Independent Bank Corporation logo IBCP - Independent Bank Corporation

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 1
HOLD 6
SELL 0
STRONG
SELL
0
| PRICE TARGET: $38.00 DETAILS
HIGH: $39.00
LOW: $37.00
MEDIAN: $38.00
CONSENSUS: $38.00
UPSIDE: 12.09%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 315.4 316.3 283.8 224.2 207.1 214.2 190.8 170.9 138.1 124.2 114.4 111.7 120.9 140.9 138.2 170.5 248.9 233.6 270.4 258.9 235.9 192.5 182.0 160.7 161.4 151.8 142.8 145 132.2 65.1 49.8 40.9 35.3
Cost of Revenue 95.9 104.7 90.0 25.4 7.6 28.9 27.4 19.0 10.3 5.6 3.1 3.7 7.2 20.5 50.1 83.6 153.9 144.9 145.8 110.0 70.9 47.0 48.1 51.6 66.2 71.2 61.4 68.3 68 26 18.5 13.1 11.9
Gross Profit 219.5 211.7 193.8 198.8 199.5 185.3 163.3 151.9 127.7 118.6 111.3 108.0 113.7 120.4 88.1 86.9 95.0 88.7 124.6 148.9 165.0 145.5 133.8 109.2 95.2 80.7 81.4 76.7 64.2 39.1 31.3 27.8 23.4
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 97.2 91.8 85.1 86.1 83.3 81.8 82.5 76.4 68.2 63.6 62.6 61.4 63.7 71.5 68.6 73.7 86.6 67.9 61.3 50.8 52.1 47.2 43.6 37.3 31.5 28.3 34.3 32.3 26.5 15.7 12.2 10.6 8.5
Other Expenses 41.0 36.8 35.1 34.9 38.9 34.0 23.1 26.3 21.1 22.1 19.3 21.3 27.3 22.7 39.9 31.5 101.9 109.5 54.4 52.6 49.6 43.3 38.9 30.9 30.0 25.1 35.1 27.4 34.3 12.2 9.6 8.9 7.4
Operating Expenses 138.2 128.6 120.2 121 122.2 115.8 105.6 102.7 89.3 85.7 81.9 82.8 91.0 94.2 108.6 105.2 188.4 177.3 115.7 103.4 101.8 90.5 82.5 68.3 61.5 53.4 69.4 59.7 60.8 27.9 21.8 19.5 15.9
Operating Income
Operating Income 81.3 83.0 73.7 77.8 77.3 69.5 57.8 49.1 38.4 32.9 29.4 25.2 22.7 26.2 (20.4) (18.3) (93.4) (88.6) 8.9 45.5 63.2 55.0 51.3 40.9 33.7 27.3 12 17 3.4 11.2 9.5 8.3 7.5
Interest Expense 89.7 100.5 83.3 19.4 8.3 16.2 26.3 17.5 9.1 6.9 5.9 7.3 9.2 13.1 20.2 37.2 50.5 73.6 102.7 93.7 63.1 43.0 44.1 48.0 62.5 67.9 58.7 64.7 66 24.8 17.9 12.6 11.3
Interest Income 269.7 266.8 239.7 169.0 138.1 139.8 148.9 130.8 98.3 86.5 80.8 80.6 87.1 99.4 114.8 148.9 189.1 203.7 223.3 216.9 193.0 154.2 139.4 129.8 134.5 132.8 125.5 125.9 119.9 59.5 46 37.8 31.5
Profitability
EBITDA 81.3 93.1 83.7 88.6 89.4 78.6 63.8 55.2 45.4 38.1 33.9 28.2 20.5 21.5 (31.7) (46.0) (136.8) (111.4) (3.7) 35.6 50.7 52.0 59.1 47.4 40.3 33.8 18.1 21.9 8.7 14 11.7 8.8 9.1
EBIT 81.3 83.0 73.7 77.8 77.3 69.5 57.8 49.1 38.4 32.9 29.4 25.2 22.7 26.2 (20.4) (18.3) (93.4) (88.6) 8.9 45.5 63.2 55.0 51.3 40.9 33.7 27.3 12 17 3.4 11.2 9.5 8.3 7.5
Income Before Tax 81.3 83.0 73.7 77.8 77.3 69.5 57.8 49.1 38.4 32.9 29.4 25.2 22.7 26.2 (20.4) (18.3) (93.4) (88.6) 8.9 45.5 63.2 55.0 51.3 40.9 33.7 27.3 12 17 3.4 11.2 9.5 8.3 7.5
