Independent Bank Corp /Mi/
IBCP Nasdaq State Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$32.1M
0.3%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
431.0%
8.5 pts
Net income
Profit after all expenses, interest and tax.
$68.5M
2.6%
Return on equity
Net income as a share of average shareholders' equity.
14.3%
1.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.44 EPS (TTM)
What Independent Bank Corp /Mi/ does
No business description yet.
- Legal name
- INDEPENDENT BANK CORP /MI/
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 6, 2026
- Accession · CIK
- 0000039311-26-000009
0000039311
Revenue and margins
Independent Bank Corp /Mi/ had $32.1M of revenue in fiscal 2025, up 0.3% on the year before.
FY16
Revenue $122M
FY17
Revenue $132M
FY18
Revenue $27.1M
FY19
Revenue $26.0M
FY20
Revenue $24.0M
FY21
Revenue $29.1M
FY22
Revenue $31.6M
FY23
Revenue $32.9M
FY24
Revenue $32.0M
FY25
Revenue $32.1M
Q3 '23
Revenue $9.1M
Q4 '23
Revenue $8.2M
Q1 '24
Revenue $7.6M
Q2 '24
Revenue $7.9M
Q3 '24
Revenue $8.8M
Q4 '24
Revenue $7.7M
Q1 '25
Revenue $7.3M
Q2 '25
Revenue $7.9M
Q3 '25
Revenue $8.9M
Q4 '25
Revenue $7.9M
Q1 '26
Revenue $7.6M
Q2 '26
Revenue $8.2M
FY16
Net interest share 65.3%
Efficiency ratio 74.1%
FY17
Net interest share 67.7%
Efficiency ratio 69.9%
FY18
Net interest share 417.6%
Efficiency ratio 396.2%
FY19
Net interest share 472.3%
Efficiency ratio 430.5%
FY20
Net interest share 514.5%
Efficiency ratio 509.5%
FY21
Net interest share 446.0%
Efficiency ratio 450.3%
FY22
Net interest share 472.7%
Efficiency ratio 405.6%
FY23
Net interest share 475.1%
Efficiency ratio 386.3%
FY24
Net interest share 519.9%
Efficiency ratio 422.5%
FY25
Net interest share 561.2%
Efficiency ratio 431.0%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 432.7%
Efficiency ratio 351.6%
Q4 '23
Net interest share 491.6%
Efficiency ratio 390.7%
Q1 '24
Net interest share 530.7%
Efficiency ratio 425.0%
Q2 '24
Net interest share 523.6%
Efficiency ratio 422.2%
Q3 '24
Net interest share 473.7%
Efficiency ratio 368.8%
Q4 '24
Net interest share 558.5%
Efficiency ratio 482.1%
Q1 '25
Net interest share 595.0%
Efficiency ratio 466.7%
Q2 '25
Net interest share 566.3%
Efficiency ratio 428.6%
Q3 '25
Net interest share 508.5%
Efficiency ratio 382.6%
Q4 '25
Net interest share 584.2%
Efficiency ratio 454.7%
Q1 '26
Net interest share 617.5%
Efficiency ratio 504.9%
Q2 '26
Net interest share 583.9%
Efficiency ratio 460.9%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 13.5% a year. Loss periods are shown in red.
