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Independent Bank (IBCP) Financials

Independent Bank logo
$36.22 +0.34 (+0.95%)
Closing price 04:00 PM Eastern
Extended Trading
$36.22 0.00 (0.00%)
As of 06:18 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 20 23 20 40 46 56 63 63 59 67 69
Consolidated Net Income / (Loss)		 20 23 20 40 46 56 63 63 59 67 69
Net Income / (Loss) Continuing Operations		 20 23 20 40 46 56 63 63 59 67 69
Total Pre-Tax Income 		29 33 38 49 58 69 77 78 74 83 81
Total Revenue		 115 122 132 158 170 204 206 211 207 223 226
Net Interest Income / (Expense)		 75 80 89 113 123 124 130 150 156 166 180
Total Interest Income		 81 87 98 131 149 140 138 169 240 267 270
Loans and Leases Interest Income		 71 74 84 117 134 123 117 139 198 229 239
Investment Securities Interest Income		 8.71 11 13 13 13 16 21 29 37 32 26
Other Interest Income		 1.20 1.20 1.10 1.29 1.86 1.09 0.85 0.88 5.43 6.21 4.96
Total Interest Expense		 5.86 6.88 9.12 17 26 16 8.32 19 83 101 90
Deposits Interest Expense		 4.01 4.94 6.78 14 23 13 4.47 14 75 93 83
Long-Term Debt Interest Expense		 1.85 1.94 2.35 3.01 2.92 3.55 3.85 5.30 8.27 7.83 6.22
Total Non-Interest Income		 40 42 43 45 48 81 77 62 51 56 46
Service Charges on Deposit Accounts		 - 12 13 12 11 8.52 16 12 12 12 12
Other Service Charges		 23 8.60 8.17 8.76 9.28 7.52 9.39 11 12 12 13
Net Realized & Unrealized Capital Gains on Investments		 8.66 13 14 14 17 53 37 25 12 18 7.24
Other Non-Interest Income		 8.48 7.94 8.02 9.91 10 11 14 14 14 14 14
Provision for Credit Losses		 -2.71 -1.31 1.20 1.50 0.82 12 -1.93 5.34 6.21 4.47 6.14
Total Non-Interest Expense		 88 90 92 107 112 122 131 128 127 135 138
Salaries and Employee Benefits		 48 50 55 62 68 75 80 81 79 85 85
Net Occupancy & Equipment Expense		 12 12 12 13 13 13 13 13 12 12 12
Marketing Expense		 2.12 1.86 1.91 2.16 2.45 2.23 1.92 2.07 2.17 3.06 3.21
Property & Liability Insurance Claims		 1.37 1.05 0.89 1.08 0.69 1.60 1.40 2.14 3.01 2.87 2.82
Other Operating Expenses		 25 26 23 26 28 31 35 30 31 33 35
Income Tax Expense		 9.36 10 18 9.29 11 13 14 14 15 16 13
Basic Earnings per Share		 $0.88 $1.06 $0.96 $1.70 $2.03 $2.56 $2.91 $3.00 $2.82 $3.20 $3.30
Weighted Average Basic Shares Outstanding		 22.72M 21.38M 21.33M 23.41M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Diluted Earnings per Share		 $0.86 $1.05 $0.95 $1.68 $2.00 $2.53 $2.88 $2.97 $2.79 $3.16 $3.27
Weighted Average Diluted Shares Outstanding		 22.72M 21.38M 21.33M 23.41M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Weighted Average Basic & Diluted Shares Outstanding		 22.72M 21.38M 21.33M 23.41M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Cash Dividends to Common per Share		 $0.26 $0.34 $0.42 $0.60 $0.72 $0.80 $0.84 $0.88 $0.92 $0.96 $1.04

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 18 14 16 19 14 18 16 17 18 19 17
Consolidated Net Income / (Loss)		 18 14 16 19 14 18 16 17 18 19 17
Net Income / (Loss) Continuing Operations		 18 14 16 19 14 18 16 17 18 19 17
Total Pre-Tax Income 		22 18 20 23 17 23 19 21 21 20 20
Total Revenue		 55 49 53 57 51 62 54 56 57 58 59
Net Interest Income / (Expense)		 39 40 40 41 42 43 44 45 45 46 47
Total Interest Income		 62 65 65 66 68 67 66 67 69 67 66
Loans and Leases Interest Income		 51 54 55 57 58 58 58 60 61 60 59
Investment Securities Interest Income		 9.27 9.08 8.64 8.11 7.91 7.32 6.81 6.57 6.43 6.15 5.88
Other Interest Income		 1.74 1.95 1.44 1.44 2.02 1.31 1.57 0.77 1.54 1.07 1.04
Total Interest Expense		 23 25 25 25 26 24 22 22 24 21 19
Deposits Interest Expense		 21 23 23 23 24 23 21 20 22 20 18
Long-Term Debt Interest Expense		 2.26 2.14 2.12 2.12 2.02 1.58 1.50 1.80 1.96 0.96 0.92
Total Non-Interest Income		 16 9.10 13 15 9.51 19 10 11 12 12 12
Service Charges on Deposit Accounts		 3.31 -1.34 2.87 2.94 -0.05 2.98 2.81 2.98 3.13 3.10 2.94
Other Service Charges		 3.44 3.18 2.72 2.72 3.38 3.40 3.15 2.82 3.14 3.42 2.95
Net Realized & Unrealized Capital Gains on Investments		 4.77 3.92 3.82 6.12 2.02 9.45 1.34 2.13 1.51 2.26 2.93
Other Non-Interest Income		 4.10 3.34 3.15 3.40 4.15 3.29 3.13 3.39 4.16 3.19 3.23
Provision for Credit Losses		 1.35 -0.62 0.74 0.02 1.49 2.22 0.72 1.50 1.99 1.92 0.36
Total Non-Interest Expense		 32 32 32 33 33 37 34 34 34 36 38
Salaries and Employee Benefits		 20 19 21 21 20 23 20 21 21 23 22
Net Occupancy & Equipment Expense		 2.90 2.91 3.03 2.83 2.83 2.88 3.11 2.84 3.02 3.07 3.31
Marketing Expense		 0.36 0.88 0.49 0.79 0.58 1.20 0.86 0.83 0.53 0.99 1.21
Property & Liability Insurance Claims		 0.68 0.80 0.78 0.70 0.66 0.73 0.71 0.64 0.62 0.86 0.80
Other Operating Expenses		 8.13 8.25 7.12 7.77 8.47 9.29 9.20 8.33 8.85 8.60 11
Restructuring Charge		 - - - - - - 0.00 - - - 0.30
Income Tax Expense		 4.11 4.20 3.83 4.64 3.48 4.31 3.54 3.80 3.67 1.74 3.36
Basic Earnings per Share		 $0.84 $0.66 $0.77 $0.89 $0.66 $0.88 $0.74 $0.81 $0.85 $0.90 $0.82
Weighted Average Basic Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
Diluted Earnings per Share		 $0.83 $0.65 $0.76 $0.88 $0.65 $0.87 $0.74 $0.81 $0.84 $0.88 $0.81
Weighted Average Diluted Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
Weighted Average Basic & Diluted Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
Cash Dividends to Common per Share		 $0.23 - $0.24 $0.24 $0.24 - $0.26 $0.26 $0.26 - $0.28

