Symbols / IBCP Stock $33.43 +0.39% Independent Bank Corporation

Financial Services • Banks - Regional • United States • NMS
IBCP (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Banks - Regional
CEO —
Exch · Country NMS · United States
Market Cap 688.18M
Enterprise Value 580.16M
Income 69.83M
Sales 224.68M
FCF (ttm) —
Book/sh 24.48
Cash/sh 8.50
Employees 735
Insider 10d —
IPO Sep 04, 1985
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 31.74%
P/E 10.01
Forward P/E 8.75
PEG 1.40
P/S 3.06
P/B 1.37
P/C —
EV/EBITDA —
EV/Sales 2.58
Quick Ratio —
Current Ratio —
Debt/Eq —
LT Debt/Eq —
EPS (ttm) 3.34
EPS next Y 3.82
EPS Growth 9.50%
Revenue Growth 9.70%
EPS Gr Q/Q 8.20%
Rev Gr Q/Q —
Earnings (next) 2026-07-23
Earnings (prior) 2026-04-23
ROA 1.28%
ROE 14.28%
ROIC —
Gross Margin 0.00%
Oper. Margin 39.00%
Profit Margin 31.08%
Shs Outstand 20.59M
Shs Float 20.03M
Insider Own 5.13%
Instit Own 85.78%
Short Float 2.55%
Short Ratio 2.15
Short Interest 492.84K
52W High 37.39
vs 52W High -10.59%
52W Low 29.63
vs 52W Low 12.82%
Beta 0.75
Impl. Vol. 3.13%
Rel Volume 1.07
Avg Volume 182.40K
Volume 195.01K
Target (mean) $36.90
Tgt Median $36.50
Tgt Low $36.00
Tgt High $39.00
# Analysts 5
Recom Hold
Prev Close $33.30
Price $33.43
Change 0.39%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$36.90
Mean price target
2. Current target
$33.43
Latest analyst target
3. DCF / Fair value
$50.10
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$33.43
Low
$36.00
High
$39.00
Mean
$36.90

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-20 main DA Davidson Neutral → Neutral $36
2026-01-26 main Piper Sandler Neutral → Neutral $39
2025-07-25 main DA Davidson Neutral → Neutral $37
2025-04-28 main Piper Sandler Neutral → Neutral $36
2025-04-25 main Keefe, Bruyette & Woods Market Perform → Market Perform $35
2025-01-28 main DA Davidson Neutral → Neutral $39
2025-01-24 reit Keefe, Bruyette & Woods Market Perform → Market Perform $41
2024-12-04 main Keefe, Bruyette & Woods Market Perform → Market Perform $39
2024-07-29 reit Keefe, Bruyette & Woods Market Perform → Market Perform $31
2024-07-29 main Piper Sandler Neutral → Neutral $38
2024-04-30 main DA Davidson Neutral → Neutral $28
2023-07-26 main Keefe, Bruyette & Woods Market Perform → Market Perform $21
2022-12-13 down Keefe, Bruyette & Woods Outperform → Market Perform $26
2020-09-29 main Piper Sandler — → Overweight $15
2018-10-01 up DA Davidson Neutral → Buy $27
2017-12-18 up Compass Point Neutral → Buy —
2017-07-06 init DA Davidson — → Neutral $23
2016-09-23 init Hovde Group — → Market Perform —
2016-05-04 init Boenning & Scattergood — → Neutral —
2016-05-04 init Boenning & Scattergood — → Neutral —
News
RSS: Latest IBCP news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-06 ERVIN PATRICK J Officer — 4,274 — —
2026-04-06 MOHR GAVIN A Officer — 4,297 — —
2026-04-06 KESSEL WILLIAM B Chief Executive Officer — 10,981 — —
2026-04-06 RAHN JOEL F Officer — 4,150 — —
2026-04-06 KIMBALL STEFANIE M Officer — 4,331 — —
2026-04-06 KIMBALL STEFANIE M Officer — 4,331 — —
2026-04-01 BOER WILLIAM J Director — 309 $33.30 $10,290
2026-02-24 KRUSE RONIA F Director — 1,200 $35.27 $42,324
2026-02-03 ERVIN PATRICK J Officer — 1,741 $0.00 $0
2026-02-03 MOHR GAVIN A Officer — 2,037 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
218.33
+1.17%
215.80
+7.64%
200.48
-2.10%
204.78
Operating Revenue
218.33
+1.17%
215.80
+7.64%
200.48
-2.10%
204.78
Selling General And Administration
92.26
+0.46%
91.83
+7.93%
85.09
-1.17%
86.09
Selling And Marketing Expense
3.21
+5.00%
3.06
+41.25%
2.17
+4.39%
2.07
General And Administrative Expense
89.05
+0.31%
88.77
+7.06%
82.92
-1.30%
84.02
Salaries And Wages
86.22
+0.37%
85.90
+7.49%
79.92
