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Independent Bank (IBCP) Financials

Independent Bank logo
$30.45 +0.25 (+0.83%)
Closing price 08/8/2025 04:00 PM Eastern
Extended Trading
$30.49 +0.04 (+0.13%)
As of 08/8/2025 04:04 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Independent Bank

Annual Income Statements for Independent Bank

This table shows Independent Bank's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 63 59 67
Consolidated Net Income / (Loss)		 63 59 67
Net Income / (Loss) Continuing Operations		 63 59 67
Total Pre-Tax Income 		78 74 83
Total Revenue		 211 207 223
Net Interest Income / (Expense)		 150 156 166
Total Interest Income		 169 240 267
Loans and Leases Interest Income		 139 198 229
Investment Securities Interest Income		 29 37 32
Other Interest Income		 0.88 5.43 6.21
Total Interest Expense		 19 83 101
Deposits Interest Expense		 14 75 93
Long-Term Debt Interest Expense		 5.30 8.27 7.83
Total Non-Interest Income		 62 51 56
Service Charges on Deposit Accounts		 12 12 12
Other Service Charges		 11 12 12
Net Realized & Unrealized Capital Gains on Investments		 25 12 18
Other Non-Interest Income		 14 14 14
Provision for Credit Losses		 5.34 6.21 4.47
Total Non-Interest Expense		 128 127 135
Salaries and Employee Benefits		 81 79 85
Net Occupancy & Equipment Expense		 13 12 12
Marketing Expense		 2.07 2.17 3.06
Property & Liability Insurance Claims		 2.14 3.01 2.87
Other Operating Expenses		 30 31 33
Income Tax Expense		 14 15 16
Basic Earnings per Share		 $3.00 $2.82 $3.20
Weighted Average Basic Shares Outstanding		 21.13M 20.91M 20.97M
Diluted Earnings per Share		 $2.97 $2.79 $3.16
Weighted Average Diluted Shares Outstanding		 21.13M 20.91M 20.97M
Weighted Average Basic & Diluted Shares Outstanding		 21.13M 20.91M 20.97M
Cash Dividends to Common per Share		 $0.88 $0.92 $0.96

Quarterly Income Statements for Independent Bank

This table shows Independent Bank's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 17 15 13 15 18 14 16 19 14 18
Consolidated Net Income / (Loss)		 17 15 13 15 18 14 16 19 14 18
Net Income / (Loss) Continuing Operations		 17 15 13 15 18 14 16 19 14 18
Total Pre-Tax Income 		21 19 16 18 22 18 20 23 17 23
Total Revenue		 57 52 49 54 55 49 53 57 51 62
Net Interest Income / (Expense)		 40 41 38 38 39 40 40 41 42 43
Total Interest Income		 45 51 54 58 62 65 65 66 68 67
Loans and Leases Interest Income		 37 42 44 48 51 54 55 57 58 58
Investment Securities Interest Income		 7.61 8.65 8.97 9.20 9.27 9.08 8.64 8.11 7.91 7.32
Other Interest Income		 0.22 0.23 0.68 1.07 1.74 1.95 1.44 1.44 2.02 1.31
Total Interest Expense		 5.03 10 15 20 23 25 25 25 26 24
Deposits Interest Expense		 3.63 8.54 14 17 21 23 23 23 24 23
Long-Term Debt Interest Expense		 1.40 1.83 1.74 2.14 2.26 2.14 2.12 2.12 2.02 1.58
Total Non-Interest Income		 17 11 11 15 16 9.10 13 15 9.51 19
Service Charges on Deposit Accounts		 3.08 3.15 3.58 6.81 3.31 -1.34 2.87 2.94 3.09 2.98
Other Service Charges		 2.59 2.74 2.73 3.13 3.44 3.18 2.72 2.72 3.38 3.40
Net Realized & Unrealized Capital Gains on Investments		 7.14 2.17 1.03 2.12 4.77 3.92 3.82 6.12 -1.11 9.45
Other Non-Interest Income		 4.05 3.40 3.21 3.36 4.10 3.34 3.15 3.40 4.15 3.29
Provision for Credit Losses		 3.15 1.39 2.16 3.32 1.35 -0.62 0.74 0.02 1.49 2.22
Total Non-Interest Expense		 32 32 31 32 32 32 32 33 33 37
Salaries and Employee Benefits		 21 20 19 21 20 19 21 21 20 23
Net Occupancy & Equipment Expense		 3.05 3.16 3.09 2.77 2.90 2.91 3.03 2.83 2.83 2.88
Marketing Expense		 0.35 0.49 0.50 0.43 0.36 0.88 0.49 0.79 0.58 1.20
Property & Liability Insurance Claims		 0.59 0.57 0.78 0.75 0.68 0.80 0.78 0.70 0.66 0.73
Other Operating Expenses		 7.78 7.48 7.26 7.69 8.13 8.25 7.12 7.77 8.47 9.29
Income Tax Expense		 3.95 3.50 2.88 3.41 4.11 4.20 3.83 4.64 3.48 4.31
Basic Earnings per Share		 $0.82 $0.71 $0.62 $0.70 $0.84 $0.66 $0.77 $0.89 $0.66 $0.88
Weighted Average Basic Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M
Diluted Earnings per Share		 $0.81 $0.71 $0.61 $0.70 $0.83 $0.65 $0.76 $0.88 $0.65 $0.87
Weighted Average Diluted Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M
Weighted Average Basic & Diluted Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M