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 12 -2.59 -28 16 -4.94 53 -9.23 -35 95 -50 19
Net Cash From Operating Activities		 23 24 39 45 34 59 110 95 76 63 77
Net Cash From Continuing Operating Activities		 23 24 39 45 34 59 110 95 76 63 77
Net Income / (Loss) Continuing Operations		 20 23 20 40 46 56 63 63 59 67 69
Consolidated Net Income / (Loss)		 20 23 20 40 46 56 63 63 59 67 69
Provision For Loan Losses		 -2.71 -1.31 1.20 1.50 0.82 12 -1.93 5.34 6.21 4.47 6.14
Depreciation Expense		 4.55 5.22 6.96 6.03 6.06 9.16 12 11 10 10 9.91
Non-Cash Adjustments to Reconcile Net Income		 -4.12 -4.15 -2.61 -3.05 -23 -21 38 31 17 6.35 1.73
Changes in Operating Assets and Liabilities, net		 5.12 1.18 13 0.60 4.11 1.83 -0.44 -16 -17 -24 -9.65
Net Cash From Investing Activities		 -161 -139 -278 -183 -182 -554 -563 -425 -163 -118 -122
Net Cash From Continuing Investing Activities		 -161 -139 -278 -183 -182 -554 -563 -425 -163 -118 -122
Purchase of Property, Leasehold Improvements and Equipment		 -4.35 -3.46 -4.24 -3.86 -4.94 -4.38 -5.84 -5.68 -6.02 -7.95 -6.49
Purchase of Investment Securities		 -347 -421 -507 -106 -238 -859 -824 -140 -2.22 -3.63 -30
Sale of Property, Leasehold Improvements and Equipment		 0.56 0.42 0.03 0.11 0.07 1.13 0.06 1.83 1.65 0.96 0.00
Sale and/or Maturity of Investments		 197 285 201 247 276 350 473 326 205 164 175
Other Investing Activities, net		 - - - -344 -215 -42 -206 -606 -362 -272 -261
Net Cash From Financing Activities		 149 113 211 154 143 549 444 295 183 5.11 64
Net Cash From Continuing Financing Activities		 149 113 211 154 143 549 444 295 183 5.11 64
Net Change in Deposits		 170 140 175 225 123 601 480 262 244 31 108
Issuance of Debt		 0.10 0.00 629 1,272 111 278 100 290 135 130 307
Issuance of Common Equity		 0.11 0.08 0.07 0.27 0.28 0.02 0.06 0.08 0.07 0.01 0.00
Repayment of Debt		 -0.62 -2.52 -584 -1,315 -48 -298 -100 -234 -171 -135 -315
Repurchase of Common Equity		 -13 -17 0.00 -13 -26 -14 -17 -4.01 -5.16 0.00 -12
Payment of Dividends		 -5.90 -7.27 -8.96 -14 -17 -18 -18 -19 -19 -20 -22
Other Financing Activities, Net		 -1.09 -0.63 -0.58 -1.47 -0.88 -0.76 -0.69 -0.62 -0.65 -1.05 -1.22
Cash Interest Paid		 5.77 6.42 9.16 17 27 17 8.42 18 79 104 91
Cash Income Taxes Paid		 0.30 0.56 1.97 0.12 9.53 16 14 10 16 14 12

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1.73 42 -7.94 53 -93 -1.68 8.26 18 63 -70 37
Net Cash From Operating Activities		 26 17 21 8.75 17 16 19 19 18 7.79 -9.16
Net Cash From Continuing Operating Activities		 26 17 21 8.75 17 16 19 19 18 7.79 -9.16
Net Income / (Loss) Continuing Operations		 18 14 16 19 14 18 16 17 18 19 17
Consolidated Net Income / (Loss)		 18 14 16 19 14 18 16 17 18 19 17
Provision For Loan Losses		 1.35 -0.62 0.74 0.02 1.49 2.22 0.72 1.50 1.99 1.92 0.36
Depreciation Expense		 2.53 2.54 2.51 2.50 2.51 2.48 2.35 2.41 2.76 2.39 2.37
Non-Cash Adjustments to Reconcile Net Income		 6.92 2.47 3.87 -7.31 3.23 6.55 -0.81 -2.43 1.45 3.62 -10
Changes in Operating Assets and Liabilities, net		 -2.63 -1.33 -2.29 -4.99 -3.84 -13 1.40 0.62 -5.50 -19 -19
Net Cash From Investing Activities		 -79 -6.75 18 17 -67 -85 16 -71 -9.63 -46 -17
Net Cash From Continuing Investing Activities		 -79 -6.75 18 17 -67 -85 16 -71 -9.63 -46 -17
Purchase of Property, Leasehold Improvements and Equipment		 -1.44 -1.51 -0.68 -1.77 -1.49 -4.01 -1.12 -2.28 -1.66 -1.44 -4.61
Purchase of Investment Securities		 -1.30 - 0.00 - -3.63 - -1.70 -11 -10 -6.51 -5.43
Sale of Property, Leasehold Improvements and Equipment		 1.36 0.02 0.30 - - 0.66 0.00 - - - 0.02
Sale and/or Maturity of Investments		 35 45 76 31 31 26 61 40 42 45 29
Other Investing Activities, net		 -113 -50 -58 -12 -93 -108 -42 -97 -40 -82 -35
Net Cash From Financing Activities		 51 32 -46 27 -43 67 -27 70 54 -33 62
Net Cash From Continuing Financing Activities		 51 32 -46 27 -43 67 -27 70 54 -33 62
Net Change in Deposits		 98 37 -40 32 13 27 -20 25 200 -97 119
Issuance of Debt		 - - 0.00 - - 130 95 102 35 75 75
Repayment of Debt		 -40 0.01 -0.02 0.01 -50 -85 -95 -45 -175 -0.00 -125
Repurchase of Common Equity		 -1.69 -0.19 0.00 - - - -0.03 -7.32 -0.41 -4.66 0.00
Payment of Dividends		 -4.82 -4.79 -5.00 -5.02 -5.02 -5.01 -5.45 -5.39 -5.38 -5.38 -5.77
Other Financing Activities, Net		 -0.03 -0.03 -0.98 -0.00 -0.03 -0.04 -1.14 -0.03 -0.04 -0.01 -0.85
Cash Interest Paid		 21 25 25 28 26 25 22 23 24 22 19
Cash Income Taxes Paid		 3.70 4.80 0.00 6.80 4.60 2.50 2.50 6.00 3.15 - 0.00

