The bank maintains a stable capital structure with an equity-to-assets ratio of 0.09, supported by a $5.2 billion investment securities portfolio that serves as a critical liquidity anchor.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 938.87M | 161.6M | 145.27M | 849.13M | 853.72M | 1.52B | 1.19B | 584.05M | 498.76M | 580.4M | 699.4M | 683.13M | 620.75M | 599.56M | 388.19M | 498.55M | 385.37M | 288.74M | 57.7M | 79.29M | 73.14M | 67.59M | 72.81M | 61.74M | 60.73M | 50.52M | 58.15M | 58.6M | 53.9M | 30.4M | 50.6M |
| Cash & Due from Banks | 48.48M | 138.39M | 119.88M | 169.78M | 74.37M | 109.47M | 118.7M | 65.65M | 70.84M | 57.48M | 88.78M | 97.65M | 87.58M | 137.08M | 179.78M | 341.11M | 385.37M | 288.74M | 57.7M | 79.29M | 73.14M | 67.59M | 72.81M | 61.74M | 60.73M | 50.52M | 58.15M | 58.6M | 53.9M | 30.4M | 50.6M |
| Short Term Investments | 0 | 23.22M | 25.39M | 679.35M | 779.35M | 1.41B | 1.07B | 518.4M | 427.93M | 522.92M | 610.62M | 585.48M | 533.18M | 462.48M | 208.41M | 157.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 5.22B | 5.03B | 4.89B | 4.78B | 4.61B | 4.36B | 3.86B | 3.29B | 3.07B | 2.56B | 2.23B | 2.11B | 1.94B | 1.83B | 1.63B | 1.72B | 1.86B | 2.42B | 2.64B | 2.9B | 2.92B | 3.04B | 2.79B | 2.14B | 1.87B | 1.74B | 1.62B | 1.54B | 1.46B | 891.6M | 778M |
| Investments Growth % | 16.91% | 2.9% | 2.18% | 3.63% | 5.8% | 12.89% | 17.52% | 7% | 20.07% | 14.5% | 6.11% | 8.5% | 6.34% | 11.69% | -5% | -7.69% | -22.88% | -8.64% | -8.8% | -0.8% | -3.99% | 9.12% | 30.61% | 14.51% | 7.46% | 6.9% | 5.18% | 5.94% | 63.47% | 14.6% | 42.94% |
| Long-Term Investments | 19.78B | 5B | 4.86B | 4.1B | 3.83B | 2.95B | 2.79B | 2.77B | 2.64B | 2.04B | 1.62B | 1.52B | 1.41B | 1.36B | 1.43B | 1.56B | 1.86B | 2.42B | 2.64B | 2.9B | 2.92B | 3.04B | 2.79B | 2.14B | 1.87B | 1.74B | 1.62B | 1.54B | 1.46B | 891.6M | 778M |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.3M | 37.27M | 5.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 29.19M | 60.79M | 76.58M | 72.55M | 73.34M | 57.87M | 49.51M | 52.8M | 56.12M | 17.29M | 15.6M | 14.72M | 14.73M | 16.87M | 14.99M | 18.84M | 23.64M | 25.53M | 40.89M | 66.75M | 48.71M | 51.81M | 53.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 28.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.73M | 66.75M | 48.71M | 51.81M | 53.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 886K | 32.49M | 48.28M | 44.25M | 45.04M | 29.57M | 21.21M | 24.5M | 27.82M | 17.29M | 15.6M | 14.72M | 14.73M | 16.87M | 14.99M | 18.84M | 23.64M | 25.53M | 24.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 49.32M | 38.97M | 37.49M | 35.52M | 35.89M | 36.4M | 36.13M | 38.41M | 38.78M | 39.15M | 40.17M | 43.1M | 45.95M | 48.59M | 47.02M | 62.55M | 68.36M | 72.62M | 73.32M | 73.56M | 67.99M | 63.17M | 56.57M | 43.98M | 40.73M | 35.94M | 34.76M | 37.6M | 35.3M | 21.1M | 18.5M |
| Other Assets | 191.99M | 240.26M | 218.44M | 204.23M | 73.31M | 73.95M | 74.37M | 73.86M | 74.73M | 72.21M | 103.63M | 100.9M | 103.79M | 117.01M | 120.13M | 123.04M | 111M | 134.97M | 139.69M | 112.9M | 309.05M | 113.67M | 107.57M | 93.88M | 90.54M | 65.95M | 66.84M | 84.9M | 114.2M | 40.7M | 41.5M |
| Total Current Assets | 67.34M | 161.6M | 145.27M | 849.13M | 982.62M | 1.59B | 1.25B | 628.88M | 533.63M | 609.95M | 732.76M | 690.36M | 627.99M | 607.28M | 416.09M | 540.46M | 469.09M | 316.2M | 57.7M | 79.29M | 73.14M | 67.59M | 72.81M | 61.74M | 60.73M | 50.52M | 58.15M | 58.6M | 53.9M | 30.4M | 50.6M |
| Total Non-Current Assets | 5.49B | 5.34B | 5.19B | 4.41B | 4.02B | 3.12B | 2.95B | 2.94B | 2.82B | 2.18B | 1.82B | 1.72B | 1.62B | 1.6B | 1.61B | 1.77B | 2.07B | 2.65B | 2.9B | 3.17B | 3.36B | 3.29B | 3.02B | 2.3B | 2B | 1.84B | 1.73B | 1.67B | 1.61B | 953.4M | 838M |
| Total Assets | 5.56B | 5.51B | 5.34B | 5.26B | 5B | 4.7B | 4.2B | 3.56B | 3.35B | 2.79B | 2.55B | 2.41B | 2.25B | 2.21B | 2.02B | 2.31B | 2.54B | 2.97B | 2.96B | 3.28B | 3.43B | 3.36B | 3.09B | 2.36B | 2.06B | 1.89B | 1.78B | 1.73B | 1.66B | 983.8M | 888.6M |
| Asset Growth % | 14.56% | 3.14% | 1.41% | 5.28% | 6.27% | 11.91% | 17.93% | 6.3% | 20.22% | 9.43% | 5.81% | 7.13% | 1.76% | 9.19% | -12.29% | -8.99% | -14.5% | 0.31% | -9.76% | -4.48% | 2.21% | 8.46% | 31.18% | 14.63% | 8.95% | 5.87% | 3.4% | 3.87% | 68.83% | 10.71% | 50.58% |
| Return on Assets (ROA) | 1.27% | 1.26% | 1.26% | 1.15% | 1.31% | 1.41% | 1.45% | 1.34% | 1.3% | 0.77% | 0.92% | 0.86% | 0.81% | 3.66% | 1.21% | -0.83% | -0.61% | -3.05% | -2.94% | 0.31% | 0.98% | 1.42% | 1.48% | 1.7% | 1.49% | 1.33% | 1.14% | 0.51% | 0.9% | 0.16% | 1.07% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 74.11M | 116.87M | 124.39M | 129.26M | 226.1M | 108.96M | 108.82M | 128.1M | 65.09M | 90.17M | 45M | 47.52M | 48.04M | 57.91M | 67.8M | 83.56M | 121.21M | 224.07M | 634.87M | 449.88M | 311.96M | 371.54M | 587.13M | 437.87M | 351.5M | 340.36M | 223.58M | 267M | 251.9M | 212.4M | 154.3M |
| Net Debt | 25.64M | -21.52M | 4.51M | -40.52M | 151.73M | -515K | -9.89M | 62.45M | -5.75M | 32.69M | -43.78M | -50.13M | -39.54M | -79.17M | -111.98M | -257.55M | -264.17M | -64.67M | 577.17M | 370.59M | 238.82M | 303.96M | 514.32M | 376.13M | 290.77M | 289.83M | 165.43M | 208.4M | 198M | 182M | 103.7M |
| Long-Term Debt | 66.89M | 116.87M | 124.39M | 129.26M | 165.1M | 108.96M | 108.82M | 74.46M | 55.09M | 63.51M | 43.81M | 47.52M | 48.04M | 53.67M | 67.8M | 71.21M | 121.21M | 224.07M | 634.87M | 395.43M | 227.88M | 291.24M | 469.58M | 383.98M | 327.66M | 305.26M | 196.03M | 224.6M | 229.2M | 184.4M | 152.6M |
| Short-Term Debt | 1.09M | 0 | 0 | 0 | 61M | 0 | 0 | 53.65M | 10M | 26.66M | 1.19M | 0 | 0 | 4.24M | 0 | 12.35M | 0 | 0 | 750K | 54.45M | 84.08M | 80.3M | 117.55M | 53.88M | 23.84M | 35.1M | 27.55M | 42.4M | 22.7M | 28M | 1.7M |
| Other Liabilities | 4.97B | 124.22M | 104.94M | 107.13M | -61M | 0 | 0 | 0 | 0 | 0 | 718K | -797K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.66M | 224.21M | 59.61M | 51.49M | 30.89M | 32.41M | 28.83M | 41.97M | 33.9M | 36.5M | 11.5M | 10M |
| Total Current Liabilities | 1.09M | 4.76B | 4.65B | 4.62B | 4.55B | 4.2B | 3.71B | 3.14B | 2.96B | 2.46B | 2.26B | 2.11B | 1.95B | 1.92B | 1.81B | 2.13B | 2.29B | 2.61B | 2.13B | 2.56B | 2.72B | 2.76B | 2.34B | 1.78B | 1.56B | 1.42B | 1.42B | 1.35B | 1.28B | 728.4M | 674.2M |
| Total Non-Current Liabilities | 5.05B | 241.09M | 229.33M | 236.4M | 104.1M | 108.96M | 108.82M | 74.46M | 55.09M | 63.51M | 44.53M | 46.73M | 48.04M | 53.67M | 67.8M | 71.21M | 121.21M | 224.07M | 634.87M | 431.09M | 452.09M | 350.86M | 521.08M | 414.88M | 360.07M | 334.09M | 238M | 258.5M | 265.7M | 195.9M | 162.6M |
| Total Liabilities | 5.05B | 5B | 4.88B | 4.86B | 4.65B | 4.31B | 3.81B | 3.21B | 3.01B | 2.52B | 2.3B | 2.16B | 2B | 1.98B | 1.89B | 2.2B | 2.42B | 2.86B | 2.76B | 3.01B | 3.17B | 3.11B | 2.86B | 2.2B | 1.92B | 1.76B | 1.66B | 1.61B | 1.54B | 924.3M | 836.8M |
| Total Equity | 510.55M | 502.95M | 454.69M | 404.45M | 347.6M | 398.48M | 389.52M | 350.17M | 338.99M | 264.93M | 248.98M | 251.09M | 250.37M | 231.58M | 134.97M | 102.63M | 119.08M | 109.86M | 194.88M | 240.5M | 258.17M | 248.26M | 230.29M | 162.22M | 138.05M | 131.9M | 128.34M | 113.7M | 117M | 59.5M | 51.8M |
| Equity Growth % | 37.37% | 10.62% | 12.42% | 16.36% | -12.77% | 2.3% | 11.24% | 3.3% | 27.95% | 6.41% | -0.84% | 0.29% | 8.11% | 71.57% | 31.52% | -13.82% | 8.4% | -43.63% | -18.97% | -6.84% | 3.99% | 7.8% | 41.97% | 17.51% | 4.66% | 2.78% | 12.87% | -2.82% | 96.64% | 14.86% | 10.21% |
| Equity / Assets (Capital Ratio) | 9.19% | 9.14% | 8.52% | 7.68% | 6.95% | 8.47% | 9.27% | 9.82% | 10.11% | 9.5% | 9.77% | 10.42% | 11.13% | 10.48% | 6.67% | 4.45% | 4.7% | 3.7% | 6.59% | 7.34% | 7.53% | 7.4% | 7.44% | 6.88% | 6.71% | 6.98% | 7.19% | 6.59% | 7.04% | 6.05% | 5.83% |
| Return on Equity (ROE) | 14.15% | 14.31% | 15.55% | 15.71% | 16.98% | 15.96% | 15.18% | 13.48% | 13.19% | 7.97% | 9.11% | 7.98% | 7.48% | 42.29% | 22.05% | -18.22% | -14.6% | -59.22% | -42.11% | 4.15% | 13.11% | 19.1% | 20.54% | 25.04% | 21.83% | 18.75% | 16.53% | 7.54% | 13.48% | 2.7% | 15.99% |
| Book Value per Share | 24.57 | 24.09 | 21.51 | 19.10 | 16.30 | 18.25 | 17.55 | 15.08 | 14.30 | 12.29 | 11.48 | 10.83 | 10.67 | 10.59 | 4.31 | 1.47 | 2.87 | 45.89 | 84.55 | 105.34 | 111.18 | 101.91 | 91.20 | 66.54 | 57.78 | 53.73 | 51.48 | 44.68 | 71.69 | 37.25 | 32.52 |
| Tangible BV per Share | 23.16 | 21.18 | 17.89 | 15.68 | 12.86 | 15.60 | 15.32 | 12.81 | 11.93 | 11.49 | 10.76 | 10.20 | 10.04 | 9.82 | 3.83 | 1.20 | 2.30 | 35.22 | 66.81 | 76.11 | 90.21 | 80.64 | 70.07 | 66.54 | 57.78 | 53.73 | 51.48 | 44.68 | 71.69 | 37.25 | 32.52 |
| Common Stock | 307.68M | 307.85M | 318.78M | 317.48M | 320.99M | 323.4M | 339.35M | 352.34M | 377.37M | 324.99M | 323.75M | 339.46M | 352.46M | 351.17M | 251.24M | 248.95M | 0 | 23.86M | 22.79M | 22.6M | 22.86M | 21.99M | 21.2M | 19.57M | 17.82M | 17.8M | 11.61M | 11.2M | 10.8M | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 248.95M | 246.41M | 225.48M | 200.69M | 195.3M | 200.24M | 179.91M | 158.8M | 119.35M | 75.08M | 76.58M | 77.25M | 71.7M | 66.4M | 0 | 0 |
| Retained Earnings | 263.9M | 252.79M | 205.85M | 159.11M | 119.37M | 74.58M | 40.15M | 1.61M | -28.27M | -54.05M | -65.66M | -82.33M | -96.45M | -110.35M | -192.41M | -214.26M | -189.9M | -169.1M | -73.85M | 22.77M | 31.42M | 41.49M | 41.8M | 16.95M | 41.78M | 39.35M | 37.54M | 33.9M | 38.6M | 23.2M | 24.7M |
| Accumulated OCI | -61.02M | -57.69M | -69.94M | -72.14M | -92.76M | 501K | 10.02M | -3.79M | -10.11M | -6M | -9.11M | -6.04M | -5.64M | -9.24M | -8.06M | -260.87M | -13.12M | -15.68M | -23.21M | -171K | 3.64M | 4.87M | 8.51M | 6.34M | 3.36M | -1.83M | 1.93M | -3.1M | 1.2M | 1.7M | 1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.2M | 79.86M | 75.7M | 69.16M | 68.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional economic concentration risk
