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INDEPENDENT BANK CORP /MI/

IBCP

$36.33 ▼ -0.96 (-2.57%) at close

18 Visible periods

34 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Excellent

Bullish

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Analytical Summary

INDEPENDENT BANK CORP /MI/ shows strong fundamentals with top-quartile Return on Common Equity (%) and Profit Margin (%). The company's metrics support a bullish outlook for growth-oriented investors.

Market Cap $754.1M

Dividend Yield 2.86%

Revenue Growth 1.4% ↘

Op. Margin 36.0% ↘

ROIC None

FCF / Share None

Trailing P/E 11.0x

Price / Book 1.5x

FCF Yield —

Debt / Equity —

info Valuation on last close. End-of-day price, Nov 5, 2026.

18-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$225.66M

↑ +1.4% —

Net Income Profit after all expenses

$68.54M

↑ +2.6% —

Operating Margin Operating profit as % of sales

36.0%

↓ -3.4% 91th

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile
Profit Margin (%)Profit Margin (%) is in the top quartile
Return on Common Equity (%)Return on Common Equity (%) is in the top quartile

warning

Bearish Risks

No bearish risks detected.

Health Breakdown

Profitability →

Returns ↓

Dividend History

Dividend / share · sourced from SEC filings

$1.04 Latest / share

+8.3% YoY

+17.3% 12-yr CAGR

$0.18

FY 2014

$0.26

FY 2015

$0.34

FY 2016

$0.42

FY 2017

$0.60

FY 2018

$0.72

FY 2019

$0.80

FY 2020

$0.84

FY 2021

$0.88

FY 2022

$0.92

FY 2023

$0.96

FY 2024

$1.04

FY 2025

Financial view

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue Growth YoY (%)	1.4% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-77%)	7.5% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+26%)	-2.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-135%)	2.5% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-59%)	1.0% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-83%)	20.0% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+233%)	7.7% Fair ↓ Fair Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+29%)	20.0% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+234%)	8.0% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+34%)	5.9% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	2.8% Caution ↑ Caution Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-54%)	-8.8% Weak ↑ Weak Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-246%)	-18.0% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-401%)	5.9% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: At sector avg	-22.9% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-481%)	-7.5% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-225%)	—	—
EPS Growth YoY (%)	3.1% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	13.5% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	-6.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	3.1% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	13.7% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	26.1% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	19.4% Good ↓ Good Declining Year-over-year change in earnings per share Optimal: > 10%	77.1% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-9.4% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	20.5% Good → Good Stable Year-over-year change in earnings per share Optimal: > 10%	11.4% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	-86.5% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	133.9% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	N/M	28.1% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	89.7% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	2.6% Caution ↑ Caution Improving Year-over-year change in net income	13.1% Fair ↑ Fair Improving Year-over-year change in net income	-6.8% Weak ↓ Weak Declining Year-over-year change in net income	0.7% Caution ↓ Caution Declining Year-over-year change in net income	12.0% Fair ↓ Fair Declining Year-over-year change in net income	20.9% Good ↓ Good Declining Year-over-year change in net income	16.6% Good ↓ Good Declining Year-over-year change in net income	94.6% Excellent ↑ Excellent Improving Year-over-year change in net income	-10.1% Weak ↑ Weak Improving Year-over-year change in net income	13.7% Fair ↓ Fair Declining Year-over-year change in net income	11.1% Fair ↓ Fair Declining Year-over-year change in net income	-76.7% Weak ↓ Weak Declining Year-over-year change in net income	195.9% Excellent ↑ Excellent Improving Year-over-year change in net income	N/M	-20.9% Weak Weak Year-over-year change in net income	81.5% Excellent Excellent Year-over-year change in net income	—	—
FCF Growth YoY (%) 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	N/A	N/A	N/A	N/A	N/A	N/A
