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INDEPENDENT BANK CORPORATION (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2012
INDEPENDENT BANK CORPORATION (PARENT COMPANY ONLY) FINANCIAL INFORMATION [Abstract]  
CONDENSED STATEMENTS OF FINANCIAL CONDITION
CONDENSED STATEMENTS OF FINANCIAL CONDITION

 
 
December 31,
 
 
 
2012
 
 
2011
 
 
 
(In thousands)
 
ASSETS
 
Cash and due from banks
 
$
3,788
 
 
$
2,138
 
Investment in subsidiaries
 
 
187,890
 
 
 
154,494
 
Other assets
 
 
665
 
 
 
619
 
Total Assets
 
$
192,343
 
 
$
157,251
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Subordinated debentures
 
$
50,175
 
 
$
50,175
 
Other liabilities
 
 
7,635
 
 
 
4,986
 
Shareholders' equity
 
 
134,533
 
 
 
102,090
 
Total Liabilities and Shareholders' Equity
 
$
192,343
 
 
$
157,251
 
CONDENSED STATEMENTS OF OPERATIONS
CONDENSED STATEMENTS OF OPERATIONS

 
 
Year Ended December 31,
 
 
 
2012
 
 
2011
 
 
2010
 
 
 
(In thousands)
 
OPERATING INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Increase) decrease in fair value of U.S. Treasury warrant
 
$
(285
)
 
$
1,137
 
 
$
393
 
Gain on extinguishment of debt
 
 
-
 
 
 
-
 
 
 
18,066
 
Other income
 
 
70
 
 
 
64
 
 
 
107
 
Total Operating Income
 
 
(215
)
 
 
1,201
 
 
 
18,566
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
2,779
 
 
 
2,729
 
 
 
4,470
 
Administrative and other expenses
 
 
683
 
 
 
958
 
 
 
2,273
 
Total Operating Expenses
 
 
3,462
 
 
 
3,687
 
 
 
6,743
 
Income (Loss) Before Income Tax and Equity in Undistributed
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) of Subsidiaries
 
 
(3,677
)
 
 
(2,486
)
 
 
11,823
 
Income tax credit
 
 
-
 
 
 
(2
)
 
 
-
 
Income (Loss) Before Equity in Undistributed Net
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) of Subsidiaries
 
 
(3,677
)
 
 
(2,488
)
 
 
11,823
 
Equity in undistributed net income (loss) of subsidiaries
 
 
29,875
 
 
 
(17,712
)
 
 
(28,532
)
Net Income (Loss)
 
$
26,198
 
 
$
(20,200
)
 
$
(16,709
)
CONDENSED STATEMENTS OF CASH FLOWS
CONDENSED STATEMENTS OF CASH FLOWS

 
 
Year Ended December 31,
 
 
 
2012
 
 
2011
 
 
2010
 
 
 
(In thousands)
 
Net Loss
 
$
26,198
 
 
$
(20,200
)
 
$
(16,709
)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH USED IN OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
Share based compensation
 
 
184
 
 
 
157
 
 
 
-
 
Gain on extinguishment of debt
 
 
 
 
 
 
-
 
 
 
(18,066
)
Depreciation, amortization of intangible assets and premiums, and accretion of discounts on securities and loans
 
 
-
 
 
 
1
 
 
 
2
 
Increase in other assets
 
 
(46
)
 
 
(92
)
 
 
(618
)
Increase (decrease) in other liabilities
 
 
2,945
 
 
 
(2,404
)
 
 
1,977
 
Equity in undistributed net loss of subsidiaries operations
 
 
(29,875
)
 
 
17,712
 
 
 
28,532
 
Total Adjustments
 
 
(26,792
)
 
 
15,374
 
 
 
11,827
 
Net Cash Used in Operating Activities
 
 
(594
)
 
 
(4,826
)
 
 
(4,882
)
 
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock
 
 
2,244
 
 
 
2,245
 
 
 
1,118
 
Extinguishment of debt, net
 
 
-
 
 
 
-
 
 
 
(1,005
)
Net Cash From Financing Activities
 
 
2,244
 
 
 
2,245
 
 
 
113
 
Net Increase (Decrease) in Cash and Cash Equivalents
 
 
1,650
 
 
 
(2,581
)
 
 
(4,769
)
Cash and Cash Equivalents at Beginning of Year
 
 
2,138
 
 
 
4,719
 
 
 
9,488
 
Cash and Cash Equivalents at End of Year
 
$
3,788
 
 
$
2,138
 
 
$
4,719