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Independent Bank (IBCP) Financials

Independent Bank logo
$32.55 +0.08 (+0.25%)
As of 05/20/2025 04:00 PM Eastern
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Annual Income Statements for Independent Bank

Annual Income Statements for Independent Bank

This table shows Independent Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Net Income / (Loss) Attributable to Common Shareholders		 67 59 63
Consolidated Net Income / (Loss)		 67 59 63
Net Income / (Loss) Continuing Operations		 67 59 63
Total Pre-Tax Income 		83 74 78
Total Revenue		 223 207 211
Net Interest Income / (Expense)		 166 156 150
Total Interest Income		 267 240 169
Loans and Leases Interest Income		 229 198 139
Investment Securities Interest Income		 32 37 29
Other Interest Income		 6.21 5.43 0.88
Total Interest Expense		 101 83 19
Deposits Interest Expense		 93 75 14
Long-Term Debt Interest Expense		 7.83 8.27 5.30
Total Non-Interest Income		 56 51 62
Service Charges on Deposit Accounts		 12 12 12
Other Service Charges		 12 12 11
Net Realized & Unrealized Capital Gains on Investments		 18 12 25
Other Non-Interest Income		 14 14 14
Provision for Credit Losses		 4.47 6.21 5.34
Total Non-Interest Expense		 135 127 128
Salaries and Employee Benefits		 85 79 81
Net Occupancy & Equipment Expense		 12 12 13
Marketing Expense		 3.06 2.17 2.07
Property & Liability Insurance Claims		 2.87 3.01 2.14
Other Operating Expenses		 33 31 30
Income Tax Expense		 16 15 14
Basic Earnings per Share		 $3.20 $2.82 $3.00
Weighted Average Basic Shares Outstanding		 20.97M 20.91M 21.13M
Diluted Earnings per Share		 $3.16 $2.79 $2.97
Weighted Average Diluted Shares Outstanding		 20.97M 20.91M 21.13M
Weighted Average Basic & Diluted Shares Outstanding		 20.97M 20.91M 21.13M
Cash Dividends to Common per Share		 $0.96 $0.92 $0.88

Quarterly Income Statements for Independent Bank

This table shows Independent Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Income / (Loss) Attributable to Common Shareholders		 18 14 19 16 14 18 15 13 15 17
Consolidated Net Income / (Loss)		 18 14 19 16 14 18 15 13 15 17
Net Income / (Loss) Continuing Operations		 18 14 19 16 14 18 15 13 15 17
Total Pre-Tax Income 		23 17 23 20 18 22 18 16 19 21
Total Revenue		 62 51 57 53 49 55 54 49 52 57
Net Interest Income / (Expense)		 43 42 41 40 40 39 38 38 41 40
Total Interest Income		 67 68 66 65 65 62 58 54 51 45
Loans and Leases Interest Income		 58 58 57 55 54 51 48 44 42 37
Investment Securities Interest Income		 7.32 7.91 8.11 8.64 9.08 9.27 9.20 8.97 8.65 7.61
Other Interest Income		 1.31 2.02 1.44 1.44 1.95 1.74 1.07 0.68 0.23 0.22
Total Interest Expense		 24 26 25 25 25 23 20 15 10 5.03
Deposits Interest Expense		 23 24 23 23 23 21 17 14 8.54 3.63
Long-Term Debt Interest Expense		 1.58 2.02 2.12 2.12 2.14 2.26 2.14 1.74 1.83 1.40
Total Non-Interest Income		 19 9.51 15 13 9.10 16 15 11 11 17
Service Charges on Deposit Accounts		 2.98 3.09 2.94 2.87 -1.34 3.31 6.81 3.58 3.15 3.08
Other Service Charges		 3.40 3.38 2.72 2.72 3.18 3.44 3.13 2.73 2.74 2.59
Net Realized & Unrealized Capital Gains on Investments		 9.45 -1.11 6.12 3.82 3.92 4.77 2.12 1.03 2.17 7.14
Other Non-Interest Income		 3.29 4.15 3.40 3.15 3.34 4.10 3.36 3.21 3.40 4.05
Provision for Credit Losses		 2.22 1.49 0.02 0.74 -0.62 1.35 3.32 2.16 1.39 3.15
Total Non-Interest Expense		 37 33 33 32 32 32 32 31 32 32
Salaries and Employee Benefits		 23 20 21 21 19 20 21 19 20 21
Net Occupancy & Equipment Expense		 2.88 2.83 2.83 3.03 2.91 2.90 2.77 3.09 3.16 3.05
Marketing Expense		 1.20 0.58 0.79 0.49 0.88 0.36 0.43 0.50 0.49 0.35
Property & Liability Insurance Claims		 0.73 0.66 0.70 0.78 0.80 0.68 0.75 0.78 0.57 0.59
Other Operating Expenses		 9.29 8.47 7.77 7.12 8.25 8.13 7.69 7.26 7.48 7.78
Income Tax Expense		 4.31 3.48 4.64 3.83 4.20 4.11 3.41 2.88 3.50 3.95
Basic Earnings per Share		 $0.88 $0.66 $0.89 $0.77 $0.66 $0.84 $0.70 $0.62 $0.71 $0.82
Weighted Average Basic Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M
Diluted Earnings per Share		 $0.87 $0.65 $0.88 $0.76 $0.65 $0.83 $0.70 $0.61 $0.71 $0.81
Weighted Average Diluted Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M
Weighted Average Basic & Diluted Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M

