XML 41 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Condensed Consolidated Statements of Cash Flows (unaudited) [Abstract]    
Net Income $ 3,781us-gaap_NetIncomeLoss $ 3,138us-gaap_NetIncomeLoss
Adjustments to Reconcile Net Income to Net Cash From (Used in) Operating Activities    
Proceeds from sales of loans held for sale 70,657us-gaap_ProceedsFromSaleOfLoansHeldForSale 48,232us-gaap_ProceedsFromSaleOfLoansHeldForSale
Disbursements for loans held for sale (75,788)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (41,398)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale
Provision for loan losses (659)us-gaap_ProvisionForLoanAndLeaseLosses 428us-gaap_ProvisionForLoanAndLeaseLosses
Deferred federal income tax expense 2,442us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 2,302us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Deferred loan fees (193)us-gaap_IncreaseDecreaseInLoansDeferredIncome (5)us-gaap_IncreaseDecreaseInLoansDeferredIncome
Depreciation, amortization of intangible assets and premiums and accretion of discounts on securities and loans 1,179us-gaap_DepreciationAmortizationAndAccretionNet 373us-gaap_DepreciationAmortizationAndAccretionNet
Net gains on mortgage loans (2,139)ibcp_GainLossOnSaleOfAndFairValueAdjustmentsOnLoansAndLeases (1,144)ibcp_GainLossOnSaleOfAndFairValueAdjustmentsOnLoansAndLeases
Net gains on securities (85)us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments (112)us-gaap_MarketableSecuritiesGainLossExcludingOtherThanTemporaryImpairments
Net gains on other real estate and repossessed assets (39)us-gaap_GainsLossesOnSalesOfOtherRealEstate (87)us-gaap_GainsLossesOnSalesOfOtherRealEstate
Vehicle service contract counterparty contingencies 29ibcp_VehicleServiceContractCounterpartyContingencies 68ibcp_VehicleServiceContractCounterpartyContingencies
Share based compensation 373us-gaap_ShareBasedCompensation 255us-gaap_ShareBasedCompensation
(Increase) decrease in accrued income and other assets 517us-gaap_IncreaseDecreaseInOtherOperatingAssets (176)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Decrease in accrued expenses and other liabilities (2,385)us-gaap_IncreaseDecreaseInAccruedLiabilities (4,513)us-gaap_IncreaseDecreaseInAccruedLiabilities
Total Adjustments (6,091)us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 4,223us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net Cash From (Used in) Operating Activities (2,310)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 7,361us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flow Used in Investing Activities    
Proceeds from the sale of securities available for sale 11,786us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Proceeds from the maturity of securities available for sale 6,785ibcp_ProceedsFromMaturityOfAvailableForSaleSecurities 15,030ibcp_ProceedsFromMaturityOfAvailableForSaleSecurities
Principal payments received on securities available for sale 25,103ibcp_PrincipalPaymentsReceivedOnAvailableForSaleSecurities 17,852ibcp_PrincipalPaymentsReceivedOnAvailableForSaleSecurities
Purchases of securities available for sale (77,534)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (91,556)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchases of interest bearing deposits (246)ibcp_PaymentsForInInterestBearingDepositsInBanksTime 0ibcp_PaymentsForInInterestBearingDepositsInBanksTime
Proceeds from the maturity of interest bearing deposits 2,211ibcp_ProceedsFromInterestBearingDepositsInBanksTime 1,090ibcp_ProceedsFromInterestBearingDepositsInBanksTime
Purchase of Federal Reserve Bank stock (132)us-gaap_PaymentsToAcquireFederalReserveStock 0us-gaap_PaymentsToAcquireFederalReserveStock
Net (increase) decrease in portfolio loans (loans originated, net of principal payments) (13,170)us-gaap_PaymentsForProceedsFromLoansAndLeases 13,221us-gaap_PaymentsForProceedsFromLoansAndLeases
Proceeds from the collection of vehicle service contract counterparty receivables 0ibcp_ProceedsFromCollectionOfVehicleServiceContractCounterpartyReceivables 256ibcp_ProceedsFromCollectionOfVehicleServiceContractCounterpartyReceivables
Proceeds from the sale of other real estate and repossessed assets 1,848us-gaap_ProceedsFromSaleOfForeclosedAssets 1,195us-gaap_ProceedsFromSaleOfForeclosedAssets
Capital expenditures (975)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (964)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net Cash Used in Investing Activities (44,324)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (43,876)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash Flow From Financing Activities    
Net increase in total deposits 76,171us-gaap_IncreaseDecreaseInDeposits 53,936us-gaap_IncreaseDecreaseInDeposits
Net decrease in other borrowings (2)us-gaap_ProceedsFromRepaymentsOfOtherDebt (5)us-gaap_ProceedsFromRepaymentsOfOtherDebt
Payments of Federal Home Loan Bank advances 0us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings (4,240)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings
Net increase (decrease) in vehicle service contract counterparty payables 335ibcp_NetIncreaseDecreaseInVehicleServiceContractCounterpartyPayables (328)ibcp_NetIncreaseDecreaseInVehicleServiceContractCounterpartyPayables
Dividends paid (1,382)us-gaap_PaymentsOfDividends 0us-gaap_PaymentsOfDividends
Proceeds from issuance of common stock 16us-gaap_ProceedsFromIssuanceOfCommonStock 11us-gaap_ProceedsFromIssuanceOfCommonStock
Repurchase of common stock (902)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Share based compensation withholding obligations (66)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation 0us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation
Net Cash From Financing Activities 74,170us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 49,374us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net Increase in Cash and Cash Equivalents 27,536us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 12,859us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents at Beginning of Period 74,016us-gaap_CashAndCashEquivalentsAtCarryingValue 119,081us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents at End of Period 101,552us-gaap_CashAndCashEquivalentsAtCarryingValue 131,940us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the period for    
Interest 1,477us-gaap_InterestPaid 1,821us-gaap_InterestPaid
Income taxes 55us-gaap_IncomeTaxesPaid 1us-gaap_IncomeTaxesPaid
Transfers to other real estate and repossessed assets 1,017us-gaap_TransferOfOtherRealEstate 827us-gaap_TransferOfOtherRealEstate
Transfer of payment plan receivables to vehicle service contract counterparty receivables 21ibcp_TransferOfPaymentPlanReceivablesToVehicleServiceContractCounterpartyReceivables 131ibcp_TransferOfPaymentPlanReceivablesToVehicleServiceContractCounterpartyReceivables
Purchase of securities available for sale not yet settled $ 3,154ibcp_PurchaseOfSecuritiesAvailableForSaleNotYetSettled $ 0ibcp_PurchaseOfSecuritiesAvailableForSaleNotYetSettled