NASDAQ : IBCP
Independent Bank Corporation — Financial statements
Financials · Banks - Regional · United States
Last price 37.1 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 819.22M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 249.09M | 238.83M | 228.59M | 197.72M | 139.06M | 116.64M |
| Interest Income on Investments | 29.11M | 30.90M | 38.19M | 41.95M | 29.95M | 21.44M |
| Total Interest Income | 278.20M | 269.74M | 266.78M | 239.68M | 169.01M | 138.08M |
| Interest Paid on Deposits | 78.12M | 83.50M | 92.69M | 75.08M | 14.15M | 4.46M |
| Interest Paid on Borrowings | 3.72M | 6.22M | 7.83M | 8.27M | 5.30M | 3.85M |
| Total Interest Expense | 81.83M | 89.72M | 100.53M | 83.35M | 19.45M | 8.31M |
| Net Interest Income | 196.37M | 180.01M | 166.25M | 156.33M | 149.56M | 129.76M |
| Gain (Loss) on Sale of Investments | 1.52M | -370.00K | 2.26M | -222.00K | -275.00K | 1.41M |
| Other Non-Interest Income | 35.80M | 27.21M | 35.66M | 31.10M | 43.47M | 29.18M |
| Total Non-Interest Income | 55.15M | 45.64M | 56.36M | 50.68M | 61.91M | 76.64M |
| Revenues Before Loan Losses | 251.52M | 225.66M | 222.61M | 207.00M | 211.47M | 206.41M |
| Provision for Loan Losses | 9.81M | 6.13M | 4.47M | 6.21M | 5.34M | -1.93M |
| Revenue | 241.71M | 219.52M | 218.14M | 200.79M | 206.13M | 208.34M |
| Salaries and Employee Benefits | 88.72M | 82.48M | 82.62M | 76.74M | 78.86M | 78.02M |
| Occupancy Expenses | 7.58M | 7.07M | 6.29M | 6.28M | 7.10M | 7.00M |
| Federal Deposit Insurance | 3.22M | 2.82M | 2.87M | 3.00M | 2.14M | 1.40M |
| Selling, General & Administrative | 33.30M | 30.12M | 28.91M | 26.25M | 25.22M | 25.81M |
| Other Non-Interest Expense | 18.16M | 15.74M | 14.40M | 14.84M | 15.02M | 18.80M |
| Total Non-Interest Expense | 150.98M | 138.23M | 135.10M | 127.12M | 128.34M | 131.02M |
| EBT Excluding Unusual Items | 90.73M | 81.29M | 83.05M | 73.68M | 77.79M | 77.31M |
| Legal Settlements | -1.85M | |||||
| Pretax Income | 84.75M | 81.29M | 83.05M | 73.68M | 77.79M | 77.31M |
| Income Tax Expense | 12.65M | 12.75M | 16.26M | 14.61M | 14.44M | 14.42M |
| Net Income | 72.10M | 68.54M | 66.79M | 59.07M | 63.35M | 62.90M |
| Net Income to Common | 72.10M | 68.54M | 66.79M | 59.07M | 63.35M | 62.90M |
| Basic Shares Outstanding | 20.95M | 20.76M | 20.89M | 20.98M | 21.10M | 21.59M |
| Diluted Shares Outstanding | 21.21M | 20.96M | 21.11M | 21.17M | 21.30M | 21.81M |
| EPS (Basic) | 3.44 | 3.30 | 3.20 | 2.82 | 3.00 | 2.91 |
| EPS (Diluted) | 3.40 | 3.27 | 3.16 | 2.79 | 2.97 | 2.88 |
| Dividend Per Share | 1.10 | 1.04 | 0.96 | 0.92 | 0.88 | 0.84 |
| Effective Tax Rate | 14.92% | 15.68% | 19.57% | 19.83% | 18.56% | 18.65% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 181.81M | 138.29M | 119.88M | 169.48M | 74.07M | 109.47M |
| Investment Securities | 813.25M | 572.75M | 633.74M | 733.14M | 826.72M | 979.30M |
| Trading Asset Securities | 29.58M | 37.06M | 38.68M | 39.75M | 12.28M | |
| Mortgage-Backed Securities | 232.69M | 264.88M | 300.20M | 327.45M | 433.53M | |
| Total Investments | 813.25M | 835.02M | 935.68M | 1.07B | 1.19B | 1.43B |
| Gross Loans | 4.90B | 4.28B | 4.04B | 3.79B | 3.47B | 2.91B |
| Allowance for Loan Losses | -73.72M | -63.45M | -59.38M | -54.66M | -52.44M | -47.25M |