Annual Cash Flow Statements for Independent Bank

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Net Change in Cash & Equivalents		 -50 95 -35
Net Cash From Operating Activities		 63 76 95
Net Cash From Continuing Operating Activities		 63 76 95
Net Income / (Loss) Continuing Operations		 67 59 63
Consolidated Net Income / (Loss)		 67 59 63
Provision For Loan Losses		 4.47 6.21 5.34
Depreciation Expense		 10 10 11
Non-Cash Adjustments to Reconcile Net Income		 6.35 17 31
Changes in Operating Assets and Liabilities, net		 -24 -17 -16
Net Cash From Investing Activities		 -118 -163 -425
Net Cash From Continuing Investing Activities		 -118 -163 -425
Purchase of Property, Leasehold Improvements and Equipment		 -7.95 -6.02 -5.68
Purchase of Investment Securities		 -3.63 -2.22 -140
Sale of Property, Leasehold Improvements and Equipment		 0.96 1.65 1.83
Sale and/or Maturity of Investments		 164 205 326
Other Investing Activities, net		 -272 -362 -606
Net Cash From Financing Activities		 5.11 183 295
Net Cash From Continuing Financing Activities		 5.11 183 295
Net Change in Deposits		 31 244 262
Issuance of Debt		 130 135 290
Issuance of Common Equity		 0.01 0.07 0.08
Repayment of Debt		 -135 -171 -234
Repurchase of Common Equity		 0.00 -5.16 -4.01
Payment of Dividends		 -20 -19 -19
Other Financing Activities, Net		 -1.05 -0.65 -0.62
Cash Interest Paid		 104 79 18
Cash Income Taxes Paid		 14 16 10

Quarterly Cash Flow Statements for Independent Bank

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Net Change in Cash & Equivalents		 -1.68 -93 53 -7.94 42 -1.73 -98 153 3.74 11
Net Cash From Operating Activities		 16 17 8.75 21 17 26 9.69 23 0.83 33
Net Cash From Continuing Operating Activities		 16 17 8.75 21 17 26 9.69 23 0.83 33
Net Income / (Loss) Continuing Operations		 18 14 19 16 14 18 15 13 15 17
Consolidated Net Income / (Loss)		 18 14 19 16 14 18 15 13 15 17
Provision For Loan Losses		 2.22 1.49 0.02 0.74 -0.62 1.35 3.32 2.16 1.39 3.15
Depreciation Expense		 2.48 2.51 2.50 2.51 2.54 2.53 2.52 2.43 2.49 2.61
Non-Cash Adjustments to Reconcile Net Income		 6.55 3.23 -7.31 3.87 2.47 6.92 -2.87 11 -17 23
Changes in Operating Assets and Liabilities, net		 -13 -3.84 -4.99 -2.29 -1.33 -2.63 -8.07 -4.72 -1.28 -13
Net Cash From Investing Activities		 -85 -67 17 18 -6.75 -79 -82 4.95 -44 -115
Net Cash From Continuing Investing Activities		 -85 -67 17 18 -6.75 -79 -82 4.95 -44 -115
Purchase of Property, Leasehold Improvements and Equipment		 -4.01 -1.49 -1.77 -0.68 -1.51 -1.44 -1.75 -1.33 -1.71 -1.00
Sale of Property, Leasehold Improvements and Equipment		 0.66 - - 0.30 0.02 1.36 0.10 0.17 0.27 -
Sale and/or Maturity of Investments		 26 31 31 76 45 35 52 73 42 61
Other Investing Activities, net		 -108 -93 -12 -58 -50 -113 -133 -66 -85 -173
Net Cash From Financing Activities		 67 -43 27 -46 32 51 -25 124 47 93
Net Cash From Continuing Financing Activities		 67 -43 27 -46 32 51 -25 124 47 93
Net Change in Deposits		 27 13 32 -40 37 98 -57 166 52 36
Issuance of Debt		 130 - - 0.00 - - 40 95 100 155
Issuance of Common Equity		 0.01 - - 0.00 -0.00 - 0.02 0.05 0.00 0.04
Repayment of Debt		 -85 -50 0.01 -0.02 0.01 -40 -0.01 -131 -101 -94
Payment of Dividends		 -5.01 -5.02 -5.02 -5.00 -4.79 -4.82 -4.86 -4.86 -4.63 -4.63
Other Financing Activities, Net		 -0.04 -0.03 -0.00 -0.98 -0.03 -0.03 -0.02 -0.58 -0.00 -0.03
Cash Interest Paid		 25 26 28 25 25 21 19 14 9.55 4.16
Cash Income Taxes Paid		 2.50 4.60 6.80 0.00 4.80 3.70 7.60 0.00 5.00 1.10