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,409 2,549 2,789 3,353 3,565 4,204 4,705 5,000 5,264 5,338 5,506
Cash and Due from Banks		 54 35 37 23 53 56 51 70 68 57 52
Interest Bearing Deposits at Other Banks		 32 48 18 47 12 63 58 4.19 102 63 86
Trading Account Securities		 586 611 523 428 518 1,072 1,413 1,154 1,033 899 805
Loans and Leases, Net of Allowance		 1,492 1,588 1,996 2,558 2,699 2,698 -47 -52 -55 -59 -63
Allowance for Loan and Lease Losses		 23 20 23 25 26 35 47 52 55 59 63
Loans Held for Sale		 28 36 39 86 70 92 55 27 12 7.64 9.03
Premises and Equipment, Net		 43 40 39 39 38 36 36 36 36 37 39
Goodwill		 - - 0.00 28 28 28 28 28 28 28 28
Intangible Assets		 2.28 1.93 1.59 6.42 5.33 4.31 3.34 2.55 2.00 1.49 1.00
Other Assets		 160 183 132 137 140 154 3,071 3,710 4,037 4,304 4,548
Total Liabilities & Shareholders' Equity		 2,409 2,549 2,789 3,353 3,565 4,204 4,705 5,000 5,264 5,338 5,506
Total Liabilities		 2,158 2,300 2,524 3,014 3,215 3,814 4,306 4,652 4,859 4,883 5,003
Non-Interest Bearing Deposits		 660 717 768 880 852 1,153 1,322 1,270 1,076 1,014 992
Interest Bearing Deposits		 1,426 1,508 1,632 2,034 2,185 2,484 2,795 3,109 3,547 3,640 3,770
Short-Term Debt		 12 9.43 55 26 - - 30 86 50 45 77
Long-Term Debt		 36 36 36 39 128 109 79 79 79 79 40
Other Long-Term Liabilities		 24 29 34 36 50 68 80 108 107 105 124
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 251 249 265 339 350 390 398 348 404 455 503
Total Preferred & Common Equity		 251 249 265 339 350 390 398 348 404 455 503
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 251 249 265 339 350 390 398 348 404 455 503
Common Stock		 339 324 325 377 352 339 323 321 317 319 308
Retained Earnings		 -82 -66 -54 -28 1.61 40 75 119 159 206 253
Accumulated Other Comprehensive Income / (Loss)		 -6.04 -9.11 -6.00 -10 -3.79 10 0.50 -93 -72 -70 -58

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 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,931 5,139 5,136 5,200 5,231 5,278 5,259 5,328 5,419 5,493 5,558
Cash and Due from Banks		 57 48 61 59 42 55 62 61 74 56 48
Interest Bearing Deposits at Other Banks		 14 179 68 69 120 159 60 68 72 152 126
Trading Account Securities		 1,184 1,137 1,093 1,044 964 937 932 867 839 824 783
Loans and Leases, Net of Allowance		 -51 -51 -54 -55 -56 -56 -57 -60 -61 -62 -64
Allowance for Loan and Lease Losses		 51 51 54 55 56 56 57 60 61 62 64
Loans Held for Sale		 9.09 17 20 14 8.94 16 14 9.51 12 12 20
Premises and Equipment, Net		 36 36 36 35 35 35 35 37 38 39 42
Goodwill		 28 28 28 28 28 28 28 28 28 28 28
Intangible Assets		 2.70 2.42 2.28 2.14 1.88 1.75 1.62 1.37 1.24 1.12 0.89
Other Assets		 3,652 3,691 3,881 4,005 4,088 4,101 4,184 4,317 4,414 4,443 4,572
Total Liabilities & Shareholders' Equity		 4,931 5,139 5,136 5,200 5,231 5,278 5,259 5,328 5,419 5,493 5,558
Total Liabilities		 4,599 4,771 4,760 4,825 4,816 4,847 4,807 4,861 4,949 5,002 5,047
Non-Interest Bearing Deposits		 1,377 1,192 1,156 1,142 1,035 1,050 1,024 990 1,008 1,004 991
Interest Bearing Deposits		 2,950 3,352 3,332 3,444 3,548 3,565 3,603 3,644 3,651 3,856 3,890
Short-Term Debt		 87 - 90 50 50 50 0.00 45 102 2.01 27
Long-Term Debt		 79 129 79 79 79 79 79 79 79 40 40
Other Long-Term Liabilities		 106 97 104 110 104 103 101 103 108 101 99
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 332 368 375 375 416 430 452 467 469 491 511
Total Preferred & Common Equity		 332 368 375 375 416 430 452 467 469 491 511
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 332 368 375 375 416 430 452 467 469 491 511
Common Stock		 320 321 318 317 317 318 318 318 312 312 308
Retained Earnings		 109 127 137 150 170 184 192 216 227 240 264
Accumulated Other Comprehensive Income / (Loss)		 -97 -81 -81 -92 -72 -71 -58 -67 -70 -61 -61

