A Business at a Glance
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INDEPENDENT BANK CORP /MI/
IBCP
$789M
Mkt Cap
$37.66
+2.76%
INDEPENDENT BANK CORP /MI/ (IBCP) has a current P/E ratio of 11.6, compared to its historical median P/E of 8.9. The stock is currently considered Fair based on its historical valuation range.
INDEPENDENT BANK CORP /MI/ (IBCP) has a 5-year average return on invested capital (ROIC) of 15.6%. This indicates strong capital allocation and a potential competitive advantage.
INDEPENDENT BANK CORP /MI/ (IBCP) has a market capitalization of $775M. It is classified as a small-cap stock.
Yes, INDEPENDENT BANK CORP /MI/ (IBCP) pays a dividend with a trailing twelve-month yield of 2.83%. The company also returns capital through share buybacks, with a buyback yield of 1.60%.
Based on historical P/E analysis, INDEPENDENT BANK CORP /MI/ (IBCP) appears fair. The current P/E of 11.6 is 31% above its historical median of 8.9. The estimated fair value CAGR (P/E method) is 7.8%.
INDEPENDENT BANK CORP /MI/ (IBCP) operates in the State Commercial Banks industry, within the Financials sector.
ability to include trust preferred securities as Tier 1 capital; however, these additional limitations do not apply to our outstanding trust preferred securities. Dividends. Historically, most of our revenues have been received in the form of dividends paid by our bank. We can also make requests for returns of capital from our bank; however, such requests require the approval of the Michigan DIFS. Thus, our ability to pay dividends to our shareholders is indirectly limited by restrictions on the ability of our bank to pay dividends or return capital to us, as described below. Further, in a policy statement, the Federal Reserve has expressed its view that a bank holding company experiencing earnings weaknesses should not pay cash dividends exceeding its net income or that can only be funded in ways that weaken the bank holding company's financial health, such as by borrowing.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 230M | 315M | 323M | 290M | 231M | 215M |
| Net Income | 70M | 69M | 67M | 59M | 63M | 63M |
| EPS | $3.38 | $3.27 | $3.16 | $2.79 | $2.97 | $2.88 |
| Free Cash Flow | 26M | 70M | 55M | 70M | 89M | 104M |
| ROIC | 13.7% | 14.3% | 15.5% | 15.7% | 17.0% | 15.2% |
| Gross Margin | - | 71.6% | 69.9% | 72.0% | 89.3% | 95.2% |
| Debt/Equity | 0.00 | 9.95 | 10.74 | 12.01 | 0.00 | 0.00 |
| Dividends/Share | $1.06 | $1.04 | $0.96 | $0.92 | $0.88 | $0.84 |
| Operating Income | 12M | 13M | 12M | 12M | 11M | 9.4M |
| Operating Margin | 5.4% | 4.0% | 3.8% | 4.3% | 4.6% | 4.4% |
| ROE | 13.7% | 14.3% | 15.5% | 15.7% | 17.0% | 16.0% |
| Shares Outstanding | 21M | 21M | 21M | 21M | 21M | 22M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 119M | 121M | 129M | 141M | 176M | 197M | 221M | 215M | 231M | 290M | 323M | 315M | 230M |
| Gross Margin | 91.3% | 92.9% | 93.6% | 92.7% | 89.2% | 86.2% | 87.0% | 95.2% | 89.3% | 72.0% | 69.9% | 71.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 47M | 48M | 50M | 55M | 62M | 68M | 75M | 80M | 81M | 79M | 85M | 85M | 87M |
