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Independent Bank Corporation(IBCP)Earnings, Financials & Key Ratios
IBCP•NASDAQ•Banking & Credit
10.5× P/E·Price updated Jun 19, 2026
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$180M+8.3%
- Total Revenue$315M-0.3%
- Net Income$69M+2.6%
- Return on Equity14.31%-7.9%
- Net Interest Margin3.27%+5.0%
- Efficiency Ratio43.83%+7.8%
- ROA1.26%+0.3%
- Equity / Assets9.14%+7.2%
- Book Value per Share24.09+12.0%
IBCP Key Insights
Independent Bank Corporation (IBCP) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 8/9
- ✓Efficient operations: 43.8% efficiency ratio
- ✓11 consecutive years of dividend growth
- ✓Good 3Y average ROE of 15.2%
- ✓Healthy dividend yield of 3.0%
- ✓Trading at only 1.4x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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IBCP Price & Volume
Independent Bank Corporation (IBCP) stock price & volume — 10-year historical chart
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IBCP Growth Metrics
Independent Bank Corporation (IBCP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years10.67%
5 Years8.05%
3 Years12.04%
TTM-
Profit CAGR
10 Years13.1%
5 Years4.07%
3 Years2.66%
TTM2.62%
EPS CAGR
10 Years14.29%
5 Years5.27%
3 Years3.26%
TTM3.8%
Return on Capital
10 Years12.65%
5 Years12.05%
3 Years9.55%
Last Year2.63%
IBCP Recent Earnings
Independent Bank Corporation (IBCP) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (82%)●Beat Revenue 10/12 qtrs (91%)
Q2 2026Latest
Apr 23, 2026Metric
Actual
Est
EPS
$0.81+2.5%
$0.79
Rev
$59M+0.4%
$59M
Q2 2026
Mar 6, 2026Metric
Actual
Est
EPS
$0.89
—
Rev
$79M
—
Q1 2026
Jan 22, 2026Metric
Actual
Est
EPS
$0.89+7.2%
$0.83
Rev
$58M-0.7%
$59M
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$0.84+1.2%
$0.83
Rev
$55M+19.7%
$46M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 23, 2026 | $0.81vs $0.79+2.5% | $59Mvs $59M+0.4% |
| Q2 2026 | Mar 6, 2026 | $0.89 | $79M |
| Q1 2026 | Jan 22, 2026 | $0.89vs $0.83+7.2% | $58Mvs $59M-0.7% |
| Q4 2025 | Oct 28, 2025 | $0.84vs $0.83+1.2% | $55Mvs $46M+19.7% |
Based on last 12 quarters of dataView full earnings history →
IBCP Peer Comparison
Independent Bank Corporation (IBCP) competitors in Banks with large fee businesses — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MBWM | 928.5M | 53.75 | 9.84 | 2.74% | 23.87% | 13.54% | 1.14 | |
 CZWI | 205.47M | 21.34 | 14.62 | -9.41% | 16.01% | 7.81% | 0.28 | |
 UVSP | 1.19B | 41.64 | 13.18 | 3.58% | 17.51% | 9.82% | 0.37 | |
 LKFN | 1.56B | 59.86 | 14.93 | -1.93% | 24.51% | 14.19% | 0.24 | |
 FFIN | 4.7B | 32.78 | 18.52 | 11.71% | 30.71% | 14.16% | 0.01 | |
 HBAN | 26.69B | 16.86 | 12.13 | 4.38% | 17.71% | 10.04% | 0.76 | |
 FITB | 35.29B | 52.74 | 14.90 | -1.4% | 19.61% | 11.96% | 0.67 | |
 CBSH | 8.04B | 54.73 | 13.41 | 2.23% | 26.47% | 15.34% | 0.79 |
Compare IBCP vs Peers
