InsiderClue
Stocks · Financials · State Commercial Banks

INDEPENDENT BANK CORP /MI/

IBCP Clue Score56
United States Fiscal year ends December CIK 0000039311
$35.37 -1.09% Close, 9 Oct 2026
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Price $35.37 +62.02% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Net income22.8EPS, diluted1.05Fiscal year 2017Net income20.5 −10.1%EPS, diluted0.95 −9.5%Fiscal year 2018Revenue27.1Net income39.8 +94.6%EPS, diluted1.68 +76.8%Fiscal year 2019Revenue26.0 −4.3%Net income46.4 +16.6%EPS, diluted2.00 +19.0%Fiscal year 2020Revenue24.0 −7.4%Net income56.2 +20.9%EPS, diluted2.53 +26.5%Fiscal year 2021Revenue29.1 +21.1%Net income62.9 +12.0%EPS, diluted2.88 +13.8%Fiscal year 2022Revenue31.6 +8.7%Net income63.4 +0.7%EPS, diluted2.97 +3.1%Fiscal year 2023Revenue32.9 +4.0%Net income59.1 −6.8%EPS, diluted2.79 −6.1%Fiscal year 2024Revenue32.0 −2.8%Net income66.8 +13.1%EPS, diluted3.16 +13.3%Fiscal year 2025Revenue32.1 +0.3%Net income68.5 +2.6%EPS, diluted3.27 +3.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a 27.1 26.0 24.0 29.1 31.6 32.9 32.0 32.1
Growth −4.3% −7.4% +21.1% +8.7% +4.0% −2.8% +0.3%
Net income 22.8 20.5 39.8 46.4 56.2 62.9 63.4 59.1 66.8 68.5
Growth −10.1% +94.6% +16.6% +20.9% +12.0% +0.7% −6.8% +13.1% +2.6%
EPS, diluted 1.05 0.95 1.68 2.00 2.53 2.88 2.97 2.79 3.16 3.27
Growth −9.5% +76.8% +19.0% +26.5% +13.8% +3.1% −6.1% +13.3% +3.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Fiscal year 2017Fiscal year 2018Net margin146.9%Free cash flow margin151.4%Fiscal year 2019Net margin178.9%Free cash flow margin113.9%Fiscal year 2020Net margin233.7%Free cash flow margin226.0%Fiscal year 2021Net margin216.1%Free cash flow margin358.5%Fiscal year 2022Net margin200.2%Free cash flow margin281.1%Fiscal year 2023Net margin179.5%Free cash flow margin211.4%Fiscal year 2024Net margin208.9%Free cash flow margin172.6%Fiscal year 2025Net margin213.7%Free cash flow margin218.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin n/a n/a 146.9% 178.9% 233.7% 216.1% 200.2% 179.5% 208.9% 213.7%
Free cash flow margin n/a n/a 151.4% 113.9% 226.0% 358.5% 281.1% 211.4% 172.6% 218.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow23.7Capital expenditure−3.5Free cash flow20.2Buybacks−16.9Dividends paid−7.3Fiscal year 2017Operating cash flow38.6Capital expenditure−4.2Free cash flow34.4 +69.7%Buybacks0.0Dividends paid−9.0Fiscal year 2018Operating cash flow44.9Capital expenditure−3.9Free cash flow41.1 +19.5%Buybacks−12.7Dividends paid−14.1Fiscal year 2019Operating cash flow34.5Capital expenditure−4.9Free cash flow29.6 −28.0%Buybacks−26.3Dividends paid−16.6Fiscal year 2020Operating cash flow58.7Capital expenditure−4.4Free cash flow54.3 +83.7%Buybacks−14.2Dividends paid−17.6Fiscal year 2021Operating cash flow110.2Capital expenditure−5.8Free cash flow104.3 +92.1%Buybacks−17.3Dividends paid−18.2Fiscal year 2022Operating cash flow94.6Capital expenditure−5.7Free cash flow89.0 −14.7%Buybacks−4.0Dividends paid−18.6Fiscal year 2023Operating cash flow75.6Capital expenditure−6.0Free cash flow69.6 −21.8%Buybacks−5.2Dividends paid−19.3Fiscal year 2024Operating cash flow63.2Capital expenditure−8.0Free cash flow55.2 −20.6%Buybacks0.0Dividends paid−20.0Fiscal year 2025Operating cash flow76.7Capital expenditure−6.5Free cash flow70.2 +27.1%Buybacks−12.4Dividends paid−21.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 23.7 38.6 44.9 34.5 58.7 110.2 94.6 75.6 63.2 76.7
Capital expenditure −3.5 −4.2 −3.9 −4.9 −4.4 −5.8 −5.7 −6.0 −8.0 −6.5
Free cash flow 20.2 34.4 41.1 29.6 54.3 104.3 89.0 69.6 55.2 70.2
Growth +69.7% +19.5% −28.0% +83.7% +92.1% −14.7% −21.8% −20.6% +27.1%
Buybacks −16.9 0.0 −12.7 −26.3 −14.2 −17.3 −4.0 −5.2 0.0 −12.4
Dividends paid −7.3 −9.0 −14.1 −16.6 −17.6 −18.2 −18.6 −19.3 −20.0 −21.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash83.2Shareholders’ equity249.3Fiscal year 2017Cash54.7Shareholders’ equity264.9Fiscal year 2018Cash70.2Shareholders’ equity339.0Fiscal year 2019Cash65.3Shareholders’ equity350.2Fiscal year 2020Cash118.7Shareholders’ equity389.5Fiscal year 2021Cash109.5Shareholders’ equity398.5Fiscal year 2022Cash74.4Shareholders’ equity347.6Fiscal year 2023Cash169.8Shareholders’ equity404.4Fiscal year 2024Cash119.9Shareholders’ equity454.7Fiscal year 2025Cash138.4Shareholders’ equity503.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 83.2 54.7 70.2 65.3 118.7 109.5 74.4 169.8 119.9 138.4
Shareholders’ equity 249.3 264.9 339.0 350.2 389.5 398.5 347.6 404.4 454.7 503.0

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
83.2 54.7 70.2 65.3 118.7 109.5 74.4 169.8 119.9 138.4
40.2 39.1 38.8 38.4 36.1 36.4 35.9 35.5 37.5 39.0
n/a 0.0 28.3 28.3 28.3 28.3 28.3 28.3 28.3 28.3
2,549.0 2,789.4 3,353.3 3,564.7 4,204.0 4,704.7 4,999.8 5,263.7 5,338.1 5,505.7
Growth +9.4% +20.2% +6.3% +17.9% +11.9% +6.3% +5.3% +1.4% +3.1%
Liabilities
2,300.0 2,524.4 3,014.3 3,214.5 3,814.5 4,306.3 4,652.2 4,859.3 4,883.4 5,002.8
Equity
−65.7 −54.1 −28.3 1.6 40.1 74.6 119.4 159.1 205.9 252.8
249.3 264.9 339.0 350.2 389.5 398.5 347.6 404.4 454.7 503.0
Growth +6.3% +28.0% +3.3% +11.2% +2.3% −12.8% +16.4% +12.4% +10.6%
Per share and net cash
21.3 21.3 23.6 22.5 21.9 21.2 21.1 20.8 20.9 20.5
calc 11.73 12.42 14.38 15.58 17.82 18.82 16.50 19.41 21.76 24.48

Lines marked calc are worked out here from filed figures; point at one for how.