Annual Cash Flow Statements for Independent Bank

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -35 95 -50
Net Cash From Operating Activities		 95 76 63
Net Cash From Continuing Operating Activities		 95 76 63
Net Income / (Loss) Continuing Operations		 63 59 67
Consolidated Net Income / (Loss)		 63 59 67
Provision For Loan Losses		 5.34 6.21 4.47
Depreciation Expense		 11 10 10
Non-Cash Adjustments to Reconcile Net Income		 31 17 6.35
Changes in Operating Assets and Liabilities, net		 -16 -17 -24
Net Cash From Investing Activities		 -425 -163 -118
Net Cash From Continuing Investing Activities		 -425 -163 -118
Purchase of Property, Leasehold Improvements and Equipment		 -5.68 -6.02 -7.95
Purchase of Investment Securities		 -140 -2.22 -3.63
Sale of Property, Leasehold Improvements and Equipment		 1.83 1.65 0.96
Sale and/or Maturity of Investments		 326 205 164
Other Investing Activities, net		 -606 -362 -272
Net Cash From Financing Activities		 295 183 5.11
Net Cash From Continuing Financing Activities		 295 183 5.11
Net Change in Deposits		 262 244 31
Issuance of Debt		 290 135 130
Issuance of Common Equity		 0.08 0.07 0.01
Repayment of Debt		 -234 -171 -135
Repurchase of Common Equity		 -4.01 -5.16 0.00
Payment of Dividends		 -19 -19 -20
Other Financing Activities, Net		 -0.62 -0.65 -1.05
Cash Interest Paid		 18 79 104
Cash Income Taxes Paid		 10 16 14

Quarterly Cash Flow Statements for Independent Bank

This table details how cash moves in and out of Independent Bank's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 11 3.74 153 -98 -1.73 42 -7.94 53 -93 -1.68
Net Cash From Operating Activities		 33 0.83 23 9.69 26 17 21 8.75 17 16
Net Cash From Continuing Operating Activities		 33 0.83 23 9.69 26 17 21 8.75 17 16
Net Income / (Loss) Continuing Operations		 17 15 13 15 18 14 16 19 14 18
Consolidated Net Income / (Loss)		 17 15 13 15 18 14 16 19 14 18
Provision For Loan Losses		 3.15 1.39 2.16 3.32 1.35 -0.62 0.74 0.02 1.49 2.22
Depreciation Expense		 2.61 2.49 2.43 2.52 2.53 2.54 2.51 2.50 2.51 2.48
Non-Cash Adjustments to Reconcile Net Income		 23 -17 11 -2.87 6.92 2.47 3.87 -7.31 3.23 6.55
Changes in Operating Assets and Liabilities, net		 -13 -1.28 -4.72 -8.07 -2.63 -1.33 -2.29 -4.99 -3.84 -13
Net Cash From Investing Activities		 -115 -44 4.95 -82 -79 -6.75 18 17 -67 -85
Net Cash From Continuing Investing Activities		 -115 -44 4.95 -82 -79 -6.75 18 17 -67 -85
Purchase of Property, Leasehold Improvements and Equipment		 -1.00 -1.71 -1.33 -1.75 -1.44 -1.51 -0.68 -1.77 -1.49 -4.01
Sale of Property, Leasehold Improvements and Equipment		 - 0.27 0.17 0.10 1.36 0.02 0.30 - - 0.66
Sale and/or Maturity of Investments		 61 42 73 52 35 45 76 31 31 26
Other Investing Activities, net		 -173 -85 -66 -133 -113 -50 -58 -12 -93 -108
Net Cash From Financing Activities		 93 47 124 -25 51 32 -46 27 -43 67
Net Cash From Continuing Financing Activities		 93 47 124 -25 51 32 -46 27 -43 67
Net Change in Deposits		 36 52 166 -57 98 37 -40 32 13 27
Issuance of Debt		 155 100 95 40 - - 0.00 - - 130
Issuance of Common Equity		 0.04 0.00 0.05 0.02 - -0.00 0.00 - - 0.01
Repayment of Debt		 -94 -101 -131 -0.01 -40 0.01 -0.02 0.01 -50 -85
Payment of Dividends		 -4.63 -4.63 -4.86 -4.86 -4.82 -4.79 -5.00 -5.02 -5.02 -5.01
Other Financing Activities, Net		 -0.03 -0.00 -0.58 -0.02 -0.03 -0.03 -0.98 -0.00 -0.03 -0.04
Cash Interest Paid		 4.16 9.55 14 19 21 25 25 28 26 25
Cash Income Taxes Paid		 1.10 5.00 0.00 7.60 3.70 4.80 0.00 6.80 4.60 2.50