| Net Loans | 4.82B | 4.21B | 3.98B | 3.74B | 3.41B | 2.86B |
| Property, Plant & Equipment | 57.23M | 46.27M | 43.46M | 40.43M | 41.44M | 42.88M |
| Goodwill | 50.22M | 28.30M | 28.30M | 28.30M | 28.30M | 28.30M |
| Other Intangible Assets | 17.05M | 1.00M | 1.49M | 2.00M | 2.55M | 3.34M |
| Loans Held for Sale | 12.84M | 9.03M | 7.64M | 12.06M | 46.88M | 90.28M |
| Accrued Interest Receivable | 185.34M | 5.00M | 5.60M | 6.40M | 54.12M | 18.86M |
| Restricted Cash | 100.00K | 300.00K | 300.00K | |||
| Long-Term Deferred Tax Assets | 24.73M | 24.46M | 23.80M | 29.50M | 4.34M | |
| Other Real Estate Owned & Foreclosed | 759.00K | 896.00K | 938.00K | 569.00K | 455.00K | 245.00K |
| Other Long-Term Assets | 101.26M | 186.14M | 175.10M | 155.29M | 97.69M | 105.68M |
| Total Assets | 6.26B | 5.51B | 5.34B | 5.26B | 5.00B | 4.70B |
| Accrued Expenses | 121.02M | 97.14M | 79.98M | 80.19M | 83.13M | 67.64M |
| Interest Bearing Deposits | 4.39B | 3.55B | 3.43B | 3.37B | 3.03B | 2.70B |
| Institutional Deposits | 223.42M | 211.40M | 176.60M | 82.90M | 93.10M | |
| Non-Interest Bearing Deposits | 1.13B | 991.98M | 1.01B | 1.08B | 1.27B | 1.32B |
| Total Deposits | 5.52B | 4.76B | 4.65B | 4.62B | 4.38B | 4.12B |
| Short-Term Borrowings | 19.55M | 18.62M | 21.84M | 80.13M | 5.96M | |
| Current Portion of Leases | 1.48M | |||||
| Long-Term Debt | 4.01M | 3.00K | 39.59M | 39.54M | 39.44M | 39.37M |
| Federal Home Loan Bank Debt, Long-Term | 77.00M | 45.00M | 50.00M | 25.00M | 30.00M | |
| Long-Term Leases | 6.05M | 6.34M | 5.11M | 5.77M | 6.60M | |
| Trust Preferred Securities | 39.91M | 39.86M | 39.80M | 39.73M | 39.66M | 39.59M |
| Total Liabilities | 5.69B | 5.00B | 4.88B | 4.86B | 4.65B | 4.31B |
| Common Stock | 361.74M | 307.85M | 318.78M | 317.48M | 320.99M | 323.40M |
| Retained Earnings | 288.57M | 252.79M | 205.85M | 159.11M | 119.37M | 74.58M |
| Comprehensive Income & Other | -73.01M | -57.69M | -69.94M | -72.14M | -92.76M | 501.00K |
| Shareholders' Equity | 577.30M | 502.95M | 454.69M | 404.45M | 347.60M | 398.48M |
| Total Liabilities & Equity | 6.26B | 5.51B | 5.34B | 5.26B | 5.00B | 4.70B |
| Total Debt | 43.92M | 143.95M | 149.35M | 156.21M | 190.00M | 121.52M |
| Net Cash (Debt) | 138.64M | 23.93M | 7.59M | 51.95M | -76.18M | 235.00K |
| Net Cash Per Share | 6.54 | 1.14 | 0.36 | 2.45 | -3.58 | 0.01 |
| Filing Date Shares Outstanding | 22.08M | 20.59M | 20.97M | 20.91M | 21.13M | 21.20M |
| Total Common Shares Outstanding | 22.08M | 20.55M | 20.90M | 20.84M | 21.06M | 21.17M |
| Book Value Per Share | 26.14 | 24.48 | 21.76 | 19.41 | 16.50 | 18.82 |
| Tangible Book Value | 510.03M | 473.65M | 424.90M | 374.14M | 316.75M | 366.85M |
| Tangible Book Value Per Share | 23.10 | 23.05 | 20.33 | 17.96 | 15.04 | 17.33 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 68.54M | 66.79M | 59.07M | 63.35M | 62.90M | |
| Depreciation & Amortization | 5.49M | 5.72M | 5.75M | 10.83M | 6.37M | |
| Gain (Loss) on Sale of Investments | 4.79M | 4.72M | 4.49M | 275.00K | 4.35M | |
| Provision for Credit Losses | 6.13M | 4.47M | 6.21M | 5.34M | -1.93M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 5.19M | 10.16M | 22.03M | 34.84M | 72.84M | |