Annual Balance Sheets for Independent Bank

This table presents Independent Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Total Assets		 5,338 5,264 5,000
Cash and Due from Banks		 57 68 70
Interest Bearing Deposits at Other Banks		 63 102 4.19
Trading Account Securities		 899 1,033 1,154
Loans and Leases, Net of Allowance		 -59 -55 -52
Allowance for Loan and Lease Losses		 59 55 52
Loans Held for Sale		 7.64 12 27
Premises and Equipment, Net		 37 36 36
Goodwill		 28 28 28
Intangible Assets		 1.49 2.00 2.55
Other Assets		 4,304 4,037 3,710
Total Liabilities & Shareholders' Equity		 5,338 5,264 5,000
Total Liabilities		 4,883 4,859 4,652
Non-Interest Bearing Deposits		 1,014 1,076 1,270
Interest Bearing Deposits		 3,640 3,547 3,109
Short-Term Debt		 45 50 86
Long-Term Debt		 79 79 79
Other Long-Term Liabilities		 105 107 108
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 455 404 348
Total Preferred & Common Equity		 455 404 348
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 455 404 348
Common Stock		 319 317 321
Retained Earnings		 206 159 119
Accumulated Other Comprehensive Income / (Loss)		 -70 -72 -93

Quarterly Balance Sheets for Independent Bank

This table presents Independent Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q2 2024 Q1 2024 Q3 2023 Q2 2023 Q1 2023 Q3 2022
Period end date 9/30/2024 6/30/2024 3/31/2024 9/30/2023 6/30/2023 3/31/2023 9/30/2022
Total Assets		 5,259 5,278 5,231 5,200 5,136 5,139 4,931
Cash and Due from Banks		 62 55 42 59 61 48 57
Interest Bearing Deposits at Other Banks		 60 159 120 69 68 179 14
Trading Account Securities		 932 937 964 1,044 1,093 1,137 1,184
Loans and Leases, Net of Allowance		 -57 -56 -56 -55 -54 -51 -51
Allowance for Loan and Lease Losses		 57 56 56 55 54 51 51
Loans Held for Sale		 14 16 8.94 14 20 17 9.09
Premises and Equipment, Net		 35 35 35 35 36 36 36
Goodwill		 28 28 28 28 28 28 28
Intangible Assets		 1.62 1.75 1.88 2.14 2.28 2.42 2.70
Other Assets		 4,184 4,101 4,088 4,005 3,881 3,691 3,652
Total Liabilities & Shareholders' Equity		 5,259 5,278 5,231 5,200 5,136 5,139 4,931
Total Liabilities		 4,807 4,847 4,816 4,825 4,760 4,771 4,599
Non-Interest Bearing Deposits		 1,024 1,050 1,035 1,142 1,156 1,192 1,377
Interest Bearing Deposits		 3,603 3,565 3,548 3,444 3,332 3,352 2,950
Short-Term Debt		 0.00 50 50 50 90 - 87
Long-Term Debt		 79 79 79 79 79 129 79
Other Long-Term Liabilities		 101 103 104 110 104 97 106
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 -
Total Equity & Noncontrolling Interests		 452 430 416 375 375 368 332
Total Preferred & Common Equity		 452 430 416 375 375 368 332
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 452 430 416 375 375 368 332
Common Stock		 318 318 317 317 318 321 320
Retained Earnings		 192 184 170 150 137 127 109
Accumulated Other Comprehensive Income / (Loss)		 -58 -71 -72 -92 -81 -81 -97

