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Independent Bank Corporation Reports 2025 First Quarter Results
Thu 24 Apr 25, 12:00 PMIndependent Bank Corporation Announces Quarterly Cash Dividend on Common Stock
Tue 22 Apr 25, 03:00 PMIndependent Bank Corporation Announces Date for Its First Quarter 2025 Earnings Release
Fri 28 Mar 25, 06:24 PMIndependent Bank Corporation Reports 2024 Fourth Quarter Results
Thu 23 Jan 25, 12:59 PMTop 3 Dividend Stocks To Enhance Your Portfolio
Tue 05 Nov 24, 12:03 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 77.79M | 77.31M | 69.48M | 57.76M | 49.13M |
| Minority interest | - | - | - | - | - |
| Net income | 63.35M | 62.90M | 56.15M | 46.44M | 39.84M |
| Selling general administrative | 83.15M | 95.27M | 88.11M | 80.04M | 74.27M |
| Selling and marketing expenses | 2.07M | 1.92M | 2.23M | 2.45M | 2.15M |
| Gross profit | 204.57M | 199.03M | 197.52M | 164.10M | 152.97M |
| Reconciled depreciation | 10.83M | 12.13M | 9.16M | 6.06M | 6.03M |
| Ebit | 97.23M | 77.31M | 69.48M | 57.76M | 66.62M |
| Ebitda | 108.06M | 89.44M | 78.64M | 63.82M | 72.66M |
| Depreciation and amortization | 10.83M | 12.13M | 9.16M | 6.06M | 6.03M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 97.23M | 77.31M | 69.48M | 57.76M | 66.62M |
| Other operating expenses | -107.33600M | -121.71900M | -128.03800M | -106.33600M | 86.35M |
| Interest expense | 19.45M | 8.31M | 16.22M | 26.35M | 17.49M |
| Tax provision | 14.44M | 14.42M | 13.33M | 11.32M | 9.29M |
| Interest income | 169.01M | 138.08M | 139.83M | 148.93M | 130.77M |
| Net interest income | 149.56M | 129.76M | 123.61M | 122.58M | 113.28M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 14.44M | 14.42M | 13.33M | 11.32M | 9.29M |
| Total revenue | 204.57M | 199.03M | 197.52M | 164.10M | 152.97M |
| Total operating expenses | -107.33600M | -121.71900M | -128.03800M | -106.33600M | -86.34700M |
| Cost of revenue | - | - | - | - | 18.99M |
| Total other income expense net | -19.44700M | -8.31500M | -16.21700M | -26.34700M | -17.49100M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 63.35M | 62.90M | 56.15M | 46.44M | 39.84M |
| Net income applicable to common shares | 63.35M | 62.90M | 56.15M | 46.44M | 39.84M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 5276.59M | 4999.79M | 4704.74M | 4204.01M | 3564.69M |
| Intangible assets | 44.25M | 45.04M | 29.57M | 21.21M | 24.50M |
| Earning assets | - | - | - | - | 618.92M |
| Other current assets | 189.39M | 70.20M | 1609.19M | 1792.90M | 2328.28M |
| Total liab | 4872.15M | 4652.19M | 108.96M | 108.82M | 3214.53M |
| Total stockholder equity | 404.45M | 347.60M | 398.48M | 389.52M | 350.17M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | 2694.42M | -61.00000M | 4117.09M | 39.28M | -28.64500M |
| Common stock | 317.48M | 320.99M | 323.40M | 339.35M | 352.34M |
| Capital stock | 317.48M | 320.99M | 323.40M | 339.35M | 352.34M |
| Retained earnings | 159.11M | 119.37M | 74.58M | 40.15M | 1.61M |
| Other liab | - | - | - | 1.00M | 0.88M |
| Good will | 28.30M | 28.30M | 28.30M | 28.30M | 28.30M |
| Other assets | 0.00000M | 2753.77M | 1609.19M | 1792.90M | 2328.28M |
| Cash | 169.78M | 74.37M | 109.47M | 118.70M | 65.65M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 2695.56M | 61.00M | 4197.30M | 39.28M | 28.64M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | -35.40300M | 151.73M | -0.51500M | -9.88800M | 62.45M |
| Short term debt | 1.14M | 61.00M | - | 28.64M | 28.64M |
| Short long term debt | - | 61.00M | - | - | 28.64M |
| Short long term debt total | 134.38M | 226.10M | 108.96M | 108.82M | 128.10M |
| Other stockholder equity | - | -92.76300M | 0.50M | 10.02M | 0.21M |
| Property plant equipment | - | 35.89M | 36.40M | 36.13M | 38.41M |
| Total current assets | 189.39M | 982.62M | 1588.44M | 1253.32M | 626.80M |
| Long term investments | 1033.34M | 1154.16M | 1412.83M | 2790.68M | 2768.68M |
| Net tangible assets | - | 316.75M | 366.85M | 356.92M | 316.54M |
| Short term investments | 679.35M | 779.35M | 1412.83M | 1072.16M | 518.40M |
| Net receivables | - | 128.90M | 66.14M | 62.46M | 42.75M |
| Long term debt | 129.26M | 165.10M | 108.96M | 108.82M | 128.10M |
| Inventory | - | 0.46M | 0.24M | 0.77M | 1.86M |
