IBCP
Independent Bank Corporation
NASDAQ: IBCP · FINANCIAL SERVICES · BANKS - REGIONAL
$33.21
-0.63% today
Updated 2026-04-30
Market cap
$689.83M
P/E ratio
10.03
P/S ratio
3.07x
EPS (TTM)
$3.34
Dividend yield
3.17%
52W range
$29 – $37
Volume
0.2M
Independent Bank Corporation (IBCP) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $258.94M | $270.40M | $233.62M | $248.86M | $170.51M | $138.24M | $140.85M | $120.92M | $111.70M | $114.43M | $124.16M | $138.06M | $170.88M | $190.76M | $214.19M | $207.12M | $224.23M | $283.83M | $316.33M | $315.38M |
| Revenue growth (YoY) | — | +4.4% | -13.6% | +6.5% | -31.5% | -18.9% | +1.9% | -14.2% | -7.6% | +2.4% | +8.5% | +11.2% | +23.8% | +11.6% | +12.3% | -3.3% | +8.3% | +26.6% | +11.5% | -0.3% |
| Cost of revenue | $110.04M | $145.82M | $144.91M | $153.85M | $83.64M | $50.10M | $20.45M | $7.24M | $3.70M | $3.14M | $5.57M | $10.32M | $18.99M | $27.42M | $28.94M | $7.59M | $25.44M | $90.00M | $104.65M | $95.86M |
| Gross profit | $148.90M | $124.58M | $88.72M | $95.01M | $86.87M | $88.14M | $120.40M | $113.68M | $108.00M | $111.29M | $118.58M | $127.74M | $151.88M | $163.35M | $185.25M | $199.52M | $198.79M | $193.83M | $211.68M | $219.52M |
| Gross margin | 57.5% | 46.1% | 38.0% | 38.2% | 50.9% | 63.8% | 85.5% | 94.0% | 96.7% | 97.3% | 95.5% | 92.5% | 88.9% | 85.6% | 86.5% | 96.3% | 88.7% | 68.3% | 66.9% | 69.6% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $50.80M | $55.81M | $62.33M | $80.89M | $70.96M | $66.12M | $68.97M | $61.30M | $59.25M | $60.45M | $61.72M | $66.32M | $74.27M | $80.04M | $79.57M | $81.36M | $84.02M | $82.92M | $88.77M | $97.23M |
| Operating income | $45.49M | $8.85M | $-88.60M | $-93.44M | $-18.30M | $-20.41M | $26.20M | $22.66M | $25.22M | $29.38M | $32.90M | $38.44M | $49.13M | $57.76M | $69.48M | $77.31M | $77.79M | $73.68M | $83.05M | $81.29M |
| Operating margin | 17.6% | 3.3% | -37.9% | -37.5% | -10.7% | -14.8% | 18.6% | 18.7% | 22.6% | 25.7% | 26.5% | 27.8% | 28.8% | 30.3% | 32.4% | 37.3% | 34.7% | 26.0% | 26.3% | 25.8% |
| EBITDA | $35.65M | $-3.70M | $-111.38M | $-136.77M | $-46.02M | $-31.71M | $21.48M | $20.46M | $28.23M | $33.93M | $38.12M | $45.40M | $55.17M | $63.82M | $78.64M | $89.44M | $88.61M | $83.69M | $93.05M | $81.29M |
| EBITDA margin | 13.8% | -1.4% | -47.7% | -55.0% | -27.0% | -22.9% | 15.3% | 16.9% | 25.3% | 29.7% | 30.7% | 32.9% | 32.3% | 33.5% | 36.7% | 43.2% | 39.5% | 29.5% | 29.4% | 25.8% |
| EBIT | $45.49M | $8.85M | $-88.60M | $-93.44M | $-18.30M | $-20.41M | $26.20M | $22.66M | $25.22M | $29.38M | $32.90M | $38.44M | $49.13M | $57.76M | $69.48M | $77.31M | $77.79M | $73.68M | $83.05M | — |
| Interest expense | $93.70M | $102.66M | $73.59M | $50.53M | $37.20M | $20.19M | $13.14M | $9.16M | $7.30M | $5.86M | $6.88M | $9.12M | $17.49M | $26.35M | $16.22M | $8.31M | $19.45M | $83.35M | $100.53M | $89.72M |
| Income tax | $11.66M | $-1.10M | $3.06M | $-3.21M | $-1.59M | $-212000.00 | $0.00 | $-54.85M | $7.20M | $9.36M | $10.13M | $17.96M | $9.29M | $11.32M | $13.33M | $14.42M | $14.44M | $14.61M | $16.26M | $12.75M |
| Effective tax rate | 26.0% | -11.9% | -3.5% | 3.4% | 8.7% | 1.0% | 0.0% | -242.1% | 28.5% | 31.9% | 30.8% | 46.7% | 18.9% | 19.6% | 19.2% | 18.6% | 18.6% | 19.8% | 19.6% | 15.7% |
| Net income | $33.20M | $10.36M | $-91.66M | $-90.23M | $-16.71M | $-20.20M | $26.20M | $77.51M | $18.02M | $20.02M | $22.77M | $20.48M | $39.84M | $46.44M | $56.15M | $62.90M | $63.35M | $59.07M | $66.79M | $68.54M |
| Net income growth (YoY) | — | -68.8% | -985.0% | +1.6% | +81.5% | -20.9% | +229.7% | +195.9% | -76.7% | +11.1% | +13.7% | -10.1% | +94.6% | +16.6% | +20.9% | +12.0% | +0.7% | -6.8% | +13.1% | +2.6% |
| Profit margin | 12.8% | 3.8% | -39.2% | -36.3% | -9.8% | -14.6% | 18.6% | 64.1% | 16.1% | 17.5% | 18.3% | 14.8% | 23.3% | 24.3% | 26.2% | 30.4% | 28.3% | 20.8% | 21.1% | 21.7% |