Annual Metrics And Ratios for Independent Bank

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 22,297,545.00 21,245,536.00 21,331,967.00 24,105,586.00 22,481,485.00 21,884,495.00 21,276,999.00 - - - 20,691,952.00
DEI Adjusted Shares Outstanding		 22,297,545.00 21,245,536.00 21,331,967.00 24,105,586.00 22,481,485.00 21,884,495.00 21,276,999.00 - - - 20,691,952.00
DEI Earnings Per Adjusted Shares Outstanding		 0.90 1.07 0.96 1.65 2.07 2.57 2.96 - - - 3.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.75% 5.93% 8.02% 20.03% 7.73% 19.99% 1.00% 2.45% -2.11% 7.54% 1.37%
EBITDA Growth		 20.20% 12.33% 19.09% 21.52% 15.69% 23.23% 13.73% -0.93% -5.55% 11.18% -1.99%
EBIT Growth		 16.51% 11.98% 16.83% 27.82% 17.56% 20.29% 11.27% 0.61% -5.29% 12.72% -2.11%
NOPAT Growth		 11.08% 13.73% -10.06% 94.57% 16.56% 20.93% 12.01% 0.73% -6.76% 13.08% 2.62%
Net Income Growth		 11.08% 13.73% -10.06% 94.57% 16.56% 20.93% 12.01% 0.73% -6.76% 13.08% 2.62%
EPS Growth		 11.69% 22.09% -9.52% 76.84% 19.05% 26.50% 13.83% 3.13% -6.06% 13.26% 3.48%
Operating Cash Flow Growth		 74.85% 3.71% 62.87% 16.35% -23.22% 70.14% 87.71% -14.09% -20.12% -16.45% 21.39%
Free Cash Flow Firm Growth		 94.28% 25.75% -248.34% 77.51% -203.62% 230.01% 49.07% 8.00% -34.51% -43.69% 29.75%
Invested Capital Growth		 -0.59% -1.55% 20.79% 13.79% 18.36% 4.20% 1.83% 1.04% 4.10% 8.50% 7.04%
Revenue Q/Q Growth		 1.91% 3.42% 1.00% 3.17% 4.09% 3.57% -1.57% 0.96% -1.36% 6.08% -1.60%
EBITDA Q/Q Growth		 9.21% 0.98% 7.79% 1.04% 8.83% 0.29% -0.84% 3.20% -0.70% 5.39% -2.72%
EBIT Q/Q Growth		 10.59% 0.59% 7.82% 2.02% 9.52% -1.90% -0.53% 4.17% -0.86% 6.16% -2.93%
NOPAT Q/Q Growth		 9.09% 1.27% -16.83% 26.02% 9.28% 5.86% -6.65% 4.24% -2.22% 7.60% 0.16%
Net Income Q/Q Growth		 9.09% 1.27% -16.83% 26.02% 9.28% 5.86% -6.65% 4.24% -2.22% 7.60% 0.16%
EPS Q/Q Growth		 8.86% 1.94% -15.93% 24.44% 10.50% 6.75% -5.57% 4.21% -2.11% 7.48% 0.31%
Operating Cash Flow Q/Q Growth		 -13.31% 46.64% 121.14% -14.62% 13.64% -11.98% 44.26% -36.08% 26.80% -0.68% -10.06%
Free Cash Flow Firm Q/Q Growth		 -33.13% 3.34% 23.27% 83.83% -143.99% 143.19% 33.52% -18.92% -29.89% -38.02% -58.85%
Invested Capital Q/Q Growth		 -1.31% -1.53% -5.59% -12.96% 7.80% 3.42% -0.30% 2.94% 5.85% 8.91% 16.38%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 29.48% 31.26% 34.46% 34.89% 37.47% 38.48% 43.33% 41.90% 40.43% 41.80% 40.41%
EBIT Margin		 25.52% 26.98% 29.18% 31.08% 33.91% 34.00% 37.46% 36.78% 35.59% 37.31% 36.02%
Profit (Net Income) Margin		 17.39% 18.67% 15.54% 25.20% 27.26% 27.48% 30.47% 29.96% 28.53% 30.00% 30.37%
Tax Burden Percent		 68.13% 69.20% 53.27% 81.08% 80.39% 80.82% 81.35% 81.44% 80.17% 80.43% 84.32%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 31.87% 30.80% 46.73% 18.92% 19.61% 19.18% 18.65% 18.56% 19.83% 19.57% 15.68%
Return on Invested Capital (ROIC)		 6.68% 7.68% 6.31% 10.50% 10.53% 11.50% 12.51% 12.42% 11.29% 12.00% 11.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.68% 7.68% 6.31% 10.50% 10.53% 11.50% 12.51% 12.42% 11.29% 12.00% 11.43%
Return on Net Nonoperating Assets (RNNOA)		 1.30% 1.42% 1.66% 2.70% 2.95% 3.68% 3.46% 4.56% 4.42% 3.54% 2.88%
Return on Equity (ROE)		 7.98% 9.11% 7.97% 13.19% 13.48% 15.18% 15.96% 16.98% 15.71% 15.55% 14.31%
Cash Return on Invested Capital (CROIC)		 7.28% 9.25% -12.52% -2.41% -6.29% 7.39% 10.70% 11.39% 7.27% 3.85% 4.64%
Operating Return on Assets (OROA)		 1.26% 1.33% 1.44% 1.60% 1.67% 1.79% 1.74% 1.60% 1.44% 1.57% 1.50%
Return on Assets (ROA)		 0.86% 0.92% 0.77% 1.30% 1.34% 1.45% 1.41% 1.31% 1.15% 1.26% 1.26%
Return on Common Equity (ROCE)		 7.98% 9.11% 7.97% 13.19% 13.48% 15.18% 15.96% 16.98% 15.71% 15.55% 14.31%
Return on Equity Simple (ROE_SIMPLE)		 7.97% 9.14% 7.73% 11.75% 13.26% 14.42% 15.78% 18.23% 14.60% 14.69% 13.63%
Net Operating Profit after Tax (NOPAT)		 20 23 20 40 46 56 63 63 59 67 69
NOPAT Margin		 17.39% 18.67% 15.54% 25.20% 27.26% 27.48% 30.47% 29.96% 28.53% 30.00% 30.37%
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% 0.00%
SG&A Expenses to Revenue		 54.35% 51.97% 52.36% 48.85% 48.78% 44.06% 45.95% 45.39% 44.83% 44.73% 44.51%
Operating Expenses to Revenue		 76.84% 74.09% 69.91% 67.97% 65.60% 59.90% 63.48% 60.69% 61.41% 60.69% 61.26%
Earnings before Interest and Taxes (EBIT)		 29 33 38 49 58 69 77 78 74 83 81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 34 38 45 55 64 79 89 89 84 93 91
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.00 1.40 1.39 1.18 1.19 0.89 1.14 1.33 1.29 1.59 1.33
Price to Tangible Book Value (P/TBV)		 1.01 1.41 1.39 1.32 1.31 0.97 1.24 1.46 1.39 1.70 1.41
Price to Revenue (P/Rev)		 2.18 2.86 2.79 2.53 2.44 1.70 2.20 2.18 2.51 3.25 2.96
Price to Earnings (P/E)		 12.54 15.30 17.93 10.05 8.96 6.18 7.20 7.28 8.81 10.82 9.74
Dividend Yield		 2.31% 2.07% 2.44% 3.61% 3.89% 5.04% 3.94% 4.02% 3.68% 2.78% 3.22%
Earnings Yield		 7.97% 6.54% 5.58% 9.95% 11.16% 16.18% 13.88% 13.73% 11.35% 9.25% 10.26%
Enterprise Value to Invested Capital (EV/IC)		 0.67 1.04 1.13 0.98 1.00 0.68 0.89 1.08 0.90 1.26 1.04
Enterprise Value to Revenue (EV/Rev)		 1.75 2.50 3.04 2.50 2.81 1.65 2.19 2.61 2.32 3.27 2.86
Enterprise Value to EBITDA (EV/EBITDA)		 5.92 7.99 8.81 7.15 7.50 4.29 5.06 6.23 5.73 7.81 7.09
