INDEPENDENT BANK CORP /MI/ IBCP
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.30 | 3.20 | 2.82 | 3.00 | 2.91 | 2.56 | 2.03 | 1.70 | 0.96 | 1.06 |
| EPS, diluted | 3.27 | 3.16 | 2.79 | 2.97 | 2.88 | 2.53 | 2.00 | 1.68 | 0.95 | 1.05 |
| Shares, diluted (wtd. avg.) | $20.8M | $20.9M | $21.0M | $21.1M | $21.6M | $22.0M | $22.9M | $23.4M | $21.3M | $21.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |