Net interest income expanded from $41.3M to $55.3M over ten quarters while the efficiency ratio improved from 61.9% to 59.0%, though a 4.8% year-over-year EPS decline in 2026Q3 suggests earnings momentum is not yet consistent.
Independent Bank Corporation (IBCP) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 196.37M | 180.01M | 166.25M | 156.33M | 149.56M | 129.76M | 123.61M | 122.58M | 113.28M | 89.19M | 79.64M | 74.99M | 73.26M | 77.96M | 86.25M | 94.57M | 111.65M | 138.52M | 130.15M | 120.59M | 123.2M | 129.94M | 111.24M | 95.25M | 81.81M | 72.04M | 64.98M | 66.8M | 61.2M | 53.9M | 34.7M |
| NII Growth % | 44.61% | 8.28% | 6.35% | 4.53% | 15.26% | 4.98% | 0.84% | 8.21% | 27.02% | 11.98% | 6.21% | 2.36% | -6.03% | -9.62% | -8.79% | -15.3% | -19.4% | 6.43% | 7.93% | -2.12% | -5.19% | 16.81% | 16.78% | 16.44% | 13.55% | 10.87% | -2.73% | 9.15% | 13.54% | 55.33% | 23.49% |
| Net Interest Margin % | 3.14% | 3.27% | 3.11% | 2.97% | 2.99% | 2.76% | 2.94% | 3.44% | 3.38% | 3.2% | 3.12% | 3.11% | 3.26% | 3.53% | 4.26% | 4.1% | 4.4% | 4.67% | 4.4% | 3.68% | 3.59% | 3.87% | 3.6% | 4.04% | 3.98% | 3.81% | 3.64% | 3.87% | 3.68% | 5.48% | 3.91% |
| Interest Income | 278.2M | 269.74M | 266.78M | 239.68M | 169.01M | 138.08M | 139.83M | 148.93M | 130.77M | 98.31M | 86.52M | 80.84M | 80.56M | 87.12M | 99.4M | 114.76M | 148.85M | 189.06M | 203.74M | 223.25M | 216.9M | 193.03M | 154.23M | 139.37M | 129.81M | 134.5M | 132.84M | 125.5M | 125.9M | 119.9M | 59.5M |
| Interest Expense | 81.83M | 89.72M | 100.53M | 83.35M | 19.45M | 8.31M | 16.22M | 26.35M | 17.49M | 9.12M | 6.88M | 5.86M | 7.3M | 9.16M | 13.14M | 20.19M | 37.2M | 50.53M | 73.59M | 102.66M | 93.7M | 63.1M | 42.99M | 44.11M | 48.01M | 62.46M | 67.86M | 58.7M | 64.7M | 66M | 24.8M |
| Loan Loss Provision | 9.81M | 6.13M | 4.12M | 6.65M | 6M | -721K | 12.73M | 1.07M | 1.5M | 1.2M | -1.31M | -2.71M | -3.6M | -1.93M | 7.31M | 29.9M | 46.44M | 103.32M | 71.32M | 43.16M | 16.34M | 7.81M | 4.02M | 4.03M | 3.56M | 3.74M | 3.29M | 2.7M | 3.6M | 2M | 1.2M |
| Non-Interest Income | 44.63M | 45.64M | 49.55M | 44.15M | 55.22M | 69.04M | 74.37M | 41.84M | 40.1M | 39.75M | 37.63M | 33.59M | 31.15M | 33.8M | 41.45M | 23.48M | 21.66M | 59.8M | 29.89M | 47.15M | 42.05M | 42.83M | 38.26M | 42.6M | 30.91M | 26.93M | 18.96M | 17.32M | 19.1M | 12.3M | 5.6M |
| Non-Interest Income % | 18.52% | 20.23% | 22.96% | 22.02% | 26.97% | 34.73% | 37.56% | 25.45% | 26.15% | 30.83% | 32.09% | 30.93% | 29.83% | 30.24% | 32.46% | 19.89% | 16.25% | 30.15% | 18.68% | 28.11% | 25.45% | 24.79% | 25.59% | 30.9% | 27.42% | 27.21% | 22.59% | 20.59% | 23.79% | 18.58% | 13.9% |
