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Income Statement
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INDEPENDENT BANK CORP (IBCP)

Income Statement

Standardized | As Reported Annual | Quarterly | TTM
  Older >>
In millions, except per share itemsDec-31-22Dec-31-21Dec-31-20Dec-31-19Dec-31-18Dec-31-17Dec-31-16Dec-31-15
   8-K10-K10-K10-K10-K10-K10-K10-K
    Interest income:  
        Interest income on loans  139.1116.6123.2133.9116.984.374.270.9
        Interest income on investments  29.120.615.613.212.612.911.28.7
       169.0138.1139.8148.9130.898.386.580.8
    Interest expense:  
        Interest on deposits   4.512.723.414.56.84.94.0
        Interest on borrowings   0.20.50.71.00.90.80.8
       19.421.345.676.850.519.114.612.5
Net interest income  149.6129.8123.6122.6113.389.279.675.0
Provision for loan losses    12.50.81.51.2-1.3-2.7
Net interest income after provision for loan losses  149.6129.8111.1121.8111.888.081.077.7
        Deposit and loan fees  12.310.28.511.212.312.712.412.4
        Other non-interest income  49.666.572.236.532.629.929.927.7
Total non-interest income  61.976.680.747.744.842.542.340.1
Non-interest expenses  128.3131.0122.4111.7107.592.190.388.5
Pre-tax income before non-recurring items  77.877.369.557.852.638.735.229.4
Non-recurring items      3.50.32.3 
Pre-tax income  77.877.369.557.849.138.432.929.4
Income taxes  14.414.413.311.39.318.010.19.4
            Tax rate  18.6%18.6%19.2%19.6%18.9%46.7%30.8%31.9%
Net income  63.462.956.246.439.820.522.820.0
            Net margin  30.0%216.1%29.3%27.4%25.4%15.7%18.5%17.0%
   
Basic EPS  $3.00$2.91$2.56$2.03$1.70$0.96$1.06$0.88
Diluted EPS  $2.97$2.91$2.56$2.03$1.70$0.96$1.06$0.88
   
Shares outstanding (basic)  21.121.622.022.923.421.321.422.7
Shares outstanding (diluted)  21.321.622.022.923.421.321.422.7
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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