-2.39%
81.88
Other Gand A
—
—
—
2.87
Reconciled Depreciation
9.91
-0.99%
10.01
-0.14%
10.02
-7.46%
10.83
Total Unusual Items
0.05
-72.94%
0.17
+994.74%
-0.02
-108.88%
0.21
Total Unusual Items Excluding Goodwill
0.05
-72.94%
0.17
+994.74%
-0.02
-108.88%
0.21
Net Income
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Pretax Income
81.29
-2.11%
83.05
+12.72%
73.68
-5.29%
77.79
Net Interest Income
180.01
+8.28%
166.25
+6.34%
156.33
+4.53%
149.56
Interest Expense
89.72
-10.75%
100.53
+20.61%
83.35
+328.59%
19.45
Interest Income
269.74
+1.11%
266.78
+11.31%
239.68
+41.81%
169.01
Gain On Sale Of Security
-0.37
-116.39%
2.26
+1116.67%
-0.22
+19.27%
-0.28
Tax Provision
12.75
-21.57%
16.26
+11.27%
14.61
+1.19%
14.44
Tax Rate For Calcs
0.00
-19.87%
0.00
-1.28%
0.00
+6.84%
0.00
Tax Effect Of Unusual Items
0.01
-78.32%
0.03
+983.27%
-0.00
-109.49%
0.04
Net Income Including Noncontrolling Interests
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Net Income From Continuing Operation Net Minority Interest
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Net Income From Continuing And Discontinued Operation
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Net Income Continuous Operations
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Normalized Income
68.50
+2.77%
66.65
+12.81%
59.08
-6.48%
63.18
Net Income Common Stockholders
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Diluted EPS
3.27
+3.48%
3.16
+13.26%
2.79
-6.06%
2.97
Basic EPS
3.30
+3.12%
3.20
+13.48%
2.82
-6.00%
3.00
Basic Average Shares
20.76
-0.55%
20.87
-0.35%
20.95
-0.81%
21.12
Diluted Average Shares
20.96
-0.82%
21.14
-0.16%
21.17
-0.75%
21.33
Diluted NI Availto Com Stockholders
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Amortization
0.49
-5.62%
0.52
-5.67%
0.55
-30.32%
0.79
Amortization Of Intangibles Income Statement
0.49
-5.62%
0.52
-5.67%
0.55
-30.32%
0.79
Depreciation Amortization Depletion Income Statement
0.49
-5.62%
0.52
-5.67%
0.55
-30.32%
0.79
Depreciation And Amortization In Income Statement
0.49
-5.62%
0.52
-5.67%
0.55
-30.32%
0.79
Insurance And Claims
2.82
-1.60%
2.87
-4.49%
3.00
+40.29%
2.14
Occupancy And Equipment
12.03
+4.03%
11.57
-0.82%
11.66
-9.68%
12.91
Other Non Interest Expense
23.90
+7.90%
22.15
+7.29%
20.64
+8.22%
19.08
Professional Expense And Contract Services Expense
2.45
-4.60%
2.57
+16.21%
2.21
+3.52%
2.13
Line Item Trend 2023-12-31
Total Assets
5,263.73
Cash And Cash Equivalents
169.78
Cash Financial
68.21
Other Short Term Investments
679.35
Receivables
—
Other Receivables
—
Net PPE
35.52
Gross PPE
156.26
Accumulated Depreciation
-120.74
Land And Improvements
16.42
Buildings And Improvements
61.19
Other Properties
78.65
Goodwill And Other Intangible Assets
72.55
Goodwill
28.30
Other Intangible Assets
44.25
Investments And Advances
1,033.34
Total Liabilities Net Minority Interest
4,859.28
Payables And Accrued Expenses
—
Current Accrued Expenses
—
Current Debt And Capital Lease Obligation
—
Current Debt
—
Other Current Borrowings
—
Long Term Debt And Capital Lease Obligation
129.26
Long Term Debt
129.26
Stockholders Equity
404.45
Common Stock Equity
404.45
Capital Stock
317.48
Common Stock
317.48
Preferred Stock
0.00
Share Issued
20.84
Ordinary Shares Number
20.84
Treasury Shares Number
0.00
Retained Earnings
159.11
Gains Losses Not Affecting Retained Earnings
-72.14
Other Equity Adjustments
-72.14
Total Equity Gross Minority Interest
404.45
Total Capitalization
533.71
Invested Capital
533.71
Total Debt
129.26
Net Debt
—
Net Tangible Assets
331.90
Tangible Book Value
331.90
Available For Sale Securities
—
Cash Cash Equivalents And Federal Funds Sold
169.78
Held To Maturity Securities
353.99
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