Independent Bank Corporation (IBCP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
IBCP Income Statement
Independent Bank Corporation (IBCP) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 89.19M | 113.28M | 122.58M | 123.61M | 129.76M | 149.56M | 156.33M | 166.25M | 180.01M |
NII Growth % | 11.98% | 27.02% | 8.21% | 0.84% | 4.98% | 15.26% | 4.53% | 6.35% | 8.28% |
Net Interest Margin % | 3.2% | 3.38% | 3.44% | 2.94% | 2.76% | 2.99% | 2.97% | 3.11% | 3.27% |
Interest Income | 98.31M | 130.77M | 148.93M | 139.83M | 138.08M | 169.01M | 239.68M | 266.78M | 269.74M |
Interest Expense | 9.12M | 17.49M | 26.35M | 16.22M | 8.31M | 19.45M | 83.35M | 100.53M | 89.72M |
Loan Loss Provision | 1.2M | 1.5M | 1.07M | 12.73M | -721K | 6M | 6.65M | 4.12M | 6.13M |
Non-Interest Income | 39.75M | 40.1M | 41.84M | 74.37M | 69.04M | 55.22M | 44.15M | 49.55M | 45.64M |
Non-Interest Income % | 28.79% | 23.47% | 21.93% | 34.72% | 33.33% | 24.63% | 15.56% | 15.67% | 14.47% |
Total Revenue | 138.06M▲ 0% | 170.88M▲ 23.8% | 190.76M▲ 11.6% | 214.19M▲ 12.3% | 207.12M▼ 3.3% | 224.23M▲ 8.3% | 283.83M▲ 26.6% | 316.33M▲ 11.5% | 315.38M▼ 0.3% |
Revenue Growth % | 11.2% | 23.77% | 11.64% | 12.28% | -3.3% | 8.26% | 26.58% | 11.45% | -0.3% |
Non-Interest Expense | 89.3M | 102.75M | 105.59M | 115.77M | 122.21M | 121M | 120.15M | 128.63M | 138.23M |
Efficiency Ratio | 64.68% | 60.13% | 55.35% | 54.05% | 59.01% | 53.96% | 42.33% | 40.66% | 43.83% |
Operating Income | 38.44M▲ 0% | 49.13M▲ 27.8% | 57.76M▲ 17.6% | 69.48M▲ 20.3% | 77.31M▲ 11.3% | 77.79M▲ 0.6% | 73.68M▼ 5.3% | 83.05M▲ 12.7% | 81.29M▼ 2.1% |
Operating Margin % | 27.84% | 28.75% | 30.28% | 32.44% | 37.33% | 34.69% | 25.96% | 26.25% | 25.78% |
Operating Income Growth % | 16.83% | 27.82% | 17.56% | 20.29% | 11.27% | 0.61% | -5.29% | 12.72% | -2.11% |
Pretax Income | 38.44M▲ 0% | 49.13M▲ 27.8% | 57.76M▲ 17.6% | 69.48M▲ 20.3% | 77.31M▲ 11.3% | 77.79M▲ 0.6% | 73.68M▼ 5.3% | 83.05M▲ 12.7% | 81.29M▼ 2.1% |
Pretax Margin % | 27.84% | 28.75% | 30.28% | 32.44% | 37.33% | 34.69% | 25.96% | 26.25% | 25.78% |
Income Tax | 17.96M | 9.29M | 11.32M | 13.33M | 14.42M | 14.44M | 14.61M | 16.26M | 12.75M |
Effective Tax Rate % | 46.73% | 18.92% | 19.61% | 19.18% | 18.65% | 18.56% | 19.83% | 19.57% | 15.68% |
Net Income | 20.48M▲ 0% | 39.84M▲ 94.6% | 46.44M▲ 16.6% | 56.15M▲ 20.9% | 62.9M▲ 12.0% | 63.35M▲ 0.7% | 59.07M▼ 6.8% | 66.79M▲ 13.1% | 68.54M▲ 2.6% |
Net Margin % | 14.83% | 23.31% | 24.34% | 26.22% | 30.37% | 28.25% | 20.81% | 21.11% | 21.73% |
Net Income Growth % | -10.06% | 94.57% | 16.56% | 20.93% | 12.01% | 0.73% | -6.76% | 13.08% | 2.62% |
Net Income (Continuing) | 20.48M | 39.84M | 46.44M | 56.15M | 62.9M | 63.35M | 59.07M | 66.79M | 68.54M |
EPS (Diluted) | 0.95▲ 0% | 1.68▲ 76.8% | 2.00▲ 19.0% | 2.53▲ 26.5% | 2.88▲ 13.8% | 2.97▲ 3.1% | 2.79▼ 6.1% | 3.16▲ 13.3% | 3.27▲ 3.5% |
EPS Growth % | -9.52% | 76.84% | 19.05% | 26.5% | 13.83% | 3.13% | -6.06% | 13.26% | 3.48% |
