INDEPENDENT BANK CORP /MI/ IBCP

Financials SIC 6022 - State Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

Independent Bank Corporation was incorporated under the laws of the State of Michigan on September 17, 1973, for the purpose of becoming a bank holding company. We are registered under the Bank Holding Company Act of 1956, as amended, and own all of the outstanding stock of Independent Bank (the "bank"), which is also organized under the laws of the State of Michigan. The bank was founded as First National Bank in Ionia in 1864. Over the years, we have grown both organically and as the result of acquisitions of community banks, bank branches, and other organizations within the financial services industry. Our most recent acquisition was our acquisition of Traverse City State Bank in April 2018.

Last close 36.98 2026-10-23
Market cap $820.9M 2026-06-30 share count
52-week range 29.83 - 39.24

Valuation FY2025 figures against the last close

P/S25.6x
P/E11.3x
P/FCF11.7x
EV/EBITDA—
Dividend yield2.6%
Diluted EPS3.27

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $32.1M$32.0M$32.9M$31.6M$29.1M$24.0M$26.0M$27.1M$98.3M$86.5M
Interest expense $180.0M$166.2M$156.3M$149.6M$8.3M$16.2M$26.3M$17.5M$9.1M$6.9M
Pre-tax income $81.3M$83.0M$73.7M$77.8M$77.3M$69.5M$57.8M$49.1M$38.4M$32.9M
Income tax $12.8M$16.3M$14.6M$14.4M$14.4M$13.3M$11.3M$9.3M$18.0M$10.1M
Net income $68.5M$66.8M$59.1M$63.4M$62.9M$56.2M$46.4M$39.8M$20.5M$22.8M
EPS, basic 3.303.202.823.002.912.562.031.700.961.06
EPS, diluted 3.273.162.792.972.882.532.001.680.951.05
Shares, diluted (wtd. avg.) 20.8M20.9M21.0M21.1M21.6M22.0M22.9M23.4M21.3M21.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $138.4M$119.9M$169.8M$74.4M$109.5M$118.7M$65.3M$70.2M$54.7M$83.2M
Property, plant and equipment $39.0M$37.5M$35.5M$35.9M$36.4M$36.1M$38.4M$38.8M$39.1M$40.2M
Goodwill $28.3M$28.3M$28.3M$28.3M$28.3M$28.3M$28.3M$28.3M$0—
Other intangibles $1.0M$1.5M$2.0M$2.6M$3.3M$4.3M$5.3M$6.4M$1.6M$1.9M
Total assets $5.51B$5.34B$5.26B$5.00B$4.70B$4.20B$3.56B$3.35B$2.79B$2.55B
Total liabilities $5.00B$4.88B$4.86B$4.65B$4.31B$3.81B$3.21B$3.01B$2.52B$2.30B
Retained earnings $252.8M$205.9M$159.1M$119.4M$74.6M$40.1M$1.6M-$28.3M-$54.1M-$65.7M
Total equity $503.0M$454.7M$404.4M$347.6M$398.5M$389.5M$350.2M$339.0M$264.9M$249.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $76.7M$63.2M$75.6M$94.6M$110.2M$58.7M$34.5M$44.9M$38.6M$23.7M
Depreciation and amortisation $9.9M$10.0M$10.0M$10.8M$12.1M$9.2M$6.1M$6.0M$7.0M$5.2M
Stock-based compensation $2.7M$2.3M$2.2M$2.1M$1.9M$2.0M$1.9M$1.7M$1.7M$1.6M
Capital expenditure $6.5M$8.0M$6.0M$5.7M$5.8M$4.4M$4.9M$3.9M$4.2M$3.5M
Investing cash flow -$122.5M-$118.2M-$162.9M-$424.6M-$563.1M-$553.9M-$182.2M-$183.4M-$277.6M-$138.9M
Financing cash flow $64.3M$5.1M$182.8M$294.9M$443.7M$548.6M$142.7M$154.0M$210.5M$112.6M
Dividends paid $21.6M$20.0M$19.3M$18.6M$18.2M$17.6M$16.6M$14.1M$9.0M$7.3M
Buybacks $12.4M$0$5.2M$4.0M$17.3M$14.2M$26.3M$12.7M$0$16.9M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000039311-26-000009.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 25M 50M 75M 100M Revenue, FY2016: 86.5M Net income, FY2016: 22.8M Revenue, FY2017: 98.3M Net income, FY2017: 20.5M Revenue, FY2018: 27.1M Net income, FY2018: 39.8M Revenue, FY2019: 26M Net income, FY2019: 46.4M Revenue, FY2020: 24M Net income, FY2020: 56.2M Revenue, FY2021: 29.1M Net income, FY2021: 62.9M Revenue, FY2022: 31.6M Net income, FY2022: 63.4M Revenue, FY2023: 32.9M Net income, FY2023: 59.1M Revenue, FY2024: 32M Net income, FY2024: 66.8M Revenue, FY2025: 32.1M Net income, FY2025: 68.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $86.5M $98.3M $27.1M $26.0M $24.0M $29.1M $31.6M $32.9M $32.0M $32.1M
Gross profit — — — — — — — — — —
Net income $22.8M $20.5M $39.8M $46.4M $56.2M $62.9M $63.4M $59.1M $66.8M $68.5M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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