount on subordinated debt and debentures145 144 144 
(Increase) decrease in accrued income and other assets1,857 (6,012)788 
Increase (decrease) in accrued expenses and other liabilities
(2,862)5,205 159 
Equity in undistributed net income of subsidiaries(39,299)(37,193)(34,171)
Total Adjustments(40,124)(37,871)(33,066)
Net Cash From Operating Activities18,943 25,480 29,829 
   
CASH FLOW USED IN INVESTING ACTIVITIES   
Purchases of interest bearing deposits - time(80,000)(115,000)(160,000)
Maturity of interest bearing deposits - time80,000 115,000 160,000 
Net Cash Used In Investing Activities— — — 
   
CASH FLOW USED IN FINANCING ACTIVITIES
   
Dividends paid(19,327)(18,565)(18,155)
Proceeds from issuance of common stock2,208 2,124 1,913 
Share based compensation withholding obligation(650)(620)(691)
Repurchase of common stock(5,157)(4,010)(17,269)
Net Cash Used In Financing Activities
(22,926)(21,071)(34,202)
Net Increase (Decrease) in Cash and Cash Equivalents(3,983)4,409 (4,373)
Cash and Cash Equivalents at Beginning of Year10,502 6,093 10,466 
Cash and Cash Equivalents at End of Year$6,519 $10,502 $6,093