Annual Metrics And Ratios for Independent Bank

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric 2024 2023 2022
Period end date 12/31/2024 12/31/2023 12/31/2022
Growth Metrics		 - - -
Revenue Growth		 7.54% -2.11% 2.45%
EBITDA Growth		 11.18% -5.55% -0.93%
EBIT Growth		 12.72% -5.29% 0.61%
NOPAT Growth		 13.08% -6.76% 0.73%
Net Income Growth		 13.08% -6.76% 0.73%
EPS Growth		 13.26% -6.06% 3.13%
Operating Cash Flow Growth		 -16.45% -20.12% -14.09%
Free Cash Flow Firm Growth		 -43.69% -34.51% 8.00%
Invested Capital Growth		 8.50% 4.10% 1.04%
Revenue Q/Q Growth		 6.08% -1.36% 0.96%
EBITDA Q/Q Growth		 5.39% -0.70% 3.20%
EBIT Q/Q Growth		 6.16% -0.86% 4.17%
NOPAT Q/Q Growth		 7.60% -2.22% 4.24%
Net Income Q/Q Growth		 7.60% -2.22% 4.24%
EPS Q/Q Growth		 7.48% -2.11% 4.21%
Operating Cash Flow Q/Q Growth		 -0.68% 26.80% -36.08%
Free Cash Flow Firm Q/Q Growth		 -38.02% -29.89% -18.92%
Invested Capital Q/Q Growth		 8.91% 5.85% 2.94%
Profitability Metrics		 - - -
EBITDA Margin		 41.80% 40.43% 41.90%
EBIT Margin		 37.31% 35.59% 36.78%
Profit (Net Income) Margin		 30.00% 28.53% 29.96%
Tax Burden Percent		 80.43% 80.17% 81.44%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 19.57% 19.83% 18.56%
Return on Invested Capital (ROIC)		 12.00% 11.29% 12.42%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.00% 11.29% 12.42%
Return on Net Nonoperating Assets (RNNOA)		 3.54% 4.42% 4.56%
Return on Equity (ROE)		 15.55% 15.71% 16.98%
Cash Return on Invested Capital (CROIC)		 3.85% 7.27% 11.39%
Operating Return on Assets (OROA)		 1.57% 1.44% 1.60%
Return on Assets (ROA)		 1.26% 1.15% 1.31%
Return on Common Equity (ROCE)		 15.55% 15.71% 16.98%
Return on Equity Simple (ROE_SIMPLE)		 14.69% 14.60% 18.23%
Net Operating Profit after Tax (NOPAT)		 67 59 63
NOPAT Margin		 30.00% 28.53% 29.96%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 44.73% 44.83% 45.39%
Operating Expenses to Revenue		 60.69% 61.41% 60.69%
Earnings before Interest and Taxes (EBIT)		 83 74 78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 93 84 89
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.59 1.29 1.33
Price to Tangible Book Value (P/TBV)		 1.70 1.39 1.46
Price to Revenue (P/Rev)		 3.25 2.51 2.18
Price to Earnings (P/E)		 10.82 8.81 7.28
Dividend Yield		 2.78% 3.68% 4.02%
Earnings Yield		 9.25% 11.35% 13.73%
Enterprise Value to Invested Capital (EV/IC)		 1.26 0.90 1.08
Enterprise Value to Revenue (EV/Rev)		 3.27 2.32 2.61
Enterprise Value to EBITDA (EV/EBITDA)		 7.81 5.73 6.23
Enterprise Value to EBIT (EV/EBIT)		 8.75 6.51 7.10
Enterprise Value to NOPAT (EV/NOPAT)		 10.88 8.12 8.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.51 6.35 5.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 33.93 12.61 9.50
Leverage & Solvency		 - - -
Debt to Equity		 0.27 0.32 0.48
Long-Term Debt to Equity		 0.17 0.20 0.23
Financial Leverage		 0.30 0.39 0.37
Leverage Ratio		 12.34 13.65 13.01
Compound Leverage Factor		 12.34 13.65 13.01
Debt to Total Capital		 21.48% 24.22% 32.20%
Short-Term Debt to Total Capital		 7.77% 9.37% 16.78%
Long-Term Debt to Total Capital		 13.71% 14.85% 15.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 78.52% 75.78% 67.80%
Debt to EBITDA		 1.34 1.54 1.86
Net Debt to EBITDA		 0.05 -0.48 1.02
Long-Term Debt to EBITDA		 0.85 0.95 0.89
Debt to NOPAT		 1.86 2.19 2.61
Net Debt to NOPAT		 0.07 -0.69 1.43
Long-Term Debt to NOPAT		 1.19 1.34 1.25
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 21 38 58
Operating Cash Flow to CapEx		 903.45% 1,727.35% 2,460.53%
Free Cash Flow to Firm to Interest Expense		 0.21 0.46 2.99
Operating Cash Flow to Interest Expense		 0.63 0.91 4.87
Operating Cash Flow Less CapEx to Interest Expense		 0.56 0.85 4.67
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.04
Fixed Asset Turnover		 6.10 5.80 5.85
Capital & Investment Metrics		 - - -
Invested Capital		 579 534 513
Invested Capital Turnover		 0.40 0.40 0.41
Increase / (Decrease) in Invested Capital		 45 21 5.25
Enterprise Value (EV)		 727 480 552
Market Capitalization		 722 520 461
Book Value per Share		 $21.76 $19.41 $16.50
Tangible Book Value per Share		 $20.34 $17.95 $15.04
Total Capital		 579 534 513
Total Debt		 124 129 165
Total Long-Term Debt		 79 79 79
Net Debt		 4.51 -41 91
Capital Expenditures (CapEx)		 6.99 4.38 3.85
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 124 129 165
Total Depreciation and Amortization (D&A)		 10 10 11
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.20 $2.82 $3.00
Adjusted Weighted Average Basic Shares Outstanding		 20.97M 20.91M 21.13M
Adjusted Diluted Earnings per Share		 $3.16 $2.79 $2.97
Adjusted Weighted Average Diluted Shares Outstanding		 20.97M 20.91M 21.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.97M 20.91M 21.13M
Normalized Net Operating Profit after Tax (NOPAT)		 67 59 63
Normalized NOPAT Margin		 30.00% 28.53% 29.96%
Pre Tax Income Margin		 37.31% 35.59% 36.78%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.83 0.88 4.00
NOPAT to Interest Expense		 0.66 0.71 3.26
EBIT Less CapEx to Interest Expense		 0.76 0.83 3.80
NOPAT Less CapEx to Interest Expense		 0.59 0.66 3.06
Payout Ratios		 - - -
Dividend Payout Ratio		 30.01% 32.72% 29.31%
Augmented Payout Ratio		 30.01% 41.45% 35.63%

Quarterly Metrics And Ratios for Independent Bank

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022
Period end date 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 25.94% -6.68% 5.12% 7.69% -5.50% -3.03% 6.06% -5.69% 4.02% 6.09%
EBITDA Growth		 23.25% -18.12% 23.85% 22.02% -2.79% 1.38% 10.56% -26.62% 15.01% 5.35%
EBIT Growth		 26.86% -20.14% 27.27% 24.86% -3.45% 1.91% 14.62% -28.08% 20.15% 8.15%
NOPAT Growth		 34.33% -21.28% 25.27% 23.09% -8.90% 1.42% 13.76% -27.70% 20.61% 8.36%
Net Income Growth		 34.33% -21.28% 25.27% 23.09% -8.90% 1.42% 13.76% -27.70% 20.61% 8.36%
EPS Growth		 33.85% -21.69% 25.71% 24.59% -8.45% 2.47% 14.75% -27.38% 20.34% 10.96%
Operating Cash Flow Growth		 -2.57% -33.10% -9.74% -10.91% 1,931.56% -21.32% -57.03% -39.37% -98.48% 405.82%
Free Cash Flow Firm Growth		 -269.80% -220.09% 103.29% -64.38% -173.99% -59.54% -214.23% -139.11% 188.78% 353.29%
Invested Capital Growth		 8.50% 5.45% 2.84% 9.65% 4.10% 1.23% 24.95% 6.98% 1.04% -2.14%
Revenue Q/Q Growth		 20.66% -9.12% 7.13% 7.21% -10.59% 2.36% 9.75% -5.91% -8.26% 11.96%
EBITDA Q/Q Growth		 27.53% -22.87% 14.96% 8.99% -15.27% 16.67% 13.26% -13.17% -11.64% 27.24%
EBIT Q/Q Growth		 31.68% -25.36% 16.88% 10.44% -17.11% 18.95% 14.66% -14.60% -12.51% 33.80%
NOPAT Q/Q Growth		 33.68% -25.46% 15.87% 16.36% -21.66% 18.61% 13.85% -13.89% -12.78% 33.04%
Net Income Q/Q Growth		 33.68% -25.46% 15.87% 16.36% -21.66% 18.61% 13.85% -13.89% -12.78% 33.04%
EPS Q/Q Growth		 33.85% -26.14% 15.79% 16.92% -21.69% 18.57% 14.75% -14.08% -12.35% 32.79%
Operating Cash Flow Q/Q Growth		 -4.84% 96.66% -58.01% 24.00% -34.66% 165.32% -58.56% 2,727.69% -97.47% 44.90%
Free Cash Flow Firm Q/Q Growth		 -96.50% -543.07% 109.67% -339.29% -163.81% 112.14% -382.95% -297.71% -65.10% -65.72%
Invested Capital Q/Q Growth		 8.91% -5.01% 2.75% 2.08% 5.85% -7.37% 9.55% -3.09% 2.94% 14.33%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 40.75% 38.55% 45.42% 42.33% 41.64% 43.94% 38.55% 37.35% 40.48% 42.03%
EBIT Margin		 36.74% 33.67% 40.99% 37.57% 36.47% 39.34% 33.85% 32.40% 35.70% 37.43%
Profit (Net Income) Margin		 29.79% 26.89% 32.78% 30.31% 27.93% 31.87% 27.51% 26.52% 28.97% 30.48%
Tax Burden Percent		 81.08% 79.87% 79.98% 80.68% 76.58% 81.02% 81.25% 81.83% 81.16% 81.41%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 18.92% 20.13% 20.02% 19.32% 23.42% 18.98% 18.75% 18.17% 18.84% 18.59%
Return on Invested Capital (ROIC)		 11.92% 10.89% 12.68% 12.27% 11.05% 13.35% 11.88% 11.50% 12.01% 12.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.92% 10.89% 12.68% 12.27% 11.05% 13.35% 11.88% 11.50% 12.01% 12.68%
Return on Net Nonoperating Assets (RNNOA)		 3.52% 2.75% 4.70% 4.05% 4.33% 5.57% 4.60% 3.79% 4.41% 4.76%
Return on Equity (ROE)		 15.44% 13.64% 17.38% 16.31% 15.37% 18.92% 16.48% 15.29% 16.42% 17.43%
Cash Return on Invested Capital (CROIC)		 3.85% 6.67% 9.12% 2.71% 7.27% 10.83% -9.90% 5.40% 11.39% 14.23%
Operating Return on Assets (OROA)		 1.54% 1.35% 1.68% 1.53% 1.47% 1.63% 1.44% 1.36% 1.56% 1.64%
Return on Assets (ROA)		 1.25% 1.08% 1.34% 1.23% 1.13% 1.32% 1.17% 1.12% 1.26% 1.34%
