Independent Bank Corp (IBCP) Financial Statements
Industry: State Commercial Banks
In fiscal 2025, Independent Bank reported revenue of $225.7M, up 1.4% from $222.6M the year before. Net income was $68.5M (a 30.4% net margin), or $3.27 per diluted share. Net interest income was $180.0M, and the efficiency ratio (noninterest expense / revenue) was 61.3%. Operating activities generated $76.7M of cash, leaving $70.2M of free cash flow. At fiscal year end, Independent Bank held $5.51B in total assets against $5.00B in total liabilities, including $138.4M of cash and equivalents.
Open the full interactive Independent Bank financials → Quarterly statements, key ratios, valuation history and price charts.
Independent Bank Key Stats
| Share Price | $35.17 |
|---|---|
| Market Cap | $731.8M |
| P/E Ratio | 10.8 |
| Dividend Yield | 3.05% |
| Revenue YoY Growth | +1.4% |
| 52-Week Range | $29.27 – $38.50 |
| Shares Outstanding | 20.6 million (basic, 2026 Q2) |
Independent Bank Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $123.6M | $129.8M | $149.6M | $156.3M | $166.2M | $180.0M |
| Provision for Credit Losses | $12.5M | -$1.9M | $5.3M | $6.2M | $4.5M | $6.1M |
| Noninterest Income | $80.7M | $76.6M | $61.9M | $50.7M | $56.4M | $45.6M |
| Noninterest Expense | $122.4M | $131.0M | $128.3M | $127.1M | $135.1M | $138.2M |
| Revenue | $204.4M | $206.4M | $211.5M | $207.0M | $222.6M | $225.7M |
| Pre-Tax Income | $69.5M | $77.3M | $77.8M | $73.7M | $83.0M | $81.3M |
| Income Tax | $13.3M | $14.4M | $14.4M | $14.6M | $16.3M | $12.8M |
| Net Income | $56.2M | $62.9M | $63.4M | $59.1M | $66.8M | $68.5M |
| Diluted EPS | $2.53 | $2.88 | $2.97 | $2.79 | $3.16 | $3.27 |
Independent Bank Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $57.3M | $58.3M | $58.9M | $63.2M |
| Net Income | $17.5M | $18.6M | $16.9M | $18.8M |
| Diluted EPS | $0.84 | — | $0.81 | $0.90 |
Independent Bank Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $118.7M | $109.5M | $74.4M | $169.8M | $119.9M | $138.4M |
| Loans (Net) | $2.70B | — | $3.41B | $3.74B | $3.98B | $4.21B |
| Total Assets | $4.20B | $4.70B | $5.00B | $5.26B | $5.34B | $5.51B |
| Deposits | $3.64B | $4.12B | $4.38B | $4.62B | $4.65B | $4.76B |
| Total Long-Term Debt | $138.8M | $139.0M | $190.1M | $179.3M | $169.4M | $193.9M |
| Total Liabilities | $3.81B | $4.31B | $4.65B | $4.86B | $4.88B | $5.00B |
| Shareholders' Equity | $389.5M | $398.5M | $347.6M | $404.4M | $454.7M | $503.0M |
Independent Bank Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $58.2M | $110.2M | $94.6M | $75.6M | $63.2M | $76.7M |
| Cash From Investing | -$553.4M | -$563.1M | -$424.6M | -$162.9M | -$118.2M | -$122.5M |
| Cash From Financing | $548.6M | $443.7M | $294.9M | $182.8M | $5.1M | $64.3M |
| Free Cash Flow | $53.8M | $104.3M | $89.0M | $69.6M | $55.2M | $70.2M |
| Dividends Paid | $17.6M | $18.2M | $18.6M | $19.3M | $20.0M | $21.6M |
Figures from Independent Bank's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Independent Bank financials page for every line item.
Independent Bank Company Profile
| Ticker | IBCP |
|---|---|
| Exchange | Nasdaq |
| Industry | State Commercial Banks |
| Headquarters | Grand Rapids, Michigan |
| Incorporated in | Michigan |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000039311 |
Frequently Asked Questions
What was Independent Bank's revenue in fiscal 2025?
Independent Bank (IBCP) reported revenue of $225.7M for fiscal 2025.
What is Independent Bank's annual revenue history?
Independent Bank's annual revenue by fiscal year: 2020: $204.4M; 2021: $206.4M; 2022: $211.5M; 2023: $207.0M; 2024: $222.6M; 2025: $225.7M.
What was Independent Bank's net income in fiscal 2025?
Independent Bank reported net income of $68.5M for fiscal 2025.
What was Independent Bank's earnings per share (EPS) in fiscal 2025?
Independent Bank's diluted EPS was $3.27 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Independent Bank generate in fiscal 2025?
Independent Bank generated $70.2M of free cash flow in fiscal 2025.
What was Independent Bank's revenue last quarter?
In its most recent reported quarter (2026 Q2), Independent Bank reported revenue of $63.2M.
How much debt does Independent Bank have?
Independent Bank reported $193.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Independent Bank are outstanding?
Independent Bank reported a weighted average of 20.6 million basic shares outstanding in 2026 Q2.
What is Independent Bank's market cap?
Based on its latest closing price, Independent Bank (IBCP) has a market capitalization of about $731.8M.
When does Independent Bank's fiscal year end?
Independent Bank's fiscal year end, as registered with the SEC, is December 31.
Where is Independent Bank headquartered?
Independent Bank lists its business address in Grand Rapids, Michigan in its SEC filings.