Enterprise Value to EBIT (EV/EBIT)		 6.84 9.26 10.40 8.03 8.28 4.85 5.85 7.10 6.51 8.75 7.95
Enterprise Value to NOPAT (EV/NOPAT)		 10.04 13.38 19.53 9.91 10.30 6.00 7.20 8.71 8.12 10.88 9.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.79 12.85 10.36 8.79 13.87 5.75 4.11 5.83 6.35 11.51 8.43
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.22 11.12 0.00 0.00 0.00 9.34 8.41 9.50 12.61 33.93 23.25
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.19 0.18 0.34 0.19 0.37 0.28 0.27 0.48 0.32 0.27 0.23
Long-Term Debt to Equity		 0.14 0.14 0.13 0.12 0.37 0.28 0.20 0.23 0.20 0.17 0.08
Financial Leverage		 0.19 0.19 0.26 0.26 0.28 0.32 0.28 0.37 0.39 0.30 0.25
Leverage Ratio		 9.29 9.91 10.39 10.17 10.04 10.50 11.31 13.01 13.65 12.34 11.32
Compound Leverage Factor		 9.29 9.91 10.39 10.17 10.04 10.50 11.31 13.01 13.65 12.34 11.32
Debt to Total Capital		 15.91% 15.31% 25.39% 16.11% 26.78% 21.84% 21.47% 32.20% 24.22% 21.48% 18.86%
Short-Term Debt to Total Capital		 4.00% 3.21% 15.38% 6.36% 0.00% 0.00% 5.91% 16.78% 9.37% 7.77% 12.42%
Long-Term Debt to Total Capital		 11.91% 12.10% 10.02% 9.75% 26.78% 21.84% 15.56% 15.43% 14.85% 13.71% 6.43%
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% 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% 0.00%
Common Equity to Total Capital		 84.09% 84.69% 74.61% 83.89% 73.22% 78.16% 78.53% 67.80% 75.78% 78.52% 81.14%
Debt to EBITDA		 1.40 1.18 1.99 1.18 2.01 1.38 1.22 1.86 1.54 1.34 1.28
Net Debt to EBITDA		 -1.48 -1.15 0.72 -0.10 0.98 -0.13 -0.01 1.02 -0.48 0.05 -0.24
Long-Term Debt to EBITDA		 1.05 0.93 0.78 0.71 2.01 1.38 0.88 0.89 0.95 0.85 0.44
Debt to NOPAT		 2.37 1.98 4.40 1.63 2.76 1.94 1.73 2.61 2.19 1.86 1.71
Net Debt to NOPAT		 -2.50 -1.92 1.60 -0.14 1.34 -0.18 -0.01 1.43 -0.69 0.07 -0.31
Long-Term Debt to NOPAT		 1.78 1.56 1.74 0.99 2.76 1.94 1.26 1.25 1.34 1.19 0.58
Noncontrolling Interest Sharing Ratio		 0.00% 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)		 22 27 -41 -9.14 -28 36 54 58 38 21 28
Operating Cash Flow to CapEx		 601.61% 778.97% 915.73% 1,195.98% 709.42% 1,805.66% 1,907.76% 2,460.53% 1,727.35% 903.45% 1,180.51%
Free Cash Flow to Firm to Interest Expense		 3.72 3.98 -4.46 -0.52 -1.05 2.23 6.47 2.99 0.46 0.21 0.31
Operating Cash Flow to Interest Expense		 3.90 3.44 4.23 2.57 1.31 3.62 13.25 4.87 0.91 0.63 0.85
Operating Cash Flow Less CapEx to Interest Expense		 3.25 3.00 3.77 2.35 1.12 3.42 12.55 4.67 0.85 0.56 0.78
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 2.59 2.93 3.32 4.06 4.41 5.48 5.69 5.85 5.80 6.10 5.90
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 299 294 355 404 478 498 507 513 534 579 620
Invested Capital Turnover		 0.38 0.41 0.41 0.42 0.39 0.42 0.41 0.41 0.40 0.40 0.38
Increase / (Decrease) in Invested Capital		 -1.77 -4.63 61 49 74 20 9.10 5.25 21 45 41
Enterprise Value (EV)		 201 305 400 395 478 337 453 552 480 727 646
Market Capitalization		 251 348 367 400 416 347 453 461 520 722 668
Book Value per Share		 $11.26 $11.72 $12.42 $14.06 $15.58 $17.80 $18.73 $16.50 $19.41 $21.76 $24.31
Tangible Book Value per Share		 $11.16 $11.63 $12.35 $12.62 $14.08 $16.31 $17.24 $15.04 $17.95 $20.34 $22.89
Total Capital		 299 294 355 404 478 498 507 513 534 579 620
Total Debt		 48 45 90 65 128 109 109 165 129 124 117
Total Long-Term Debt		 36 36 36 39 128 109 79 79 79 79 40
Net Debt		 -50 -44 33 -5.75 62 -9.89 -0.52 91 -41 4.51 -22
Capital Expenditures (CapEx)		 3.80 3.04 4.22 3.76 4.86 3.25 5.77 3.85 4.38 6.99 6.49
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 48 45 90 65 128 109 109 165 129 124 117
Total Depreciation and Amortization (D&A)		 4.55 5.22 6.96 6.03 6.06 9.16 12 11 10 10 9.91
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.88 $1.06 $0.96 $1.70 $2.03 $2.56 $2.91 $3.00 $2.82 $3.20 $3.30
Adjusted Weighted Average Basic Shares Outstanding		 21.36M 21.33M 21.37M 23.62M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Adjusted Diluted Earnings per Share		 $0.86 $1.05 $0.95 $1.68 $2.00 $2.53 $2.88 $2.97 $2.79 $3.16 $3.27
Adjusted Weighted Average Diluted Shares Outstanding		 21.36M 21.33M 21.37M 23.62M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $2.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.36M 21.33M 21.37M 23.62M 22.11M 21.77M 21.20M 21.13M 20.91M 20.97M 20.59M
Normalized Net Operating Profit after Tax (NOPAT)		 20 23 20 42 46 56 63 63 59 67 69
Normalized NOPAT Margin		 17.28% 18.81% 15.41% 26.63% 27.26% 27.48% 30.47% 29.96% 28.53% 30.00% 30.37%
Pre Tax Income Margin		 25.52% 26.98% 29.18% 31.08% 33.91% 34.00% 37.46% 36.78% 35.59% 37.31% 36.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.02 4.78 4.21 2.81 2.19 4.28 9.30 4.00 0.88 0.83 0.91
NOPAT to Interest Expense		 3.42 3.31 2.24 2.28 1.76 3.46 7.56 3.26 0.71 0.66 0.76
EBIT Less CapEx to Interest Expense		 4.37 4.34 3.75 2.59 2.01 4.08 8.60 3.80 0.83 0.76 0.83
NOPAT Less CapEx to Interest Expense		 2.77 2.87 1.78 2.06 1.58 3.26 6.87 3.06 0.66 0.59 0.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.46% 31.95% 43.76% 35.28% 35.65% 31.38% 28.87% 29.31% 32.72% 30.01% 31.51%
Augmented Payout Ratio		 96.89% 105.98% 43.76% 67.11% 92.25% 56.72% 56.32% 35.63% 41.45% 30.01% 49.65%