Return on Common Equity (ROCE)		 15.44% 13.64% 17.38% 16.31% 15.37% 18.92% 16.48% 15.29% 16.42% 17.43%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 13.72% 15.29% 14.94% 0.00% 16.11% 16.04% 15.88% 0.00% 18.29%
Net Operating Profit after Tax (NOPAT)		 18 14 19 16 14 18 15 13 15 17
NOPAT Margin		 29.79% 26.89% 32.78% 30.31% 27.93% 31.87% 27.51% 26.52% 28.97% 30.48%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 43.51% 45.66% 44.01% 46.04% 46.41% 42.21% 44.28% 46.78% 46.17% 42.28%
Operating Expenses to Revenue		 59.68% 63.44% 58.98% 61.02% 64.78% 58.21% 59.98% 63.19% 61.63% 57.02%
Earnings before Interest and Taxes (EBIT)		 23 17 23 20 18 22 18 16 19 21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 25 20 26 22 20 24 21 18 21 24
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.59 1.53 1.30 1.25 1.29 0.98 0.91 0.96 1.33 1.11
Price to Tangible Book Value (P/TBV)		 1.70 1.64 1.40 1.35 1.39 1.07 0.99 1.05 1.46 1.23
Price to Revenue (P/Rev)		 3.25 3.30 2.62 2.47 2.51 1.75 1.61 1.69 2.18 1.77
Price to Earnings (P/E)		 10.82 11.14 8.51 8.39 8.81 6.08 5.67 6.04 7.28 6.09
Dividend Yield		 2.78% 2.87% 3.51% 4.65% 3.68% 5.19% 5.57% 5.34% 4.02% 4.95%
Earnings Yield		 9.25% 8.97% 11.75% 11.91% 11.35% 16.46% 17.63% 16.56% 13.73% 16.43%
Enterprise Value to Invested Capital (EV/IC)		 1.26 1.22 0.85 0.90 0.90 0.73 0.70 0.51 1.08 0.93
Enterprise Value to Revenue (EV/Rev)		 3.27 3.10 2.23 2.32 2.32 1.76 1.80 1.22 2.61 2.22
Enterprise Value to EBITDA (EV/EBITDA)		 7.81 7.36 5.13 5.57 5.73 4.38 4.54 3.11 6.23 5.42
Enterprise Value to EBIT (EV/EBIT)		 8.75 8.30 5.75 6.29 6.51 4.96 5.16 3.56 7.10 6.23
Enterprise Value to NOPAT (EV/NOPAT)		 10.88 10.46 7.22 7.87 8.12 6.11 6.34 4.36 8.71 7.65
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.51 10.22 6.59 6.69 6.35 6.19 5.73 3.20 5.83 3.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 33.93 18.79 9.43 34.60 12.61 6.80 0.00 9.81 9.50 6.49
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.27 0.18 0.30 0.31 0.32 0.34 0.45 0.35 0.48 0.50
Long-Term Debt to Equity		 0.17 0.18 0.18 0.19 0.20 0.21 0.21 0.35 0.23 0.24
Financial Leverage		 0.30 0.25 0.37 0.33 0.39 0.42 0.39 0.33 0.37 0.38
Leverage Ratio		 12.34 12.64 12.93 13.24 13.65 14.32 14.10 13.69 13.01 13.05
Compound Leverage Factor		 12.34 12.64 12.93 13.24 13.65 14.32 14.10 13.69 13.01 13.05
Debt to Total Capital		 21.48% 14.92% 23.10% 23.72% 24.22% 25.63% 31.08% 25.99% 32.20% 33.28%
Short-Term Debt to Total Capital		 7.77% 0.00% 8.93% 9.17% 9.37% 9.92% 16.54% 0.00% 16.78% 17.41%
Long-Term Debt to Total Capital		 13.71% 14.92% 14.17% 14.55% 14.85% 15.71% 14.54% 25.99% 15.43% 15.87%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 78.52% 85.08% 76.90% 76.28% 75.78% 74.37% 68.92% 74.01% 67.80% 66.72%
Debt to EBITDA		 1.34 0.90 1.40 1.47 1.54 1.53 2.02 1.58 1.86 1.93
Net Debt to EBITDA		 0.05 -0.48 -0.92 -0.37 -0.48 0.02 0.48 -1.19 1.02 1.11
Long-Term Debt to EBITDA		 0.85 0.90 0.86 0.90 0.95 0.94 0.94 1.58 0.89 0.92
Debt to NOPAT		 1.86 1.28 1.97 2.08 2.19 2.14 2.81 2.21 2.61 2.73