EPS (Basic) | 0.96 | 1.70 | 2.03 | 2.56 | 2.91 | 3.00 | 2.82 | 3.20 | 3.30 |
Diluted Shares Outstanding | 21.55M | 23.71M | 23.22M | 22.19M | 21.84M | 21.33M | 21.17M | 21.14M | 20.88M |
IBCP Balance Sheet
Independent Bank Corporation (IBCP) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 580.4M | 498.76M | 584.05M | 1.19B | 1.52B | 853.72M | 849.13M | 145.27M | 548.14M |
Cash & Due from Banks | 57.48M | 70.84M | 65.65M | 118.7M | 109.47M | 74.37M | 169.78M | 119.88M | 52.23M |
Short Term Investments | 522.92M | 427.93M | 518.4M | 1.07B | 1.41B | 779.35M | 679.35M | 25.39M | 495.91M |
Total Investments | 2.56B | 3.07B | 3.29B | 3.86B | 4.36B | 4.61B | 4.78B | 4.89B | 5.03B |
Investments Growth % | 14.5% | 20.07% | 7% | 17.52% | 12.89% | 5.8% | 3.63% | 2.18% | 2.9% |
Long-Term Investments | 2.04B | 2.64B | 2.77B | 2.79B | 2.95B | 3.83B | 4.1B | 4.86B | 5B |
Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill & Intangibles | 17.29M | 56.12M | 52.8M | 49.51M | 57.87M | 73.34M | 72.55M | 76.58M | 29.3M |
Goodwill | 0 | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M |
Intangible Assets | 17.29M | 27.82M | 24.5M | 21.21M | 29.57M | 45.04M | 44.25M | 48.28M | 1M |
PP&E (Net) | 39.15M | 38.78M | 38.41M | 36.13M | 36.4M | 35.89M | 35.52M | 37.49M | 38.97M |
Other Assets | 72.21M | 74.73M | 73.86M | 74.37M | 73.95M | 73.31M | 204.23M | 218.44M | -5B |
Total Current Assets | 609.95M | 533.63M | 628.88M | 1.25B | 1.59B | 982.62M | 849.13M | 145.27M | 548.14M |
Total Non-Current Assets | 2.18B | 2.82B | 2.94B | 2.95B | 3.12B | 4.02B | 4.41B | 5.19B | 68.27M |
Total Assets | 2.79B▲ 0% | 3.35B▲ 20.2% | 3.56B▲ 6.3% | 4.2B▲ 17.9% | 4.7B▲ 11.9% | 5B▲ 6.3% | 5.26B▲ 5.3% | 5.34B▲ 1.4% | 5.51B▲ 3.1% |
Asset Growth % | 9.43% | 20.22% | 6.3% | 17.93% | 11.91% | 6.27% | 5.28% | 1.41% | 3.14% |
Return on Assets (ROA) | 0.77% | 1.3% | 1.34% | 1.45% | 1.41% | 1.31% | 1.15% | 1.26% | 1.26% |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Debt | 90.17M | 65.09M | 128.1M | 108.82M | 108.96M | 226.1M | 129.26M | 124.39M | 116.87M |
Net Debt | 32.69M | -5.75M | 62.45M | -9.89M | -515K | 151.73M | -40.52M | 4.51M | 64.63M |
Long-Term Debt | 63.51M | 55.09M | 74.46M | 108.82M | 108.96M | 165.1M | 129.26M | 124.39M | 116.87M |
Short-Term Debt | 26.66M | 10M | 53.65M | 0 | 0 | 61M | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 0 | 0 | 0 | -61M | 107.13M | 104.94M | 4.89B |
Total Current Liabilities | 2.46B | 2.96B | 3.14B | 3.71B | 4.2B | 4.55B | 4.62B | 4.65B | 1.48M |
Total Non-Current Liabilities | 63.51M | 55.09M | 74.46M | 108.82M | 108.96M | 104.1M | 236.4M | 229.33M | 5B |
Total Liabilities | 2.52B | 3.01B | 3.21B | 3.81B | 4.31B | 4.65B | 4.86B | 4.88B | 5B |
Total Equity | 264.93M▲ 0% | 338.99M▲ 28.0% | 350.17M▲ 3.3% | 389.52M▲ 11.2% | 398.48M▲ 2.3% | 347.6M▼ 12.8% | 404.45M▲ 16.4% | 454.69M▲ 12.4% | 502.95M▲ 10.6% |