| Accounts payable | - | 4379.07M | 4117.09M | 3637.36M | 3036.73M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -72.14200M | -92.76300M | 0.50M | 10.02M | -3.78600M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | 320.99M | 323.40M | 339.35M | 352.34M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | 119.37M | 74.58M | 40.15M | 1.61M |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 4768.41M | -1263.39800M | -1507.10200M | -1157.79600M | -609.60800M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 5087.20M | 1263.40M | 1507.10M | 1157.80M | 609.61M |
| Capital lease obligations | - | - | - | - | - |
| Long term debt total | - | 165.10M | 108.96M | 108.82M | 128.10M |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Investments | -199.99200M | 184.00M | -353.22200M | -553.39700M | 35.75M |
| Change to liabilities | - | 0.00000M | 0.00000M | 0.00000M | 0.00000M |
| Total cashflows from investing activities | - | -424.59200M | -563.06400M | -553.39700M | -181.64200M |
| Net borrowings | - | 56.00M | -0.00300M | -19.41400M | 62.86M |
| Total cash from financing activities | 182.77M | 294.86M | 443.68M | 548.62M | 142.72M |
| Change to operating activities | - | 14.65M | 17.17M | 10.18M | 12.11M |
| Net income | 59.07M | 63.35M | 62.90M | 56.15M | 46.44M |
| Change in cash | 95.41M | -35.10200M | -9.23200M | 53.40M | -4.94000M |
| Begin period cash flow | 74.37M | 109.47M | 118.70M | 65.30M | 70.24M |
| End period cash flow | 169.78M | 74.37M | 109.47M | 118.70M | 65.30M |
| Total cash from operating activities | 53.56M | 94.63M | 110.15M | 58.17M | 33.98M |
| Issuance of capital stock | 0.07M | 0.08M | 0.06M | 0.01M | 0.28M |
| Depreciation | 5.75M | 10.83M | 12.13M | 9.16M | 6.06M |
| Other cashflows from investing activities | - | -602.91300M | -204.00500M | 1.88M | -212.45400M |
| Dividends paid | 19.33M | 18.57M | 18.16M | 17.62M | 16.55M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | -14.61700M | -25.84300M | -11.66900M | -7.96600M | -6.06100M |
| Sale purchase of stock | -5.15700M | -4.01000M | -17.26900M | -14.23100M | -26.28400M |
| Other cashflows from financing activities | 243.16M | 612.36M | 579.04M | 878.36M | 258.42M |
| Change to netincome | - | 31.28M | 47.26M | -7.68300M | -12.45500M |
| Capital expenditures | 6.02M | 5.68M | 5.84M | 4.38M | 4.94M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | -35.10200M | -9.23200M | - | -4.94000M |
| Change in working capital | -18.21400M | -11.19500M | 5.50M | 1.70M | 5.54M |
| Stock based compensation | 2.23M | 2.14M | 1.95M | 1.98M | 1.85M |
| Other non cash items | 4.51M | 29.86M | 25.77M | -8.68800M | -26.99600M |
| Free cash flow | 47.53M | 88.95M | 104.32M | 53.79M | 29.04M |
Sector: Financial Services Industry: Banks - Regional
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | |
|---|---|---|---|---|---|---|---|
| IBCP Independent Bank Corporation |
0.69 1.99% | 35.44 | 8.61 | 8.50 | 2.42 | 1.20 | |
| HDB HDFC Bank Limited ADR |
0.24 1.04% | 23.25 | 20.81 | 20.96 | 0.11 | 4.77 | |
| CIHKY China Merchants Bank Co Ltd |
-0.24 0.78% | 30.47 | 7.78 | 7.65 | 0.56 | 0.90 | 3.62 |
| DBSDF DBS Group Holdings Ltd |
0.16 0.32% | 50.61 | 15.29 | 14.41 | 5.84 | 2.36 | 10.40 |
| CIHHF China Merchants Bank Co Ltd Class H |
- -% | 5.92 | 6.10 | 5.67 | 0.44 | 0.77 | 3.43 |
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. The company also provides title insurance services and investment services, as well as automatic teller machines, and internet and mobile banking services. In addition, it operates through branches, drive-thru facilities, and loan production offices. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.
4200 East Beltline, Grand Rapids, MI, United States, 49525
| Name | Title | Year Born |
|---|---|---|
| Mr. William Bradford Kessel CPA, CPA | Pres, CEO & Director | 1964 |
| Mr. Gavin A. Mohr | CFO, Exec. VP, Treasurer & Corp. Sec. | 1984 |
| Ms. Stefanie M. Kimball | Exec. VP & Chief Risk Officer | 1960 |
| Mr. Patrick J. Ervin | Exec. VP of Mortgage Banking | 1966 |
| Mr. Joel F. Rahn | Exec. VP of Commercial Lending & Chief Lending Officer | 1966 |
| Mr. Larry Russ Daniel Jr. | Exec. VP of Operations & Digital Banking | 1964 |
| Mr. James J. Twarozynski | Sr. VP, Chief Accounting Officer & Controller | 1965 |
| Ms. Laurinda M. Neve | Sr. VP of HR | 1952 |
| Keith J. Lightbody | Sr. Officer of Independent Bank | NA |
| Mark Olsen | VP & Mortgage Sales Mang. | NA |
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