Annual Balance Sheets for Independent Bank

This table presents Independent Bank's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,000 5,264 5,338
Cash and Due from Banks		 70 68 57
Interest Bearing Deposits at Other Banks		 4.19 102 63
Trading Account Securities		 1,154 1,033 899
Loans and Leases, Net of Allowance		 -52 -55 -59
Allowance for Loan and Lease Losses		 52 55 59
Loans Held for Sale		 27 12 7.64
Premises and Equipment, Net		 36 36 37
Goodwill		 28 28 28
Intangible Assets		 2.55 2.00 1.49
Other Assets		 3,710 4,037 4,304
Total Liabilities & Shareholders' Equity		 5,000 5,264 5,338
Total Liabilities		 4,652 4,859 4,883
Non-Interest Bearing Deposits		 1,270 1,076 1,014
Interest Bearing Deposits		 3,109 3,547 3,640
Short-Term Debt		 86 50 45
Long-Term Debt		 79 79 79
Other Long-Term Liabilities		 108 107 105
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 348 404 455
Total Preferred & Common Equity		 348 404 455
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 348 404 455
Common Stock		 321 317 319
Retained Earnings		 119 159 206
Accumulated Other Comprehensive Income / (Loss)		 -93 -72 -70

Quarterly Balance Sheets for Independent Bank

This table presents Independent Bank's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 4,931 5,139 5,136 5,200 5,231 5,278 5,259
Cash and Due from Banks		 57 48 61 59 42 55 62
Interest Bearing Deposits at Other Banks		 14 179 68 69 120 159 60
Trading Account Securities		 1,184 1,137 1,093 1,044 964 937 932
Loans and Leases, Net of Allowance		 -51 -51 -54 -55 -56 -56 -57
Allowance for Loan and Lease Losses		 51 51 54 55 56 56 57
Loans Held for Sale		 9.09 17 20 14 8.94 16 14
Premises and Equipment, Net		 36 36 36 35 35 35 35
Goodwill		 28 28 28 28 28 28 28
Intangible Assets		 2.70 2.42 2.28 2.14 1.88 1.75 1.62
Other Assets		 3,652 3,691 3,881 4,005 4,088 4,101 4,184
Total Liabilities & Shareholders' Equity		 4,931 5,139 5,136 5,200 5,231 5,278 5,259
Total Liabilities		 4,599 4,771 4,760 4,825 4,816 4,847 4,807
Non-Interest Bearing Deposits		 1,377 1,192 1,156 1,142 1,035 1,050 1,024
Interest Bearing Deposits		 2,950 3,352 3,332 3,444 3,548 3,565 3,603
Short-Term Debt		 87 - 90 50 50 50 0.00
Long-Term Debt		 79 129 79 79 79 79 79
Other Long-Term Liabilities		 106 97 104 110 104 103 101
Commitments & Contingencies		 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 332 368 375 375 416 430 452
Total Preferred & Common Equity		 332 368 375 375 416 430 452
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 332 368 375 375 416 430 452
Common Stock		 320 321 318 317 317 318 318
Retained Earnings		 109 127 137 150 170 184 192
Accumulated Other Comprehensive Income / (Loss)		 -97 -81 -81 -92 -72 -71 -58