Income Tax Expense 12.8 16.3 14.6 14.4 14.4 13.3 11.3 9.3 18.0 10.1 9.4 7.2 (54.9) 0 (0.2) (1.6) (3.2) 3.1 (1.1) 11.7 17.5 14.7 13.7 11.4 9.3 7.3 3.3 5.1 1.9 3.3 2.7 2.3 2.1
Net Income 68.5 66.8 59.1 63.4 62.9 56.2 46.4 39.8 20.5 22.8 20.0 18.0 77.5 26.2 (20.2) (16.7) (90.2) (91.7) 10.4 33.2 45.7 40.3 37.6 29.5 24.4 20.0 8.7 11.9 1.5 7.9 6.8 6 5.4
Per Share Data
EPS (Basic) 3.30 3.20 2.82 3.00 2.91 2.56 2.03 1.70 0.96 1.06 0.88 0.79 5.87 2.51 -2.94 -4.09 -39.60 -40.00 4.60 14.50 19.14 16.24 15.78 8.85 6.75 8.08 3.47 4.79 0.17 4.96 4.34 0.63 0.58
EPS (Diluted) 3.27 3.16 2.79 2.97 2.88 2.53 2.00 1.68 0.95 1.05 0.86 0.77 3.55 0.84 -2.94 -4.09 -39.60 -40.00 4.50 14.30 18.76 15.96 15.42 8.69 6.65 8.03 3.42 4.75 0.17 4.96 4.34 0.63 0.58
Shares Outstanding 20.7 20.9 20.9 21.1 21.6 21.9 22.9 23.4 21.3 21.5 22.7 22.9 14.0 8.7 8.3 5.1 2.4 2.3 2.3 2.3 2.4 2.5 2.4 2.3 2.4 2.5 2.5 1.6 1.6 1.6 1.6 1.6 1.4
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 138.4 119.9 169.8 74.4 109.5 118.7 65.7 70.8 57.5 88.8 288.7 57.7 72.8 61.7 60.7 50.5 58.1 58.6 53.9 30.4 50.6 17.2 23.9 34.2
Short-Term Investments 23.2 25.4 679.4 779.3 1,412.8 1,072.2 518.4 427.9 522.9 610.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 0 0 0 128.9 66.1 62.5 44.8 34.9 29.6 33.4 5.4 0 0 0 0 0 0 0 0 0 0 0 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 161.6 145.3 849.1 982.6 1,588.4 1,253.3 628.9 533.6 610.0 732.8 316.2 57.7 72.8 61.7 60.7 50.5 58.1 58.6 53.9 30.4 50.6 17.2 23.9 34.2
Non-Current Assets
Property, Plant & Equipment 39.0 37.5 35.5 35.9 36.4 36.1 38.4 38.8 39.1 40.2 72.6 73.3 56.6 44.0 40.7 35.9 34.8 37.6 35.3 21.1 18.5 9.9 9.5 8.8
Goodwill 28.3 28.3 28.3 28.3 28.3 28.3 28.3 28.3 0 0 0 16.7 53.4 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 32.5 48.3 44.2 45.0 29.6 21.2 24.5 27.8 17.3 15.6 25.5 24.2 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 5,004.1 4,860.3 4,102.3 3,834.6 2,948.1 2,790.7 2,768.7 2,644.2 2,035.7 1,624.0 2,416.0 2,644.6 2,790.2 2,136.3 1,865.6 1,736.0 1,624.0 1,544.1 1,457.5 891.6 778 544.3 465.4 381.9
Other Non-Current Assets 240.3 218.4 204.2 73.3 74.0 74.4 73.9 74.7 72.2 103.6 135.0 139.7 107.6 93.9 90.5 65.9 66.8 84.9 114.2 40.7 41.5 18.7 17.4 19.4
Total Non-Current Assets 5,344.1 5,192.8 4,414.6 4,017.2 3,116.3 2,950.7 2,935.8 2,819.6 2,179.4 1,816.2 2,649.2 2,898.5 3,021.2 2,298.4 1,996.8 1,837.9 1,725.6 1,666.6 1,607 953.4 838 572.9 492.3 410.1
Total Assets 5,505.7 5,338.1 5,263.7 4,999.8 4,704.7 4,204.0 3,564.7 3,353.3 2,789.4 2,548.9 2,965.4 2,956.2 3,094.0 2,358.6 2,057.6 1,888.5 1,783.8 1,725.2 1,660.9 983.8 888.6 590.1 516.2 444.3