FY16
Net income $22.8M
FY17
Net income $20.5M
FY18
Net income $39.8M
FY19
Net income $46.4M
FY20
Net income $56.2M
FY21
Net income $62.9M
FY22
Net income $63.4M
FY23
Net income $59.1M
FY24
Net income $66.8M
FY25
Net income $68.5M
Q3 '23
Net income $17.5M
Q4 '23
Net income $13.7M
Q1 '24
Net income $16.0M
Q2 '24
Net income $18.5M
Q3 '24
Net income $13.8M
Q4 '24
Net income $18.5M
Q1 '25
Net income $15.6M
Q2 '25
Net income $16.9M
Q3 '25
Net income $17.5M
Q4 '25
Net income $18.6M
Q1 '26
Net income $16.9M
Q2 '26
Net income $18.8M
FY16
Diluted EPS $1.05
FY17
Diluted EPS $0.95
FY18
Diluted EPS $1.68
FY19
Diluted EPS $2.00
FY20
Diluted EPS $2.53
FY21
Diluted EPS $2.88
FY22
Diluted EPS $2.97
FY23
Diluted EPS $2.79
FY24
Diluted EPS $3.16
FY25
Diluted EPS $3.27
Q3 '23
Diluted EPS $0.83
Q4 '23
Diluted EPS $0.65
Q1 '24
Diluted EPS $0.76
Q2 '24
Diluted EPS $0.88
Q3 '24
Diluted EPS $0.65
Q4 '24
Diluted EPS $0.87
Q1 '25
Diluted EPS $0.74
Q2 '25
Diluted EPS $0.81
Q3 '25
Diluted EPS $0.84
Q4 '25
Diluted EPS $0.89
Q1 '26
Diluted EPS $0.81
Q2 '26
Diluted EPS $0.90
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 9.1%
ROTE 9.2%
Efficiency ratio 74.1%
FY17
ROE 8.0%
ROTE 7.8%
Efficiency ratio 69.9%
FY18
ROE 13.2%
ROTE 13.1%
Efficiency ratio 396.2%
FY19
ROE 13.5%
ROTE 14.7%
Efficiency ratio 430.5%
FY20
ROE 15.2%
ROTE 15.7%
Efficiency ratio 509.5%
FY21
ROE 16.0%
ROTE 17.1%
Efficiency ratio 450.3%
FY22
ROE 17.0%
ROTE 20.0%
Efficiency ratio 405.6%
FY23
ROE 15.7%
ROTE 15.8%
Efficiency ratio 386.3%
FY24
ROE 15.5%
ROTE 15.7%
Efficiency ratio 422.5%
FY25
ROE 14.3%
ROTE 14.5%
Efficiency ratio 431.0%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Independent Bank Corp /Mi/ returned $34.0M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $7.3M
Buybacks $16.9M
FY17
Dividends $9.0M
Buybacks $0.0M
FY18
Dividends $14.1M
Buybacks $12.7M
FY19
Dividends $16.6M
Buybacks $26.3M
FY20
Dividends $17.6M
Buybacks $14.2M
FY21
Dividends $18.2M
Buybacks $17.3M
FY22
Dividends $18.6M
Buybacks $4.0M
FY23
Dividends $19.3M
Buybacks $5.2M
FY24
Dividends $20.0M
Buybacks $0.0M
FY25
Dividends $21.6M
Buybacks $12.4M
Dividends
Buybacks
Q3 '23
Dividends $4.8M
Buybacks $1.7M
Q4 '23
Dividends $4.8M
Buybacks $0.2M
Q1 '24
Dividends $5.0M
Buybacks $0.0M
Q2 '24
Dividends $5.0M
Buybacks $0.0M
Q3 '24
Dividends $5.0M
Buybacks $0.0M
Q4 '24
Dividends $5.0M
Buybacks $0.0M
Q1 '25
Dividends $5.4M
Buybacks $0.0M
Q2 '25
Dividends $5.4M
Buybacks $7.3M
Q3 '25
Dividends $5.4M
Buybacks $0.4M
Q4 '25
Dividends $5.4M
Buybacks $4.7M
Q1 '26
Dividends $5.8M
Buybacks $0.0M
Q2 '26
Dividends $5.8M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $1.6B
Deposits $2.2B
FY17
Loans $2.0B
Deposits $2.4B
FY18
Loans $2.6B
Deposits $2.9B
FY19
Loans $2.7B
Deposits $3.0B
FY20
Loans $2.7B
Deposits $3.6B
FY21