| Total Net Revenue | 241M | 225.66M | 215.8M | 200.48M | 204.78M | 198.8M | 197.98M | 164.42M | 153.38M | 128.94M | 117.28M | 108.57M | 104.4M | 111.76M | 127.71M | 118.05M | 133.31M | 198.32M | 160.04M | 167.74M | 165.25M | 172.76M | 149.5M | 137.86M | 112.72M | 98.98M | 83.94M | 84.12M | 80.3M | 66.2M | 40.3M |
| Revenue Growth % | 8.46% | 4.57% | 7.64% | -2.1% | 3.01% | 0.42% | 20.41% | 7.19% | 18.96% | 9.95% | 8.02% | 3.99% | -6.58% | -12.49% | 8.19% | -11.45% | -32.78% | 23.92% | -4.59% | 1.51% | -4.35% | 15.56% | 8.44% | 22.3% | 13.88% | 17.92% | -0.22% | 4.76% | 21.3% | 64.27% | 26.33% |
| Non-Interest Expense | 146.44M | 138.23M | 128.63M | 120.15M | 121M | 122.21M | 115.77M | 105.59M | 102.75M | 89.3M | 85.68M | 81.91M | 82.79M | 91.03M | 94.2M | 108.55M | 105.17M | 188.44M | 177.32M | 115.72M | 103.42M | 101.78M | 90.45M | 82.51M | 68.29M | 61.52M | 53.38M | 69.42M | 59.7M | 60.8M | 27.9M |
| Efficiency Ratio | 60.76% | 61.26% | 59.61% | 59.93% | 59.09% | 61.47% | 58.48% | 64.22% | 66.99% | 69.26% | 73.06% | 75.44% | 79.3% | 81.45% | 73.76% | 91.96% | 78.89% | 95.02% | 110.8% | 68.99% | 62.58% | 58.92% | 60.51% | 59.85% | 60.59% | 62.15% | 63.59% | 82.53% | 74.35% | 91.84% | 69.23% |
| Operating Income | 84.75M | 81.29M | 83.05M | 73.68M | 77.79M | 77.31M | 69.48M | 57.76M | 49.13M | 38.44M | 32.9M | 29.38M | 25.22M | 22.66M | 26.2M | -20.41M | -18.3M | -93.44M | -88.6M | 8.85M | 45.49M | 63.17M | 55.02M | 51.32M | 40.86M | 33.72M | 27.27M | 12M | 17M | 3.4M | 11.2M |
| Operating Margin % | 35.17% | 36.02% | 38.48% | 36.75% | 37.99% | 38.89% | 35.1% | 35.13% | 32.03% | 29.81% | 28.05% | 27.06% | 24.15% | 20.27% | 20.51% | -17.29% | -13.73% | -47.11% | -55.36% | 5.28% | 27.53% | 36.57% | 36.81% | 37.23% | 36.25% | 34.07% | 32.49% | 14.26% | 21.17% | 5.14% | 27.79% |
| Operating Income Growth % | - | -2.11% | 12.72% | -5.29% | 0.61% | 11.27% | 20.29% | 17.56% | 27.82% | 16.83% | 11.98% | 16.51% | 11.29% | -13.51% | 228.35% | -11.55% | 80.42% | -5.46% | -1100.91% | -80.54% | -27.99% | 14.8% | 7.22% | 25.59% | 21.18% | 23.63% | 127.29% | -29.41% | 400% | -69.64% | 17.89% |
| Pretax Income | 84.75M | 81.29M | 83.05M | 73.68M | 77.79M | 77.31M | 69.48M | 57.76M | 49.13M | 38.44M | 32.9M | 29.38M | 25.22M | 22.66M | 26.2M | -20.41M | -18.3M | -93.44M | -88.6M | 8.85M | 45.49M | 63.17M | 55.02M | 51.32M | 40.86M | 33.72M | 27.27M | 12M | 17M | 3.4M | 11.2M |
| Pretax Margin % | 35.17% | 36.02% | 38.48% | 36.75% | 37.99% | 38.89% | 35.1% | 35.13% | 32.03% | 29.81% | 28.05% | 27.06% | 24.15% | 20.27% | 20.51% | -17.29% | -13.73% | -47.11% | -55.36% | 5.28% | 27.53% | 36.57% | 36.81% | 37.23% | 36.25% | 34.07% | 32.49% | 14.26% | 21.17% | 5.14% | 27.79% |
| Income Tax | 12.65M | 12.75M | 16.26M | 14.61M | 14.44M | 14.42M | 13.33M | 11.32M | 9.29M | 17.96M | 10.13M | 9.36M | 7.2M | -54.85M | 0 | -212K | -1.59M | -3.21M | 3.06M | -1.1M | 11.66M | 17.47M | 14.71M | 13.73M | 11.4M | 9.29M | 7.27M | 3.3M | 5.1M | 1.9M | 3.3M |
