独立银行(密歇根州) 2025年度报告

Fellow Shareholder Performance Graph. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38Selected Consolidated Financial Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39Management’s Discussion and Analysis of Financial Condition and Results of Operations. . . . . . . . . . . . .40Management’s Annual Report on Internal Control Over Financial Reporting (PCAOB ID 173). . . . . . . .60Report of Independent Registered Public Accounting Firm. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63Notes to Consolidated Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68Quarterly Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135 PERFORMANCE GRAPH The graph below compares the total returns (assuming reinvestment of dividends) of Independent BankCorporation common stock, the NASDAQ Composite Index and the NASDAQ Bank Stock Index. The graph assumes$100 invested in Independent Bank Corporation common stock (returns based on stock prices per the NASDAQ) andeach of the indices on December 31, 2020, and the reinvestment of all dividends during the periods presented. Theperformance shown on the graph is not necessarily indicative of future performance. Independent Bank Corporation . . . . . . . . . . . . . . . .NASDAQ Composite . . . . . . . . . . . . . . . . . . . . . . .NASDAQ Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . SUMMARY OF OPERATIONS PER COMMON SHARE DATA Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash dividends declared and paid . . . . . . . . . . . .Book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$5,505,720$5,338,104$5,263,726$4,999,787$4,704,740Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Allowance for credit losses . . . . . . . . . . . . . . . . .Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . .Other borrowings . . . . . . . . . . . . . . . . . . . . . . . . .Subordinated debt. . . . . . . . . . . . . . . . . . . . . . . . .Subordinated debentures . . . . . . . . . . . . . . . . . . . SELECTED RATIOS MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS Disclaimer Regarding Forward-Looking Statements.Statements in this report that are not statements of historical fact,including statements that include terms such as ‘‘will,’’ ‘‘may,’’ ‘‘should,’’ ‘‘believe,’’ ‘‘expect,’’ ‘‘forecast,’’ ‘‘anticipate,’’‘‘estimate,’’ ‘‘project,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘optimistic’’ and ‘‘plan’’ and statements about future or projected financial andoperating results, plans, projections, objectives, expectations, and intentions, are forward-looking statements. Forward-looking statements include, but are not limited to, descriptions of plans and objectives for future operations, products orservices; projections of our future revenue, earnings or other measures of economic performance; forecasts of credit lossesand other asset quality trends; statements about our business and growth strategies; and expectations about economic andmarket conditions and trends. These forward-looking statements express our current expectations, forecasts of future events,or long-term goals. They are based on assumptions, estimates, and forecasts that, although believed to be reasonable, may turnout to be incorrect. Actual results could differ materially from those discussed in the forward-looking statements for a varietyof reasons, including: •economic, market, operational, liquidity, credit, and interest rate risks associated with our business;•economic conditions generally and in the financial services industry, particularly economic conditions withinMichigan and the regional and local real estate markets in which our bank operates;•the failure of assumptions underlying the establishment of, and provisions made to, our allowance for creditlosses;•increased competition in the financial services industry, either nationally or regionally;•our ability to achieve loan and deposit growth;•volatility and direction of market interest rates;•the continued services of our management team; and•implementation of new legislation, which may have significant effects on us and the financial services industry. This list provides examples of factors that could affect the results described b