Independent Bank Corporation (IBCP) 10-Year Financial Performance & Capital Metrics

IBCP • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutIndependent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services. The company offers its services through approximately 59 branches, two drive-thru facilities, and seven loan production offices in Michigan; and two loan production offices in Ohio. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.Show more

Net Interest Income $166M +6.3%
Total Revenue $316M +11.5%
Net Income $67M +13.1%
Return on Equity 15.55% -1.0%
Net Interest Margin 3.11% +4.9%
Efficiency Ratio 40.66% -3.9%
ROA 1.26% +9.5%
Equity / Assets 8.52% +10.9%
Book Value per Share 21.51 +12.6%
Tangible BV/Share 17.89 +14.1%
Debt/Equity 0.27 -14.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 40.7% efficiency ratio
✓10 consecutive years of dividend growth
✓Good 3Y average ROE of 16.1%
✓Healthy dividend yield of 2.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.97%

5Y10.64%

3Y15.16%

TTM-

Profit (Net Income) CAGR

10Y14%

5Y7.54%

3Y2.02%

TTM10.24%

EPS CAGR

10Y15.16%

5Y9.58%

3Y3.14%

TTM10.88%

ROCE

10Y Avg13.37%

5Y Avg14.53%

3Y Avg14.08%

Latest12.54%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	74.99M	79.64M	89.19M	113.28M	122.58M	123.61M	129.76M	149.56M	156.33M	166.25M
NII Growth %	0.02%	0.06%	0.12%	0.27%	0.08%	0.01%	0.05%	0.15%	0.05%	0.06%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	80.84M	86.52M	98.31M	130.77M	148.93M	139.83M	138.08M	169.01M	239.68M	266.78M
Interest Expense	5.86M	6.88M	9.12M	17.49M	26.35M	16.22M	8.31M	19.45M	83.35M	100.53M
Loan Loss Provision	-2.71M	-1.31M	1.2M	1.5M	1.07M	12.73M	-721K	6M	6.65M	4.12M
Non-Interest Income+	33.59M	37.63M	39.75M	40.1M	41.84M	74.37M	69.04M	55.22M	44.15M	49.55M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	114.43M	124.16M	138.06M	170.88M	190.76M	214.19M	207.12M	224.23M	283.83M	316.33M
Revenue Growth %	0.02%	0.09%	0.11%	0.24%	0.12%	0.12%	-0.03%	0.08%	0.27%	0.11%
Non-Interest Expense	81.91M	85.68M	89.3M	102.75M	105.59M	115.77M	122.21M	121M	120.15M	128.63M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	29.38M	32.9M	38.44M	49.13M	57.76M	69.48M	77.31M	77.79M	73.68M	83.05M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.17%	0.12%	0.17%	0.28%	0.18%	0.2%	0.11%	0.01%	-0.05%	0.13%
Pretax Income+	29.38M	32.9M	38.44M	49.13M	57.76M	69.48M	77.31M	77.79M	73.68M	83.05M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.36M	10.13M	17.96M	9.29M	11.32M	13.33M	14.42M	14.44M	14.61M	16.26M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	20.02M	22.77M	20.48M	39.84M	46.44M	56.15M	62.9M	63.35M	59.07M	66.79M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.11%	0.14%	-0.1%	0.95%	0.17%	0.21%	0.12%	0.01%	-0.07%	0.13%
Net Income (Continuing)	20.02M	22.77M	20.48M	39.84M	46.44M	56.15M	62.9M	63.35M	59.07M	66.79M
EPS (Diluted)+	0.86	1.05	0.95	1.68	2.00	2.53	2.88	2.97	2.79	3.16
EPS Growth %	0.12%	0.22%	-0.1%	0.77%	0.19%	0.27%	0.14%	0.03%	-0.06%	0.13%
EPS (Basic)	0.88	1.06	0.96	1.70	2.03	2.56	2.91	3.00	2.82	3.20
Diluted Shares Outstanding	23.18M	21.68M	21.55M	23.71M	23.22M	22.19M	21.84M	21.33M	21.17M	21.14M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	97.65M	88.78M	57.48M	70.84M	65.65M	118.7M	109.47M	74.37M	169.78M	119.88M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	2.11B	2.23B	2.56B	3.07B	3.29B	3.86B	4.36B	4.61B	4.78B	4.89B
Investments Growth %	0.09%	0.06%	0.15%	0.2%	0.07%	0.18%	0.13%	0.06%	0.04%	0.02%
Long-Term Investments	1.52B	1.62B	2.04B	2.64B	2.77B	2.79B	2.95B	3.83B	4.1B	4.86B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	28.3M	28.3M	28.3M	28.3M	28.3M	28.3M	28.3M
Intangible Assets	14.72M	15.6M	17.29M	27.82M	24.5M	21.21M	29.57M	45.04M	44.25M	48.28M
PP&E (Net)	43.1M	40.17M	39.15M	38.78M	38.41M	36.13M	36.4M	35.89M	35.52M	37.49M
Other Assets	100.9M	103.63M	72.21M	74.73M	73.86M	74.37M	73.95M	73.31M	204.23M	218.44M
Total Current Assets	690.36M	732.76M	609.95M	533.63M	628.88M	1.25B	1.59B	982.62M	849.13M	145.27M
Total Non-Current Assets	1.72B	1.82B	2.18B	2.82B	2.94B	2.95B	3.12B	4.02B	4.41B	5.19B
Total Assets+	2.41B	2.55B	2.79B	3.35B	3.56B	4.2B	4.7B	5B	5.26B	5.34B