Quarterly Metrics And Ratios for Independent Bank

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - 20,972,763.00 20,720,940.00 20,709,510.00 20,691,952.00 20,588,446.00
DEI Adjusted Shares Outstanding		 - - - - - - 20,972,763.00 20,720,940.00 20,709,510.00 20,691,952.00 20,588,446.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - 0.74 0.81 0.85 0.90 0.82
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.03% -5.50% 7.69% 5.12% -6.68% 25.94% 2.56% -1.02% 11.56% -5.91% 8.86%
EBITDA Growth		 1.38% -2.79% 22.02% 23.85% -18.12% 23.25% -3.82% -10.08% 20.89% -10.11% 5.23%
EBIT Growth		 1.91% -3.45% 24.86% 27.27% -20.14% 26.86% -3.51% -10.74% 22.47% -10.79% 5.77%
NOPAT Growth		 1.42% -8.90% 23.09% 25.27% -21.28% 34.33% -2.51% -8.91% 26.73% 0.60% 8.24%
Net Income Growth		 1.42% -8.90% 23.09% 25.27% -21.28% 34.33% -2.51% -8.91% 26.73% 0.60% 8.24%
EPS Growth		 2.47% -8.45% 24.59% 25.71% -21.69% 33.85% -2.63% -7.95% 29.23% 1.15% 9.46%
Operating Cash Flow Growth		 -21.32% 1,931.56% -10.91% -9.74% -33.10% -2.57% 52.16% 116.86% 5.80% -52.39% -147.56%
Free Cash Flow Firm Growth		 -59.54% -173.99% -64.38% 103.29% -220.09% -269.80% 2.07% -2,496.57% 221.41% 17.60% 199.50%
Invested Capital Growth		 1.23% 4.10% 9.65% 2.84% 5.45% 8.50% 8.61% 16.24% 0.17% 7.04% -2.41%
Revenue Q/Q Growth		 2.36% -10.59% 7.21% 7.13% -9.12% 20.66% -12.69% 3.38% 2.43% 1.77% 1.01%
EBITDA Q/Q Growth		 16.67% -15.27% 8.99% 14.96% -22.87% 27.53% -14.94% 7.47% 3.70% -5.17% -0.43%
EBIT Q/Q Growth		 18.95% -17.11% 10.44% 16.88% -25.36% 31.68% -16.00% 8.11% 2.41% -4.08% -0.40%
NOPAT Q/Q Growth		 18.61% -21.66% 16.36% 15.87% -25.46% 33.68% -15.55% 8.26% 3.70% 6.11% -9.14%
Net Income Q/Q Growth		 18.61% -21.66% 16.36% 15.87% -25.46% 33.68% -15.55% 8.26% 3.70% 6.11% -9.14%
EPS Q/Q Growth		 18.57% -21.69% 16.92% 15.79% -26.14% 33.85% -14.94% 9.46% 3.70% 4.76% -7.95%
Operating Cash Flow Q/Q Growth		 165.32% -34.66% 24.00% -58.01% 96.66% -4.84% 93.65% -40.16% -4.05% -57.18% -217.49%
Free Cash Flow Firm Q/Q Growth		 112.14% -163.81% -339.29% 109.67% -543.07% -96.50% -16.34% -136.61% 122.45% -233.37% 240.47%
Invested Capital Q/Q Growth		 -7.37% 5.85% 2.08% 2.75% -5.01% 8.91% 2.18% 9.97% -18.15% 16.38% -6.84%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 43.94% 41.64% 42.33% 45.42% 38.55% 40.75% 39.69% 41.26% 41.78% 38.93% 38.37%
EBIT Margin		 39.34% 36.47% 37.57% 40.99% 33.67% 36.74% 35.35% 36.96% 36.96% 34.83% 34.34%
Profit (Net Income) Margin		 31.87% 27.93% 30.31% 32.78% 26.89% 29.79% 28.81% 30.17% 30.55% 31.85% 28.65%
Tax Burden Percent		 81.02% 76.58% 80.68% 79.98% 79.87% 81.08% 81.51% 81.62% 82.65% 91.44% 83.42%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 18.98% 23.42% 19.32% 20.02% 20.13% 18.92% 18.49% 18.38% 17.35% 8.56% 16.58%
Return on Invested Capital (ROIC)		 13.35% 11.05% 12.27% 12.68% 10.89% 11.92% 11.36% 11.14% 13.16% 11.99% 11.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 13.35% 11.05% 12.27% 12.68% 10.89% 11.92% 11.36% 11.14% 13.16% 11.99% 11.29%
Return on Net Nonoperating Assets (RNNOA)		 5.57% 4.33% 4.05% 4.70% 2.75% 3.52% 3.26% 3.85% 1.69% 3.02% 2.21%
Return on Equity (ROE)		 18.92% 15.37% 16.31% 17.38% 13.64% 15.44% 14.62% 14.98% 14.85% 15.01% 13.50%
Cash Return on Invested Capital (CROIC)		 10.83% 7.27% 2.71% 9.12% 6.67% 3.85% 3.43% -4.33% 12.69% 4.64% 14.38%
Operating Return on Assets (OROA)		 1.63% 1.47% 1.53% 1.68% 1.35% 1.54% 1.50% 1.54% 1.58% 1.45% 1.45%
Return on Assets (ROA)		 1.32% 1.13% 1.23% 1.34% 1.08% 1.25% 1.22% 1.26% 1.30% 1.33% 1.21%
Return on Common Equity (ROCE)		 18.92% 15.37% 16.31% 17.38% 13.64% 15.44% 14.62% 14.98% 14.85% 15.01% 13.50%
Return on Equity Simple (ROE_SIMPLE)		 16.11% 0.00% 14.94% 15.29% 13.72% 0.00% 14.21% 13.80% 13.94% 0.00% 13.68%
Net Operating Profit after Tax (NOPAT)		 18 14 16 19 14 18 16 17 18 19 17
NOPAT Margin		 31.87% 27.93% 30.31% 32.78% 26.89% 29.79% 28.81% 30.17% 30.55% 31.85% 28.65%
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% 0.00%
SG&A Expenses to Revenue		 42.21% 46.41% 46.04% 44.01% 45.66% 43.51% 45.01% 44.32% 43.06% 45.65% 44.73%
Operating Expenses to Revenue		 58.21% 64.78% 61.02% 58.98% 63.44% 59.68% 63.32% 60.35% 59.57% 61.87% 65.04%
Earnings before Interest and Taxes (EBIT)		 22 18 20 23 17 23 19 21 21 20 20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 20 22 26 20 25 21 23 24 23 23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.98 1.29 1.25 1.30 1.53 1.59 1.37 1.42 1.30 1.33 1.33
Price to Tangible Book Value (P/TBV)		 1.07 1.39 1.35 1.40 1.64 1.70 1.46 1.51 1.38 1.41 1.41
Price to Revenue (P/Rev)		 1.75 2.51 2.47 2.62 3.30 3.25 2.86 2.98 2.77 2.96 2.95
Price to Earnings (P/E)		 6.08 8.81 8.39 8.51 11.14 10.82 9.65 10.28 9.29 9.74 9.74
Dividend Yield		 5.19% 3.68% 4.65% 3.51% 2.87% 2.78% 3.21% 3.11% 3.32% 3.22% 3.21%
Earnings Yield		 16.46% 11.35% 11.91% 11.75% 8.97% 9.25% 10.37% 9.72% 10.76% 10.26% 10.27%
Enterprise Value to Invested Capital (EV/IC)		 0.73 0.90 0.90 0.85 1.22 1.26 1.08 1.08 0.88 1.04 0.99
Enterprise Value to Revenue (EV/Rev)		 1.76 2.32 2.32 2.23 3.10 3.27 2.84 3.14 2.05 2.86 2.48
Enterprise Value to EBITDA (EV/EBITDA)		 4.38 5.73 5.57 5.13 7.36 7.81 6.91 7.82 5.00 7.09 6.19
