Independent Bk Corp Mich Financials
This page shows Independent Bk Corp Mich (IBCP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
Independent Bank’s balance-sheet economics dominate: a large asset base turns modest 1.2% asset returns into meaningful profit.
From FY2023 to FY2025, equity growth outpaced profit growth, with equity rising from$404M to$503M . Debt-to-equity fell from 12.0x to 9.9x over the same span, while ROA stayed near1.2% . Because the balance sheet is carrying more equity, ROE slipped from14.6% to13.6% even as net income improved, a sign of stronger capitalization rather than weaker asset-level earning power.
Cash conversion is better than the income line alone suggests: FY2025 operating cash flow was
Shareholder returns were funded internally, not by shrinking the balance sheet: retained earnings increased from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Independent Bk Corp Mich's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Independent Bk Corp Mich's revenue grew a modest 0.3% year-over-year to $32.1M. This slow but positive growth earns a score of 31/100.
Independent Bk Corp Mich has elevated debt relative to equity (D/E of 9.95), 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 218.8% of revenue into free cash flow ($70.2M). This strong cash generation earns a score of 100/100.
Independent Bk Corp Mich's ROE of 13.6% shows moderate profitability relative to equity, earning a score of 43/100. This is down from 14.7% the prior year.
Independent Bk Corp Mich passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Independent Bk Corp Mich generates $1.12 in operating cash flow ($76.7M OCF vs $68.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Independent Bk Corp Mich generated $32.1M in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Independent Bk Corp Mich reported $68.5M in net income in fiscal year 2025. This represents an increase of 2.6% from the prior year.
Independent Bk Corp Mich earned $3.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.5% from the prior year.
Cash & Balance Sheet
Independent Bk Corp Mich generated $70.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 27.1% from the prior year.
Independent Bk Corp Mich held $138.4M in cash against $0 in long-term debt as of fiscal year 2025.
Independent Bk Corp Mich paid $1.04 per share in dividends in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Independent Bk Corp Mich had 21M shares outstanding in fiscal year 2025. This represents a decrease of 1.7% from the prior year.
Margins & Returns
Independent Bk Corp Mich's net profit margin was 213.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.8 percentage points from the prior year.
Independent Bk Corp Mich's ROE was 13.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.
Capital Allocation
Independent Bk Corp Mich spent $12.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Independent Bk Corp Mich invested $6.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.3% from the prior year.
IBCP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.6M-88.7% | $67.4M+655.9% | $8.9M+13.2% | $7.9M+7.3% | $7.3M-89.0% | $67.0M+658.0% | $8.8M+11.9% | $7.9M |
| 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 | $21.8M | N/A | $21.1M0.0% | $21.1M+3.6% | $20.4M | N/A | $20.0M-5.7% | $21.3M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $19.3M-58.3% | $46.4M+93.7% | $23.9M+7.5% | $22.3M-0.9% | $22.5M-47.6% | $42.9M+61.8% | $26.5M+6.0% | $25.0M |
| Income Tax | $3.4M | N/A | $3.7M-3.3% | $3.8M+7.5% | $3.5M | N/A | $3.5M-24.9% | $4.6M |
| Net Income | $16.9M-9.1% | $18.6M+6.1% | $17.5M+3.7% | $16.9M+8.3% | $15.6M-15.6% | $18.5M+33.7% | $13.8M-25.5% | $18.5M |
| EPS (Diluted) | $0.81-9.0% | $0.89+6.0% | $0.84+3.7% | $0.81+9.5% | $0.74-14.9% | $0.87+33.8% | $0.65-26.1% | $0.88 |
IBCP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.6B+0.9% | $5.5B+0.2% | $5.5B+1.4% | $5.4B+1.7% | $5.3B-0.2% | $5.3B+1.5% | $5.3B-0.3% | $5.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $174.9M+26.4% | $138.4M-33.7% | $208.7M+42.8% | $146.2M+14.1% | $128.1M+6.9% | $119.9M-1.4% | $121.6M-43.3% | $214.3M |