Revenue CAGR 3Y (%)	2.2% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	2.6% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	0.4% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	7.5% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	9.3% Fair ↓ Fair Declining Compound annual revenue growth over 3 years	15.8% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	11.8% Good ↑ Good Improving Compound annual revenue growth over 3 years	11.2% Good ↑ Good Improving Compound annual revenue growth over 3 years	5.5% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	-0.2% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-8.4% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-7.5% Weak ↑ Weak Improving Compound annual revenue growth over 3 years	-12.5% Weak Weak Compound annual revenue growth over 3 years	-8.9% Weak Weak Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	2.0% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	5.5% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	5.5% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	9.9% Good ↓ Good Declining Compound annual revenue growth over 5 years	11.1% Good ↑ Good Improving Compound annual revenue growth over 5 years	12.2% Excellent ↑ Excellent Improving Compound annual revenue growth over 5 years	8.7% Good ↑ Good Improving Compound annual revenue growth over 5 years	5.2% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	-2.5% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-2.9% Weak ↑ Weak Improving Compound annual revenue growth over 5 years	-8.9% Weak Weak Compound annual revenue growth over 5 years	-10.8% Weak Weak Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	3.2% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	3.2% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	3.3% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	13.9% Good ↓ Good Declining Compound annual EPS growth over 3 years	19.6% Excellent ↓ Excellent Declining Compound annual EPS growth over 3 years	38.7% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	24.2% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	24.5% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	6.7% Fair ↑ Fair Improving Compound annual EPS growth over 3 years	-43.5% Weak Weak Compound annual EPS growth over 3 years	-29.5% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Operating Margin (%) (%)	36.0% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+44%)	37.3% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+49%)	35.6% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+42%)	36.8% Excellent → Excellent Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+47%)	37.5% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+50%)	34.0% Excellent Excellent Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+36%)	—	—	—	—	—	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	15.7% Good ↓ Good Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.6% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.8% Good ↑ Good Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	18.6% Good → Good Stable Actual taxes paid relative to pre-tax income Optimal: 15-25%	18.6% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	19.2% Good Good Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	30.4% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+38%)	30.0% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+36%)	28.5% Excellent → Excellent Stable Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+30%)	30.0% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+36%)	30.5% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+39%)	27.5% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+25%)	27.3% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+24%)	25.2% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+15%)	15.5% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-29%)	18.7% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-15%)	17.4% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-21%)	16.1% Good ↓ Good Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	63.1% Excellent ↑ Excellent Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+187%)	17.5% Good ↑ Good Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-21%)	-14.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-165%)	-9.1% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-141%)	-45.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-307%)	—
FCF Margin (%) (%) 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	N/A	N/A	N/A	N/A	N/A	N/A
FCF / Net Income (x) 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	N/A	N/A	N/A	N/A	N/A	N/A

