Independent Bank Corporation IBCP R2K

Financial Services · Banks - Regional · United States

https://www.independentbank.com

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts. It also provides consumer loans that consists of real estate loans comprising residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans; and investment and financial services. In addition, the company offers cash management; investment management and trust services; additional services, such as estate settlement, financial planning, tax services, and other special services; sale of mutual fund shares, unit investment trust shares, third party model portfolios, general securities, and fixed and variable annuities, as well as life insurance products; debit and credit card; safe deposit box services; automatic teller machines; and internet and mobile banking services. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

Market & Price

Market Cap

$707.20M

Current Price

$34.32

High / Low (52W)

$36.66 / $29.10

Beta

0.70

Valuation

Stock P/E

10.28

Industry PE

12.01

Forward P/E

8.97

PEG Ratio

1.40

Book Value

$24.80

Price to Book

1.38

P/S

3.15

EV/EBITDA

Dividend Yield

3.26%

Profitability & Returns

ROCE

ROE

14.28%

ROA

1.28%

Profit Margin

31.08%

Op Margin

39.00%

EPS (Latest Qtr)

$0.81

EPS (TTM)

$3.34

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$89.69M

Total Assets

$5.51B

Current Assets

Working Capital

Ownership

Promoter Holding

5.12%

Chg in Prom Hold

-0.01%

FII / Inst Holding

87.84%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$595.00M

Total Revenue (TTM)

$224.68M

EBITDA

Free Cash Flow

Operating Cash Flow

$48.25M

Shares Outstanding

20.61M

Gross Margin

0.00%

Payout Ratio

31.74%

Growth (CAGR)

Revenue 5Y

2.16%

Profit 5Y

2.66%

Revenue (YoY)

9.70%

Earnings (YoY)

9.50%

PROS

Excellent profit margin of 31.1%.
Attractive dividend yield of 3.26%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	IBCP Independent Bank Corporation R2K	34.32	10.28	$707.20M	3.26%	-	14.28%	2.16%	2.66%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2013	Mar 2014	Jun 2014	Sep 2014	Mar 2015	Jun 2015	Sep 2015	Mar 2016	Jun 2016	Sep 2016	Mar 2017	Jun 2017	Sep 2017	Mar 2018	Jun 2018	Sep 2018	Mar 2019	Jun 2019	Sep 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	6.28M	6.82M	6.89M	6.00M	6.51M	6.83M	6.19M	5.09M	6.64M	6.11M	6.87M	8.46M	7.40M	7.83M	8.52M	7.57M	8.07M	9.11M	7.58M	7.90M	8.84M	-	52.27M	54.07M	55.46M	56.53M	56.95M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22.46M	22.26M	23.93M	21.07M	19.31M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19.13M	20.68M	21.18M	20.31M	20.23M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3.54M	3.80M	3.67M	1.74M	3.35M
Net Income	3.50M	3.14M	6.05M	4.93M	3.78M	5.62M	5.05M	4.10M	6.44M	6.37M	5.97M	5.93M	6.86M	9.16M	8.82M	11.93M	9.38M	10.73M	12.45M	4.81M	14.77M	19.58M	22.04M	12.39M	15.96M	17.97M	13.00M	17.30M	12.99M	14.79M	17.54M	15.99M	18.53M	13.81M	18.46M	15.59M	16.88M	17.50M	18.57M	16.88M
Diluted EPS	0.17	0.13	0.26	0.21	0.16	0.24	0.22	0.19	0.30	0.30	0.28	0.27	0.32	0.42	0.36	0.49	0.39	0.46	0.55	0.21	0.67	0.89	1.00	0.56	0.73	0.84	0.61	0.81	0.61	0.70	0.83	0.76	0.88	0.65	0.87	0.74	0.81	0.84	0.89	0.81

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	27.13M	25.95M	24.03M	-	204.78M	200.48M	215.80M	218.33M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	19.45M	83.35M	100.53M	89.72M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	77.79M	73.68M	83.05M	81.29M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	14.44M	14.61M	16.26M	12.75M
Net Income	-90.23M	-16.71M	-20.20M	26.20M	77.51M	18.02M	20.02M	22.77M	20.48M	39.84M	46.44M	56.15M	-	63.35M	59.07M	66.79M	68.54M
Diluted EPS	-39.60	-4.09	-2.94	0.80	3.55	0.77	0.86	1.05	0.95	1.68	2.00	2.53	-	2.97	2.79	3.16	3.27