| 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+0.9% | $5.0B0.0% | $5.0B+1.1% | $4.9B+1.8% | $4.9B-0.5% | $4.9B+1.6% | $4.8B-0.8% | $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 | $510.6M+1.5% | $503.0M+2.5% | $490.7M+4.6% | $469.3M+0.4% | $467.3M+2.8% | $454.7M+0.5% | $452.4M+5.1% | $430.5M |
| Retained Earnings | $263.9M+4.4% | $252.8M+5.5% | $239.6M+5.3% | $227.5M+5.3% | $216.0M+4.9% | $205.9M+7.0% | $192.4M+4.8% | $183.6M |
IBCP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.2M-217.5% | $7.8M-57.2% | $18.2M-42.1% | $31.4M+63.2% | $19.3M+17.6% | $16.4M-4.8% | $17.2M+96.7% | $8.7M |
| Capital Expenditures | $4.6M+220.7% | $1.4M-13.2% | $1.7M-27.3% | $2.3M+103.1% | $1.1M-72.0% | $4.0M+168.7% | $1.5M-15.8% | $1.8M |
| Free Cash Flow | -$13.8M-316.5% | $6.4M-61.6% | $16.5M-43.2% | $29.1M+60.7% | $18.1M+46.7% | $12.4M-21.3% | $15.7M+125.3% | $7.0M |
| Investing Cash Flow | -$16.7M+63.4% | -$45.6M-373.2% | -$9.6M+88.4% | -$83.1M-626.5% | $15.8M+118.5% | -$85.2M-26.3% | -$67.5M-500.4% | $16.9M |
| Financing Cash Flow | $62.4M+291.8% | -$32.5M-160.3% | $54.0M-22.6% | $69.7M+360.3% | -$26.8M-139.8% | $67.2M+258.0% | -$42.5M-258.0% | $26.9M |
| Dividends Paid | $5.8M+7.3% | $5.4M-0.1% | $5.4M-0.1% | $5.4M-1.1% | $5.4M+8.7% | $5.0M-0.1% | $5.0M0.0% | $5.0M |
| Share Buybacks | $0-100.0% | $4.7M+1029.1% | $413K-94.4% | $7.3M+22093.9% | $33K | $0 | $0 | $0 |
IBCP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 222.4%+194.9pp | 27.5%-168.7pp | 196.2%-18.0pp | 214.2%+1.9pp | 212.3%+184.8pp | 27.6%-128.7pp | 156.3%-78.4pp | 234.6% |
| Return on Equity | 3.3%-0.4pp | 3.7%+0.1pp | 3.6%-0.0pp | 3.6%+0.3pp | 3.3%-0.7pp | 4.1%+1.0pp | 3.0%-1.2pp | 4.3% |
| Return on Assets | 0.3%-0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.3%-0.1pp | 0.4%+0.1pp | 0.3%-0.1pp | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 9.89-0.1 | 9.95-0.2 | 10.19-0.4 | 10.55+0.1 | 10.40-0.3 | 10.74+0.1 | 10.63-0.6 | 11.26 |
| FCF Margin | -181.4%-190.9pp | 9.4%-176.0pp | 185.5%-184.4pp | 369.9%+122.9pp | 246.9%+228.5pp | 18.4%-159.4pp | 177.8%+89.5pp | 88.3% |
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Frequently Asked Questions
What is Independent Bk Corp Mich's annual revenue?
Independent Bk Corp Mich (IBCP) reported $32.1M in total revenue for fiscal year 2025. This represents a 0.3% 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 grew by 0.3% year-over-year, from $32.0M to $32.1M in fiscal year 2025.
Is Independent Bk Corp Mich profitable?
Yes, Independent Bk Corp Mich (IBCP) reported a net income of $68.5M in fiscal year 2025, with a net profit margin of 213.7%.
What is Independent Bk Corp Mich's net profit margin?
Independent Bk Corp Mich (IBCP) had a net profit margin of 213.7% in fiscal year 2025, 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 $1.04 per share in dividends during fiscal year 2025.
What is Independent Bk Corp Mich's return on equity (ROE)?
Independent Bk Corp Mich (IBCP) has a return on equity of 13.6% for fiscal year 2025, 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 $70.2M in free cash flow during fiscal year 2025. This represents a 27.1% 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 $76.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Independent Bk Corp Mich's total assets?
Independent Bk Corp Mich (IBCP) had $5.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Independent Bk Corp Mich's capital expenditures?
Independent Bk Corp Mich (IBCP) invested $6.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Independent Bk Corp Mich's debt-to-equity ratio?
Independent Bk Corp Mich (IBCP) had a debt-to-equity ratio of 9.95 as of fiscal year 2025, 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 1.2% for fiscal year 2025, 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 4 out of 9, indicating neutral 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 to 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 1.12x, considered cash-backed (high 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 29 out of 100 on our Financial Profile, indicating weak 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.