Net interest income has shown a consistent upward trajectory, rising to $46.9 million in 2026Q1, even as mortgage-related non-interest income experienced a sharp decline from its $17.6 million peak in 2024Q4.
| 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 | 183.19M | 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 % | 31.72% | 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 % | 3.3% | 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 | 269.76M | 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 | 86.58M | 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 | 5.38M | 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 | 39.96M | 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 % | 12.9% | 14.47% | 15.67% | 15.56% | 24.63% | 33.33% | 34.72% | 21.93% | 23.47% | 28.79% | 30.31% | 29.35% | 27.88% | 27.95% | 29.43% | 16.98% | 12.7% | 24.03% | 12.79% | 17.44% | 16.24% | 18.16% | 19.88% | 23.41% | 19.23% | 16.68% | 12.49% | 12.13% | 13.17% | 9.3% | 8.6% |
| Total Revenue | 309.72M | 315.38M | 316.33M | 283.83M | 224.23M | 207.12M | 214.19M | 190.76M | 170.88M | 138.06M | 124.16M | 114.43M | 111.7M | 120.92M | 140.85M | 138.24M | 170.51M | 248.86M | 233.62M | 270.4M | 258.94M | 235.86M | 192.49M | 181.97M | 160.73M | 161.44M | 151.8M | 142.82M | 145M | 132.2M | 65.1M |
| Revenue Growth % | -6.11% | -0.3% | 11.45% | 26.58% | 8.26% | -3.3% | 12.28% | 11.64% | 23.77% | 11.2% | 8.5% | 2.44% | -7.62% | -14.15% | 1.89% | -18.93% | -31.48% | 6.52% | -13.6% | 4.42% | 9.79% | 22.53% | 5.78% | 13.22% | -0.44% | 6.35% | 6.29% | -1.5% | 9.68% | 103.07% | 30.72% |
| Non-Interest Expense | 135.37M | 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 | 43.71% | 43.83% | 40.66% | 42.33% | 53.96% | 59.01% | 54.05% | 55.35% | 60.13% | 64.68% | 69.01% | 71.58% | 74.12% | 75.28% | 66.88% | 78.53% | 61.68% | 75.72% | 75.9% | 42.8% | 39.94% | 43.15% | 46.99% | 45.34% | 42.49% | 38.11% | 35.16% | 48.61% | 41.17% | 45.99% | 42.86% |
| Operating Income | 82.39M | 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 % | 26.6% | 25.78% | 26.25% | 25.96% | 34.69% | 37.33% | 32.44% | 30.28% | 28.75% | 27.84% | 26.5% | 25.68% | 22.57% | 18.74% | 18.6% | -14.77% | -10.73% | -37.55% | -37.92% | 3.27% | 17.57% | 26.78% | 28.59% | 28.2% | 25.42% | 20.89% | 17.97% | 8.4% | 11.72% | 2.57% | 17.2% |
| 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 | 82.39M | 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 % | 26.6% | 25.78% | 26.25% | 25.96% | 34.69% | 37.33% | 32.44% | 30.28% | 28.75% | 27.84% | 26.5% | 25.68% | 22.57% | 18.74% | 18.6% | -14.77% | -10.73% | -37.55% | -37.92% | 3.27% | 17.57% | 26.78% | 28.59% | 28.2% | 25.42% | 20.89% | 17.97% | 8.4% | 11.72% | 2.57% | 17.2% |
| Income Tax | 12.57M | 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 % | 15.25% | 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 | 69.83M | 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 % | 22.54% | 21.73% | 21.11% | 20.81% | 28.25% | 30.37% | 26.22% | 24.34% | 23.31% | 14.83% | 18.34% | 17.49% | 16.13% | 64.1% | 18.6% | -14.61% | -9.8% | -36.26% | -39.24% | 3.83% | 12.82% | 19.38% | 20.94% | 20.66% | 18.33% | 15.11% | 13.18% | 6.09% | 8.21% | 1.13% | 12.14% |
| Net Income Growth % | 5.18% | 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) | 69.83M | 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) | 3.36 | 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 % | 6.69% | 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 | 20.78M | 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 |
Mortgage banking revenue volatility
According to the provided quarterly data, IBCP has demonstrated a consistent upward trajectory in net interest income, growing from $40.1 million in 2023Q4 to $46.9 million by 2026Q1, reflecting a resilient ability to capture interest rate benefits despite broader regional economic headwinds in the Michigan market.
The steady growth in NII suggests that the bank's core loan portfolio is successfully repricing in the current rate environment. Investors should monitor whether this trend persists as deposit betas potentially normalize and competitive pressures for liquidity in the West Michigan corridor intensify.
As reported in financial statements, IBCP has maintained a disciplined efficiency ratio, which fluctuated between 39.8% and 46.5% over the last ten quarters, indicating that management is effectively balancing the high fixed-cost burden of its 59-branch physical network against its core revenue-generating activities.
The ability to keep the efficiency ratio under 47% despite the labor-intensive nature of mortgage and insurance operations suggests a degree of operational agility. However, the recent uptick toward 46.5% in 2026Q1 warrants further investigation into whether rising personnel costs are beginning to outpace revenue growth.
Based on the reported figures, non-interest income has exhibited significant volatility, peaking at $17.6 million in 2024Q4 before declining to $8.4 million in 2026Q1, which highlights the bank's heavy reliance on transactional mortgage gain-on-sale activities and the inherent sensitivity of its fee-based revenue streams.
This variability suggests that the bank's non-interest income is highly susceptible to housing market cycles and interest rate-driven prepayment speeds. The reliance on these transactional fees may mask the underlying stability of the commercial lending business, necessitating a focus on PPNR to gauge true operational performance.
Data from the last ten quarters indicates that IBCP has maintained a cautious approach to credit provisioning, with a notable $1.9 million provision expense in 2025Q4, suggesting that management is proactively adjusting reserves in anticipation of potential credit deterioration within its Michigan-centric commercial and industrial loan portfolio.
The shift from net recoveries in 2024 to consistent provision builds in 2025 and 2026 appears to reflect a prudent response to the CECL accounting framework. Analysts should monitor whether these provisions are sufficient to cover potential losses if the regional manufacturing sector faces a cyclical downturn.
Quick answers to the most common questions about buying IBCP stock.
Independent Bank Corporation (IBCP) is profitable, generating $68.5M in net income for the fiscal year ending 2025 with a net profit margin of 21.7%.
Independent Bank Corporation (IBCP) reported an operating income of $81.3M, resulting in an operating profit margin of 25.8%. 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 69.6%. This demonstrates the company's core pricing power and production efficiency.