Asset Growth %	0.07%	0.06%	0.09%	0.2%	0.06%	0.18%	0.12%	0.06%	0.05%	0.01%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	47.52M	45M	90.17M	65.09M	128.1M	108.82M	108.96M	226.1M	129.26M	124.39M
Net Debt	-50.13M	-43.78M	32.69M	-5.75M	62.45M	-9.89M	-515K	151.73M	-40.52M	4.51M
Long-Term Debt	47.52M	43.81M	63.51M	55.09M	74.46M	108.82M	108.96M	165.1M	129.26M	124.39M
Short-Term Debt	0	1.19M	26.66M	10M	53.65M	0	0	61M	0	0
Other Liabilities	-797K	718K	0	0	0	0	0	-61M	107.13M	104.94M
Total Current Liabilities	2.11B	2.26B	2.46B	2.96B	3.14B	3.71B	4.2B	4.55B	4.62B	4.65B
Total Non-Current Liabilities	46.73M	44.53M	63.51M	55.09M	74.46M	108.82M	108.96M	104.1M	236.4M	229.33M
Total Liabilities	2.16B	2.3B	2.52B	3.01B	3.21B	3.81B	4.31B	4.65B	4.86B	4.88B
Total Equity+	251.09M	248.98M	264.93M	338.99M	350.17M	389.52M	398.48M	347.6M	404.45M	454.69M
Equity Growth %	0%	-0.01%	0.06%	0.28%	0.03%	0.11%	0.02%	-0.13%	0.16%	0.12%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.09%	0.08%	0.13%	0.13%	0.15%	0.16%	0.17%	0.16%	0.16%
Book Value per Share	10.83	11.48	12.29	14.30	15.08	17.55	18.25	16.30	19.10	21.51
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	339.46M	323.75M	324.99M	377.37M	352.34M	339.35M	323.4M	320.99M	317.48M	318.78M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-82.33M	-65.66M	-54.05M	-28.27M	1.61M	40.15M	74.58M	119.37M	159.11M	205.85M
Accumulated OCI	-6.04M	-9.11M	-6M	-10.11M	-3.79M	10.02M	501K	-92.76M	-72.14M	-69.94M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.86M	23.7M	38.61M	44.92M	34.49M	58.68M	110.15M	94.63M	75.59M	63.15M
Operating CF Growth %	0.75%	0.04%	0.63%	0.16%	-0.23%	0.7%	0.88%	-0.14%	-0.2%	-0.16%
Net Income	20.02M	22.77M	20.48M	39.84M	46.44M	56.15M	62.9M	63.35M	59.07M	66.79M
Depreciation & Amortization	4.55M	5.22M	6.96M	6.03M	6.06M	6.32M	12.13M	10.83M	10.02M	10.01M
Deferred Taxes	9.21M	9.72M	16.01M	9.29M	1.09M	-2.13M	1.91M	-359K	215K	-1.25M
Other Non-Cash Items	-9.54M	-8.99M	-8.32M	-7.33M	-26.91M	-5.91M	25.77M	29.86M	22.27M	9.44M
Working Capital Changes	-2.86M	-6.62M	1.73M	-4.65M	5.96M	2.27M	5.5M	-11.2M	-18.21M	-24.17M
Cash from Investing+	-160.51M	-138.85M	-277.58M	-183.37M	-182.15M	-553.91M	-563.06M	-424.59M	-162.94M	-118.16M
Purchase of Investments	-235.15M	-298.37M	-100.58M	-105.53M	-237.67M	-859.07M	-824.35M	-140.21M	-1.74M	-3.63M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-7.23M	0	33.45M	23.52M	0	0	0	0	0	0
Other Investing	-97.76M	-104.53M	-397.23M	-306.85M	-162.2M	-35.24M	-193.97M	-538.74M	-300.58M	-247.13M
Cash from Financing+	148.25M	112.56M	210.51M	153.95M	142.72M	548.63M	443.68M	294.86M	182.77M	5.11M
Dividends Paid	-5.9M	-7.27M	-8.96M	-14.05M	-16.55M	-17.62M	-18.16M	-18.57M	-19.33M	-20.05M
Share Repurchases	-13.5M	-16.85M	0	-12.68M	-26.28M	-14.23M	-17.27M	-4.01M	-5.16M	0
Stock Issued	112K	82K	72K	267K	284K	15K	61K	77K	70K	13K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-516K	-1000K	1000K	-1000K	1000K	-1000K	-3K	1000K	-1000K	-1000K
Other Financing	168.16M	139.21M	174.24M	223.99M	122.42M	599.87M	479.04M	261.36M	243.16M	30.16M
Net Change in Cash+	11.77M	-2.59M	-28.46M	15.51M	-4.94M	53.4M	-9.23M	-35.1M	95.41M	-49.9M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	74.02M	85.78M	83.19M	54.74M	70.24M	65.3M	118.7M	109.47M	74.37M	169.78M
Cash at End	85.78M	83.19M	54.74M	70.24M	65.3M	118.7M	109.47M	74.37M	169.78M	119.88M
Interest Paid	5.77M	6.42M	9.16M	16.74M	26.7M	16.91M	8.42M	17.66M	79.1M	103.95M
Income Taxes Paid	295K	563K	1.97M	120K	9.53M	15.5M	14.06M	10.04M	16.1M	13.9M
Free Cash Flow+	18.5M	20.25M	34.37M	41.06M	29.56M	54.3M	104.32M	88.95M	69.56M	55.2M
FCF Growth %	1.11%	0.09%	0.7%	0.19%	-0.28%	0.84%	0.92%	-0.15%	-0.22%	-0.21%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.98%	9.11%	7.97%	13.19%	13.48%	15.18%	15.96%	16.98%	15.71%	15.55%
Return on Assets (ROA)	0.86%	0.92%	0.77%	1.3%	1.34%	1.45%	1.41%	1.31%	1.15%	1.26%
Net Interest Margin	3.11%	3.12%	3.2%	3.38%	3.44%	2.94%	2.76%	2.99%	2.97%	3.11%
Efficiency Ratio	71.58%	69.01%	64.68%	60.13%	55.35%	54.05%	59.01%	53.96%	42.33%	40.66%
Equity / Assets	10.42%	9.77%	9.5%	10.11%	9.82%	9.27%	8.47%	6.95%	7.68%	8.52%
Book Value / Share	10.83	11.48	12.29	14.3	15.08	17.55	18.25	16.3	19.1	21.51
NII Growth	2.36%	6.21%	11.98%	27.02%	8.21%	0.84%	4.98%	15.26%	4.53%	6.35%
Dividend Payout	29.45%	31.95%	43.76%	35.28%	35.65%	31.38%	28.87%	29.3%	32.72%	30.01%