Loans $2.9B
Deposits $4.1B
FY22
Loans $3.4B
Deposits $4.4B
FY23
Loans $3.7B
Deposits $4.6B
FY24
Loans $4.0B
Deposits $4.7B
FY25
Loans $4.2B
Deposits $4.8B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $2.9B | $3.4B | $3.7B | $4.0B | $4.2B |
| Deposits | $4.1B | $4.4B | $4.6B | $4.7B | $4.8B |
| Loans / deposits | 69.4% | 77.9% | 80.8% | 85.5% | 88.5% |
| Total assets | $4.7B | $5.0B | $5.3B | $5.3B | $5.5B |
| Shareholders' equity | $398M | $348M | $404M | $455M | $503M |
| Goodwill | $28.3M | $28.3M | $28.3M | $28.3M | $28.3M |
| Intangible assets | $3.3M | $2.6M | $2.0M | $1.5M | $1.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $122M | $132M | $27.1M | $26.0M | $24.0M | $29.1M | $31.6M | $32.9M | $32.0M | $32.1M |
| Net interest income | $79.6M | $89.2M | $113M | $123M | $124M | $130M | $150M | $156M | $166M | $180M |
| Noninterest income | $42.3M | $42.5M | $44.8M | $47.7M | $80.7M | $76.6M | $61.9M | $50.7M | $56.4M | $45.6M |
| Noninterest expense | $90.3M | $92.1M | $107M | $112M | $122M | $131M | $128M | $127M | $135M | $138M |
| Provision for credit losses | −$1.3M | $1.2M | $1.5M | $0.8M | $12.5M | — | — | — | — | — |
| Interest expense | $6.9M | $9.1M | $17.5M | $26.3M | $16.2M | $8.3M | $19.4M | $83.3M | — | — |
| Pretax income | $32.9M | $38.4M | $49.1M | $57.8M | $69.5M | $77.3M | $77.8M | $73.7M | $83.0M | $81.3M |
| Income tax | $10.1M | $18.0M | $9.3M | $11.3M | $13.3M | $14.4M | $14.4M | $14.6M | $16.3M | $12.8M |
| Net income | $22.8M | $20.5M | $39.8M | $46.4M | $56.2M | $62.9M | $63.4M | $59.1M | $66.8M | $68.5M |
| Net income to common | $22.8M | $20.5M | — | — | — | — | — | — | — | — |
| Diluted EPS | $1.05 | $0.95 | $1.68 | $2.00 | $2.53 | $2.88 | $2.97 | $2.79 | $3.16 | $3.27 |
| Cash flow | ||||||||||
| Cash from operations | $23.7M | $38.6M | $44.9M | $34.5M | $58.7M | $110M | $94.6M | $75.6M | $63.2M | $76.7M |
| Capital expenditure | $3.5M | $4.2M | $3.9M | $4.9M | $4.4M | $5.8M | $5.7M | $6.0M | $8.0M | $6.5M |
| Free cash flow | $20.2M | $34.4M | $41.1M | $29.6M | $54.3M | $104M | $89.0M | $69.6M | $55.2M | $70.2M |
| Depreciation and amortization | $5.2M | $7.0M | $6.0M | $6.1M | $9.2M | $12.1M | $10.8M | $10.0M | $10.0M | $9.9M |
| Stock-based compensation | $1.6M | $1.7M | $1.7M | $1.9M | $2.0M | $1.9M | $2.1M | $2.2M | $2.3M | $2.7M |
| Share buybacks | $16.9M | $0.0M | $12.7M | $26.3M | $14.2M | $17.3M | $4.0M | $5.2M | $0.0M | $12.4M |
| Dividends paid | $7.3M | $9.0M | $14.1M | $16.6M | $17.6M | $18.2M | $18.6M | $19.3M | $20.0M | $21.6M |
| Dividends and buybacks | $24.1M | $9.0M | $26.7M | $42.8M | $31.8M | $35.4M | $22.6M | $24.5M | $20.0M | $34.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $83.2M | $54.7M | $70.2M | $65.3M | $119M | $109M | $74.4M | $170M | $120M | $138M |