Annual Metrics And Ratios for Independent Bank

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 2.45% -2.11% 7.54%
EBITDA Growth		 -0.93% -5.55% 11.18%
EBIT Growth		 0.61% -5.29% 12.72%
NOPAT Growth		 0.73% -6.76% 13.08%
Net Income Growth		 0.73% -6.76% 13.08%
EPS Growth		 3.13% -6.06% 13.26%
Operating Cash Flow Growth		 -14.09% -20.12% -16.45%
Free Cash Flow Firm Growth		 8.00% -34.51% -43.69%
Invested Capital Growth		 1.04% 4.10% 8.50%
Revenue Q/Q Growth		 0.96% -1.36% 6.08%
EBITDA Q/Q Growth		 3.20% -0.70% 5.39%
EBIT Q/Q Growth		 4.17% -0.86% 6.16%
NOPAT Q/Q Growth		 4.24% -2.22% 7.60%
Net Income Q/Q Growth		 4.24% -2.22% 7.60%
EPS Q/Q Growth		 4.21% -2.11% 7.48%
Operating Cash Flow Q/Q Growth		 -36.08% 26.80% -0.68%
Free Cash Flow Firm Q/Q Growth		 -18.92% -29.89% -38.02%
Invested Capital Q/Q Growth		 2.94% 5.85% 8.91%
Profitability Metrics		 - - -
EBITDA Margin		 41.90% 40.43% 41.80%
EBIT Margin		 36.78% 35.59% 37.31%
Profit (Net Income) Margin		 29.96% 28.53% 30.00%
Tax Burden Percent		 81.44% 80.17% 80.43%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 18.56% 19.83% 19.57%
Return on Invested Capital (ROIC)		 12.42% 11.29% 12.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.42% 11.29% 12.00%
Return on Net Nonoperating Assets (RNNOA)		 4.56% 4.42% 3.54%
Return on Equity (ROE)		 16.98% 15.71% 15.55%
Cash Return on Invested Capital (CROIC)		 11.39% 7.27% 3.85%
Operating Return on Assets (OROA)		 1.60% 1.44% 1.57%
Return on Assets (ROA)		 1.31% 1.15% 1.26%
Return on Common Equity (ROCE)		 16.98% 15.71% 15.55%
Return on Equity Simple (ROE_SIMPLE)		 18.23% 14.60% 14.69%
Net Operating Profit after Tax (NOPAT)		 63 59 67
NOPAT Margin		 29.96% 28.53% 30.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.39% 44.83% 44.73%
Operating Expenses to Revenue		 60.69% 61.41% 60.69%
Earnings before Interest and Taxes (EBIT)		 78 74 83
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 89 84 93
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.33 1.29 1.59
Price to Tangible Book Value (P/TBV)		 1.46 1.39 1.70
Price to Revenue (P/Rev)		 2.18 2.51 3.25
Price to Earnings (P/E)		 7.28 8.81 10.82
Dividend Yield		 4.02% 3.68% 2.78%
Earnings Yield		 13.73% 11.35% 9.25%
Enterprise Value to Invested Capital (EV/IC)		 1.08 0.90 1.26
Enterprise Value to Revenue (EV/Rev)		 2.61 2.32 3.27
Enterprise Value to EBITDA (EV/EBITDA)		 6.23 5.73 7.81
Enterprise Value to EBIT (EV/EBIT)		 7.10 6.51 8.75
Enterprise Value to NOPAT (EV/NOPAT)		 8.71 8.12 10.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.83 6.35 11.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 9.50 12.61 33.93
Leverage & Solvency		 - - -
Debt to Equity		 0.48 0.32 0.27
Long-Term Debt to Equity		 0.23 0.20 0.17
Financial Leverage		 0.37 0.39 0.30
Leverage Ratio		 13.01 13.65 12.34
Compound Leverage Factor		 13.01 13.65 12.34
Debt to Total Capital		 32.20% 24.22% 21.48%
Short-Term Debt to Total Capital		 16.78% 9.37% 7.77%
Long-Term Debt to Total Capital		 15.43% 14.85% 13.71%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 67.80% 75.78% 78.52%
Debt to EBITDA		 1.86 1.54 1.34
Net Debt to EBITDA		 1.02 -0.48 0.05
Long-Term Debt to EBITDA		 0.89 0.95 0.85
Debt to NOPAT		 2.61 2.19 1.86
Net Debt to NOPAT		 1.43 -0.69 0.07
Long-Term Debt to NOPAT		 1.25 1.34 1.19
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 58 38 21
Operating Cash Flow to CapEx		 2,460.53% 1,727.35% 903.45%
Free Cash Flow to Firm to Interest Expense		 2.99 0.46 0.21
Operating Cash Flow to Interest Expense		 4.87 0.91 0.63
Operating Cash Flow Less CapEx to Interest Expense		 4.67 0.85 0.56
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.04
Fixed Asset Turnover		 5.85 5.80 6.10
Capital & Investment Metrics		 - - -
Invested Capital		 513 534 579
Invested Capital Turnover		 0.41 0.40 0.40
Increase / (Decrease) in Invested Capital		 5.25 21 45
Enterprise Value (EV)		 552 480 727
Market Capitalization		 461 520 722
Book Value per Share		 $16.50 $19.41 $21.76
Tangible Book Value per Share		 $15.04 $17.95 $20.34
Total Capital		 513 534 579
Total Debt		 165 129 124
Total Long-Term Debt		 79 79 79
Net Debt		 91 -41 4.51
Capital Expenditures (CapEx)		 3.85 4.38 6.99
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 165 129 124
Total Depreciation and Amortization (D&A)		 11 10 10
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $3.00 $2.82 $3.20
Adjusted Weighted Average Basic Shares Outstanding		 21.13M 20.91M 20.97M
Adjusted Diluted Earnings per Share		 $2.97 $2.79 $3.16
Adjusted Weighted Average Diluted Shares Outstanding		 21.13M 20.91M 20.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.13M 20.91M 20.97M
Normalized Net Operating Profit after Tax (NOPAT)		 63 59 67
Normalized NOPAT Margin		 29.96% 28.53% 30.00%
Pre Tax Income Margin		 36.78% 35.59% 37.31%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 4.00 0.88 0.83
NOPAT to Interest Expense		 3.26 0.71 0.66
EBIT Less CapEx to Interest Expense		 3.80 0.83 0.76
NOPAT Less CapEx to Interest Expense		 3.06 0.66 0.59
Payout Ratios		 - - -
Dividend Payout Ratio		 29.31% 32.72% 30.01%
Augmented Payout Ratio		 35.63% 41.45% 30.01%

