MARKETS / NASDAQ / Financials / Banks / IBCP

NASDAQ · STATE COMMERCIAL BANKS · MID CAP

Independent Bank Corp. IBCP

17 fiscal years on record · USD · FY2025 reported · SEC filings only

11 YEARS OF DIVIDEND GROWTH

Net income

$68.5M

▲ 2.6% YoY

Free cash flow

$70.2M

▲ 27.1% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

It offers a broad range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Our bank competes with other commercial banks, savings banks, credit unions, mortgage banking companies, fintech companies, securities brokerage companies, insurance companies, and money market mutual funds. As of December 31, 2025, our bank had total loans (excluding loans held for sale) of $4.276 billion and total deposits of $4.762 billion. As of December 31, 2025, we had 735 full-time employees and 91 part-time employees.

Written from the business description in INDEPENDENT BANK CORP /MI/'s annual report to the U.S. Securities and Exchange Commission, filed 6 March 2026. Every sentence was checked against that document before publication.

Growth

Revenue, FY2025 · full 17-year series below

Compound annual growth

Net income

+2.7%

+4.1%

+13.1%

EPS, diluted

+3.3%

+5.3%

+14.3%

Dividend / share

+5.7%

+5.4%

+14.9%

Returned to shareholders

+14.8%

+1.3%

+5.8%

3 yrs

5 yrs

10 yrs

15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

ROE

FY2025 · ROE 14.3%

20%40%-50%

200920172025

Three returns, three denominators.

Return on equity14.3%

Return on assets1.3%

Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Gross margin·

Operating margin·

Net margin·

EBITDAUSD 91.2M

Each USD of equity produced 14 cents of profit this year.

Cash & shareholders

USD 34.0M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 70.2

50M100M

200920172025

Net buybacks $M Dividends $M

FY2025 · Dividends 21.6 · Net buybacks 12.4

15M30M-40M-80MDividendsNet buybacks

200920112013201520172019202120232025

Dividends paidUSD 21.6M

Net buybacksUSD 12.4M

Share of profit49.7%

Consecutive raises11 years

USD 21.6M in dividends and USD 12.4M in buybacks — 50% of the year's profit went back to shareholders.

Total assetsUSD 5.5B

EquityUSD 503.0M

CashUSD 138.4M

DepositsUSD 4.8B

Equity funds 9% of total assets.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data

IBCP, 17-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Operating income $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
EBITDA $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.1	0.0	−0.0	−0.0	−0.0
Net income $B	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	−0.0	−0.0	−0.1
Free cash flow $B	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	−0.0
EPS, diluted $	3.27	3.16	2.79	2.97	2.88	2.53	2.00	1.68	0.95	1.05	0.86	0.77	3.55	0.80	−2.94	−4.09	−39.60
Dividend / sh $	1.04	0.96	0.92	0.88	0.84	0.80	0.72	0.60	0.42	0.34	0.26	0.18	0.00	0.00	0.00	0.00	0.30
Payout %	32	30	33	29	29	31	36	35	44	32	29	23	0	0	−0	−0	−4
ROE %	14.3	15.5	15.7	17.0	16.0	15.2	13.5	13.2	8.0	9.1	8.0	7.5	42.3	22.1	−18.2	−14.6	−82.1
Shares out B	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.01	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC

Provenance

Company facts, as filed

How we verify · 0 failures in 49 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Three checks were skipped: the share count is not tagged before 2010. Three checks were skipped: the balance sheet is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityState Commercial Banks

Listed onNASDAQ

Incorporated inMichigan

Fiscal year endsDecember 31

Data on record since2009