Enterprise Value to EBIT (EV/EBIT)		 4.96 6.51 6.29 5.75 8.30 8.75 7.73 8.78 5.60 7.95 6.94
Enterprise Value to NOPAT (EV/NOPAT)		 6.11 8.12 7.87 7.22 10.46 10.88 9.59 10.83 6.86 9.43 8.19
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.19 6.35 6.69 6.59 10.22 11.51 8.60 8.32 5.50 8.43 11.85
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.80 12.61 34.60 9.43 18.79 33.93 32.65 0.00 6.95 23.25 6.80
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.34 0.32 0.31 0.30 0.18 0.27 0.27 0.39 0.09 0.23 0.13
Long-Term Debt to Equity		 0.21 0.20 0.19 0.18 0.18 0.17 0.17 0.17 0.08 0.08 0.08
Financial Leverage		 0.42 0.39 0.33 0.37 0.25 0.30 0.29 0.35 0.13 0.25 0.20
Leverage Ratio		 14.32 13.65 13.24 12.93 12.64 12.34 11.96 11.89 11.40 11.32 11.13
Compound Leverage Factor		 14.32 13.65 13.24 12.93 12.64 12.34 11.96 11.89 11.40 11.32 11.13
Debt to Total Capital		 25.63% 24.22% 23.72% 23.10% 14.92% 21.48% 21.03% 27.89% 7.86% 18.86% 11.58%
Short-Term Debt to Total Capital		 9.92% 9.37% 9.17% 8.93% 0.00% 7.77% 7.61% 15.68% 0.38% 12.42% 4.68%
Long-Term Debt to Total Capital		 15.71% 14.85% 14.55% 14.17% 14.92% 13.71% 13.42% 12.21% 7.48% 6.43% 6.91%
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% 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% 0.00%
Common Equity to Total Capital		 74.37% 75.78% 76.28% 76.90% 85.08% 78.52% 78.97% 72.11% 92.14% 81.14% 88.42%
Debt to EBITDA		 1.53 1.54 1.47 1.40 0.90 1.34 1.35 2.03 0.45 1.28 0.72
Net Debt to EBITDA		 0.02 -0.48 -0.37 -0.92 -0.48 0.05 -0.04 0.39 -1.78 -0.24 -1.17
Long-Term Debt to EBITDA		 0.94 0.95 0.90 0.86 0.90 0.85 0.86 0.89 0.43 0.44 0.43
Debt to NOPAT		 2.14 2.19 2.08 1.97 1.28 1.86 1.87 2.80 0.61 1.71 0.96
Net Debt to NOPAT		 0.03 -0.69 -0.53 -1.29 -0.68 0.07 -0.06 0.55 -2.44 -0.31 -1.55
Long-Term Debt to NOPAT		 1.31 1.34 1.28 1.21 1.28 1.19 1.20 1.23 0.58 0.58 0.57
Noncontrolling Interest Sharing Ratio		 0.00% 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)		 11 -7.28 -32 3.09 -14 -27 -31 -74 17 -22 31
Operating Cash Flow to CapEx		 32,140.00% 1,122.31% 5,525.99% 493.34% 1,152.95% 488.92% 2,825.22% 832.34% 1,099.03% 542.38% -199.67%
Free Cash Flow to Firm to Interest Expense		 0.50 -0.29 -1.28 0.12 -0.52 -1.12 -1.39 -3.33 0.69 -1.05 1.61
Operating Cash Flow to Interest Expense		 1.12 0.67 0.84 0.35 0.65 0.68 1.41 0.85 0.76 0.37 -0.47
Operating Cash Flow Less CapEx to Interest Expense		 1.11 0.61 0.82 0.28 0.59 0.54 1.36 0.75 0.69 0.30 -0.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 5.91 5.80 5.99 6.00 5.95 6.10 6.22 6.08 6.19 5.90 5.78
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 504 534 545 560 532 579 592 651 533 620 577
Invested Capital Turnover		 0.42 0.40 0.40 0.39 0.41 0.40 0.39 0.37 0.43 0.38 0.39
Increase / (Decrease) in Invested Capital		 6.14 21 48 15 28 45 47 91 0.88 41 -14
Enterprise Value (EV)		 369 480 488 475 650 727 637 701 469 646 572
Market Capitalization		 367 520 521 560 692 722 640 666 636 668 680
Book Value per Share		 $17.90 $19.41 $19.88 $20.59 $21.65 $21.76 $22.28 $22.65 $23.70 $24.31 $24.80
Tangible Book Value per Share		 $16.45 $17.95 $18.44 $19.16 $20.22 $20.34 $20.87 $21.22 $22.28 $22.89 $23.38
Total Capital		 504 534 545 560 532 579 592 651 533 620 577
Total Debt		 129 129 129 129 79 124 124 181 42 117 67
Total Long-Term Debt		 79 79 79 79 79 79 79 79 40 40 40
Net Debt		 1.76 -41 -33 -85 -42 4.51 -3.71 35 -167 -22 -108
Capital Expenditures (CapEx)		 0.08 1.50 0.38 1.77 1.49 3.35 1.12 2.28 1.66 1.44 4.59
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 129 129 129 129 79 124 124 181 42 117 67
Total Depreciation and Amortization (D&A)		 2.53 2.54 2.51 2.50 2.51 2.48 2.35 2.41 2.76 2.39 2.37
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.84 $0.66 $0.77 $0.89 $0.66 $0.88 $0.74 $0.81 $0.85 $0.90 $0.82
Adjusted Weighted Average Basic Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
Adjusted Diluted Earnings per Share		 $0.83 $0.65 $0.76 $0.88 $0.65 $0.87 $0.74 $0.81 $0.84 $0.88 $0.81
Adjusted Weighted Average Diluted Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
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 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M 20.72M 20.71M 20.69M 20.59M 20.61M
Normalized Net Operating Profit after Tax (NOPAT)		 18 14 16 19 14 18 16 17 18 19 17
Normalized NOPAT Margin		 31.87% 27.93% 30.31% 32.78% 26.89% 29.79% 28.81% 30.17% 30.55% 31.85% 29.07%
Pre Tax Income Margin		 39.34% 36.47% 37.57% 40.99% 33.67% 36.74% 35.35% 36.96% 36.96% 34.83% 34.34%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.94 0.71 0.80 0.93 0.65 0.94 0.85 0.93 0.89 0.96 1.05
NOPAT to Interest Expense		 0.76 0.54 0.64 0.74 0.52 0.77 0.69 0.76 0.73 0.88 0.87
EBIT Less CapEx to Interest Expense		 0.94 0.65 0.78 0.86 0.60 0.80 0.80 0.83 0.82 0.90 0.81
NOPAT Less CapEx to Interest Expense		 0.76 0.49 0.63 0.67 0.47 0.63 0.64 0.66 0.66 0.81 0.64
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.73% 32.72% 31.36% 29.82% 31.94% 30.01% 30.87% 32.23% 31.03% 31.51% 31.40%
Augmented Payout Ratio		 39.95% 41.45% 31.36% 32.69% 32.25% 30.01% 30.92% 43.59% 42.38% 49.65% 49.16%