Quarterly Metrics And Ratios for Independent Bank

This table displays calculated financial ratios and metrics derived from Independent Bank's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 6.09% 4.02% -5.69% 6.06% -3.03% -5.50% 7.69% 5.12% -6.68% 25.94%
EBITDA Growth		 5.35% 15.01% -26.62% 10.56% 1.38% -2.79% 22.02% 23.85% -18.12% 23.25%
EBIT Growth		 8.15% 20.15% -28.08% 14.62% 1.91% -3.45% 24.86% 27.27% -20.14% 26.86%
NOPAT Growth		 8.36% 20.61% -27.70% 13.76% 1.42% -8.90% 23.09% 25.27% -21.28% 34.33%
Net Income Growth		 8.36% 20.61% -27.70% 13.76% 1.42% -8.90% 23.09% 25.27% -21.28% 34.33%
EPS Growth		 10.96% 20.34% -27.38% 14.75% 2.47% -8.45% 24.59% 25.71% -21.69% 33.85%
Operating Cash Flow Growth		 405.82% -98.48% -39.37% -57.03% -21.32% 1,931.56% -10.91% -9.74% -33.10% -2.57%
Free Cash Flow Firm Growth		 353.29% 188.78% -139.11% -214.23% -59.54% -173.99% -64.38% 103.29% -220.09% -269.80%
Invested Capital Growth		 -2.14% 1.04% 6.98% 24.95% 1.23% 4.10% 9.65% 2.84% 5.45% 8.50%
Revenue Q/Q Growth		 11.96% -8.26% -5.91% 9.75% 2.36% -10.59% 7.21% 7.13% -9.12% 20.66%
EBITDA Q/Q Growth		 27.24% -11.64% -13.17% 13.26% 16.67% -15.27% 8.99% 14.96% -22.87% 27.53%
EBIT Q/Q Growth		 33.80% -12.51% -14.60% 14.66% 18.95% -17.11% 10.44% 16.88% -25.36% 31.68%
NOPAT Q/Q Growth		 33.04% -12.78% -13.89% 13.85% 18.61% -21.66% 16.36% 15.87% -25.46% 33.68%
Net Income Q/Q Growth		 33.04% -12.78% -13.89% 13.85% 18.61% -21.66% 16.36% 15.87% -25.46% 33.68%
EPS Q/Q Growth		 32.79% -12.35% -14.08% 14.75% 18.57% -21.69% 16.92% 15.79% -26.14% 33.85%
Operating Cash Flow Q/Q Growth		 44.90% -97.47% 2,727.69% -58.56% 165.32% -34.66% 24.00% -58.01% 96.66% -4.84%
Free Cash Flow Firm Q/Q Growth		 -65.72% -65.10% -297.71% -382.95% 112.14% -163.81% -339.29% 109.67% -543.07% -96.50%
Invested Capital Q/Q Growth		 14.33% 2.94% -3.09% 9.55% -7.37% 5.85% 2.08% 2.75% -5.01% 8.91%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 42.03% 40.48% 37.35% 38.55% 43.94% 41.64% 42.33% 45.42% 38.55% 40.75%
EBIT Margin		 37.43% 35.70% 32.40% 33.85% 39.34% 36.47% 37.57% 40.99% 33.67% 36.74%
Profit (Net Income) Margin		 30.48% 28.97% 26.52% 27.51% 31.87% 27.93% 30.31% 32.78% 26.89% 29.79%
Tax Burden Percent		 81.41% 81.16% 81.83% 81.25% 81.02% 76.58% 80.68% 79.98% 79.87% 81.08%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 18.59% 18.84% 18.17% 18.75% 18.98% 23.42% 19.32% 20.02% 20.13% 18.92%
Return on Invested Capital (ROIC)		 12.68% 12.01% 11.50% 11.88% 13.35% 11.05% 12.27% 12.68% 10.89% 11.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.68% 12.01% 11.50% 11.88% 13.35% 11.05% 12.27% 12.68% 10.89% 11.92%
Return on Net Nonoperating Assets (RNNOA)		 4.76% 4.41% 3.79% 4.60% 5.57% 4.33% 4.05% 4.70% 2.75% 3.52%
Return on Equity (ROE)		 17.43% 16.42% 15.29% 16.48% 18.92% 15.37% 16.31% 17.38% 13.64% 15.44%
Cash Return on Invested Capital (CROIC)		 14.23% 11.39% 5.40% -9.90% 10.83% 7.27% 2.71% 9.12% 6.67% 3.85%
Operating Return on Assets (OROA)		 1.64% 1.56% 1.36% 1.44% 1.63% 1.47% 1.53% 1.68% 1.35% 1.54%
Return on Assets (ROA)		 1.34% 1.26% 1.12% 1.17% 1.32% 1.13% 1.23% 1.34% 1.08% 1.25%