| Accrued Interest Receivable | -25.65M | -25.19M | -14.62M | -25.84M | -11.67M | |
| Change in Other Net Operating Assets | 17.89M | 1.02M | -3.60M | 14.65M | 17.17M | |
| Other Operating Activities | -1.89M | -287.00K | 1.46M | -4.51M | -5.95M | |
| Operating Cash Flow | 76.66M | 63.15M | 75.59M | 94.63M | 110.15M | |
| Capital Expenditures | -6.49M | -7.95M | -6.02M | -5.68M | -5.84M | |
| Sale of Property, Plant and Equipment | 960.00K | 1.65M | 1.83M | 63.00K | ||
| Investment in Securities | 109.69M | 136.92M | 143.66M | 119.83M | -363.25M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -225.85M | -251.02M | -305.05M | -542.50M | -195.51M | |
| Other Investing Activities | 153.00K | 2.93M | 2.82M | 1.93M | 1.47M | |
| Investing Cash Flow | -122.50M | -118.16M | -162.94M | -424.59M | -563.06M | |
| Long-Term Debt Issued | 307.00M | 130.00M | 135.00M | 351.00M | 100.00M | |
| Long-Term Debt Repaid | -315.01M | -135.02M | -170.98M | -295.00M | -100.00M | |
| Net Debt Issued (Repaid) | -8.01M | -5.02M | -35.98M | 56.00M | -3.00K | |
| Issuance of Common Stock | 13.00K | 70.00K | 77.00K | 61.00K | ||
| Repurchase of Common Stock | -12.43M | -5.16M | -4.01M | -17.27M | ||
| Common Dividends Paid | -21.60M | -20.05M | -19.33M | -18.57M | -18.16M | |
| Net Increase (Decrease) in Deposit Accounts | 107.59M | 31.21M | 243.81M | 261.98M | 479.74M | |
| Other Financing Activities | -1.22M | -1.05M | -650.00K | -620.00K | -691.00K | |
| Financing Cash Flow | 64.34M | 5.11M | 182.77M | 294.86M | 443.68M | |
| Net Cash Flow | 18.50M | -49.90M | 95.41M | -35.10M | -9.23M | |
| Free Cash Flow | 70.17M | 55.20M | 69.56M | 88.95M | 104.32M | |
| Free Cash Flow Margin | 31.96% | 25.30% | 34.64% | 43.15% | 50.07% | |
| Free Cash Flow Per Share | 3.35 | 2.62 | 3.29 | 4.18 | 4.78 | |
| Cash Interest Paid | 90.94M | 103.95M | 79.10M | 17.66M | 8.42M | |
| Cash Income Tax Paid | 11.65M | 13.90M | 16.10M | 10.04M | 14.06M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 825.63M | 673.11M | 727.74M | 542.27M | 503.88M | 507.88M |
| Last Close Price | 36.57 | 31.78 | 32.92 | 23.78 | 20.85 | 19.98 |
| PE Ratio | 11.00 | 9.82 | 10.90 | 9.18 | 7.95 | 8.07 |
| PS Ratio | 3.38 | 3.07 | 3.34 | 2.70 | 2.44 | 2.44 |
| PB Ratio | 1.40 | 1.34 | 1.60 | 1.34 | 1.45 | 1.27 |
| P/FCF Ratio | 21.46 | 9.59 | 13.18 | 7.79 | 5.67 | 4.87 |
| P/OCF Ratio | 16.56 | 8.78 | 11.52 | 7.17 | 5.33 | 4.61 |
| Debt / Equity Ratio | 0.08 | 0.29 | 0.33 | 0.39 | 0.55 | 0.30 |
| Debt / FCF Ratio | 2.05 | 2.71 | 2.25 | 2.14 | 1.17 | |
| Net Debt / Equity Ratio | -0.24 | -0.05 | -0.02 | -0.13 | 0.22 | -0.00 |
| Net Debt / FCF Ratio | -0.34 | -0.14 | -0.75 | 0.86 | -0.00 | |
| Return on Equity (ROE) | 13.50% | 14.31% | 15.55% | 15.71% | 16.98% | 15.96% |
| Return on Assets (ROA) | 1.23% | 1.26% | 1.26% | 1.15% | 1.31% | 1.41% |
| Earnings Yield | 9.09% | 10.18% | 9.18% | 10.89% | 12.57% | 12.38% |
| FCF Yield | 4.66% | 10.42% | 7.58% | 12.83% | 17.65% | 20.54% |
| Dividend Yield | 2.99% | 3.17% | 2.76% | 3.54% | 3.68% | 3.50% |
| Payout Ratio | 32.95% | 31.51% | 30.01% | 32.72% | 29.30% | 28.87% |
| Buyback Yield / Dilution | -0.85% | 0.68% | 0.30% | 0.59% | 2.34% | 1.86% |
| Total Shareholder Return | 2.21% | 3.85% | 3.06% | 4.13% | 6.02% | 5.37% |