| EBIT | 8.9M | 8.8M | 8.6M | 8.2M | 8.8M | 9.3M | 7.5M | 9.4M | 11M | 12M | 12M | 13M | 12M |
| Op. Margin | 7.5% | 7.3% | 6.7% | 5.8% | 5.0% | 4.7% | 3.4% | 4.4% | 4.6% | 4.3% | 3.8% | 4.0% | 5.4% |
| Net Income | 18M | 20M | 23M | 20M | 40M | 46M | 56M | 63M | 63M | 59M | 67M | 69M | 70M |
| Net Margin | 15.1% | 16.5% | 17.7% | 14.5% | 22.7% | 23.6% | 25.5% | 29.3% | 27.4% | 20.3% | 20.7% | 21.7% | 30.3% |
| Non-Recurring | 300K | 300K | 600K | 80K | 90K | 30K | 30K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.5% | 8.0% | 9.1% | 8.0% | 13.2% | 13.5% | 14.4% | 15.2% | 17.0% | 15.7% | 15.5% | 14.3% | 13.7% |
| ROE | 7.5% | 8.0% | 9.1% | 8.0% | 13.2% | 13.5% | 15.2% | 16.0% | 17.0% | 15.7% | 15.5% | 14.3% | 13.7% |
| ROA | 0.8% | 0.9% | 0.9% | 0.8% | 1.3% | 1.3% | 1.4% | 1.4% | 1.3% | 1.2% | 1.3% | 1.3% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 13M | 23M | 24M | 39M | 45M | 34M | 59M | 110M | 95M | 76M | 63M | 77M | 36M |
| Free Cash Flow | 8.8M | 19M | 20M | 34M | 41M | 30M | 54M | 104M | 89M | 70M | 55M | 70M | 26M |
| Owner Earnings | 4.7M | 14M | 16M | 31M | 37M | 26M | 50M | 102M | 86M | 68M | 55M | 68M | -95M |
| CapEx | 4.3M | 4.4M | 3.5M | 4.2M | 3.9M | 4.9M | 4.4M | 5.8M | 5.7M | 6.0M | 8.0M | 6.5M | 10.0M |
| Maint. CapEx | 7.2M | 6.9M | 6.1M | 5.6M | 6.1M | 6.3M | 6.3M | 6.4M | 6.1M | 5.7M | 5.7M | 5.5M | 129M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 341K | 2.3M | 1.0M | 0 |
| D&A | 7.2M | 6.9M | 6.1M | 5.6M | 6.1M | 6.3M | 6.3M | 6.4M | 6.1M | 5.7M | 5.7M | 5.5M | 129M |
| CapEx/OCF | 32.9% | 18.1% | 14.6% | 11.0% | 8.6% | 14.5% | 7.5% | 5.3% | 6.0% | 8.0% | 12.6% | N/A | 27.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 4.1M | 5.9M | 7.3M | 9.0M | 14M | 17M | 18M | 18M | 19M | 19M | 20M | 22M | 22M |
| Dividend Yield | 2.0% | 2.6% | 3.0% | 2.7% | 3.3% | 4.3% | 6.3% | 4.5% | 4.6% | 5.1% | 3.4% | N/A | 2.8% |
| Share Buybacks | 0 | 13M | 17M | 0 | 13M | 26M | 14M | 17M | 4.0M | 5.2M | 0 | 12M | 12M |
| Buyback Yield | N/A | 5.4% | 4.9% | N/A | 3.4% | 6.4% | 4.2% | 3.9% | 0.9% | 1.0% | N/A | 0.0% | 1.6% |
| Stock-Based Comp | 1.2M | 1.5M | 1.6M | 1.7M | 1.7M | 1.9M | 2.0M | 1.9M | 2.1M | 2.2M | 2.3M | 2.7M | 2.6M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | -498M | -584M | -1.2B | -1.5B | -74M | N/A | N/A | N/A | -175M |
| Cash & Equiv. | 74M | 86M | 83M | 55M | 70M | 65M | 119M | 109M | 74M | 170M | 120M | 138M | 175M |
| Long-Term Debt | N/A | N/A | N/A | N/A | 0 | 0 | 39M | 0 | 0 | N/A | N/A | N/A | N/A |
| Debt/Equity | 7.98 | 8.55 | 9.22 | 9.53 | 0.00 | 0.00 | 0.10 | 0.00 | 0.00 | 12.01 | 10.74 | 9.95 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 250M | 252M | 249M | 265M | 339M | 350M | 390M | 398M | 348M | 404M | 455M | 503M | 511M |
| Total Assets | 2.2B | 2.4B | 2.5B | 2.8B | 3.4B | 3.6B | 4.2B | 4.7B | 5.0B | 5.3B | 5.3B | 5.5B | 5.6B |
| Total Liabilities | 2.0B | 2.2B | 2.3B | 2.5B | 3.0B | 3.2B | 3.8B | 4.3B | 4.7B | 4.9B | 4.9B | 5.0B | 5.0B |
| Intangibles | 2.6M | 2.3M | 1.9M | 1.6M | 6.4M | 5.3M | 4.3M | 3.3M | 2.6M | 2.0M | 1.5M | 1.0M | 886K |