Return on Common Equity (ROCE)		 17.43% 16.42% 15.29% 16.48% 18.92% 15.37% 16.31% 17.38% 13.64% 15.44%
Return on Equity Simple (ROE_SIMPLE)		 18.29% 0.00% 15.88% 16.04% 16.11% 0.00% 14.94% 15.29% 13.72% 0.00%
Net Operating Profit after Tax (NOPAT)		 17 15 13 15 18 14 16 19 14 18
NOPAT Margin		 30.48% 28.97% 26.52% 27.51% 31.87% 27.93% 30.31% 32.78% 26.89% 29.79%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 42.28% 46.17% 46.78% 44.28% 42.21% 46.41% 46.04% 44.01% 45.66% 43.51%
Operating Expenses to Revenue		 57.02% 61.63% 63.19% 59.98% 58.21% 64.78% 61.02% 58.98% 63.44% 59.68%
Earnings before Interest and Taxes (EBIT)		 21 19 16 18 22 18 20 23 17 23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 21 18 21 24 20 22 26 20 25
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.11 1.33 0.96 0.91 0.98 1.29 1.25 1.30 1.53 1.59
Price to Tangible Book Value (P/TBV)		 1.23 1.46 1.05 0.99 1.07 1.39 1.35 1.40 1.64 1.70
Price to Revenue (P/Rev)		 1.77 2.18 1.69 1.61 1.75 2.51 2.47 2.62 3.30 3.25
Price to Earnings (P/E)		 6.09 7.28 6.04 5.67 6.08 8.81 8.39 8.51 11.14 10.82
Dividend Yield		 4.95% 4.02% 5.34% 5.57% 5.19% 3.68% 4.65% 3.51% 2.87% 2.78%
Earnings Yield		 16.43% 13.73% 16.56% 17.63% 16.46% 11.35% 11.91% 11.75% 8.97% 9.25%
Enterprise Value to Invested Capital (EV/IC)		 0.93 1.08 0.51 0.70 0.73 0.90 0.90 0.85 1.22 1.26
Enterprise Value to Revenue (EV/Rev)		 2.22 2.61 1.22 1.80 1.76 2.32 2.32 2.23 3.10 3.27
Enterprise Value to EBITDA (EV/EBITDA)		 5.42 6.23 3.11 4.54 4.38 5.73 5.57 5.13 7.36 7.81
Enterprise Value to EBIT (EV/EBIT)		 6.23 7.10 3.56 5.16 4.96 6.51 6.29 5.75 8.30 8.75
Enterprise Value to NOPAT (EV/NOPAT)		 7.65 8.71 4.36 6.34 6.11 8.12 7.87 7.22 10.46 10.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.14 5.83 3.20 5.73 6.19 6.35 6.69 6.59 10.22 11.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.49 9.50 9.81 0.00 6.80 12.61 34.60 9.43 18.79 33.93
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.50 0.48 0.35 0.45 0.34 0.32 0.31 0.30 0.18 0.27
Long-Term Debt to Equity		 0.24 0.23 0.35 0.21 0.21 0.20 0.19 0.18 0.18 0.17
Financial Leverage		 0.38 0.37 0.33 0.39 0.42 0.39 0.33 0.37 0.25 0.30
Leverage Ratio		 13.05 13.01 13.69 14.10 14.32 13.65 13.24 12.93 12.64 12.34
Compound Leverage Factor		 13.05 13.01 13.69 14.10 14.32 13.65 13.24 12.93 12.64 12.34
Debt to Total Capital		 33.28% 32.20% 25.99% 31.08% 25.63% 24.22% 23.72% 23.10% 14.92% 21.48%
Short-Term Debt to Total Capital		 17.41% 16.78% 0.00% 16.54% 9.92% 9.37% 9.17% 8.93% 0.00% 7.77%
Long-Term Debt to Total Capital		 15.87% 15.43% 25.99% 14.54% 15.71% 14.85% 14.55% 14.17% 14.92% 13.71%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 66.72% 67.80% 74.01% 68.92% 74.37% 75.78% 76.28% 76.90% 85.08% 78.52%
Debt to EBITDA		 1.93 1.86 1.58 2.02 1.53 1.54 1.47 1.40 0.90 1.34
Net Debt to EBITDA		 1.11 1.02 -1.19 0.48 0.02 -0.48 -0.37 -0.92 -0.48 0.05
Long-Term Debt to EBITDA		 0.92 0.89 1.58 0.94 0.94 0.95 0.90 0.86 0.90 0.85
Debt to NOPAT		 2.73 2.61 2.21 2.81 2.14 2.19 2.08 1.97 1.28 1.86
