Independent Bank Corp. IBCP
What this company does
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.
Revenue compounded at +5.9% a year over five years — but profit grew slower: net income at +4.1%, earnings per share at +5.3%.
The share count fell from 0.02B to 0.02B — the buyback concentrates the same profit into fewer slices.
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.
Each USD of equity produced 14 cents of profit this year.
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.
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue $B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | · | · | · | · | · | · | · | · |
| 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 · "·" marks a figure not available in our data for that year.
Reconciled in 17 of 19 fiscal years. 8 checks could not be computed.