| Effective Tax Rate % | 14.92% | 15.68% | 19.57% | 19.83% | 18.56% | 18.65% | 19.18% | 19.61% | 18.92% | 46.73% | 30.8% | 31.87% | 28.53% | -242.08% | 0% | 1.04% | 8.69% | 3.44% | -3.46% | -12.46% | 25.64% | 27.65% | 26.74% | 26.75% | 27.89% | 27.54% | 26.64% | 27.5% | 30% | 55.88% | 29.46% |
| Net Income | 72.1M | 68.54M | 66.79M | 59.07M | 63.35M | 62.9M | 56.15M | 46.44M | 39.84M | 20.48M | 22.77M | 20.02M | 18.02M | 77.51M | 26.2M | -20.2M | -16.71M | -90.23M | -91.66M | 10.36M | 33.2M | 45.7M | 40.31M | 37.59M | 29.47M | 24.4M | 20.01M | 8.7M | 11.9M | 1.5M | 7.9M |
| Net Margin % | 29.92% | 30.37% | 30.95% | 29.46% | 30.94% | 31.64% | 28.36% | 28.24% | 25.97% | 15.88% | 19.41% | 18.44% | 17.26% | 69.35% | 20.51% | -17.11% | -12.53% | -45.49% | -57.28% | 6.17% | 20.09% | 26.46% | 26.97% | 27.27% | 26.14% | 24.65% | 23.84% | 10.34% | 14.82% | 2.27% | 19.6% |
| Net Income Growth % | 5.37% | 2.62% | 13.08% | -6.76% | 0.73% | 12.01% | 20.93% | 16.56% | 94.57% | -10.06% | 13.73% | 11.08% | -76.75% | 195.86% | 229.69% | -20.89% | 81.48% | 1.57% | -985.04% | -68.81% | -27.35% | 13.38% | 7.24% | 27.57% | 20.78% | 21.94% | 129.99% | -26.89% | 693.33% | -81.01% | 16.18% |
| Net Income (Continuing) | 72.1M | 68.54M | 66.79M | 59.07M | 63.35M | 62.9M | 56.15M | 46.44M | 39.84M | 20.48M | 22.77M | 20.02M | 18.02M | 77.51M | 26.2M | -20.2M | -16.71M | -90.23M | -91.66M | 9.96M | 33.83M | 45.7M | 40.31M | 37.59M | 29.47M | 24.43M | 20.01M | 8.7M | 11.9M | 1.5M | 7.9M |
| EPS (Diluted) | 3.23 | 3.27 | 3.16 | 2.79 | 2.97 | 2.88 | 2.53 | 2.00 | 1.68 | 0.95 | 1.05 | 0.86 | 0.77 | 3.55 | 0.84 | -2.94 | -4.09 | -39.60 | -40.00 | 4.50 | 14.30 | 18.76 | 15.96 | 15.42 | 8.69 | 6.65 | 8.03 | 3.42 | 4.75 | 0.17 | 4.96 |
| EPS Growth % | 4.29% | 3.48% | 13.26% | -6.06% | 3.13% | 13.83% | 26.5% | 19.05% | 76.84% | -9.52% | 22.09% | 11.69% | -78.31% | 322.62% | 128.57% | 28.12% | 89.67% | 1% | -988.89% | -68.53% | -23.77% | 17.54% | 3.5% | 77.45% | 30.68% | -17.19% | 134.8% | -28% | 2694.12% | -96.57% | 14.29% |
| EPS (Basic) | - | 3.30 | 3.20 | 2.82 | 3.00 | 2.91 | 2.56 | 2.03 | 1.70 | 0.96 | 1.06 | 0.88 | 0.79 | 5.87 | 2.51 | -2.94 | -4.09 | -39.60 | -40.00 | 4.60 | 14.50 | 19.14 | 16.24 | 15.78 | 8.85 | 6.75 | 8.08 | 3.47 | 4.79 | 0.17 | 4.96 |
| Diluted Shares Outstanding | 22.35M | 20.88M | 21.14M | 21.17M | 21.33M | 21.84M | 22.19M | 23.22M | 23.71M | 21.55M | 21.68M | 23.18M | 23.47M | 21.86M | 31.32M | 69.69M | 41.47M | 2.39M | 2.31M | 2.28M | 2.32M | 2.44M | 2.52M | 2.44M | 2.39M | 2.46M | 2.49M | 2.54M | 1.63M | 1.6M | 1.59M |
Quick answers to the most common questions about buying IBCP stock.
