IBCP
Independent Bank Corporation
$36.22
+0.34
(+0.95%)
Mkt Cap
746.36M
Volume
203,884
52W Range
29.63-39.17
Sector
Financial Services
Beta
0.70
EPS (TTM)
3.38
P/E Ratio
10.72
Revenue (TTM)
309.72M
Rev Growth (5Y)
+8.0%
EPS Growth (5Y)
+5.2%
AlphaVal · Fair Value
What we estimate one share is worth
$55.24
Undervalued
moderate signal
34.4% below fair value
Modeled from cash flows & growth.
AlphaQuality · Grade
How strong & durable the business is
B-
Banks, Insurers & Asset Managers
66.1 / 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 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 74.62M | 79.38M | 79.39M | 76.33M | 74.73M | 84.53M | 76.04M | 79.75M | 76.15M | 72.89M | 76.40M | 71.57M |
| Net Income | 16.88M | 18.57M | 17.50M | 16.88M | 15.59M | 18.46M | 13.81M | 18.53M | 15.99M | 13.74M | 17.54M | 14.79M |
| EPS | 0.82 | 0.90 | 0.85 | 0.81 | 0.74 | 0.88 | 0.66 | 0.89 | 0.77 | 0.66 | 0.84 | 0.70 |
| Free Cash Flow | (13.77M) | 6.36M | 16.54M | 16.69M | 30.58M | 12.36M | 15.71M | 6.97M | 20.16M | 15.29M | 24.27M | 7.95M |
| FCF / Share | -0.67 | 0.31 | 0.80 | 0.80 | 1.46 | 0.59 | 0.75 | 0.33 | 0.97 | 0.73 | 1.16 | 0.38 |
| Operating CF | (9.16M) | 7.79M | 18.20M | 18.97M | 31.70M | 16.37M | 17.20M | 8.75M | 20.83M | 16.80M | 25.71M | 9.69M |
| Total Assets | 5.56B | 5.51B | 5.49B | 5.42B | 5.33B | 5.34B | 5.26B | 5.28B | 5.23B | 5.26B | 5.20B | 5.14B |
| Total Debt | 74.11M | 116.87M | 41.85M | 181.46M | 124.43M | 124.39M | 79.35M | 129.32M | 129.25M | 129.26M | 129.22M | 169.18M |
| Cash & Equiv | 48.48M | 138.39M | 208.69M | 146.16M | 128.15M | 119.88M | 121.56M | 214.35M | 161.84M | 169.78M | 127.46M | 129.19M |
| Book Value | 510.55M | 502.95M | 490.74M | 469.25M | 467.28M | 454.69M | 452.37M | 430.46M | 415.57M | 404.45M | 375.00M | 375.16M |
| Return on Equity | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.05 | 0.04 |
IBCP News
Independent Bank Corporation Announces Date for Its Second Quarter 2026 Earnings Release
Why Independent Bank (IBCP) is a Top Dividend Stock for Your Portfolio
Independent Bank Corporation Announces Completion of the HCB Financial Corp. and Highpoint Community Bank Acquisition
Independent Bank Corporation Announces Shareholder Approval to Acquire HCB Financial Corp. and Highpoint Community Bank
Independent Bank (IBCP) is a Top Dividend Stock Right Now: Should You Buy?
Independent Bank Corporation Announces Regulatory Approvals to Acquire HCB Financial Corp. and Highpoint Community Bank
Independent Bank (IBCP) Upgraded to Buy: What Does It Mean for the Stock?
This is Why Independent Bank (IBCP) is a Great Dividend Stock
Independent Bank (IBCP) Could Be a Great Choice
URGENT: The M&A Class Action Firm Launches Legal Inquiry for the Merger—LSTA, IBCP, HCBN, and SILA