Independent Bank Corporation
- Open
- 36.70
- Day high
- 37.84
- Day low
- 36.40
- Prev close
- 36.65
- Volume
- 240K
- Mkt cap
- $776M
- P/E (TTM)
- 10.8
- EPS (TTM)
- $3.48
- P/B
- 1.5
- P/S
- 2.5
- Yield
- 2.87%
- Per share
- $1.08
- ▼Insiders net selling -$137K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Independent Bank Corporation (IBCP) is a Financial Services company listed on NASDAQ. The stock is up 16% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Independent Bank Corporation (IBCP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IBCP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $0.84 | $0.90 | +6.6% | $63M | +5.3% |
| Apr 23, 2026 | $0.79 | $0.81 | +2.5% | $59M | +0.4% |
| Mar 6, 2026 | — | $0.89 | — | $79M | — |
| Oct 28, 2025 | $0.83 | $0.84 | +1.2% | $55M | +19.7% |
| Jul 24, 2025 | $0.78 | $0.81 | +3.8% | $54M | +8.0% |
| Apr 24, 2025 | $0.70 | $0.74 | +5.7% | $52M | +13.0% |
| Jan 23, 2025 | $0.77 | $0.87 | +13.0% | $60M | +9.6% |
| Oct 24, 2024 | $0.76 | $0.65 | -14.5% | $50M | +17.3% |
| Jul 25, 2024 | $0.70 | $0.88 | +25.7% | $55M | +33.2% |
| Apr 25, 2024 | $0.64 | $0.76 | +18.8% | $51M | +27.2% |
| Jan 25, 2024 | $0.70 | $0.65 | -7.1% | $48M | +18.8% |
| Jul 25, 2023 | $0.59 | $0.70 | +18.6% | $52M | +36.6% |
IBCP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Keller Christinadirector | Grant | 201 | — |
| Jul 2, 2026 | Budden Joan Adirector | Grant | 293 | — |
| Jul 2, 2026 | Boer William Jdirector | Grant | 285 | $36.07 |
| Jul 2, 2026 | Cok Michael Jdirector | Grant | 365 | — |
| Jul 2, 2026 | Cok Michael Jdirector | Grant | 233 | — |
| Jul 2, 2026 | Keller Christinadirector | Grant | 635 | — |
| Jul 2, 2026 | Wooldridge Michael G.director | Grant | 2 | — |
| Jul 2, 2026 | Kruse Ronia Fdirector | Grant | 127 | — |
| Jul 2, 2026 | Kruse Ronia Fdirector | Grant | 200 | — |
| Jul 2, 2026 | Wooldridge Michael G.director | Grant | 137 | — |
| Jul 2, 2026 | GULIS STEPHEN L JRdirector | Grant | 528 | — |
| Jul 2, 2026 | Archer Dennis W. Jrdirector | Grant | 53 | — |
| Jun 10, 2026 | Ervin Patrick Jofficer: Executive Vice President | Sell | 780 | $35.42 |
| Jun 10, 2026 | Ervin Patrick Jofficer: Executive Vice President | Sell | 76 | $35.40 |
| Jun 10, 2026 | Ervin Patrick Jofficer: Executive Vice President | Sell | 242 | $35.41 |
Source: IBCP SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full IBCP insider & 13F page →Independent Bank Corporation company profile
Overview
Independent Bank Corporation (NASDAQ:IBCP) is a regional bank holding company founded in 1864 and headquartered in Grand Rapids, Michigan. The company operates through its subsidiary Independent Bank, which provides traditional banking services across Michigan and Ohio. With over 160 years of history, Independent Bank has evolved from a local community bank into a regional financial institution serving individuals, businesses, and municipalities throughout its geographic footprint. The bank operates approximately 59 branches, two drive-thru facilities, and nine loan production offices across its markets.
Business
Independent Bank Corporation operates in the regional banking industry, providing traditional commercial and retail banking services. The banking industry serves as a financial intermediary, accepting deposits from customers and using those funds to make loans to borrowers, earning income from the difference between interest paid on deposits and interest earned on loans. The company's core banking services include: 1. **Commercial Banking** (approximately 59% of loan portfolio): Independent Bank provides commercial and industrial (C&I) loans to businesses for working capital, equipment purchases, and expansion. The bank also offers commercial real estate loans for investment properties. Manufacturing represents the largest industry concentration at about 10% of the commercial portfolio, reflecting Michigan's industrial base. 2. **Retail Banking Services**: The bank offers traditional consumer banking products including checking and savings accounts, certificates of deposit, and personal loans. Customers access services through physical branches, ATMs, and digital banking platforms including mobile and internet banking. 3. **Mortgage Banking** (approximately 25% of loan portfolio): Independent Bank originates residential mortgages for home purchases and refinancing. The bank both holds mortgages in its portfolio and sells some loans in the secondary market, generating fee income from loan origination and servicing. 4. **Consumer Installment Lending** (approximately 16% of loan portfolio): This includes auto loans, personal loans, and other consumer credit products. The bank provides both direct lending to consumers and indirect lending through dealer networks. 5. **Ancillary Services**: Independent Bank also offers title insurance, insurance brokerage services, investment services, and safe deposit boxes, providing additional fee-based revenue streams beyond traditional banking.