Financials Breakdown Chart

Key Financial Trends

Independent Bank (NASDAQ: IBCP) entered 2026 with a solid first quarter, but the longer trend shows a bank that is still profitable and well-capitalized while facing some pressure on margins, liquidity, and balance sheet composition.

Top takeaways from the last several quarters:

  • Q1 2026 net income was $16.9 million, up from $15.6 million in Q1 2025 and slightly below Q4 2025, showing earnings remain resilient.
  • Q1 2026 diluted EPS was $0.81, versus $0.74 in Q1 2025, reflecting improved profitability per share year over year.
  • Total revenue in Q1 2026 was $58.9 million, above Q1 2025’s $54.1 million, helped by stronger non-interest income.
  • Common equity improved to $510.6 million in Q1 2026 from $467.3 million a year earlier, supporting the capital base.
  • Deposits grew meaningfully in Q1 2026, with net change in deposits of $119.0 million, a favorable sign for funding stability.
  • Credit costs were very modest in Q1 2026, with provision for credit losses of only $362,000.
  • Net interest income was fairly stable in recent quarters, but it has not shown strong growth, suggesting the bank is still working through margin pressure.
  • Non-interest expense remains elevated, with Q1 2026 total non-interest expense of $38.3 million, which keeps pressure on operating leverage.
  • Q1 2026 operating cash flow was negative $9.2 million, a sharp decline from positive $7.8 million in Q4 2025 and positive $19.3 million in Q2 2025.
  • The balance sheet shows heavy “other assets” of $4.57 billion in Q1 2026, which means a large portion of assets is not in cash or loans and warrants attention.

Looking deeper, Independent Bank’s profitability has been fairly steady over the past year, but the company’s earnings growth has been modest rather than explosive. Quarterly net income has generally ranged from the mid-teens to the high-teens millions, with Q1 2026 continuing that pattern. That consistency is a positive for a regional bank, especially given the higher-rate environment banks have had to manage.

At the same time, net interest income has been under pressure at times. In Q1 2026, net interest income was $46.9 million, only slightly above recent quarters. Deposit interest expense remains a meaningful drag, and the bank has had to balance funding costs against loan growth and liquidity management.

Credit quality appears manageable based on the limited provision expense shown in Q1 2026 and the generally low provision levels in several recent quarters. That said, the allowance for loan losses remains a material item on the balance sheet, so investors should continue watching whether reserve builds accelerate if the economic backdrop weakens.

The balance sheet remains large and deposit-funded, with total assets of $5.56 billion and total liabilities of $5.05 billion in Q1 2026. Deposits are the core funding source, and the recent increase in deposits is encouraging. However, the bank also carries short- and long-term debt, so funding mix and cost of funds remain important to monitor.

What stands out most negatively is cash flow volatility. Operating cash flow swung from positive in several prior quarters to negative in Q1 2026, which suggests working-capital movements and balance sheet changes can have a large impact quarter to quarter. That does not necessarily signal distress for a bank, but it does make quarterly cash flow less predictable.

Overall, IBCP looks like a profitable regional bank with stable earnings and decent capital, but the investment case will likely depend on whether it can improve operating efficiency and keep funding costs contained while maintaining credit quality.

07/13/26 11:48 PM ETAI Generated. May Contain Errors.

Independent Bank Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Independent Bank's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Independent Bank's net income appears to be on an upward trend, with a most recent value of $68.54 million in 2025, rising from $20.02 million in 2015. The previous period was $66.79 million in 2024. View Independent Bank's forecast to see where analysts expect Independent Bank to go next.

Over the last 10 years, Independent Bank's total revenue changed from $115.12 million in 2015 to $225.66 million in 2025, a change of 96.0%.

Independent Bank's total liabilities were at $5.00 billion at the end of 2025, a 2.4% increase from 2024, and a 131.8% increase since 2015.

In the past 10 years, Independent Bank's cash and equivalents has ranged from $23.35 million in 2018 to $70.18 million in 2022, and is currently $52.24 million as of their latest financial filing in 2025.

Over the last 10 years, Independent Bank's book value per share changed from 11.26 in 2015 to 24.31 in 2025, a change of 115.8%.


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Financial statements for NASDAQ:IBCP last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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