Current Liabilities
Account Payables 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short-Term Debt 0 0 0 61 0 0 53.6 10 26.7 1.2 0 0.8 117.6 53.9 23.8 35.1 27.6 42.4 22.7 28 1.7 13.4 13.9 5.1
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 4,761.7 4,654.1 4,622.9 4,379.1 4,115.5 3,637.4 3,036.7 2,913.4 2,400.5 2,225.7 2,565.8 2,066.5 2,176.9 1,702.8 1,535.6 1,387.4 1,389.9 1,310.6 1,255.5 700.4 672.5 411.6 409.4 388.9
Total Current Liabilities 4,761.7 4,654.1 4,622.9 4,548.1 4,197.3 3,705.7 3,140.1 2,959.2 2,460.9 2,255.4 2,610.1 2,126.5 2,342.7 1,783.0 1,559.4 1,422.5 1,417.5 1,353 1,278.2 728.4 674.2 425 423.3 394
Non-Current Liabilities
Long-Term Debt 116.9 124.4 129.3 165.1 109.0 108.8 74.5 55.1 63.5 43.8 224.1 634.9 469.6 384.0 327.7 305.3 196.0 224.6 229.2 184.4 152.6 110.9 47.7 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 124.2 104.9 107.1 (61) 0 0 0 0 0 0.7 0 0 51.5 30.9 32.4 28.8 42.0 33.9 36.5 11.5 10 7.2 4.9 14.1
Total Non-Current Liabilities 241.1 229.3 236.4 104.1 109.0 108.8 74.5 55.1 63.5 44.5 224.1 634.9 521.1 414.9 360.1 334.1 238.0 258.5 265.7 195.9 162.6 118.1 52.6 14.1
Total Liabilities 5,002.8 4,883.4 4,859.3 4,652.2 4,306.3 3,814.5 3,214.5 3,014.3 2,524.4 2,300.0 2,855.5 2,761.4 2,863.7 2,197.9 1,919.5 1,756.6 1,655.5 1,611.5 1,543.9 924.3 836.8 543.1 475.9 408.1
Stockholders' Equity
Common Stock 307.8 318.8 317.5 321.0 323.4 339.4 352.3 377.4 325.0 323.7 23.9 22.8 21.2 19.6 17.8 17.8 11.6 11.2 10.8 0 0 0 0 0
Retained Earnings 252.8 205.9 159.1 119.4 74.6 40.1 1.6 (28.3) (54.1) (65.7) (169.1) (73.8) 41.8 17.0 41.8 39.4 37.5 33.9 38.6 23.2 24.7 23.7 22.9 17.2
Accumulated Other Comprehensive Income (57.7) (69.9) (72.1) (92.8) 0.5 10.0 (3.8) (10.1) (6.0) (9.1) (15.7) (23.2) 8.5 6.3 3.4 (1.8) 1.9 (3.1) 1.2 1.7 1 0.7 (2.1) 0
Total Stockholders' Equity 503.0 454.7 404.4 347.6 398.5 389.5 350.2 339.0 264.9 249.0 109.9 194.9 230.3 162.2 138.0 131.9 128.3 113.7 117 59.5 51.8 47 40.3 36.2
Total Liabilities & Equity 5,505.7 5,338.1 5,263.7 4,999.8 4,704.7 4,204.0 3,564.7 3,353.3 2,789.4 2,548.9 2,965.4 2,956.2 3,094.0 2,358.6 2,057.6 1,888.5 1,783.8 1,725.2 1,660.9 983.8 888.6 590.1 516.2 444.3
Debt Metrics
Total Debt 116.9 124.4 129.3 226.1 109.0 108.8 128.1 65.1 90.2 45.0 224.1 634.9 587.1 437.9 351.5 340.4 223.6 267 251.9 212.4 154.3 124.3 61.6 5.1
Net Debt (21.5) 4.5 (40.5) 151.7 (0.5) (9.9) 62.4 (5.8) 32.7 (43.8) (64.7) 577.2 514.3 376.1 290.8 289.8 165.4 208.4 198 182 103.7 107.1 37.7 (29.1)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 68.5 66.8 59.1 63.4 62.9 56.2 46.4 39.8 20.5 22.8 46.9 38.6 37.6 29.5 24.4 20.0 8.7 11.9 1.5 7.9 6.8 6 5.4