Revenue model
Independent Bank Corporation generates revenue primarily through **net interest income**, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowings. This represents the core banking business model where the bank acts as a financial intermediary. The bank's primary revenue streams include: **Net Interest Income** (approximately 85-90% of total revenue): Independent Bank earns interest on its loan portfolio, which includes commercial loans, mortgages, and consumer installment loans. The bank pays interest to depositors and other funding sources. The net interest margin, currently around 3.45%, represents the profitability of this core banking function. The bank benefits from rising interest rates on the asset side while managing deposit costs. **Fee-Based Income** (approximately 10-15% of total revenue): The bank generates non-interest income through mortgage banking fees from loan originations and sales, service charges on deposit accounts, insurance and investment services commissions, and other banking fees. **Factors that increase margins** include rising interest rates (which increase loan yields faster than deposit costs), loan portfolio growth, favorable deposit mix with more low-cost checking and savings accounts, and effective credit risk management that minimizes loan losses. **Factors that decrease margins** include falling interest rates, increased competition for deposits leading to higher funding costs, credit losses from loan defaults, and regulatory compliance costs. The bank's deposit beta (how quickly deposit rates rise with market rates) significantly impacts profitability during rate cycles. Independent Bank's deposit beta has historically been in the low-to-mid 30% range, meaning deposit costs rise more slowly than market rates. The bank's customers include small and medium-sized businesses, individual consumers, and municipal entities across Michigan and Ohio. Commercial borrowers typically use loans for business operations, equipment purchases, and real estate investments, while retail customers use banking services for personal financial management.
Risks & safety
Independent Bank Corporation presents a moderate margin of safety profile typical of well-managed regional banks, though with some areas of concern: **Overall Assessment**: The bank maintains adequate capital levels and solid credit quality, but faces typical banking sector risks including interest rate sensitivity and economic cyclicality. **Liquidity and Solvency**: - Cash and short-term investments: $128 million (Q1 2025) - Total deposits: $4.63 billion providing stable funding base - Debt-to-equity ratio: 0.27, indicating conservative leverage - No immediate solvency concerns with strong deposit franchise **Credit Quality**: - Non-performing loans: 17 basis points of total loans (excellent) - Net charge-offs: 1 basis point of average loans (minimal losses) - Commercial watch list: Low at 3.3% of portfolio **Valuation Metrics**: - Price-to-earnings ratio: 10.3x (reasonable for regional bank) - Price-to-book ratio: 1.38x (modest premium to book value) - Return on equity: 15.7% (strong profitability) - Dividend yield: Sustainable with 8% recent increase **Key Risks**: - Interest rate sensitivity could pressure margins if rates decline rapidly - Geographic concentration in Michigan/Ohio creates economic exposure - Asset quality could deteriorate in economic downturn - Competition from larger banks and fintechs
Recent development
Over the past few years, Independent Bank Corporation has executed a focused growth strategy centered on commercial banking expansion and talent acquisition. The bank has systematically added experienced commercial bankers, growing the commercial team to 47 bankers and achieving strong loan growth. Commercial loan portfolio grew 15% in 2024, with the bank targeting high-quality C&I lending relationships. The bank has invested significantly in technology infrastructure, including launching a new user-friendly website and implementing AI governance frameworks for future technological advancement. Management has emphasized rotating earning assets from lower-yielding investments to higher-yielding loans, improving net interest margins from around 3.26% to 3.49%. Independent Bank has maintained disciplined credit standards throughout the growth phase, resulting in excellent credit metrics with non-performing loans remaining below 20 basis points. The bank has also focused on deposit growth and mix optimization, growing core deposits while managing funding costs effectively. Strategic initiatives include selective market expansion, particularly in Ohio through loan production offices, and continued investment in banker recruitment from market disruption and M&A activity among competitors. The bank has expressed openness to partnership opportunities while maintaining its independent growth trajectory. Management has consistently increased dividends, reflecting confidence in earnings sustainability and capital generation.
IBCP company profile · for informational purposes only — not investment advice.
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