For fiscal year 2025, Independent Bank Corporation (IBCP) reported total revenue of $225.7M. This represents a 459.9% increase compared to $40.3M in 1996.
Independent Bank Corporation (IBCP) is profitable, generating $68.5M in net income for the fiscal year ending 2025 with a net profit margin of 30.4%.
Independent Bank Corporation (IBCP) reported an operating income of $81.3M, resulting in an operating profit margin of 36.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Independent Bank Corporation (IBCP) generated $219.5M in gross profit for the year, representing a gross profit margin of 97.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression on deposit costs
Metrics are mathematically derived from official filings.
NII Rebounds Despite Flat Revenue
Based on IBCP's reported figures, net interest income rose from $41.3M in 2024Q2 to $55.3M in 2026Q3, a gain that suggests loan growth and repricing are offsetting pressure on funding costs across the period.
The 21.8% sequential NII increase in 2026Q3 is a sharp acceleration after the 7.4% and 7.3% gains in the prior two quarters, which raises the question of whether a one-time repricing benefit or balance sheet expansion drove the step-up. Reported total revenue growth of -0.30% year over year sits uneasily alongside this NII strength, suggesting that non-interest income weakness is masking the net interest gains. Investors should monitor whether the 2026Q3 NII level is sustainable or reflects timing effects.
NIM Holding Near 0.8 Percent
As reported in the quarterly data, IBCP's net interest margin has stayed in a tight 0.8% to 0.9% band across ten quarters, indicating limited pricing power as asset yields and deposit costs have moved in step.
A flat NIM through a period of changing rates suggests the bank's Michigan core deposit base is partially insulating funding costs, though the 0.9% print in 2026Q3 may reflect improved asset yields. Peer positioning cannot be fully assessed from the supplied data since comparable NIM figures for MBWM, LKFN, and FFIN are not provided. The narrow range warrants further investigation into whether deposit beta is rising toward the quarter's end.
Provisions Rising From Low Base
Based on IBCP's reported figures, provision expense climbed from negative $119K in 2024Q2 to $4.8M in 2026Q3, a shift that may indicate a more conservative CECL reserve posture or early credit deterioration.
The move from near-zero provisions to $4.8M in the latest quarter is a significant increase relative to a net income base of $17.9M, and it may reflect forecasts tied to Michigan manufacturing conditions under CECL. Provision volatility from quarter to quarter, including the $362K print in 2026Q1, suggests management is adjusting reserves in response to changing economic inputs. Investors should monitor future provision levels against charge-off trends, as the data available does not include write-off detail to confirm the cause.
Fee Income Swinging With Mortgage Cycle
As reported in IBCP's quarterly figures, non-interest income ranged from $7.7M to $17.6M, with the fee share of total revenue swinging between 13.9% and 29.1%, pointing to heavy dependence on volatile mortgage and gain-on-sale activity.
The wide dispersion in non-interest income, including the $17.6M peak in 2024Q4 and the $8.9M trough in 2026Q3, is consistent with transactional mortgage banking and title revenue that is sensitive to rate and housing activity. This volatility means reported earnings quality depends heavily on which quarter is examined. The mortgage servicing rights mark-to-market effect may amplify these swings, which warrants separate analysis.
Efficiency Ratio Improving Gradually
Based on reported figures, IBCP's efficiency ratio moved from 61.9% in 2024Q3 to 59.0% in 2026Q3, a modest improvement that suggests cost discipline is partially offsetting weaker fee income.
The efficiency ratio remains in a relatively narrow 57.9% to 62.8% range, implying that operating leverage has been limited and that the high fixed-cost branch network constrains improvement. The lowest reading of 57.9% in 2024Q2 and the 2026Q1 peak of 62.8% show the ratio is sensitive to revenue swings from fee income. Continued efficiency gains would depend on sustaining NII growth without a proportional rise in personnel costs.
Earnings Quality Under Scrutiny
As reported in the quarterly figures, EPS of $0.80 in 2026Q3 fell 4.8% year over year, and the Q2 2026 beat may owe more to expense control and credit timing than to durable revenue expansion.
If the strong NII print in 2026Q3 reflects temporary repricing benefits, earnings could normalize as deposit costs catch up, and the provision increase to $4.8M may signal a more difficult credit environment than headline profitability implies. The reported negative revenue growth of -0.30% suggests the core franchise is not expanding top-line income. Investors should monitor whether the earnings beat is repeatable.