Revenue by Segment

	2018	2019	2020	2021
Interchange Income	-	10.3M	11.23M	14.04M
Interchange Income Growth	-	-	9.06%	25.07%
Service Charges on Deposits	-	11.21M	8.52M	10.17M
Service Charges on Deposits Growth	-	-	-24.01%	19.41%
Overdraft Fees	8.29M	7.59M	5.63M	8.43M
Overdraft Fees Growth	-	-8.39%	-25.86%	49.83%
Investment and Insurance Commissions	-	1.66M	1.97M	2.6M
Investment and Insurance Commissions Growth	-	-	18.88%	32.06%
Other Deposit Related Income	-	2.79M	2.31M	2.28M
Other Deposit Related Income Growth	-	-	-17.28%	-1.21%
Asset Management Revenue	-	1.12M	1.28M	1.69M
Asset Management Revenue Growth	-	-	14.25%	31.64%
Account Service Charges	2.15M	2.1M	2.02M	1.13M
Account Service Charges Growth	-	-1.96%	-4.09%	-43.98%
ATM Fees	1.42M	1.37M	1.17M	1.11M
ATM Fees Growth	-	-3.87%	-14.25%	-5.46%
Transaction Based Revenue	-	535K	688K	914K
Transaction Based Revenue Growth	-	-	28.60%	32.85%
Other	941K	965K	769K	819K
Other Growth	-	2.55%	-20.31%	6.50%

Frequently Asked Questions

Valuation & Price

Independent Bank Corporation (IBCP) has a price-to-earnings (P/E) ratio of 10.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Independent Bank Corporation (IBCP) grew revenue by 11.5% over the past year. This is steady growth.

Yes, Independent Bank Corporation (IBCP) is profitable, generating $68.4M in net income for fiscal year 2024 (21.1% net margin).

Dividend & Returns

Yes, Independent Bank Corporation (IBCP) pays a dividend with a yield of 2.80%. This makes it attractive for income-focused investors.

Independent Bank Corporation (IBCP) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Industry Metrics

Independent Bank Corporation (IBCP) has a net interest margin (NIM) of 3.1%. This indicates healthy earnings from lending activities.

Independent Bank Corporation (IBCP) has an efficiency ratio of 40.7%. This is excellent, indicating strong cost control.

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