Independent Bk Corp Mich Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Independent Bk Corp Mich's revenue declined 2.8% year-over-year, from $32.9M to $32.0M. This contraction results in a growth score of 21/100.
Independent Bk Corp Mich has elevated debt relative to equity (D/E of 10.74), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Independent Bk Corp Mich converts 172.6% of revenue into free cash flow ($55.2M). This strong cash generation earns a score of 100/100.
Independent Bk Corp Mich's ROE of 14.7% shows moderate profitability relative to equity, earning a score of 59/100. This is up from 14.6% the prior year.
Independent Bk Corp Mich passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Independent Bk Corp Mich generates $0.95 in operating cash flow ($63.2M OCF vs $66.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Independent Bk Corp Mich (IBCP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Independent Bk Corp Mich generated $32.0M in revenue in fiscal year 2024. This represents a decrease of 2.8% from the prior year.
Independent Bk Corp Mich generated $55.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 20.6% from the prior year.
Independent Bk Corp Mich reported $66.8M in net income in fiscal year 2024. This represents an increase of 13.1% from the prior year.
Independent Bk Corp Mich earned $3.16 per diluted share (EPS) in fiscal year 2024. This represents an increase of 13.3% from the prior year.
Independent Bk Corp Mich held $119.9M in cash against $0 in long-term debt as of fiscal year 2024.
Independent Bk Corp Mich paid $0.96 per share in dividends in fiscal year 2024. This represents an increase of 4.3% from the prior year.
Independent Bk Corp Mich had 21M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.
Independent Bk Corp Mich's net profit margin was 208.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 29.3 percentage points from the prior year.
Independent Bk Corp Mich's ROE was 14.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the prior year.
Independent Bk Corp Mich spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Independent Bk Corp Mich invested $8.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 32.0% from the prior year.
IBCP Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9M+13.2% | $7.9M+7.3% | $7.3M-4.3% | $7.7M-2.8% | $7.9M+4.2% | $7.6M-7.2% | $8.2M-10.4% | $9.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $23.9M+7.5% | $22.3M-0.9% | $22.5M-6.9% | $24.1M-3.5% | $25.0M+0.3% | $24.9M-1.3% | $25.3M+9.8% | $23.0M |
| Income Tax | $3.7M-3.3% | $3.8M+7.5% | $3.5M-17.9% | $4.3M-7.1% | $4.6M+21.1% | $3.8M-8.9% | $4.2M+2.3% | $4.1M |
| Net Income | $17.5M+3.7% | $16.9M+8.3% | $15.6M-15.6% | $18.5M-0.4% | $18.5M+15.9% | $16.0M+16.4% | $13.7M-21.7% | $17.5M |
| EPS (Diluted) | $0.84+3.7% | $0.81+9.5% | $0.74-14.9% | $0.87-1.1% | $0.88+15.8% | $0.76+16.9% | $0.65-21.7% | $0.83 |
IBCP Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.5B+1.4% | $5.4B+1.7% | $5.3B-0.2% | $5.3B+1.1% | $5.3B+0.9% | $5.2B-0.6% | $5.3B+1.2% | $5.2B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $208.7M+42.8% | $146.2M+14.1% | $128.1M+6.9% | $119.9M-44.1% | $214.3M+32.4% | $161.8M-4.7% | $169.8M+33.2% | $127.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $28.3M0.0% | $28.3M0.0% | $28.3M0.0% | $28.3M0.0% | $28.3M0.0% | $28.3M0.0% | $28.3M0.0% | $28.3M |
| Total Liabilities | $5.0B+1.1% | $4.9B+1.8% | $4.9B-0.5% | $4.9B+0.8% | $4.8B+0.7% | $4.8B-0.9% | $4.9B+0.7% | $4.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $490.7M+4.6% | $469.3M+0.4% | $467.3M+2.8% | $454.7M+5.6% | $430.5M+3.6% | $415.6M+2.7% | $404.4M+7.9% | $375.0M |
| Retained Earnings | $239.6M+5.3% | $227.5M+5.3% | $216.0M+4.9% | $205.9M+12.1% | $183.6M+7.9% | $170.1M+6.9% | $159.1M+6.0% | $150.2M |
IBCP Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.2M-4.1% | $19.0M-40.2% | $31.7M+93.7% | $16.4M+87.1% | $8.7M-58.0% | $20.8M+24.0% | $16.8M-34.7% | $25.7M |
| Capital Expenditures | $1.7M-27.3% | $2.3M+103.1% | $1.1M-72.0% | $4.0M+126.1% | $1.8M+162.3% | $676K-55.3% | $1.5M+5.1% | $1.4M |