Depreciation & Amortization 9.9 10.0 10.0 10.8 12.1 6.3 6.1 6.0 7.0 5.2 (12.5) (3.0) 7.8 6.5 6.6 6.5 6.1 4.9 5.3 2.8 2.2 0.5 1.6
Stock-Based Compensation 2.7 2.3 2.2 2.1 1.9 2.0 1.9 1.7 1.7 1.6 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (7.8) (24.2) (18.2) (11.2) 5.5 2.3 6.0 (4.7) 1.7 (6.6) 10.1 7.0 (11.1) (3.2) 2.1 8.2 (6.2) (7.9) 10 (7.5) 2.9 2.3 0.3
Other Non-Cash Items 6.8 9.4 22.3 29.9 25.8 (5.9) (26.9) (7.3) (8.3) (9.0) 0.8 (2.1) 101.1 (48.3) (52.9) (4.9) 36.7 (20.8) (8.8) 8.5 (2.1) 0.8 0
Operating Cash Flow 76.7 63.2 75.6 94.6 110.2 58.7 34.5 44.9 38.6 23.7 48.3 42.6 139.9 (14.6) (20.9) 30.8 46.2 (12.6) 7.7 11.5 8.6 10.1 7.3
Investing Activities
Capital Expenditure (6.5) (8.0) (6.0) (5.7) (5.8) (4.4) (4.9) (3.9) (4.2) (3.5) (13.9) (11.7) (7.3) (9.5) (5.6) (1.6) (6.5) (8.9) (6.2) (3.7) (1.6) (1.3) (2)
Acquisitions 0 0 0 0 0 0 0 23.5 33.4 0 0 0 (3.1) 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (26.5) (3.6) (1.7) (140.2) (824.3) (859.1) (237.7) (105.5) (100.6) (298.4) (70.6) (132.2) (226.9) (181.2) (120.0) (50.4) (699.6) (881.4) (129.8) (60.7) (20.2) (60.9) (69.9)
Sales/Maturities of Investments 136.2 140.5 145.4 260.0 461.1 344.8 222.7 209.4 191.0 267.5 131.1 128.6 139.2 120.4 66.6 85.3 720.2 969.8 237.3 47.8 34.4 62.6 52.6
Other Investing Activities (225.7) (247.1) (300.6) (538.7) (194.0) (35.2) (162.2) (306.9) (397.2) (104.5) (316.9) (279.3) (189.2) (35.2) (6.9) (91.0) (117.8) (50.5) (188.5) 13.8 (74.9) (54.7) 13.6
Investing Cash Flow (122.5) (118.2) (162.9) (424.6) (563.1) (553.9) (182.2) (183.4) (277.6) (138.9) (270.3) (294.6) (287.2) (105.5) (66.0) (57.7) (103.7) 29 (87.2) (2.8) (62.3) (54.3) (5.7)
Financing Activities
Net Debt Issuance (8.0) (5.0) (36.0) 56.0 (0.0) (19.4) 62.9 (43.3) 45.2 (2.5) (215.6) 102.9 (28.4) 11.1 99.5 (43.3) 15.1 (128.9) 40.5 3.7 62.7 47.5 8.4
Stock Repurchased (12.4) 0 (5.2) (4.0) (17.3) (14.2) (26.3) (12.7) 0 (16.9) (13.1) 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (21.6) (20.0) (19.3) (18.6) (18.2) (17.6) (16.6) (14.1) (9.0) (7.3) (15.3) (12.5) (11.0) (8.4) (7.2) (6.6) (4.6) (3.6) (3.2) (2.7) (2.4) (1.9) (1.4)
Other Financing Activities 107.6 30.2 243.2 261.4 479.0 599.9 122.4 224.0 174.2 139.2 458.5 172.8 198.7 148.2 (2.5) 79.3 55 125.4 25.6 23.6 (13.2) (14.2) 1.9
Financing Cash Flow 64.3 5.1 182.8 294.9 443.7 548.6 142.7 154.0 210.5 112.6 216.7 263.1 148.3 130.3 79.3 26.4 62.2 (6.2) 63.7 24.7 47.2 30.5 8.9
Cash Position
