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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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 204.78 | 200.48 | 215.80 | 218.33 |
| Pretax Income | 77.79 | 73.68 | 83.05 | 81.29 |
| Tax Provision | 14.44 | 14.61 | 16.26 | 12.75 |
| Net Income | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income Common Stockholders | 63.35 | 59.07 | 66.79 | 68.54 |
| Interest Expense | 19.45 | 83.35 | 100.53 | 89.72 |
| Interest Income | 169.01 | 239.68 | 266.78 | 269.74 |
| Selling General And Administration | 86.09 | 85.09 | 91.83 | 92.26 |
| Normalized Income | 63.18 | 59.08 | 66.65 | 68.50 |
| Basic EPS | 3 | 2.82 | 3.20 | 3.30 |
| Diluted EPS | 2.97 | 2.79 | 3.16 | 3.27 |
| Tax Effect Of Unusual Items | 0.04 | 0 | 0.03 | 0.01 |
| Tax Rate For Calcs | 0.19 | 0.20 | 0.20 | 0.16 |
| Total Unusual Items | 0.21 | -0.02 | 0.17 | 0.05 |
| Total Unusual Items Excluding Goodwill | 0.21 | -0.02 | 0.17 | 0.05 |
| Net Income From Continuing Operation Net Minority Interest | 63.35 | 59.07 | 66.79 | 68.54 |
| Reconciled Depreciation | 10.83 | 10.02 | 10.01 | 9.91 |
| Net Interest Income | 149.56 | 156.33 | 166.25 | 180.01 |
| Net Income From Continuing And Discontinued Operation | 63.35 | 59.07 | 66.79 | 68.54 |
| Diluted Average Shares | 21.33 | 21.17 | 21.14 | 20.96 |
| Basic Average Shares | 21.12 | 20.95 | 20.87 | 20.76 |
| Diluted NI Availto Com Stockholders | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income Including Noncontrolling Interests | 63.35 | 59.07 | 66.79 | 68.54 |
| Net Income Continuous Operations | 63.35 | 59.07 | 66.79 | 68.54 |
| Gain On Sale Of Security | -0.28 | -0.22 | 2.26 | -0.37 |
| Depreciation Amortization Depletion Income Statement | 0.79 | 0.55 | 0.52 | 0.49 |
| Depreciation And Amortization In Income Statement | 0.79 | 0.55 | 0.52 | 0.49 |
| Amortization | 0.79 | 0.55 | 0.52 | 0.49 |
| Amortization Of Intangibles Income Statement | 0.79 | 0.55 | 0.52 | 0.49 |
| Selling And Marketing Expense | 2.07 | 2.17 | 3.06 | 3.21 |
| General And Administrative Expense | 84.02 | 82.92 | 88.77 | 89.05 |
| Other Gand A | 2.87 | 0 | 0 | 0 |
| Insurance And Claims | 2.14 | 3 | 2.87 | 2.82 |
| Salaries And Wages | 81.88 | 79.92 | 85.90 | 86.22 |
| Operating Revenue | 204.78 | 200.48 | 215.80 | 218.33 |
| 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 | - | - | - | 13.6% | - |
| Silvercrest Asset Management Group Inc. | SAMG | $107M | 23.59 | 2.04 | 5.8% | 9.86 |
| Sound Financial Bancorp, Inc. | SFBC | $98M | 14.04 | 0.96 | 6.5% | - |
| Kestrel Group Ltd | KG | $89M | 1.12 | 0.58 | 36.4% | - |
| Vroom, Inc. | VRM | $80M |
| - |
| 0.69 |
| -45.5% |
| 57.65 |
| Siebert Financial Corp. | SIEB | $72M | 13.46 | 0.79 | 5.7% | - |
| eHealth, Inc. | EHTH | $62M | - | 0.10 | 6.8% | 7.11 |
| MarketWise, Inc. | MKTW | $47M | 7.64 | -3.69 | -2.6% | -3.48 |
| GoHealth, Inc. | GOCO | $31M | - | 0.45 | 4834.1% | -7.69 |
| Peer Median | - | 13.46 | 0.63 | 6.1% | 7.11 | |