Net Debt to NOPAT		 0.07 -0.68 -1.29 -0.53 -0.69 0.03 0.66 -1.68 1.43 1.57
Long-Term Debt to NOPAT		 1.19 1.28 1.21 1.28 1.34 1.31 1.32 2.21 1.25 1.30
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -27 -14 3.09 -32 -7.28 11 -94 -19 9.83 28
Operating Cash Flow to CapEx		 488.92% 1,152.95% 493.34% 5,525.99% 1,122.31% 32,140.00% 588.05% 2,031.71% 57.43% 3,258.23%
Free Cash Flow to Firm to Interest Expense		 -1.12 -0.52 0.12 -1.28 -0.29 0.50 -4.79 -1.25 0.95 5.60
Operating Cash Flow to Interest Expense		 0.68 0.65 0.35 0.84 0.67 1.12 0.49 1.51 0.08 6.50
Operating Cash Flow Less CapEx to Interest Expense		 0.54 0.59 0.28 0.82 0.61 1.11 0.41 1.43 -0.06 6.30
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 6.10 5.95 6.00 5.99 5.80 5.91 5.85 5.70 5.85 5.79
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 579 532 560 545 534 504 544 497 513 498
Invested Capital Turnover		 0.40 0.41 0.39 0.40 0.40 0.42 0.43 0.43 0.41 0.42
Increase / (Decrease) in Invested Capital		 45 28 15 48 21 6.14 109 32 5.25 -11
Enterprise Value (EV)		 727 650 475 488 480 369 381 255 552 465
Market Capitalization		 722 692 560 521 520 367 341 352 461 370
Book Value per Share		 $21.76 $21.65 $20.59 $19.88 $19.41 $17.90 $17.75 $17.40 $16.50 $15.78
Tangible Book Value per Share		 $20.34 $20.22 $19.16 $18.44 $17.95 $16.45 $16.30 $15.95 $15.04 $14.31
Total Capital		 579 532 560 545 534 504 544 497 513 498
Total Debt		 124 79 129 129 129 129 169 129 165 166
Total Long-Term Debt		 79 79 79 79 79 79 79 129 79 79
Net Debt		 4.51 -42 -85 -33 -41 1.76 40 -98 91 95
Capital Expenditures (CapEx)		 3.35 1.49 1.77 0.38 1.50 0.08 1.65 1.15 1.44 1.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 124 79 129 129 129 129 169 129 165 166
Total Depreciation and Amortization (D&A)		 2.48 2.51 2.50 2.51 2.54 2.53 2.52 2.43 2.49 2.61
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.88 $0.66 $0.89 $0.77 $0.66 $0.84 $0.70 $0.62 $0.71 $0.82
Adjusted Weighted Average Basic Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M
Adjusted Diluted Earnings per Share		 $0.87 $0.65 $0.88 $0.76 $0.65 $0.83 $0.70 $0.61 $0.71 $0.81
Adjusted Weighted Average Diluted Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.97M 20.89M 20.90M 20.90M 20.91M 20.84M 20.94M 21.14M 21.13M 21.07M
Normalized Net Operating Profit after Tax (NOPAT)		 18 14 19 16 14 18 15 13 15 17
Normalized NOPAT Margin		 29.79% 26.89% 32.78% 30.31% 27.93% 31.87% 27.51% 26.52% 28.97% 30.48%
Pre Tax Income Margin		 36.74% 33.67% 40.99% 37.57% 36.47% 39.34% 33.85% 32.40% 35.70% 37.43%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.94 0.65 0.93 0.80 0.71 0.94 0.93 1.02 1.79 4.23
NOPAT to Interest Expense		 0.77 0.52 0.74 0.64 0.54 0.76 0.75 0.84 1.45 3.44
EBIT Less CapEx to Interest Expense		 0.80 0.60 0.86 0.78 0.65 0.94 0.84 0.95 1.65 4.03
NOPAT Less CapEx to Interest Expense		 0.63 0.47 0.67 0.63 0.49 0.76 0.67 0.76 1.32 3.24
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 30.01% 31.94% 29.82% 31.36% 32.72% 31.73% 31.56% 32.13% 29.31% 30.28%
Augmented Payout Ratio		 30.01% 32.25% 32.69% 31.36% 41.45% 39.95% 36.99% 32.13% 35.63% 42.63%