| Loans, net | $1.6B | $2.0B | $2.6B | $2.7B | $2.7B | $2.9B | $3.4B | $3.7B | $4.0B | $4.2B |
| Deposits | $2.2B | $2.4B | $2.9B | $3.0B | $3.6B | $4.1B | $4.4B | $4.6B | $4.7B | $4.8B |
| Property and equipment, net | $40.2M | $39.1M | $38.8M | $38.4M | $36.1M | $36.4M | $35.9M | $35.5M | $37.5M | $39.0M |
| Goodwill | — | $0.0M | $28.3M | $28.3M | $28.3M | $28.3M | $28.3M | $28.3M | $28.3M | $28.3M |
| Intangible assets | $1.9M | $1.6M | $6.4M | $5.3M | $4.3M | $3.3M | $2.6M | $2.0M | $1.5M | $1.0M |
| Total assets | $2.5B | $2.8B | $3.4B | $3.6B | $4.2B | $4.7B | $5.0B | $5.3B | $5.3B | $5.5B |
| Total liabilities | $2.3B | $2.5B | $3.0B | $3.2B | $3.8B | $4.3B | $4.7B | $4.9B | $4.9B | $5.0B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $249M | $265M | $339M | $350M | $390M | $398M | $348M | $404M | $455M | $503M |
| Margins | ||||||||||
| Net margin | 18.7% | 15.5% | 146.9% | 178.9% | 233.7% | 216.1% | 200.2% | 179.5% | 208.9% | 213.7% |
| FCF margin | 16.6% | 26.1% | 151.4% | 113.9% | 226.0% | 358.5% | 281.1% | 211.4% | 172.6% | 218.8% |
| Net interest share of revenue | 65.3% | 67.7% | 417.6% | 472.3% | 514.5% | 446.0% | 472.7% | 475.1% | 519.9% | 561.2% |
| Efficiency ratio | 74.1% | 69.9% | 396.2% | 430.5% | 509.5% | 450.3% | 405.6% | 386.3% | 422.5% | 431.0% |
| Returns | ||||||||||
| Return on equity | 9.1% | 8.0% | 13.2% | 13.5% | 15.2% | 16.0% | 17.0% | 15.7% | 15.5% | 14.3% |
| Return on assets | 0.9% | 0.8% | 1.3% | 1.3% | 1.4% | 1.4% | 1.3% | 1.2% | 1.3% | 1.3% |
| Return on tangible equity | 9.2% | 7.8% | 13.1% | 14.7% | 15.7% | 17.1% | 20.0% | 15.8% | 15.7% | 14.5% |
| Growth | ||||||||||
| Revenue growth | — | 8.0% | −79.4% | −4.3% | −7.4% | 21.1% | 8.7% | 4.0% | −2.8% | 0.3% |
| Net income growth | — | −10.1% | 94.6% | 16.6% | 20.9% | 12.0% | 0.7% | −6.8% | 13.1% | 2.6% |
| EPS growth | — | −9.5% | 76.8% | 19.0% | 26.5% | 13.8% | 3.1% | −6.1% | 13.3% | 3.5% |
| FCF growth | — | 69.7% | 19.5% | −28.0% | 83.7% | 92.1% | −14.7% | −21.8% | −20.6% | 27.1% |
| Financial health | ||||||||||
| Loans / deposits | 71.3% | 83.2% | 87.8% | 88.9% | 74.2% | 69.4% | 77.9% | 80.8% | 85.5% | 88.5% |
| Provision / loans | −0.1% | 0.1% | 0.1% | 0.0% | 0.5% | — | — | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 3.2% | 14.2% | 19.0% | 18.2% | 20.1% | 17.9% | 18.3% | 24.9% | 20.2% |
| Stock comp / revenue | 1.3% | 1.3% | 6.4% | 7.1% | 8.2% | 6.7% | 6.8% | 6.8% | 7.3% | 8.5% |
| Payouts / FCF | 119.2% | 26.1% | 65.1% | 144.9% | 58.7% | 34.0% | 25.4% | 35.2% | 36.3% | 48.5% |
| Quality scores | ||||||||||
| Accruals ratio | −0.0% | −0.7% | −0.2% | 0.3% | −0.1% | −1.1% | −0.6% | −0.3% | 0.1% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000039311). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.