76.66
+21.39%
63.15
-16.45%
75.59
-20.12%
94.63
Cash Flow From Continuing Operating Activities
76.66
+21.39%
63.15
-16.45%
75.59
-20.12%
94.63
Net Income From Continuing Operations
68.54
+2.62%
66.79
+13.07%
59.07
-6.76%
63.35
Depreciation Amortization Depletion
9.91
-0.99%
10.01
-0.14%
10.02
-7.46%
10.83
Depreciation
9.91
-0.99%
10.01
-0.14%
10.02
-7.46%
10.83
Depreciation And Amortization
9.91
-0.99%
10.01
-0.14%
10.02
-7.46%
10.83
Other Non Cash Items
6.83
-50.51%
13.81
-40.67%
23.28
-24.13%
30.68
Stock Based Compensation
2.72
+16.47%
2.33
+4.62%
2.23
+4.01%
2.14
Deferred Tax
-3.53
-182.93%
-1.25
-680.47%
0.21
+159.89%
-0.36
Deferred Income Tax
-3.53
-182.93%
-1.25
-680.47%
0.21
+159.89%
-0.36
Operating Gains Losses
-6.18
+30.09%
-8.84
-22.48%
-7.21
-17.19%
-6.16
Gain Loss On Investment Securities
0.37
+116.39%
-2.26
-1116.67%
0.22
-19.27%
0.28
Gain Loss On Sale Of PPE
0.23
0.00
0.00
—
Change In Working Capital
-7.76
+67.89%
-24.17
-32.70%
-18.21
-62.70%
-11.20
Change In Receivables
-25.65
-1.83%
-25.19
-72.31%
-14.62
+43.44%
-25.84
Change In Payables And Accrued Expense
17.89
+1658.70%
1.02
+128.27%
-3.60
-124.56%
14.65
Change In Accrued Expense
17.89
+1658.70%
1.02
+128.27%
-3.60
-124.56%
14.65
Investing Cash Flow
-122.50
-3.67%
-118.16
+27.49%
-162.94
+61.62%
-424.59
Cash Flow From Continuing Investing Activities
-122.50
-3.67%
-118.16
+27.49%
-162.94
+61.62%
-424.59
Net PPE Purchase And Sale
0.00
-100.00%
0.96
-41.75%
1.65
-10.09%
1.83
Sale Of PPE
0.00
-100.00%
0.96
-41.75%
1.65
-10.09%
1.83
Capital Expenditure
-6.49
+18.31%
-7.95
-31.97%
-6.02
-6.08%
-5.68
Capital Expenditure Reported
-6.49
+18.31%
-7.95
-31.97%
-6.02
-6.08%
-5.68
Net Investment Purchase And Sale
109.69
-19.89%
136.92
-4.69%
143.66
+19.89%
119.83
Purchase Of Investment
-26.46
-629.41%
-3.63
-108.51%
-1.74
+98.76%
-140.21
Sale Of Investment
136.15
-3.12%
140.54
-3.34%
145.40
-44.08%
260.04
Net Other Investing Changes
0.15
-94.79%
2.93
+4.12%
2.82
+46.01%
1.93
Financing Cash Flow
64.34
+1159.35%
5.11
-97.20%
182.77
-38.02%
294.86
Cash Flow From Continuing Financing Activities
64.34
+1159.35%
5.11
-97.20%
182.77
-38.02%
294.86
Net Issuance Payments Of Debt
-8.01
-59.58%
-5.02
+86.06%
-35.98
-164.25%
56.00
Issuance Of Debt
307.00
+136.15%
130.00
-3.70%
135.00
-61.54%
351.00
Repayment Of Debt
-315.01
-133.31%
-135.02
+21.03%
-170.98
+42.04%
-295.00
Long Term Debt Issuance
307.00
+136.15%
130.00
-3.70%
135.00
-61.54%
351.00
Long Term Debt Payments
-315.01
-133.31%
-135.02
+21.03%
-170.98
+42.04%
-295.00
Net Long Term Debt Issuance
-8.01
-59.58%
-5.02
+86.06%
-35.98
-164.25%
56.00
Net Common Stock Issuance
-12.43
-95738.46%
0.01
+100.26%
-5.09
-29.34%
-3.93
Common Stock Payments
-12.43
0.00
+100.00%
-5.16
-28.60%
-4.01
Common Stock Dividend Paid
-21.60
-7.76%
-20.05
-3.72%
-19.33
-4.10%
-18.57
Cash Dividends Paid
-21.60
-7.76%
-20.05
-3.72%
-19.33
-4.10%
-18.57
Repurchase Of Capital Stock
-12.43
0.00
+100.00%
-5.16
-28.60%
-4.01
Proceeds From Stock Option Exercised
-1.22
-15.60%
-1.05
-61.69%
-0.65
-4.84%
-0.62
Changes In Cash
18.50
+137.08%
-49.90
-152.30%
95.41
+371.81%
-35.10
Beginning Cash Position
119.88
-29.39%
169.78
+128.29%
74.37
-32.06%
109.47
End Cash Position
138.39
+15.44%
119.88
-29.39%
169.78
+128.29%
74.37
Free Cash Flow
70.17
+27.11%
55.20
-20.65%
69.56
-21.80%
88.95
Interest Paid Supplemental Data
90.94
-12.52%
103.95
+31.42%
79.10
+347.99%
17.66
Income Tax Paid Supplemental Data
11.65
-16.19%
13.90
-13.66%
16.10
+60.36%
10.04
Common Stock Issuance
0.00
-100.00%
0.01
-81.43%
0.07
-9.09%
0.08
Issuance Of Capital Stock
0.00
-100.00%
0.01
-81.43%
0.07
-9.09%
0.08
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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