Compounded Sales Growth

5 Years:	2.16%
1 Year:	9.70%

Compounded Profit Growth

5 Years:	2.66%
1 Year:	9.50%

Stock Price Performance

1 Year:	+12.54%
6 Months:	+5.56%
3 Months:	-0.41%
1 Month:	+3.56%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	2.54B	2.31B	2.02B	2.21B	2.25B	2.41B	2.55B	2.79B	3.35B	3.56B	4.20B	-	5.00B	5.26B	5.34B	5.51B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	57.70M	288.74M	385.37M	341.11M	179.78M	119.08M	74.02M	85.78M	83.19M	54.74M	70.24M	65.30M	118.70M	-	74.37M	169.78M	119.88M	138.39M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	66.14M	128.90M	-	-	-
Total Liabilities	-	-	2.42B	2.20B	1.89B	1.98B	2.00B	2.16B	2.30B	2.52B	3.01B	3.21B	3.81B	-	4.65B	4.86B	4.88B	5.00B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	165.10M	129.26M	124.39M	116.87M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	165.10M	129.26M	124.39M	116.87M
Total Equity	194.88M	109.86M	119.08M	102.63M	134.97M	231.58M	250.37M	252.34M	249.33M	264.93M	338.99M	350.17M	389.52M	-	347.60M	404.45M	454.69M	502.95M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21.06M	20.84M	20.90M	20.55M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	4.38M	-2.50M	35.41M	29.39M	52.07M	-	22.86M	23.70M	38.61M	44.92M	34.49M	58.68M	110.15M	94.63M	75.59M	63.15M	76.66M
Investing Cash Flow	147.63M	483.33M	127.46M	-273.89M	-221.07M	-	-160.51M	-138.85M	-277.58M	-183.37M	-182.15M	-553.91M	-563.06M	-424.59M	-162.94M	-118.16M	-122.50M
Financing Cash Flow	79.02M	-384.19M	-207.13M	83.18M	108.30M	-	149.43M	112.56M	210.51M	153.95M	142.72M	548.62M	443.68M	294.86M	182.77M	5.11M	64.34M
Capital Expenditure	-8.00M	-4.76M	-2.78M	-5.29M	-8.37M	-4.30M	-4.35M	-3.46M	-4.24M	-3.86M	-4.94M	-4.38M	-5.84M	-5.68M	-6.02M	-7.95M	-6.49M
Free Cash Flow	-3.62M	-7.26M	32.63M	24.10M	43.70M	-	18.50M	20.25M	34.37M	41.06M	29.56M	54.30M	104.32M	88.95M	69.56M	55.20M	70.17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-35.10M	95.41M	-49.90M	18.50M
Share Buybacks	-	-	-	-	0	0	13.50M	16.85M	0	12.68M	26.28M	14.23M	17.27M	4.01M	5.16M	0	12.43M
Dividends Paid	3.38M	0	0	0	0	4.13M	5.90M	7.27M	8.96M	14.05M	16.55M	17.62M	18.16M	18.57M	19.33M	20.05M	21.60M

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	146.9%	178.9%	233.7%	-	30.9%	29.5%	30.9%	31.4%
ROE %	-82.1%	-14.0%	-19.7%	19.4%	33.5%	7.2%	7.9%	9.1%	7.7%	11.8%	13.3%	14.4%	-	18.2%	14.6%	14.7%	13.6%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

5.12%

Institutions

87.84%

Public Float

92.58%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	14.04%	2.89M	$99.29M
2	Vanguard Capital Management LLC	4.39%	905.20K	$31.07M
3	Dimensional Fund Advisors LP	4.18%	861.15K	$29.55M
4	American Century Companies Inc	3.46%	713.26K	$24.48M
5	State Street Corporation	3.46%	713.19K	$24.48M
6	Charles Schwab Investment Management, Inc.	3.02%	623.03K	$21.38M
7	Acadian Asset Management. LLC	2.89%	595.78K	$20.45M
8	Renaissance Technologies, LLC	2.83%	582.29K	$19.98M
9	FMR, LLC	2.75%	566.15K	$19.43M
10	Goldman Sachs Group Inc	2.64%	543.15K	$18.64M

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