IBCP Financial Services

Independent Bank Corporation

$36.68-1.79%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 755.7M USD
Full-time employees: 735

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
About average: valuation

Ranks #482 of 791 banks & insurance companies (bottom 40%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Nothing unusual stands out. Its strongest area is profitability (61/100).
None of our checks flag anything unusual in Independent Bank's latest figures; its strongest area is profitability, at 61 out of 100.

StockQuotient Score

47/ 100

Oct 5 48 → Nov 4 47 (-1)

Valuation

Is the price right?

49/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 7.7% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Mixed versus peers:

▲ Earnings yield
▼ P/B

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield64.9%

SEC filings · latest balance sheetReported value40% base weight · Z-score -0.51Sector median: 0.7950 · MAD: 0.2843

Earnings yield8.8%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score 0.36Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield4.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

31/100

Weak

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth3.4%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score -0.71Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth0.6%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth2.9%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

61/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets1.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.15Sector median: 0.0117 · MAD: 0.0062

Return on equity13.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.73Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Independent Bank

Is Independent Bank getting weaker?: Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 7.7%. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Independent Bank valued vs its peers?: Priced about in line with its peers. Valuation scores 49/100 against 950 banks & insurance peers. Earnings yield 8.8% vs a peer median of 7.9% (stronger than 61% of peers).Earnings yield 8.8% vs peers 7.9% (stronger than 61% of peers). Book yield 64.9% vs a peer median of 79.5% (weaker than 65% of peers).Book yield 64.9% vs peers 79.5% (weaker than 65% of peers).
Is Independent Bank growing?: More slowly than most of its peers. Growth scores 31/100 against 950 banks & insurance peers. Earnings per share growth 3.4% vs a peer median of 16.0% (weaker than 69% of peers).Earnings per share growth 3.4% vs peers 16.0% (weaker than 69% of peers).
How profitable is Independent Bank?: More profitable than most of its peers. Profitability scores 61/100 against 950 banks & insurance peers. Return on equity 13.6% vs a peer median of 10.7% (stronger than 68% of peers).Return on equity 13.6% vs peers 10.7% (stronger than 68% of peers).
How risky is Independent Bank?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Share count up 7.7% (existing holders diluted)

	Previous quarter	Latest quarter	Change
Revenue (12 months)	32.3M USD	32.6M USD	+1.0%
Net income (12 months)	69.8M USD	71.8M USD	+2.8%
Free cash flow (12 months)	38.3M USD	38.1M USD	−0.5%
Cash	174.9M USD	165.4M USD	−5.4%
Shares outstanding	20.6M	22.2M	+7.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	216.1%	200.2%	179.5%	208.9%	213.7%	▲ 4.8 pts
Return on assets (ROA)	1.3%	1.3%	1.1%	1.3%	1.2%	▼ 0.0 pts
Return on equity (ROE)	15.8%	18.2%	14.6%	14.7%	13.6%	▼ 1.1 pts

IBCP price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

About average: valuation

Ranks #482 of 791 banks & insurance companies (bottom 40%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Questions investors ask about Independent Bank

Is Independent Bank getting weaker?

Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 7.7%. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is Independent Bank valued vs its peers?

Priced about in line with its peers. Valuation scores 49/100 against 950 banks & insurance peers. Earnings yield 8.8% vs a peer median of 7.9% (stronger than 61% of peers).Earnings yield 8.8% vs peers 7.9% (stronger than 61% of peers). Book yield 64.9% vs a peer median of 79.5% (weaker than 65% of peers).Book yield 64.9% vs peers 79.5% (weaker than 65% of peers).

Is Independent Bank growing?

More slowly than most of its peers. Growth scores 31/100 against 950 banks & insurance peers. Earnings per share growth 3.4% vs a peer median of 16.0% (weaker than 69% of peers).Earnings per share growth 3.4% vs peers 16.0% (weaker than 69% of peers).

How profitable is Independent Bank?

More profitable than most of its peers. Profitability scores 61/100 against 950 banks & insurance peers. Return on equity 13.6% vs a peer median of 10.7% (stronger than 68% of peers).Return on equity 13.6% vs peers 10.7% (stronger than 68% of peers).

How risky is Independent Bank?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

32.3M USD

32.6M USD

+1.0%

Net income (12 months)

69.8M USD

71.8M USD

+2.8%

Free cash flow (12 months)

38.3M USD

38.1M USD

−0.5%

Cash

174.9M USD

165.4M USD

−5.4%

Shares outstanding

20.6M

22.2M

+7.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

216.1%

200.2%

179.5%

208.9%

213.7%

▲ 4.8 pts

Return on assets (ROA)

1.3%

1.1%

1.3%

1.2%

▼ 0.0 pts

Return on equity (ROE)

15.8%

18.2%

14.6%

14.7%

13.6%

▼ 1.1 pts