IBCP · Independent Bank Corp /Mi/ - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $32.08M | $31.98M | $32.90M | $31.64M | $29.10M | $24.03M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $4.99M | $5.19M | $5.20M | $5.30M | $5.40M | $5.30M |
| Operating Income | $81.29M | $83.05M | $73.68M | $77.79M | $69.48M | $69.48M |
| Interest Expense | - | - | $83.35M | $19.45M | $8.31M | $16.22M |
| Income Tax | $12.75M | $16.26M | $14.61M | $14.44M | $14.42M | $13.33M |
| Net Income | $68.54M | $66.79M | $59.07M | $63.35M | $62.90M | $56.15M |
| EPS - Basic | $3.30 | $3.20 | $2.82 | $3.00 | $2.91 | $2.56 |
| EPS - Diluted | $3.27 | $3.16 | $2.79 | $2.97 | $2.88 | $2.53 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $138.39M | $119.88M | $169.78M | $74.37M | $109.47M | $118.70M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $5.51B | $5.34B | $5.26B | $5.00B | $4.70B | $4.20B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $5.00B | $4.88B | $4.86B | $4.65B | $4.31B | $3.81B |
| Stockholders' Equity | $502.95M | $454.69M | $404.45M | $347.60M | $398.48M | $389.52M |
| Retained Earnings | $252.79M | $205.85M | $159.11M | $119.37M | $74.58M | $40.15M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $76.66M | $63.15M | $75.59M | $94.63M | $110.15M | $58.17M |
| Investing Cash Flow | ($122.50M) | ($118.16M) | ($162.94M) | ($424.59M) | ($563.06M) | ($553.40M) |
| Financing Cash Flow | $64.34M | $5.11M | $182.77M | $294.86M | $443.68M | $548.63M |
| CapEx | $6.49M | $7.95M | $6.02M | $5.68M | $5.84M | $4.38M |
| Free Cash Flow | $70.17M | $55.20M | $69.56M | $88.95M | $104.32M | $53.79M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 253.4% | 259.7% | 223.9% | 245.8% | 238.8% | 289.2% |
| EBITDA margin | 269.0% | 275.9% | 239.7% | 262.6% | 257.3% | 311.3% |
| Net margin | 213.7% | 208.9% | 179.5% | 200.2% | 216.1% | 233.7% |
| Free cash flow margin | 218.8% | 172.6% | 211.4% | 281.1% | 358.5% | 223.9% |
| FCF / Net income | 1.02 | 0.83 | 1.18 | 1.40 | 1.66 | 0.96 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 15.7% | 19.6% | 19.8% | 18.6% | 18.6% | 19.2% |
| Return on assets | 1.2% | 1.3% | 1.1% | 1.3% | 1.3% | 1.3% |
| Return on equity | 13.6% | 14.7% | 14.6% | 18.2% | 15.8% | 14.4% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | 0.9x | 4.0x | 8.4x | 4.3x |
| Equity multiplier | 10.95 | 11.74 | 13.01 | 14.38 | 11.81 | 10.79 |
| Liabilities / Assets | 0.91 | 0.91 | 0.92 | 0.93 | 0.92 | 0.91 |
| Efficiency | ||||||
| Asset turnover | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 9.9x | 11.0x | 9.3x | 8.1x | 8.3x | 7.3x |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 0.3% | -2.8% | 4.0% | 8.7% | 21.1% | -7.4% |
| Revenue CAGR (3y) | 0.5% | 3.2% | 11.0% | 6.8% | 2.4% | - |
| Revenue CAGR (5y) | 5.9% | 4.3% | 3.9% | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -2.1% | 12.7% | -5.3% | 12.0% | 0.0% | 20.3% |
| Net income growth (YoY) | 2.6% | 13.1% | -6.8% | 0.7% | 12.0% | 20.9% |
| EPS growth (YoY) | 3.5% | 13.3% | -6.1% | 3.1% | 13.8% | 26.5% |
| EPS CAGR (3y) | 3.3% | 3.1% | 3.3% | 14.1% | 19.7% | 38.6% |
| EPS CAGR (5y) | 5.3% | 9.6% | 10.7% | 25.6% | 22.4% | 24.1% |
| FCF growth (YoY) | 27.1% | -20.6% | -21.8% | -14.7% | 93.9% | 85.2% |
| FCF CAGR (5y) | 5.5% | 13.7% | 11.1% | 35.5% | 38.4% | 2.4% |
| Book value growth (YoY) | 10.6% | 12.4% | 16.4% | -12.8% | 2.3% | 11.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$49.34M totalInterchange Income$13.86M · 28.1%
Service Charges On Deposits$12.02M · 24.4%
Overdraft Fees$8.94M · 18.1%
Investment And Insurance Commissions$3.51M · 7.1%
Other Deposit Related Income$2.68M · 5.4%
Account Service Charges$2.64M · 5.3%
Transaction Based Revenue$1.87M · 3.8%
Asset Management Revenue$1.64M · 3.3%
ATMFees$1.53M · 3.1%
Other$653.0K · 1.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- -No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: State Commercial Banks
Comparing INDEPENDENT BANK CORP /MI/ against the 5 most active filers in the same SIC group.
Dividends
$1.08/share trailing 12 months · +8.0% YoY
| Ex-date | Per share |
|---|---|
| May 4, 2026 | $0.2800 |
| Feb 3, 2026 | $0.2800 |
| Nov 4, 2025 | $0.2600 |
| Aug 5, 2025 | $0.2600 |
| May 5, 2025 | $0.2600 |
| Feb 4, 2025 | $0.2600 |
| Nov 5, 2024 | $0.2400 |
| Aug 5, 2024 | $0.2400 |
| May 2, 2024 | $0.2400 |
| Feb 2, 2024 | $0.2400 |
| Nov 2, 2023 | $0.2300 |
| Aug 3, 2023 | $0.2300 |
| May 4, 2023 | $0.2300 |
| Feb 15, 2023 | $0.2300 |
| Nov 3, 2022 | $0.2200 |
| Aug 4, 2022 | $0.2200 |
| May 4, 2022 | $0.2200 |
| Feb 3, 2022 | $0.2200 |
| Nov 4, 2021 | $0.2100 |
| Aug 5, 2021 | $0.2100 |
| May 4, 2021 | $0.2100 |
| Feb 4, 2021 | $0.2100 |
| Nov 4, 2020 | $0.2000 |
| Aug 3, 2020 | $0.2000 |