Logo

IBCP

Independent Bank Corporation

IBCP

Independent Bank Corporation • NASDAQ
$32.65 ▼ -0.21% (-0.07)
Market Cap $675.59 M
52w High $38.91
52w Low $26.75
Dividend Yield 1.04%
P/E 10.05
Volume 62.55K
Outstanding Shares 20.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $79.39M ▲ $32.299M ▲ $17.502M ▲ 22.046% ▼ $0.85 ▲ $23.937M ▲
Q2-2025 $76.332M ▲ $32.286M ▲ $16.877M ▲ 22.11% ▲ $0.81 ▲ $23.083M ▲
Q1-2025 $74.729M ▼ $32.238M ▼ $15.59M ▼ 20.862% ▼ $0.74 ▼ $21.478M ▼
Q4-2024 $84.532M ▲ $35.089M ▲ $18.461M ▲ 21.839% ▲ $0.88 ▲ $25.251M ▲
Q3-2024 $76.036M $30.664M $13.81M 18.162% $0.66 $19.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $392.618M ▲ $5.493B ▲ $5.002B ▲ $490.742M ▲
Q2-2025 $336.174M ▼ $5.419B ▲ $4.949B ▲ $469.25M ▲
Q1-2025 $657.821M ▲ $5.328B ▼ $4.861B ▼ $467.277M ▲
Q4-2024 $145.268M ▼ $5.338B ▲ $4.883B ▲ $454.686M ▲
Q3-2024 $710.51M $5.259B $4.807B $452.369M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.502M ▲ $18.2M ▼ $-9.629M ▲ $53.956M ▼ $62.527M ▲ $16.544M ▼
Q2-2025 $16.877M ▲ $18.969M ▼ $-70.638M ▼ $69.683M ▲ $18.014M ▲ $16.69M ▼
Q1-2025 $15.59M ▼ $31.699M ▲ $3.334M ▲ $-26.77M ▼ $8.263M ▲ $30.577M ▲
Q4-2024 $18.461M ▲ $16.369M ▼ $-85.229M ▼ $67.182M ▲ $-1.678M ▲ $12.36M ▼
Q3-2024 $13.81M $17.202M $-67.475M $-42.515M $-92.788M $15.71M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Account Service Charges
Account Service Charges
 $0 ▲$0 ▲$0 ▲$0 ▲
Asset Management Revenue
Asset Management Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
ATM Fees
ATM Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Interchange Income
Interchange Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Investment And Insurance Commissions
Investment And Insurance Commissions
 $0 ▲$0 ▲$0 ▲$0 ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Deposit Related Income
Other Deposit Related Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Overdraft Fees
Overdraft Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Charges On Deposits
Service Charges On Deposits
 $0 ▲$0 ▲$0 ▲$0 ▲
Transaction Based Revenue
Transaction Based Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The bank’s income statement shows a steady, gradual build rather than big swings. Revenue has trended upward over the past five years, and profit levels have been consistently positive. Margins have held fairly stable, suggesting management has controlled costs reasonably well even as the rate environment shifted. Earnings per share dipped slightly in the middle of the period and then improved again, which fits with a normalization after unusually strong conditions for banks earlier in the decade. Overall, the picture is one of resilience and consistency rather than rapid growth or volatility.

Balance Sheet

Balance Sheet The balance sheet has grown over time, with total assets rising each year, which likely reflects a growing loan book and customer base. Shareholders’ equity has also increased, indicating retained profits and a stronger capital base. Borrowings are lower than they were a few years ago, which points to a somewhat cleaner funding profile, though as a bank, deposits remain the core liability that matters most. Cash levels have moved around but stay within a normal range for a regional bank. Altogether, the balance sheet looks incrementally stronger and more solid than it did five years ago, though still exposed to the usual banking risks around credit quality and funding costs.

Cash Flow

Cash Flow Cash generation has been positive and generally in line with reported profits, which helps support the quality of earnings. Operating cash flow was strongest a few years ago and has since eased back, reflecting a shift from exceptionally favorable conditions to a more typical environment. Free cash flow has consistently been positive after only modest spending on technology and infrastructure, suggesting the business does not require heavy reinvestment to sustain its operations. That said, as a bank, cash flow patterns can be lumpy due to loan and deposit flows, so year‑to‑year cash swings should be interpreted with caution rather than as a simple strength or weakness signal.

Competitive Edge

Competitive Edge Independent Bank Corporation operates as a community‑focused regional bank with deep roots in Michigan. Its strength lies in long‑standing customer relationships, local decision‑making, and a diversified loan mix across commercial, residential, and consumer categories. A meaningful share of state deposits and a solid base of low‑cost, relationship deposits give it a stable funding foundation. Specialized offerings like floorplan lending for dealerships and a range of business and SBA loans help it stand out among local competitors. Key risks to its position include heavy geographic concentration in Michigan, competition from larger national banks with broader product suites, and pressure from digital‑only and fintech players that can compete aggressively on price and convenience.

Innovation and R&D

Innovation and R&D The bank’s approach to innovation is measured and practical rather than experimental. It has invested in digital tools that directly improve customer experience and efficiency, such as the IB ONE Wallet mobile and online platform and a digital business lending system built through a fintech partnership. These tools streamline lending, enhance card and account controls, and provide financial wellness features like credit monitoring. The bank has deliberately stayed away from highly speculative areas like cryptocurrencies, favoring stability. Future opportunity lies in deepening fintech partnerships, modernizing core systems, and further automating back‑office work. The main risk is moving too slowly relative to faster‑moving digital competitors, but the appointment of technology leadership at the board level suggests growing focus on this area.

Summary

Independent Bank Corporation comes across as a mature, steadily run regional bank: modest but consistent revenue growth, solid profitability, and a gradually strengthening balance sheet. It leans on community relationships, a diversified lending book, and stable core deposits to anchor its business, while selectively adopting technology to enhance service and efficiency rather than to radically disrupt its model. Its innovation efforts are pragmatic and customer‑centric, with clear progress in digital banking and business lending platforms. The main watchpoints are the health of the Michigan economy, credit quality in its loan portfolio, competition for deposits in a higher‑rate world, and the pace of its digital evolution. From an analytical standpoint, it represents a case of measured growth and cautious modernization within the regional banking space, rather than a high‑growth or high‑risk profile.

NEWS

October 28, 2025 · 7:59 AM UTC

Independent Bank Corporation Reports 2025 Third Quarter Results

Read more

September 29, 2025 · 12:17 PM UTC

Independent Bank Corporation Announces Date for Its Third Quarter 2025 Earnings Release

Read more