Frequently Asked Questions About Independent Bank's Financials

When does Independent Bank's financial year end?

According to the most recent income statement we have on file, Independent Bank's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Independent Bank's net income changed over the last 2 years?

Independent Bank's net income appears to be on an upward trend, with a most recent value of $66.79 million in 2024, rising from $63.35 million in 2022. The previous period was $59.07 million in 2023. See where experts think Independent Bank is headed by visiting Independent Bank's forecast page.

How has Independent Bank revenue changed over the last 2 years?

Over the last 2 years, Independent Bank's total revenue changed from $211.47 million in 2022 to $222.61 million in 2024, a change of 5.3%.

How much debt does Independent Bank have?

Independent Bank's total liabilities were at $4.88 billion at the end of 2024, a 0.5% increase from 2023, and a 5.0% increase since 2022.

How much cash does Independent Bank have?

In the past 2 years, Independent Bank's cash and equivalents has ranged from $56.98 million in 2024 to $70.18 million in 2022, and is currently $56.98 million as of their latest financial filing in 2024.

How has Independent Bank's book value per share changed over the last 2 years?

Over the last 2 years, Independent Bank's book value per share changed from 16.50 in 2022 to 21.76 in 2024, a change of 31.9%.


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This page (NASDAQ:IBCP) was last updated on 5/21/2025 by MarketBeat.com Staff
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