Based on reported financial statements, IBCP's total assets expanded from $5.2 billion in 2024Q1 to $5.6 billion by 2026Q1, primarily fueled by a steady increase in the investment securities portfolio rather than aggressive expansion of the core loan book.
The shift toward a $5.2 billion investment securities portfolio suggests a defensive posture, likely intended to preserve liquidity amidst regional economic uncertainty. This asset composition implies that management is prioritizing balance sheet stability over the higher-risk, higher-reward pursuit of rapid loan growth in the Michigan market.
As indicated by the quarterly data, IBCP has steadily grown its equity base from $415.6 million in 2024Q1 to $510.6 million in 2026Q1, maintaining a consistent equity-to-assets ratio of approximately 0.09 throughout the most recent four quarters.
This consistent capital accumulation suggests a conservative approach to balance sheet management, providing a sufficient buffer against potential credit volatility. Investors should monitor whether this capital level remains adequate if the bank pursues further expansion into the Ohio market through its new loan production offices.
According to the provided balance sheet data, IBCP maintains a significant investment securities portfolio of $5.2 billion, which serves as a critical liquidity buffer against the inherent volatility of its mortgage-heavy revenue streams and regional deposit fluctuations.
The reliance on a large securities portfolio suggests that the bank is positioning itself to manage potential cash flow swings without needing to tap into more expensive wholesale funding sources. This strategy appears to be a deliberate trade-off, sacrificing potential yield for the ability to maintain operational continuity during periods of mortgage market contraction.
Based on the company's operational footprint, over 90% of IBCP's business is tied to the Michigan economy, creating a structural vulnerability to regional manufacturing and automotive sector downturns that may not be fully captured by current headline capital ratios.
While the bank's balance sheet appears healthy on a consolidated basis, the extreme geographic concentration warrants further investigation into the correlation between local economic health and asset quality. This lack of geographic diversification may limit the bank's ability to offset regional shocks, even as it attempts to expand into Ohio.
Quick answers to the most common questions about buying IBCP stock.
As of 2025, Independent Bank Corporation (IBCP) had total assets of $5.51B including $161.6M in current assets.
Independent Bank Corporation (IBCP) carries total debt of $116.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Independent Bank Corporation (IBCP) has total shareholders' equity (book value) of $503.0M ($24.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Independent Bank Corporation (IBCP) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.