Stocks IBCP Financial statements
Financial statementsINDEPENDENT BANK CORP /MI/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INDEPENDENT BANK CORP /MI/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 27.1 | 26 | 24 | 29.1 | 31.6 | 32.9 | 32 | 32.1 | ||
| Interest expense | 6.88 | 9.12 | 17.5 | 26.3 | 16.2 | 8.32 | 19.4 | 83.3 | ||
| Pre-tax income | 32.9 | 38.4 | 49.1 | 57.8 | 69.5 | 77.3 | 77.8 | 73.7 | 83 | 81.3 |
| Income tax | 10.1 | 18 | 9.29 | 11.3 | 13.3 | 14.4 | 14.4 | 14.6 | 16.3 | 12.8 |
| Net income | 22.8 | 20.5 | 39.8 | 46.4 | 56.2 | 62.9 | 63.4 | 59.1 | 66.8 | 68.5 |
| EPS, basic | 1.06 | 0.96 | 1.70 | 2.03 | 2.56 | 2.91 | 3.00 | 2.82 | 3.20 | 3.30 |
| EPS, diluted | 1.05 | 0.95 | 1.68 | 2.00 | 2.53 | 2.88 | 2.97 | 2.79 | 3.16 | 3.27 |
| Shares, basic (weighted) | 21.4 | 21.3 | 23.4 | 22.9 | 22 | 21.6 | 21.1 | 21 | 20.9 | 20.8 |
| Shares, diluted (weighted) | 21.4 | 21.3 | 23.4 | 22.9 | 22 | 21.6 | 21.1 | 21 | 20.9 | 20.8 |
| Dividend per share | 0.34 | 0.42 | 0.60 | 0.72 | 0.80 | 0.84 | 0.88 | 0.92 | 0.96 | 1.04 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 83.2 | 54.7 | 70.2 | 65.3 | 119 | 109 | 74.4 | 170 | 120 | 138 |
| Property, plant and equipment | 40.2 | 39.1 | 38.8 | 38.4 | 36.1 | 36.4 | 35.9 | 35.5 | 37.5 | 39 |
| Lease right-of-use assets | 8.28 | 7.65 | 6.48 | 5.54 | 4.91 | 5.97 | 7.3 | |||
| Goodwill | 0 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | 28.3 | |
| Intangible assets | 1.93 | 1.59 | 6.42 | 5.33 | 4.31 | 3.34 | 2.55 | 2 | 1.49 | 1 |
| Total assets | 2,549 | 2,789 | 3,353 | 3,565 | 4,204 | 4,705 | 5,000 | 5,264 | 5,338 | 5,506 |
| Total liabilities | 2,300 | 2,524 | 3,014 | 3,215 | 3,814 | 4,306 | 4,652 | 4,859 | 4,883 | 5,003 |
| Retained earnings | -65.7 | -54.1 | -28.3 | 1.61 | 40.1 | 74.6 | 119 | 159 | 206 | 253 |
| Other comprehensive income | -9.11 | -6 | -10.1 | -3.79 | 10 | 0.5 | -92.8 | -72.1 | -69.9 | -57.7 |
| Shareholders' equity | 249 | 265 | 339 | 350 | 390 | 398 | 348 | 404 | 455 | 503 |
| Total equity | 249 | 265 | 339 | 350 | 390 | 398 | 348 | 404 | 455 | 503 |
| Total liabilities and equity | 2,549 | 2,789 | 3,353 | 3,565 | 4,204 | 4,705 | 5,000 | 5,264 | 5,338 | 5,506 |
| Shares outstanding | 21.3 | 21.3 | 23.6 | 22.5 | 21.9 | 21.2 | 21.1 | 20.8 | 20.9 | 20.5 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 22.8 | 20.5 | 39.8 | 46.4 | 56.2 | 62.9 | 63.4 | 59.1 | 66.8 | 68.5 |
| Depreciation and amortization | 5.22 | 6.96 | 6.03 | 6.06 | 9.16 | 12.1 | 10.8 | 10 | 10 | 9.91 |
| Stock-based compensation | 1.62 | 1.75 | 1.73 | 1.85 | 1.98 | 1.95 | 2.14 | 2.23 | 2.33 | 2.72 |
| Deferred income tax | 9.76 | 10.1 | 9.29 | 1.09 | -2.13 | 1.91 | -0.36 | 0.22 | -1.25 | -3.53 |
| Cash from operations | 23.7 | 38.6 | 44.9 | 34.5 | 58.7 | 110 | 94.6 | 75.6 | 63.2 | 76.7 |
| Capital expenditures | -3.46 | -4.24 | -3.86 | -4.94 | -4.38 | -5.84 | -5.68 | -6.02 | -7.95 | -6.49 |
| Purchases of investments | -238 | -859 | -824 | -138 | 0 | 0 | -24.5 | |||
| Sales and maturities of investments | 203 | 174 | 161 | 154 | 307 | 376 | 168 | 123 | 81.1 | 69.6 |
| Cash from investing | -139 | -278 | -183 | -182 | -554 | -563 | -425 | -163 | -118 | -122 |
| Stock issued | 0.08 | 0.07 | 0.27 | 0.28 | 0.02 | 0.06 | 0.08 | 0.07 | 0.01 | 0 |
| Share buybacks | -16.9 | 0 | -12.7 | -26.3 | -14.2 | -17.3 | -4.01 | -5.16 | 0 | -12.4 |
| Dividends paid | -7.27 | -8.96 | -14.1 | -16.6 | -17.6 | -18.2 | -18.6 | -19.3 | -20 | -21.6 |
| Cash from financing | 113 | 211 | 154 | 143 | 549 | 444 | 295 | 183 | 5.11 | 64.3 |
| Net change in cash | -2.59 | -28.5 | 15.5 | -4.94 | 53.4 | -9.23 | -35.1 | 95.4 | -49.9 | 18.5 |
| Free cash flow | 20.2 | 34.4 | 41.1 | 29.6 | 54.3 | 104 | 89 | 69.6 | 55.2 | 70.2 |
| Interest paid | 6.42 | 9.16 | 16.7 | 26.7 | 16.9 | 8.42 | 17.7 | 79.1 | 104 | 90.9 |
| Income taxes paid | 0.56 | 1.97 | 0.12 | 9.53 | 15.5 | 14.1 | 10 | 16.1 | 13.9 | 11.7 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 258.6% | Pre-tax income / revenue. |
| Net margin | 219.8% | Net income / revenue. |
| FCF margin | 116.7% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 151.2% | Cash from operations / revenue. |
| Effective tax rate | 15.0% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 13.6% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.3% | Net income / average total assets. |