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Return on Invested 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	N/A	N/A	N/A	N/A	N/A	N/A
Return on Capital (%) (%)	1.2% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	1.3% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	1.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	1.3% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	1.3% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	1.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.2% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	0.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	0.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	3.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	1.3% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-0.9% Weak Weak Operating profit relative to total assets Optimal: > 10%	-0.7% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	13.6% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+14%)	14.7% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+22%)	14.6% Fair ↓ Fair Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+22%)	18.2% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+52%)	15.8% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+32%)	14.4% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+20%)	13.3% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+11%)	11.8% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	7.7% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-36%)	9.1% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-24%)	8.0% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-34%)	7.2% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-40%)	33.5% Excellent ↑ Excellent Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+179%)	19.4% Good ↑ Good Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+62%)	-19.7% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-264%)	-14.0% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-217%)	-82.1% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-784%)	—

⚖️ Is the balance sheet risky? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Interest Coverage (x) 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	N/A	N/A	N/A	N/A	N/A	N/A
Net Debt (USD) 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	N/A	N/A	N/A	N/A	N/A	N/A
Debt / EBITDA (x) 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	N/A	N/A	N/A	N/A	N/A	N/A

📊 What does each share earn? 8 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Revenue per Share (USD)	$10.87	$10.66	$9.87	$10.02	$9.56	$9.30	$7.44	$6.75	$6.18	$5.70	$5.07	$4.89	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$3.30	$3.20	$2.82	$3.00	$2.91	$2.56	$2.03	$1.70	$0.96	$1.06	$0.88	$0.79	$5.87	$2.51	$-2.94	$-4.09	$-39.60	—
Free Cash Flow per Share (USD) 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	N/A	N/A	N/A	N/A	N/A	N/A
Dividend per Share (USD)	$1.04	$0.96	$0.92	$0.88	$0.84	$0.80	$0.72	$0.60	$0.42	$0.34	$0.26	$0.18	$0.00	$0.00	$0.00	$0.00	$0.30	—
Book Value per Share (USD)	$24.48	$21.76	$19.41	$16.50	$18.82	$17.82	$15.58	$14.38	$12.42	$11.71	$11.28	$10.91	$10.15	$14.84	$12.09	—	—	—
Tangible Book Value per Share (USD)	$23.05	$20.33	$17.96	$15.04	$17.33	$16.33	$14.08	$12.90	$12.34	$11.62	$11.18	$10.79	$10.01	$14.41	$11.19	—	—	—
Basic Weighted Avg Shares (shares)	20.76M	20.89M	20.98M	21.10M	21.59M	21.98M	22.89M	23.41M	21.33M	21.38M	22.72M	22.93M	13,970	8,709	8,277	5,090	—	—
Dividend Payout Ratio (%)	31.5% Good → Good Stable Dividends paid as a percentage of earnings Optimal: 30-60%	30.0% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	32.6% Good ↑ Good Improving Dividends paid as a percentage of earnings Optimal: 30-60%	29.3% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	28.9% Excellent ↓ Excellent Declining Dividends paid as a percentage of earnings Optimal: 30-60%	31.2% Good ↓ Good Declining Dividends paid as a percentage of earnings Optimal: 30-60%	35.5% Good → Good Stable Dividends paid as a percentage of earnings Optimal: 30-60%	35.3% Good → Good Stable Dividends paid as a percentage of earnings Optimal: 30-60%	43.8% Good ↑ Good Improving Dividends paid as a percentage of earnings Optimal: 30-60%	32.1% Good ↑ Good Improving Dividends paid as a percentage of earnings Optimal: 30-60%	29.5% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	22.8% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent → Excellent Stable Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent ↑ Excellent Improving Dividends paid as a percentage of earnings Optimal: 30-60%	0.0% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	-0.8% Excellent Excellent Dividends paid as a percentage of earnings Optimal: 30-60%	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Working Capital (USD) 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	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity (USD)	$502.95M	$454.69M	$404.45M	$347.60M	$398.48M	$389.52M	$350.17M	$338.99M	$264.93M	$248.98M	$251.09M	$250.37M	$231.58M	$134.97M	$102.63M	$119.08M	$109.86M	$194.88M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Sales/Revenue/Turnover (USD)	$225.66M	$222.61M	$207.00M	$211.47M	$206.41M	$204.36M	$170.32M	$158.10M	$131.72M	$121.94M	$115.12M	$112.03M	$122.79M	$149.82M	$141.48M	$183.47M	$198.32M	—
Depreciation Expense (USD)	$4.99M	$5.19M	$5.20M	$5.30M	$5.40M	$5.30M	$5.20M	$5.10M	$5.30M	$5.80M	$6.60M	$6.70M	$6.70M	$7.60M	$8.40M	$8.70M	—	—
Net Income, GAAP (USD)	$68.54M	$66.79M	$59.07M	$63.35M	$62.90M	$56.15M	$46.44M	$39.84M	$20.48M	$22.77M	$20.02M	$18.02M	$77.51M	$26.20M	$-20.20M	$-16.71M	$-90.23M	—
Operating Cash Flow (USD)	$76.66M	$63.15M	$75.59M	$94.63M	$110.15M	$58.68M	$33.98M	$44.92M	$38.61M	$23.70M	—	—	$52.07M	$29.39M	$35.41M	$-2.50M	$4.38M	—

🏛️ Sector-Specific 2 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗
Net Interest Margin (approx.) (%)	3.3%	3.1%	3.0%	3.0%	2.8%	2.9%	3.4%	3.4%	3.2%	3.1%	3.1%	3.3%	3.5%	4.3%	4.1%	4.4%	—	—
Efficiency Ratio (%) (%)	61.3%	60.7%	61.4%	60.7%	63.5%	59.9%	65.6%	68.0%	69.9%	74.1%	76.8%	80.3%	84.8%	77.9%	94.7%	84.5%	95.0%	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 5 days ago 18 years · 68 quarters

INDEPENDENT BANK CORP /MI/

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