| Retained Earnings | -96M | -82M | -66M | -54M | -28M | 1.6M | 40M | 75M | 119M | 159M | 206M | 253M | 264M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.77 | 0.86 | 1.05 | 0.95 | 1.68 | 2.00 | 2.53 | 2.88 | 2.97 | 2.79 | 3.16 | 3.27 | 3.38 |
| Owner EPS | 0.20 | 0.62 | 0.74 | 1.45 | 1.56 | 1.13 | 2.27 | 4.66 | 4.05 | 3.20 | 2.61 | 3.27 | -4.63 |
| Book Value | 10.70 | 10.84 | 11.50 | 12.29 | 14.30 | 15.08 | 17.55 | 18.25 | 16.30 | 19.10 | 21.51 | 24.00 | 24.80 |
| Cash Flow/Share | 0.56 | 0.98 | 1.09 | 1.79 | 1.89 | 1.49 | 2.64 | 5.04 | 4.44 | 3.57 | 2.99 | 3.66 | 9.64 |
| Dividends/Share | 0.18 | 0.26 | 0.34 | 0.42 | 0.60 | 0.72 | 0.80 | 0.84 | 0.88 | 0.92 | 0.96 | 1.04 | 1.06 |
| Shares Out. | 23.4M | 23.3M | 21.7M | 21.6M | 23.7M | 23.2M | 22.2M | 21.8M | 21.3M | 21.2M | 21.1M | 21.0M | 20.6M |
| Valuation | |||||||||||||
| P/E Ratio | 11.8 | 12.4 | 15.1 | 17.7 | 9.4 | 8.8 | 6.1 | 7.1 | 7.1 | 8.9 | 10.5 | N/A | 11.1 |
| P/FCF | 24.2 | 13.5 | 17.0 | 10.5 | 9.1 | 13.8 | 6.3 | 4.3 | 5.1 | 7.5 | 12.8 | N/A | 30.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 48.7 |
| Price/Book | 0.8 | 1.0 | 1.4 | 1.4 | 1.1 | 1.2 | 0.9 | 1.1 | 1.3 | 1.3 | 1.5 | N/A | 1.5 |
| Price/Sales | 1.8 | 1.9 | 2.0 | 2.5 | 2.7 | 2.3 | 1.4 | 1.9 | 1.9 | 1.8 | 2.6 | N/A | 3.4 |
| FCF Yield | 4.1% | 7.4% | 5.9% | 9.5% | 10.9% | 7.2% | 15.9% | 23.5% | 19.7% | 13.3% | 7.8% | N/A | 3.3% |
| Market Cap | 212M | 249M | 344M | 362M | 375M | 408M | 343M | 444M | 451M | 524M | 704M | 0 | 775M |
| Avg. Price | 8.63 | 9.61 | 11.30 | 15.58 | 17.81 | 16.67 | 12.68 | 18.31 | 18.89 | 17.98 | 27.76 | 0.00 | 37.66 |
| Year-End Price | 9.06 | 10.70 | 15.84 | 16.77 | 15.83 | 17.57 | 15.43 | 20.33 | 21.16 | 24.74 | 33.31 | 0.00 | 37.66 |
INDEPENDENT BANK CORP /MI/ passes 4 of 9 quality checks, suggesting mixed fundamentals.
INDEPENDENT BANK CORP /MI/ trades at 11.6x trailing earnings, compared to its 15-year median P/E of 8.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.2x vs a median of 9.1x. The company's 5-year average ROIC is 15.6% with a gross margin of 79.6%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is +11.7%.
INDEPENDENT BANK CORP /MI/ (IBCP) reported annual revenue of $315 million in its most recent fiscal year, based on SEC EDGAR filings.
INDEPENDENT BANK CORP /MI/ (IBCP) has a net profit margin of 21.7%. This is a strong margin indicating high profitability.
INDEPENDENT BANK CORP /MI/ (IBCP) generated $70 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INDEPENDENT BANK CORP /MI/ (IBCP) has a debt-to-equity ratio of 9.95. This indicates higher leverage, which may increase financial risk.
INDEPENDENT BANK CORP /MI/ (IBCP) reported earnings per share (EPS) of $3.27 in its most recent fiscal year.
INDEPENDENT BANK CORP /MI/ (IBCP) has a return on equity (ROE) of 14.3%. This indicates moderate shareholder returns.
INDEPENDENT BANK CORP /MI/ (IBCP) has a 5-year average gross margin of 79.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for INDEPENDENT BANK CORP /MI/ (IBCP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INDEPENDENT BANK CORP /MI/ (IBCP) has a book value per share of $24.00, based on its most recent annual SEC filing.
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