Equity Growth % | 6.41% | 27.95% | 3.3% | 11.24% | 2.3% | -12.77% | 16.36% | 12.42% | 10.62% |
Equity / Assets (Capital Ratio) | 9.5% | 10.11% | 9.82% | 9.27% | 8.47% | 6.95% | 7.68% | 8.52% | 9.14% |
Return on Equity (ROE) | 7.97% | 13.19% | 13.48% | 15.18% | 15.96% | 16.98% | 15.71% | 15.55% | 14.31% |
Book Value per Share | 12.29 | 14.30 | 15.08 | 17.55 | 18.25 | 16.30 | 19.10 | 21.51 | 24.09 |
Tangible BV per Share | 11.49 | 11.93 | 12.81 | 15.32 | 15.60 | 12.86 | 15.68 | 17.89 | 22.69 |
Common Stock | 324.99M | 377.37M | 352.34M | 339.35M | 323.4M | 320.99M | 317.48M | 318.78M | 307.85M |
Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | -54.05M | -28.27M | 1.61M | 40.15M | 74.58M | 119.37M | 159.11M | 205.85M | 252.79M |
Accumulated OCI | -6M | -10.11M | -3.79M | 10.02M | 501K | -92.76M | -72.14M | -69.94M | -57.69M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
IBCP Cash Flow Statement
Independent Bank Corporation (IBCP) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 38.61M | 44.92M | 34.49M | 58.68M | 110.15M | 94.63M | 75.59M | 63.15M | 76.66M |
Operating CF Growth % | 62.87% | 16.35% | -23.22% | 70.14% | 87.71% | -14.09% | -20.12% | -16.45% | 21.39% |
Net Income | 20.48M | 39.84M | 46.44M | 56.15M | 62.9M | 63.35M | 59.07M | 66.79M | 68.54M |
Depreciation & Amortization | 6.96M | 6.03M | 6.06M | 6.32M | 12.13M | 10.83M | 10.02M | 10.01M | 0 |
Deferred Taxes | 16.01M | 9.29M | 1.09M | -2.13M | 1.91M | -359K | 215K | -1.25M | 0 |
Other Non-Cash Items | -8.32M | -7.33M | -26.91M | -5.91M | 25.77M | 29.86M | 22.27M | 9.44M | 15.88M |
Working Capital Changes | 1.73M | -4.65M | 5.96M | 2.27M | 5.5M | -11.2M | -18.21M | -24.17M | -7.76M |
Cash from Investing | -277.58M | -183.37M | -182.15M | -553.91M | -563.06M | -424.59M | -162.94M | -118.16M | -122.5M |
Purchase of Investments | -100.58M | -105.53M | -237.67M | -859.07M | -824.35M | -140.21M | -1.74M | -3.63M | 0 |
Sale/Maturity of Investments | 191.03M | 209.36M | 222.65M | 344.79M | 461.09M | 260.04M | 145.4M | 140.54M | 0 |
Net Investment Activity | 90.45M | 103.83M | -15.02M | -514.28M | -363.25M | 119.83M | 143.66M | 136.92M | 0 |
Acquisitions | 33.45M | 23.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | -397.23M | -306.85M | -162.2M | -35.24M | -193.97M | -538.74M | -300.58M | -247.13M | -116M |
Cash from Financing | 210.51M | 153.95M | 142.72M | 548.63M | 443.68M | 294.86M | 182.77M | 5.11M | 64.34M |
Dividends Paid | -8.96M | -14.05M | -16.55M | -17.62M | -18.16M | -18.57M | -19.33M | -20.05M | -21.6M |
Share Repurchases | 0 | -12.68M | -26.28M | -14.23M | -17.27M | -4.01M | -5.16M | 0 | -12.43M |
Stock Issued | 72K | 267K | 284K | 15K | 61K | 77K | 70K | 13K | -1.22M |
Net Stock Activity | 72K | -12.41M | -26M | -14.22M | -17.21M | -3.93M | -5.09M | 13K | -13.65M |
Debt Issuance (Net) | 1000K | -1000K | 1000K | -1000K | -3K | 1000K | -1000K | -1000K | -1000K |