| Stock-based pay / revenue | 8.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 34.5% | Capital expenditures / revenue. |
| D&A / revenue | 22.1% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 0.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.5% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 5.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 2.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 2.7% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 4.1% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 3.5% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 3.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 5.3% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 21.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -6.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 5.5% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 27.1% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -7.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 5.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 8.3% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 5.7% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 5.4% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 10.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 13.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 5.2% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 3.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 3.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 5.5% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.6% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -0.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -1.1% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 90.7% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.5% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $499.3M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.01x | Revenue / average total assets. |
| Fixed asset turnover | 0.73x | Revenue / average property, plant and equipment. |
| FCF conversion | 53.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 22.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.44 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $1.57 | Revenue / diluted weighted shares. |
| FCF per share | $1.83 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.37 | Cash from operations / diluted weighted shares. |
| Book value per share | $25.65 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $24.24 | Tangible book value / shares outstanding. |
| Cash per share | $8.03 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 31.1% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 58.6% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 13.3% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $795.4M | Share price x shares outstanding. |
| Enterprise value | $630.0M | Market cap + total debt - cash - short-term investments. |
| P/E | 11.1x | Market cap / net income. Only when net income is positive. |
| P/S | 24.4x | Market cap / revenue. |
| P/B | 1.51x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.59x | Market cap / tangible book value, when positive. |
| P/FCF | 20.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 16.1x | Market cap / cash from operations, when positive. |
| EV/Sales | 19.3x | Enterprise value / revenue. |
| EV/FCF | 16.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.8% | Free cash flow / market cap. |
| Earnings yield | 9.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.8% | Dividends paid over the period / market cap. |
| Shareholder yield | 3.4% | (Dividends paid + share buybacks) / market cap. |
| PEG | 3.40x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was INDEPENDENT BANK CORP /MI/'s revenue in fiscal 2025?
INDEPENDENT BANK CORP /MI/ reported revenue of $32.1M for fiscal 2025, 0.3% higher than the year before.
Was INDEPENDENT BANK CORP /MI/ profitable in fiscal 2025?
Yes. Net income was $68.5M, a net margin of 213.7%.
How much free cash flow did INDEPENDENT BANK CORP /MI/ generate in fiscal 2025?
Cash from operations of $76.7M minus capital expenditures of $6.5M left free cash flow of $70.2M.