Net Debt to NOPAT		 1.57 1.43 -1.68 0.66 0.03 -0.69 -0.53 -1.29 -0.68 0.07
Long-Term Debt to NOPAT		 1.30 1.25 2.21 1.32 1.31 1.34 1.28 1.21 1.28 1.19
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 28 9.83 -19 -94 11 -7.28 -32 3.09 -14 -27
Operating Cash Flow to CapEx		 3,258.23% 57.43% 2,031.71% 588.05% 32,140.00% 1,122.31% 5,525.99% 493.34% 1,152.95% 488.92%
Free Cash Flow to Firm to Interest Expense		 5.60 0.95 -1.25 -4.79 0.50 -0.29 -1.28 0.12 -0.52 -1.12
Operating Cash Flow to Interest Expense		 6.50 0.08 1.51 0.49 1.12 0.67 0.84 0.35 0.65 0.68
Operating Cash Flow Less CapEx to Interest Expense		 6.30 -0.06 1.43 0.41 1.11 0.61 0.82 0.28 0.59 0.54
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 5.79 5.85 5.70 5.85 5.91 5.80 5.99 6.00 5.95 6.10
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 498 513 497 544 504 534 545 560 532 579
Invested Capital Turnover		 0.42 0.41 0.43 0.43 0.42 0.40 0.40 0.39 0.41 0.40
Increase / (Decrease) in Invested Capital		 -11 5.25 32 109 6.14 21 48 15 28 45
Enterprise Value (EV)		 465 552 255 381 369 480 488 475 650 727
Market Capitalization		 370 461 352 341 367 520 521 560 692 722
Book Value per Share		 $15.78 $16.50 $17.40 $17.75 $17.90 $19.41 $19.88 $20.59 $21.65 $21.76
Tangible Book Value per Share		 $14.31 $15.04 $15.95 $16.30 $16.45 $17.95 $18.44 $19.16 $20.22 $20.34
Total Capital		 498 513 497 544 504 534 545 560 532 579
Total Debt		 166 165 129 169 129 129 129 129 79 124
Total Long-Term Debt		 79 79 129 79 79 79 79 79 79 79
Net Debt		 95 91 -98 40 1.76 -41 -33 -85 -42 4.51
Capital Expenditures (CapEx)		 1.00 1.44 1.15 1.65 0.08 1.50 0.38 1.77 1.49 3.35
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 166 165 129 169 129 129 129 129 79 124
Total Depreciation and Amortization (D&A)		 2.61 2.49 2.43 2.52 2.53 2.54 2.51 2.50 2.51 2.48
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.82 $0.71 $0.62 $0.70 $0.84 $0.66 $0.77 $0.89 $0.66 $0.88
Adjusted Weighted Average Basic Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M
Adjusted Diluted Earnings per Share		 $0.81 $0.71 $0.61 $0.70 $0.83 $0.65 $0.76 $0.88 $0.65 $0.87
Adjusted Weighted Average Diluted Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.07M 21.13M 21.14M 20.94M 20.84M 20.91M 20.90M 20.90M 20.89M 20.97M
Normalized Net Operating Profit after Tax (NOPAT)		 17 15 13 15 18 14 16 19 14 18
Normalized NOPAT Margin		 30.48% 28.97% 26.52% 27.51% 31.87% 27.93% 30.31% 32.78% 26.89% 29.79%
Pre Tax Income Margin		 37.43% 35.70% 32.40% 33.85% 39.34% 36.47% 37.57% 40.99% 33.67% 36.74%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 4.23 1.79 1.02 0.93 0.94 0.71 0.80 0.93 0.65 0.94
NOPAT to Interest Expense		 3.44 1.45 0.84 0.75 0.76 0.54 0.64 0.74 0.52 0.77
EBIT Less CapEx to Interest Expense		 4.03 1.65 0.95 0.84 0.94 0.65 0.78 0.86 0.60 0.80
NOPAT Less CapEx to Interest Expense		 3.24 1.32 0.76 0.67 0.76 0.49 0.63 0.67 0.47 0.63
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 30.28% 29.31% 32.13% 31.56% 31.73% 32.72% 31.36% 29.82% 31.94% 30.01%
Augmented Payout Ratio		 42.63% 35.63% 32.13% 36.99% 39.95% 41.45% 31.36% 32.69% 32.25% 30.01%