Net Change in Cash 18.5 (49.9) 95.4 (35.1) (9.2) 53.4 (4.9) 15.5 (28.5) (2.6) (5.3) 11.1 1.0 10.2 (7.6) (0.5) 4.7 10.1 (15.7) (17.2) (23.7) (37.4) (23.3)
Cash at Beginning 119.9 169.8 74.4 109.5 118.7 65.3 70.2 54.7 83.2 85.8 72.8 61.7 60.7 50.5 58.1 58.6 53.9 43.8 59.5 17.2 23.7 37.4 23.3
Cash at End 138.4 119.9 169.8 74.4 109.5 118.7 65.3 70.2 54.7 83.2 67.6 72.8 61.7 60.7 50.5 58.1 58.6 53.9 43.8 50.6 17.2 23.7 33.8
Free Cash Flow 70.2 55.2 69.6 89.0 104.3 54.3 29.6 41.1 34.4 20.2 34.4 30.9 132.6 (24.1) (26.6) 29.2 39.7 (21.5) 1.5 7.8 7 8.8 5.3
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 315.4 316.3 283.8 224.2 207.1 214.2 190.8 170.9 138.1 124.2 114.4 111.7 120.9 140.9 138.2 170.5 248.9 233.6 270.4 258.9 235.9 192.5 182.0 160.7 161.4 151.8 142.8 145 132.2 65.1 49.8 40.9 35.3
Gross Profit 219.5 211.7 193.8 198.8 199.5 185.3 163.3 151.9 127.7 118.6 111.3 108.0 113.7 120.4 88.1 86.9 95.0 88.7 124.6 148.9 165.0 145.5 133.8 109.2 95.2 80.7 81.4 76.7 64.2 39.1 31.3 27.8 23.4
Operating Income 81.3 83.0 73.7 77.8 77.3 69.5 57.8 49.1 38.4 32.9 29.4 25.2 22.7 26.2 (20.4) (18.3) (93.4) (88.6) 8.9 45.5 63.2 55.0 51.3 40.9 33.7 27.3 12 17 3.4 11.2 9.5 8.3 7.5
Net Income 68.5 66.8 59.1 63.4 62.9 56.2 46.4 39.8 20.5 22.8 20.0 18.0 77.5 26.2 (20.2) (16.7) (90.2) (91.7) 10.4 33.2 45.7 40.3 37.6 29.5 24.4 20.0 8.7 11.9 1.5 7.9 6.8 6 5.4
EPS (Diluted) 3.27 3.16 2.79 2.97 2.88 2.53 2.00 1.68 0.95 1.05 0.86 0.77 3.55 0.84 -2.94 -4.09 -39.60 -40.00 4.50 14.30 18.76 15.96 15.42 8.69 6.65 8.03 3.42 4.75 0.17 4.96 4.34 0.63 0.58
Balance Sheet
Cash & Equivalents 138.4 119.9 169.8 74.4 109.5 118.7 65.7 70.8 57.5 88.8 288.7 57.7 72.8 61.7 60.7 50.5 58.1 58.6 53.9 30.4 50.6 17.2 23.9 34.2
Total Assets 5,505.7 5,338.1 5,263.7 4,999.8 4,704.7 4,204.0 3,564.7 3,353.3 2,789.4 2,548.9 2,965.4 2,956.2 3,094.0 2,358.6 2,057.6 1,888.5 1,783.8 1,725.2 1,660.9 983.8 888.6 590.1 516.2 444.3
Total Debt 116.9 124.4 129.3 226.1 109.0 108.8 128.1 65.1 90.2 45.0 224.1 634.9 587.1 437.9 351.5 340.4 223.6 267 251.9 212.4 154.3 124.3 61.6 5.1
Stockholders' Equity 503.0 454.7 404.4 347.6 398.5 389.5 350.2 339.0 264.9 249.0 109.9 194.9 230.3 162.2 138.0 131.9 128.3 113.7 117 59.5 51.8 47 40.3 36.2
Cash Flow
Operating Cash Flow 76.7 63.2 75.6 94.6 110.2 58.7 34.5 44.9 38.6 23.7 48.3 42.6 139.9 (14.6) (20.9) 30.8 46.2 (12.6) 7.7 11.5 8.6 10.1 7.3
Capital Expenditure (6.5) (8.0) (6.0) (5.7) (5.8) (4.4) (4.9) (3.9) (4.2) (3.5) (13.9) (11.7) (7.3) (9.5) (5.6) (1.6) (6.5) (8.9) (6.2) (3.7) (1.6) (1.3) (2)
Free Cash Flow 70.2 55.2 69.6 89.0 104.3 54.3 29.6 41.1 34.4 20.2 34.4 30.9 132.6 (24.1) (26.6) 29.2 39.7 (21.5) 1.5 7.8 7 8.8 5.3