$IBCP
INDEPENDENT BANK CORP /MI/

2016 Form 10-K Financial Statement

#000156761917000394 Filed on March 07, 2017

View on sec.gov

Income Statement

Concept 2016 2015 2014
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.200M $4.600M $3.000M
YoY Change 13.04% 53.33%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $32.90M $29.40M $25.20M
YoY Change 11.9% 16.67% 11.01%
Income Tax $10.10M $9.400M $7.200M
% Of Pretax Income 30.7% 31.97% 28.57%
Net Earnings $22.80M $20.00M $18.00M
YoY Change 14.0% 11.11% -76.77%
Net Earnings / Revenue
Basic Earnings Per Share $1.06 $0.88 $0.79
Diluted Earnings Per Share $1.051M $862.1K $766.0K
COMMON SHARES
Basic Shares Outstanding 21.38M 22.72M 22.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 2015 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $40.20M $43.10M $45.90M
YoY Change -6.73% -6.1% -5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.80M $39.60M $48.60M
YoY Change -17.17% -18.52% -15.63%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.549B $2.409B $2.249B
YoY Change 5.81% 7.13% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $2.000M
YoY Change -60.0% -51.22%
Accrued Expenses $28.50M $23.70M $24.00M
YoY Change 20.25% -1.25% -24.05%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.50M $24.50M $26.00M
YoY Change 16.33% -5.77% -27.17%
LONG-TERM LIABILITIES
Long-Term Debt $35.60M $35.60M $35.60M
YoY Change 0.0% 0.0% -12.53%
Other Long-Term Liabilities $700.0K
YoY Change
Total Long-Term Liabilities $36.30M $35.60M $35.60M
YoY Change 1.97% 0.0% -12.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.50M $24.50M $26.00M
Total Long-Term Liabilities $36.30M $35.60M $35.60M
Total Liabilities $2.300B $2.158B $1.998B
YoY Change 6.58% 7.99% 1.01%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.0M $251.1M $250.4M
YoY Change
Total Liabilities & Shareholders Equity $2.549B $2.409B $2.249B
YoY Change 5.81% 7.13% 1.76%

Cashflow Statement

Concept 2016 2015 2014
OPERATING ACTIVITIES
Net Income $22.80M $20.00M $18.00M
YoY Change 14.0% 11.11% -76.77%
Depreciation, Depletion And Amortization $5.200M $4.600M $3.000M
YoY Change 13.04% 53.33%
Cash From Operating Activities $23.70M $22.90M $13.10M
YoY Change 3.49% 74.81% -74.86%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$4.400M -$4.300M
YoY Change -20.45% 2.33% -48.81%
Acquisitions
YoY Change
Other Investing Activities -$135.4M -$156.2M -$77.80M
YoY Change -13.32% 100.77% -63.42%
Cash From Investing Activities -$138.9M -$160.5M -$82.10M
YoY Change -13.46% 95.49% -62.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 112.6M 149.4M 24.00M
YoY Change -24.63% 522.5% -77.84%
NET CHANGE
Cash From Operating Activities 23.70M 22.90M 13.10M
Cash From Investing Activities -138.9M -160.5M -82.10M
Cash From Financing Activities 112.6M 149.4M 24.00M
Net Change In Cash -2.600M 11.80M -45.00M
YoY Change -122.03% -126.22% -25.86%
FREE CASH FLOW
Cash From Operating Activities $23.70M $22.90M $13.10M
Capital Expenditures -$3.500M -$4.400M -$4.300M
Free Cash Flow $27.20M $27.30M $17.40M
YoY Change -0.37% 56.9% -71.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014 ibcp Employee Stock Ownership Plan Esop Contributions To Esop
EmployeeStockOwnershipPlanESOPContributionsToESOP
0.02
CY2014 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2016 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
53000
CY2015 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2015 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
75000
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
79520000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
90182000
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
76940000
CY2016Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2891000
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
2727000
CY2015 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
4574000
CY2014 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
5034000
CY2016 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
3636000
CY2016Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
84711000
CY2015Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
93926000
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.79
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2015 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
104646000
CY2014 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
12225000
CY2015 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
7628000
CY2016 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
1913000
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
107692000
CY2014 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
469000
CY2016 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
84000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22716000
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
86404000
CY2016 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
85171000
CY2015 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
97018000
CY2016 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
83258000
CY2016Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
9152000
CY2015Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
10983000
CY2015 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
739000
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
79831000
CY2015Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
89131000
CY2016Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
5191000
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
3744000
CY2016 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
3552000
CY2015 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
3835000
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
4565000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21378000
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22927000
CY2015Q4 ibcp Accrued Interest Impaired Loans
AccruedInterestImpairedLoans
338000
CY2016Q4 ibcp Accrued Interest Impaired Loans
AccruedInterestImpairedLoans
311000
CY2015Q4 ibcp Impaired Financing Receivable Related Allowance With No Related Allowance
ImpairedFinancingReceivableRelatedAllowanceWithNoRelatedAllowance
0
CY2016Q4 ibcp Impaired Financing Receivable Related Allowance With No Related Allowance
ImpairedFinancingReceivableRelatedAllowanceWithNoRelatedAllowance
0
CY2016 ibcp Other Real Estate Acquired Disposals
OtherRealEstateAcquiredDisposals
3596000
CY2015 ibcp Other Real Estate Acquired Disposals
OtherRealEstateAcquiredDisposals
5502000
CY2014 ibcp Other Real Estate Acquired Disposals
OtherRealEstateAcquiredDisposals
17198000
CY2015Q4 ibcp Other Real Estate Acquired
OtherRealEstateAcquired
7070000
CY2014Q4 ibcp Other Real Estate Acquired
OtherRealEstateAcquired
6370000
CY2013Q4 ibcp Other Real Estate Acquired
OtherRealEstateAcquired
18088000
CY2016Q4 ibcp Other Real Estate Acquired
OtherRealEstateAcquired
4956000
CY2014 ibcp Other Real Estate Acquired Valuation Adjustments
OtherRealEstateAcquiredValuationAdjustments
663000
CY2016 ibcp Other Real Estate Acquired Valuation Adjustments
OtherRealEstateAcquiredValuationAdjustments
873000
CY2015 ibcp Other Real Estate Acquired Valuation Adjustments
OtherRealEstateAcquiredValuationAdjustments
492000
CY2015 ibcp Other Real Estate Acquired Additions
OtherRealEstateAcquiredAdditions
6694000
CY2014 ibcp Other Real Estate Acquired Additions
OtherRealEstateAcquiredAdditions
6143000
CY2016 ibcp Other Real Estate Acquired Additions
OtherRealEstateAcquiredAdditions
2355000

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