Key Financial Trends

Independent Bank (NASDAQ: IBCP) has shown a generally positive financial trajectory over the last four years, with several key trends worth noting for retail investors.

  • Net Interest Income has steadily increased from about $38.4 million in Q1 2022 to over $42.8 million in Q4 2024, demonstrating robust core banking income growth.
  • Total Revenue improved consistently, reaching $61.97 million in Q4 2024 compared to $49.0 million in Q4 2022, reflecting expanded income streams including non-interest income.
  • Net Income has grown from around $13.0 million in Q4 2022 to approximately $18.5 million in Q4 2024, indicating improved profitability.
  • Earnings Per Share (EPS) advanced from $0.62 basic in Q2 2022 to $0.88 basic in Q4 2024, rewarding shareholders with higher returns.
  • Deposits have increased, with total liabilities growing from roughly $4.59 billion in Q3 2022 to $4.81 billion in Q3 2024, showing sound deposit base growth to support lending and operations.
  • Provision for Credit Losses has remained manageable, in some quarters even showing negative provisions (recoveries), which supports credit quality.
  • Cash flow from operating activities remains strong and positive, with Q4 2024 showing about $16.4 million, supporting sustainable operational performance.
  • Investment Securities and Non-Interest Income exhibit volatility quarter-to-quarter, with capital gains fluctuating from gains to occasional losses, which can affect earnings variability.
  • Total Equity has steadily increased from about $332 million in Q3 2022 to over $452 million in Q3 2024, enhancing the bank’s capital base but also reflecting asset growth.
  • Cash flows from investing activities are frequently negative due to significant purchases of property, equipment, and investments which may pressure cash reserves short-term.

Summary: Independent Bank has exhibited strong growth in core financial metrics such as net interest income, total revenue, net income, and earnings per share over the past several years. The company's expanding deposit base and improving profitability position it well, though investors should watch for variability in non-interest income and the impact of ongoing investing outflows on cash flow. Overall, the bank shows positive momentum with a solid financial footing heading into 2025.

08/10/25 11:59 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Independent Bank's Financials

When does Independent Bank's financial year end?

According to the most recent income statement we have on file, Independent Bank's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Independent Bank's net income changed over the last 2 years?

Independent Bank's net income appears to be on an upward trend, with a most recent value of $66.79 million in 2024, rising from $63.35 million in 2022. The previous period was $59.07 million in 2023. Find out what analysts predict for Independent Bank in the coming months.

How has Independent Bank's revenue changed over the last 2 years?

Over the last 2 years, Independent Bank's total revenue changed from $211.47 million in 2022 to $222.61 million in 2024, a change of 5.3%.

How much debt does Independent Bank have?

Independent Bank's total liabilities were at $4.88 billion at the end of 2024, a 0.5% increase from 2023, and a 5.0% increase since 2022.

How much cash does Independent Bank have?

In the past 2 years, Independent Bank's cash and equivalents has ranged from $56.98 million in 2024 to $70.18 million in 2022, and is currently $56.98 million as of their latest financial filing in 2024.

How has Independent Bank's book value per share changed over the last 2 years?

Over the last 2 years, Independent Bank's book value per share changed from 16.50 in 2022 to 21.76 in 2024, a change of 31.9%.


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This page (NASDAQ:IBCP) was last updated on 8/10/2025 by MarketBeat.com Staff
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