IBCP
Independent Bank Corporation
$36.86
+0.22
(+0.60%)
Mkt Cap
759.54M
Volume
152,648
52W Range
29.83-39.24
Sector
Financial Services
Beta
0.70
EPS (TTM)
3.48 USD
P/E Ratio
10.59
Revenue (TTM)
316.02M USD
Rev Growth (5Y)
+8.0%
EPS Growth (5Y)
+5.2%
AlphaVal · Fair Value
What we estimate one share is worth
$59.15
Undervalued
moderate signal
37.7% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
B-
Banks, Insurers & Asset Managers
68.8 / 100 composite
A bank, insurer or asset manager — graded A–F vs. similar companies.
Company Description
As the holding company for Independent Bank, Independent Bank Corporation provides diverse banking services to both individual consumers and businesses. Its comprehensive suite of offerings includes checking and savings accounts, commercial lending, direct and indirect consumer financing, and mortgage solutions, along with safe deposit boxes. Customers also benefit from accessible automatic teller machines, internet banking, and mobile banking capabilities. The company further diversifies its portfolio with title insurance, insurance brokerage, and investment services. Headquartered in Grand Rapids, Michigan, and founded in 1864, Independent Bank Corporation reaches its clientele through roughly 59 branches, two drive-through facilities, and seven loan production offices across Michigan, in addition to two loan production offices in Ohio.
Track Record
Showing latest 4 periods • Swipe for more
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 315.38M | 316.33M | 283.83M | 224.23M | 207.12M | 214.19M | 190.76M | 170.88M | 138.06M | 124.16M | 114.43M | 111.70M |
| Net Income | 68.54M | 66.79M | 59.07M | 63.35M | 62.90M | 56.15M | 46.44M | 39.84M | 20.48M | 22.77M | 20.02M | 18.02M |
| EPS | 3.30 | 3.20 | 2.82 | 3.00 | 2.91 | 2.56 | 2.03 | 1.70 | 0.96 | 1.06 | 0.88 | 0.79 |
| Free Cash Flow | 70.17M | 55.20M | 69.56M | 88.95M | 104.32M | 54.30M | 29.56M | 41.06M | 34.37M | 20.25M | 18.50M | 8.77M |
| FCF / Share | 3.39 | 2.64 | 3.32 | 4.21 | 4.83 | 2.48 | 1.29 | 1.75 | 1.61 | 0.94 | 0.81 | 0.38 |
| Operating CF | 76.66M | 63.15M | 75.59M | 94.63M | 110.15M | 58.68M | 34.49M | 44.92M | 38.61M | 23.70M | 22.86M | 13.07M |
| Total Assets | 5.51B | 5.34B | 5.26B | 5.00B | 4.70B | 4.20B | 3.56B | 3.35B | 2.79B | 2.55B | 2.41B | 2.25B |
| Total Debt | 116.87M | 124.39M | 129.26M | 226.10M | 108.96M | 108.82M | 128.10M | 65.09M | 90.17M | 45.00M | 47.52M | 48.04M |
| Cash & Equiv | 138.39M | 119.88M | 169.78M | 74.37M | 109.47M | 118.70M | 65.65M | 70.84M | 57.48M | 88.78M | 97.65M | 87.58M |
| Book Value | 502.95M | 454.69M | 404.45M | 347.60M | 398.48M | 389.52M | 350.17M | 338.99M | 264.93M | 248.98M | 251.09M | 250.37M |
| Return on Equity | 0.14 | 0.15 | 0.15 | 0.18 | 0.16 | 0.14 | 0.13 | 0.12 | 0.08 | 0.09 | 0.08 | 0.07 |
| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 82.63M | 74.62M | 79.38M | 79.39M | 76.33M | 74.73M | 84.53M | 76.04M | 79.75M | 76.15M | 72.89M | 76.40M |
| Net Income | 18.80M | 16.88M | 18.57M | 17.50M | 16.88M | 15.59M | 18.46M | 13.81M | 18.53M | 15.99M | 13.74M | 17.54M |
| EPS | 0.91 | 0.82 | 0.90 | 0.85 | 0.81 | 0.74 | 0.88 | 0.66 | 0.89 | 0.77 | 0.66 | 0.84 |
| Free Cash Flow | 25.58M | (13.77M) | 6.36M | 16.54M | 16.69M | 30.58M | 12.36M | 15.71M | 6.97M | 20.16M | 15.29M | 24.27M |
| FCF / Share | 1.24 | -0.67 | 0.31 | 0.80 | 0.80 | 1.46 | 0.59 | 0.75 | 0.33 | 0.97 | 0.73 | 1.16 |
| Operating CF | 20.97M | (9.16M) | 7.79M | 18.20M | 18.97M | 31.70M | 16.37M | 17.20M | 8.75M | 20.83M | 16.80M | 25.71M |
| Total Assets | 5.66B | 5.56B | 5.51B | 5.49B | 5.42B | 5.33B | 5.34B | 5.26B | 5.28B | 5.23B | 5.26B | 5.20B |
| Total Debt | 166.90M | 74.11M | 116.87M | 41.85M | 181.46M | 124.43M | 124.39M | 79.35M | 129.32M | 129.25M | 129.26M | 129.22M |
| Cash & Equiv | 64.09M | 48.48M | 138.39M | 208.69M | 146.16M | 128.15M | 119.88M | 121.56M | 214.35M | 161.84M | 169.78M | 127.46M |
| Book Value | 528.41M | 510.55M | 502.95M | 490.74M | 469.25M | 467.28M | 454.69M | 452.37M | 430.46M | 415.57M | 404.45M | 375.00M |
| Return on Equity | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.05 |
IBCP News
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Independent Bank Corporation (IBCP) Q2 2026 Earnings Call Transcript
Independent Bank Q2 Earnings Call Highlights
Independent Bank (IBCP) Reports Q2 Earnings: What Key Metrics Have to Say
Independent Bank (IBCP) Surpasses Q2 Earnings and Revenue Estimates
Independent Bank Corporation Reports 2026 Second Quarter Earnings of $0.90 per Diluted Share
Independent Bank Corporation Appoints Nathan E. Tagg to Its Board of Directors
Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock