IBCPNasdaqState Commercial BanksFiscal year ends December 31
INDEPENDENT BANK CORP /MI/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$35.61+0.01 (+0.03%)
Close on Oct 19, 2026
- Market cap
- $740.94M
- P/E (TTM)
- 10.4
- Dividend yield
- 2.92%
Independent Bank statistics
Financials through Jun 30, 2026, price as of Oct 19, 2026, median of State Commercial Banks companies for comparison
Valuation
| Measure | Independent Bank | Industry median |
|---|---|---|
| Market Cap | $790.52M | $679.86M |
| Enterprise Value | $625.07M | $408.94M |
| PE Ratio | 10.35 | 11.99 |
| PS Ratio | 24.21 | 3.59 |
| PB Ratio | 1.50 | 1.18 |
| P/TBV Ratio | 1.58 | 1.41 |
| P/FCF Ratio | 20.76 | 10.89 |
| P/OCF Ratio | 16.02 | 10.01 |
Enterprise value
| Measure | Independent Bank | Industry median |
|---|---|---|
| EV / Sales | 19.15 | 2.76 |
| EV / FCF | 16.41 | 8.23 |
Income (trailing twelve months)
| Measure | Independent Bank | Industry median |
|---|---|---|
| Revenue | $32.65M | $170.85M |
| Pretax Income | $84.43M | $70.12M |
| Net Income | $71.75M | $54.33M |
| EPS (Diluted) | $3.44 | $2.91 |
Margins
| Measure | Independent Bank | Industry median |
|---|---|---|
| Pretax Margin | 258.6% | 36.5% |
| Profit Margin | 219.8% | 29.1% |
| FCF Margin | 116.7% | 33.2% |
Returns
| Measure | Independent Bank | Industry median |
|---|---|---|
| Return on Equity (ROE) | 14.4% | 10.6% |
| Return on Assets (ROA) | 1.29% | 1.12% |
Growth
| Measure | Independent Bank | Industry median |
|---|---|---|
| Revenue Growth (YoY) | 2.89% | 11.8% |
| Net Income Growth (YoY) | 10.8% | 23.2% |
| EPS Growth (YoY) | 12.1% | 23.1% |
| FCF Growth (YoY) | -39.6% | 28.5% |
| Revenue Growth (3Y CAGR) | 0.45% | 5.82% |
| Revenue Growth (5Y CAGR) | 5.95% | 6.17% |
| EPS Growth (3Y CAGR) | 3.26% | 1.31% |
| EPS Growth (5Y CAGR) | 5.27% | 8.24% |
Balance sheet
| Measure | Independent Bank | Industry median |
|---|---|---|
| Cash & Short-Term Investments | $165.45M | $205.54M |
| Net Cash (Debt) | $165.45M | $164.40M |
| Net Cash Per Share | $7.45 | $8.13 |
| Equity (Book Value) | $528.41M | $563.88M |
| Book Value Per Share | $23.80 | $28.47 |
| Tangible Book Value | $499.34M | $475.36M |
Cash flow (trailing twelve months)
| Measure | Independent Bank | Industry median |
|---|---|---|
| Operating Cash Flow | $49.35M | $61.52M |
| Capital Expenditures | -$11.26M | -$4.08M |
| Free Cash Flow | $38.09M | $52.15M |
| FCF Per Share | $1.72 | $3.05 |
Efficiency
| Measure | Independent Bank | Industry median |
|---|---|---|
| Asset Turnover | 0.01 | 0.04 |
| Revenue Per Employee | $44.42K | $353.78K |
| Profits Per Employee | $97.62K | $107.28K |
| Employee Count | 735 | 489 |
Dividends and yields
| Measure | Independent Bank | Industry median |
|---|---|---|
| Earnings Yield | 9.08% | 8.13% |
| FCF Yield | 4.82% | 8.91% |
| Dividend Yield | 2.92% | 2.48% |
| Buyback Yield | 0.64% | 1.55% |
| Shareholder Yield | 3.56% | 3.13% |
| Dividend Per Share | $1.04 | $0.93 |
| Dividend Growth (YoY) | 8.33% | 4.26% |
| Years of Dividend Growth | 11 | 2 |
| Payout Ratio | 31.1% | 29.3% |
| FCF Payout Ratio | 58.6% | 26.0% |
Shares
| Measure | Independent Bank | Industry median |
|---|---|---|
| Shares Outstanding | 22,199,300 | 18,839,100 |
| Shares Change (YoY) | -1.14% | 0.40% |
| Shares Change (QoQ) | 0.08% | 0.00% |
| Float | 21,596,000 | 17,061,900 |
| Shares Held by Insiders | 2.72% | 5.89% |
| Shares Held by Institutions | 81.1% | 61.9% |
Taxes
| Measure | Independent Bank | Industry median |
|---|---|---|
| Income Tax | $12.67M | $14.50M |
| Effective Tax Rate | 15.0% | 21.1% |
Scores
| Measure | Independent Bank | Industry median |
|---|---|---|
| Graham Number | $42.92 | $45.31 |
| Graham Upside | 20.5% | 21.9% |
| Altman Z-Score | 0.17 | 0.21 |
| Piotroski F-Score | 6 | 6 |
Calculated by StockData from Independent Bank's SEC filings and the latest closing price. Hover a measure to see its formula. The grey column is the median of companies in the same industry group (two-digit SIC code); green or red marks a better or worse value than that median.