Other Financing | 174.24M | 223.99M | 122.42M | 599.87M | 479.04M | 261.36M | 243.16M | 30.16M | 106.38M |
Net Change in Cash | -28.46M▲ 0% | 15.51M▲ 154.5% | -4.94M▼ 131.9% | 53.4M▲ 1181.0% | -9.23M▼ 117.3% | -35.1M▼ 280.2% | 95.41M▲ 371.8% | -49.9M▼ 152.3% | 18.5M▲ 137.1% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 83.19M | 54.74M | 70.24M | 65.3M | 118.7M | 109.47M | 74.37M | 169.78M | 119.88M |
Cash at End | 54.74M | 70.24M | 65.3M | 118.7M | 109.47M | 74.37M | 169.78M | 119.88M | 138.39M |
Interest Paid | 9.16M | 16.74M | 26.7M | 16.91M | 8.42M | 17.66M | 79.1M | 103.95M | 90.94M |
Income Taxes Paid | 1.97M | 120K | 9.53M | 15.5M | 14.06M | 10.04M | 16.1M | 13.9M | 11.65M |
Free Cash Flow | 34.37M▲ 0% | 41.06M▲ 19.5% | 29.56M▼ 28.0% | 54.3M▲ 83.7% | 104.32M▲ 92.1% | 88.95M▼ 14.7% | 69.56M▼ 21.8% | 55.2M▼ 20.6% | 70.17M▲ 27.1% |
FCF Growth % | 69.75% | 19.48% | -28.02% | 83.72% | 92.11% | -14.73% | -21.8% | -20.65% | 27.11% |
IBCP Banking Ratios
Independent Bank Corporation (IBCP) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 9.11% | 7.97% | 13.19% | 13.48% | 15.18% | 15.96% | 16.98% | 15.71% | 15.55% | 14.31% |
Return on Assets (ROA) | 0.92% | 0.77% | 1.3% | 1.34% | 1.45% | 1.41% | 1.31% | 1.15% | 1.26% | 1.26% |
Net Interest Margin | 3.12% | 3.2% | 3.38% | 3.44% | 2.94% | 2.76% | 2.99% | 2.97% | 3.11% | 3.27% |
Efficiency Ratio | 69.01% | 64.68% | 60.13% | 55.35% | 54.05% | 59.01% | 53.96% | 42.33% | 40.66% | 43.83% |
Equity / Assets | 9.77% | 9.5% | 10.11% | 9.82% | 9.27% | 8.47% | 6.95% | 7.68% | 8.52% | 9.14% |
Book Value / Share | 11.48 | 12.29 | 14.3 | 15.08 | 17.55 | 18.25 | 16.3 | 19.1 | 21.51 | 24.09 |
NII Growth | 6.21% | 11.98% | 27.02% | 8.21% | 0.84% | 4.98% | 15.26% | 4.53% | 6.35% | 8.28% |
Dividend Payout | 31.95% | 43.76% | 35.28% | 35.65% | 31.38% | 28.87% | 29.3% | 32.72% | 30.01% | 31.51% |
Related:IBCP Dividend History·IBCP Revenue History·IBCP Price History·IBCP P/E History·IBCP Financial Ratios·IBCP Institutional Holders
IBCP SEC Filings & Documents
Independent Bank Corporation (IBCP) SEC filings — annual & quarterly reports (10-K, 10-Q)
IBCP Frequently Asked Questions
Independent Bank Corporation (IBCP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Independent Bank Corporation (IBCP) saw revenue decline by 0.3% over the past year.
Yes, Independent Bank Corporation (IBCP) is profitable, generating $68.5M in net income for fiscal year 2025 (21.7% net margin).
Dividend & Returns
Yes, Independent Bank Corporation (IBCP) pays a dividend with a yield of 3.02%. This makes it attractive for income-focused investors.
Independent Bank Corporation (IBCP) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.
Industry Metrics
Independent Bank Corporation (IBCP) has a net interest margin (NIM) of 3.3%. This indicates healthy earnings from lending activities.
Independent Bank Corporation (IBCP) has an efficiency ratio of 43.8%. This is excellent, indicating strong cost control.