| Free Cash Flow | $16.5M-0.9% | $16.7M-45.4% | $30.6M+147.4% | $12.4M+77.2% | $7.0M-65.4% | $20.2M+31.8% | $15.3M-37.0% | $24.3M |
| Investing Cash Flow | -$9.6M+86.4% | -$70.6M-2218.7% | $3.3M+103.9% | -$85.2M-605.7% | $16.9M-4.7% | $17.7M+362.2% | -$6.7M+91.4% | -$78.9M |
| Financing Cash Flow | $54.0M-22.6% | $69.7M+360.3% | -$26.8M-139.8% | $67.2M+149.7% | $26.9M+157.9% | -$46.5M-244.0% | $32.3M-37.3% | $51.4M |
| Dividends Paid | $5.4M-0.1% | $5.4M-1.1% | $5.4M+8.7% | $5.0M-0.1% | $5.0M+0.4% | $5.0M+4.3% | $4.8M-0.5% | $4.8M |
| Share Buybacks | $413K-94.4% | $7.3M+22093.9% | $33K | $0 | $0 | $0-100.0% | $194K-88.5% | $1.7M |
IBCP Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 196.2%-18.0pp | 214.2%+1.9pp | 212.3%-28.3pp | 240.6%+6.0pp | 234.6%+23.5pp | 211.1%+42.7pp | 168.4%-24.1pp | 192.6% |
| Return on Equity | 3.6%-0.0pp | 3.6%+0.3pp | 3.3%-0.7pp | 4.1%-0.2pp | 4.3%+0.4pp | 3.9%+0.4pp | 3.4%-1.3pp | 4.7% |
| Return on Assets | 0.3%+0.0pp | 0.3%+0.0pp | 0.3%-0.1pp | 0.4%0.0pp | 0.4%+0.0pp | 0.3%+0.1pp | 0.3%-0.1pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 10.19-0.4 | 10.55+0.1 | 10.40-0.3 | 10.74-0.5 | 11.26-0.3 | 11.59-0.4 | 12.01-0.9 | 12.87 |
| FCF Margin | 185.5%-26.4pp | 211.9%-204.6pp | 416.5%+255.4pp | 161.1%+72.8pp | 88.3%-177.8pp | 266.1%+78.7pp | 187.4%-79.0pp | 266.4% |
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Frequently Asked Questions
What is Independent Bk Corp Mich's annual revenue?
Independent Bk Corp Mich (IBCP) reported $32.0M in total revenue for fiscal year 2024. This represents a -2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Independent Bk Corp Mich's revenue growing?
Independent Bk Corp Mich (IBCP) revenue declined by 2.8% year-over-year, from $32.9M to $32.0M in fiscal year 2024.
Is Independent Bk Corp Mich profitable?
Yes, Independent Bk Corp Mich (IBCP) reported a net income of $66.8M in fiscal year 2024, with a net profit margin of 208.9%.
What is Independent Bk Corp Mich's earnings per share (EPS)?
Independent Bk Corp Mich (IBCP) reported diluted earnings per share of $3.16 for fiscal year 2024. This represents a 13.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Independent Bk Corp Mich's net profit margin?
Independent Bk Corp Mich (IBCP) had a net profit margin of 208.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Independent Bk Corp Mich pay dividends?
Yes, Independent Bk Corp Mich (IBCP) paid $0.96 per share in dividends during fiscal year 2024.
What is Independent Bk Corp Mich's return on equity (ROE)?
Independent Bk Corp Mich (IBCP) has a return on equity of 14.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Independent Bk Corp Mich's free cash flow?
Independent Bk Corp Mich (IBCP) generated $55.2M in free cash flow during fiscal year 2024. This represents a -20.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Independent Bk Corp Mich's operating cash flow?
Independent Bk Corp Mich (IBCP) generated $63.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Independent Bk Corp Mich's total assets?
Independent Bk Corp Mich (IBCP) had $5.3B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Independent Bk Corp Mich's capital expenditures?
Independent Bk Corp Mich (IBCP) invested $8.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Independent Bk Corp Mich have outstanding?
Independent Bk Corp Mich (IBCP) had 21M shares outstanding as of fiscal year 2024.
What is Independent Bk Corp Mich's debt-to-equity ratio?
Independent Bk Corp Mich (IBCP) had a debt-to-equity ratio of 10.74 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Independent Bk Corp Mich's return on assets (ROA)?
Independent Bk Corp Mich (IBCP) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Independent Bk Corp Mich's Piotroski F-Score?
Independent Bk Corp Mich (IBCP) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Independent Bk Corp Mich's earnings high quality?
Independent Bk Corp Mich (IBCP) has an earnings quality ratio of 0.95x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Independent Bk Corp Mich?
Independent Bk Corp Mich (IBCP) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.