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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.59M | - | $8.92M | $7.88M | $7.34M | - | $8.84M | $7.90M | $7.58M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $1.26M | - | $1.13M | $1.31M | $1.29M | - | - | - | - | - |
| Operating Income | $20.23M | - | $21.18M | $20.68M | $19.13M | - | $17.29M | $23.17M | $19.82M | - |
| Interest Expense | - | - | - | - | - | - | - | - | $24.93M | - |
| Income Tax | $3.35M | - | $3.67M | $3.80M | $3.54M | - | $3.48M | $4.64M | $3.83M | - |
| Net Income | $16.88M | - | $17.50M | $16.88M | $15.59M | - | $13.81M | $18.53M | $15.99M | - |
| EPS - Basic | $0.82 | - | $0.85 | $0.81 | $0.74 | - | $0.66 | $0.89 | $0.77 | - |
| EPS - Diluted | $0.81 | - | $0.84 | $0.81 | $0.74 | - | $0.65 | $0.88 | $0.76 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $174.91M | $138.39M | $208.69M | $146.16M | $128.15M | $119.88M | $121.56M | $214.35M | $161.84M | $169.78M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $5.56B | $5.51B | $5.49B | $5.42B | $5.33B | $5.34B | $5.26B | $5.28B | $5.23B | $5.26B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $5.05B | $5.00B | $5.00B | $4.95B | $4.86B | $4.88B | $4.81B | $4.85B | $4.82B | $4.86B |
| Stockholders' Equity | $510.55M | $502.95M | $490.74M | $469.25M | $467.28M | $454.69M | $452.37M | $430.46M | $415.57M | $404.45M |
| Retained Earnings | $263.90M | $252.79M | $239.60M | $227.48M | $216.00M | $205.85M | $192.41M | $183.61M | $170.10M | $159.11M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($9.16M) | - | - | - | $31.70M | - | - | - | $20.83M | - |
| Investing Cash Flow | ($16.70M) | - | - | - | $3.33M | - | - | - | $17.69M | - |
| Financing Cash Flow | $62.38M | - | - | - | ($26.77M) | - | - | - | ($46.46M) | - |
| CapEx | $4.61M | - | - | - | $1.12M | - | - | - | $676.0K | - |
| Free Cash Flow | ($13.77M) | - | - | - | $30.58M | - | - | - | $20.16M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 266.6% | - | 237.4% | 262.5% | 260.5% | - | 195.7% | 293.4% | 261.7% | - |
| EBITDA margin | 283.2% | - | 250.0% | 279.1% | 278.1% | - | - | - | - | - |
| Net margin | 222.4% | - | 196.2% | 214.2% | 212.3% | - | 156.3% | 234.7% | 211.1% | - |
| Free cash flow margin | -181.4% | - | - | - | 416.5% | - | - | - | 266.1% | - |
| FCF / Net income | -0.82 | - | - | - | 1.96 | - | - | - | 1.26 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 16.6% | - | 17.3% | 18.4% | 18.5% | - | 20.1% | 20.0% | 19.3% | - |
| Return on assets | 0.3% | - | 0.3% | 0.3% | 0.3% | - | 0.3% | 0.4% | 0.3% | - |
| Return on equity | 3.3% | - | 3.6% | 3.6% | 3.3% | - | 3.1% | 4.3% | 3.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | 0.8x | - |
| Equity multiplier | 10.89 | 10.95 | 11.19 | 11.55 | 11.40 | 11.74 | 11.63 | 12.26 | 12.59 | 13.01 |
| Liabilities / Assets | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.92 | 0.92 | 0.92 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.00 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 41.1x | - | 36.9x | 40.0x | 41.6x | - | 51.3x | 30.7x | 33.4x | - |
| P / B | 1.4x | - | - | - | - | - | - | - | - | - |
| P / S | 92.8x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 24.6x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.4% | - | 1.0% | -0.2% | -3.1% | - | -3.0% | -2.1% | 0.1% | - |
| Revenue CAGR (3y) | 0.1% | - | 1.5% | 0.2% | -0.3% | - | 1.5% | 4.8% | 7.4% | - |
| Revenue CAGR (5y) | 4.4% | - | 6.1% | 9.1% | 3.5% | - | 5.3% | 3.9% | 4.8% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 5.8% | - | 22.5% | -10.7% | -3.5% | - | -20.1% | 27.3% | 24.9% | - |
| Net income growth (YoY) | 8.2% | - | 26.7% | -8.9% | -2.5% | - | -21.3% | 25.3% | 23.1% | - |
| EPS growth (YoY) | 9.5% | - | 29.2% | -8.0% | -2.6% | - | -21.7% | 25.7% | 24.6% | - |
| EPS CAGR (3y) | 9.9% | - | 1.2% | 9.9% | -4.1% | - | -3.8% | 16.3% | -8.7% | - |
| EPS CAGR (5y) | -4.1% | - | -1.1% | 3.9% | 28.6% | - | 3.4% | 13.9% | 14.3% | - |
| FCF growth (YoY) | - | - | - | - | 51.7% | - | - | - | -9.3% | - |
| FCF CAGR (5y) | - | - | - | - | 7.3% | - | - | - | 15.9% | - |
| Book value growth (YoY) | 9.3% | 10.6% | 8.5% | 9.0% | 12.4% | 12.4% | 20.6% | 14.7% | 13.0% | 16.4% |
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%
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 |