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Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts. It also provides consumer loans that consists of real estate loans comprising residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans; and investment and financial services. In addition, the company offers cash management; investment management and trust services; additional services, such as estate settlement, financial planning, tax services, and other special services; sale of mutual fund shares, unit investment trust shares, third party model portfolios, general securities, and fixed and variable annuities, as well as life insurance products; debit and credit card; safe deposit box services; automatic teller machines; and internet and mobile banking services. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $218M | - | $69M | $70M | 13.6% | 1.2% | 2.6% |
| 2024 | $216M | - | $67M | $55M | 14.7% | 7.6% | 13.1% |
| 2023 | $200M | - | $59M | $70M | 14.6% | -2.1% | -6.8% |
| 2022 | $205M | - | $63M | $89M | 18.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 204.78 | 200.48 | 215.80 | 218.33 |
| Operating Revenue | - | 204.78 | 200.48 | 215.80 | 218.33 |
| Selling General And Administration | - | 86.09 | 85.09 | 91.83 | 92.26 |
| Interest Income | - | 169.01 | 239.68 | 266.78 | 269.74 |
| Interest Expense | - | 19.45 | 83.35 | 100.53 | 89.72 |
| Net Interest Income | - | 149.56 | 156.33 | 166.25 | 180.02 |
| Pretax Income | - | 77.79 | 73.68 | 83.05 | 81.29 |
| Tax Provision | - | 14.44 | 14.61 | 16.26 | 12.75 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.04 | 0 | 0.03 | 0.01 |
| Net Income Continuous Operations | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income From Continuing And Discontinued Operation | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income From Continuing Operation Net Minority Interest | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income Common Stockholders | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income Including Noncontrolling Interests | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Normalized Income | - | 63.18 | 59.08 | 66.65 | 68.50 |
| Diluted NI Availto Com Stockholders | - | 63.35 | 59.07 | 66.79 | 68.54 |
| Basic Average Shares | - | 21.12 | 20.95 | 20.87 | 20.77 |
| Diluted Average Shares | - | 21.33 | 21.17 | 21.14 | 20.96 |
| Reconciled Depreciation | - | 10.83 | 10.02 | 10.01 | 9.91 |
| Total Unusual Items | - | 0.21 | -0.02 | 0.17 | 0.05 |
| Total Unusual Items Excluding Goodwill | - | 0.21 | -0.02 | 0.17 | 0.05 |
| Gain On Sale Of Security | - | -0.28 | -0.22 | 2.26 | -0.37 |
| Depreciation Amortization Depletion Income Statement | - | 0.78 | 0.55 | 0.52 | 0.49 |
| Depreciation And Amortization In Income Statement | - | 0.78 | 0.55 | 0.52 | 0.49 |
| General And Administrative Expense | - | 84.02 | 82.92 | 88.77 | 89.05 |
| Other Gand A | 13.90 | 2.87 | - | - | - |
| Salaries And Wages | - | 81.88 | 79.92 | 85.90 | 86.22 |
| Insurance And Claims | - | 2.14 | 3 | 2.87 | 2.82 |
| Selling And Marketing Expense | - | 2.07 | 2.16 | 3.06 | 3.21 |
| Amortization | - | 0.78 | 0.55 | 0.52 | 0.49 |
| Amortization Of Intangibles Income Statement | - | 0.78 | 0.55 | 0.52 | 0.49 |
| Occupancy And Equipment | - | 12.91 | 11.66 | 11.57 | 12.03 |
| Professional Expense And Contract Services Expense | - | 2.13 | 2.21 | 2.57 | 2.45 |
| Other Non Interest Expense | - | 19.08 | 20.64 | 22.15 | 23.90 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Independent Bank Corporationthis co. | IBCP | $705M | 10.28 | 1.40 | 13.6% | - |
| Orrstown Financial Services, Inc. | ORRF | $736M | 9.11 | 1.24 | 13.7% | - |
| Navient Corporation | NAVI | $730M | - | 0.30 | -3.3% | - |
| Green Dot Corporation | GDOT | $726M | -7.34 | 0.82 | -11.1% | -5.47 |
| Alerus Financial Corporation | ALRS | $721M |
| - |
| - |
| - |
| - |
| - |
| - |
| 41.37 |
| 1.28 |
| 3.1% |
| - |
| Financial Institutions, Inc. | FISI | $721M | 9.63 | 1.18 | 12.2% | - |
| SmartFinancial, Inc. | SMBK | $712M | 14.13 | 1.29 | 9.1% | - |
| Shore Bancshares, Inc. | SHBI | $695M | 11.68 | 1.18 | 10.1% | - |
| Velocity Financial, Inc. | VEL | $685M | 6.52 | 1.02 | 15.6% | - |
| Peer Median | - | 9.63 | 1.18 | 9.6% | -5.47 | |