IBCP

MKT CAP:$688M

Independent Bank Corporation

Market Cap

$688M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$33.30+$1.11 (+3.45%)

Apr 23, 2026

Company Details

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and in...

CEO

William Bradford Kessel

IPO Date

Sep 4, 1985

Website

www.independentbank.com

Key Metrics TTM

Revenue

$235M

-25.4% YoY

Net Income

$70M

EPS (Diluted)

$3.35

Free Cash Flow

$70M

Revenue / Share

$11.31

Gross Margin

69.3%

Operating Margin

26.4%

Net Margin

29.7%

FCF Margin

29.8%

P/S

2.9x

P/E

9.8x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$0-100.0%EPS $0.81

FY 2025

Mar 6, 2026

$315M-0.3%EPS $3.27

Q4 2025

Mar 6, 2026

$79M-6.1%EPS $0.89

Q3 2025

Nov 5, 2025

$79M+4.4%EPS $0.84

Q2 2025

Aug 6, 2025

$76M-4.3%EPS $0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$51M	$46M	$16M
Q3 22	$60M	$52M	$21M
Q4 22	$61M	$49M	$19M
Q1 23	$63M	$46M	$16M
Q2 23	$72M	$49M	$18M
Q3 23	$76M	$52M	$22M
Q4 23	$73M	$48M	$18M
Q1 24	$76M	$51M	$20M
Q2 24	$80M	$55M	$23M
Q3 24	$76M	$48M	$17M
Q4 24	$85M	$58M	$23M
Q1 25	$75M	$51M	$19M
Q2 25	$76M	$53M	$21M
Q3 25	$79M	$53M	$21M
Q4 25	$79M	$56M	$20M
Q1 26	$0	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	3.3x	11.6x
Q3 22	3.2x	11.3x
Q4 22	3.1x	10.9x
Q1 23	2.9x	11.8x
Q2 23	2.7x	11.4x
Q3 23	2.5x	11.4x
Q4 23	2.4x	11.6x
Q1 24	2.3x	11.1x
Q2 24	2.3x	10.4x
Q3 24	2.3x	11.1x
Q4 24	2.2x	10.3x
Q1 25	2.2x	10.4x
Q2 25	2.2x	10.6x
Q3 25	2.2x	10.0x
Q4 25	2.2x	10.0x
Q1 26	2.9x	9.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$39M	$36M
Q2 22	$23M	$22M
Q3 22	$33M	$32M
Q4 22	-$736.0K	-$2M
Q1 23	$23M	$22M
Q2 23	$10M	$8M
Q3 23	$26M	$24M
Q4 23	$17M	$15M
Q1 24	$21M	$20M
Q2 24	$9M	$7M
Q3 24	$17M	$16M
Q4 24	$16M	$12M
Q1 25	$32M	$31M
Q2 25	$19M	$17M
Q3 25	$18M	$17M
Q4 25	$8M	$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$585.0K
Q3 22	$1M
Q4 22	$2M
Q1 23	$1M
Q2 23	$2M
Q3 23	$1M
Q4 23	$2M
Q1 24	$676.0K
Q2 24	$2M
Q3 24	$1M
Q4 24	$4M
Q1 25	$1M
Q2 25	$2M
Q3 25	$2M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+10.6%	+13.0%
Q3 22	+12.1%	+14.3%
Q4 22	+21.2%	+21.7%
Q1 23	+20.6%	+56.3%
Q2 23	+40.1%	+51.6%
Q3 23	+27.2%	+41.0%
Q4 23	+20.0%	+30.4%
Q1 24	+21.2%	+19.9%
Q2 24	+11.4%	+6.0%
Q3 24	-0.5%	+7.3%
Q4 24	+16.0%	+12.4%
Q1 25	-1.9%	-1.3%
Q2 25	-4.3%	-1.6%
Q3 25	+4.4%	-0.9%
Q4 25	-6.1%	-4.4%
Q1 26	-100.0%	-100.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$511.0K	1.0%
Q2 22	$543.0K	1.1%
Q3 22	$535.0K	0.9%
Q4 22	$554.0K	0.9%
Q1 23	$569.0K	0.9%
Q2 23	$477.0K	0.7%
Q3 23	$624.0K	0.8%
Q4 23	$559.0K	0.8%
Q1 24	$591.0K	0.8%
Q2 24	$579.0K	0.7%
Q3 24	$574.0K	0.8%
Q4 24	$588.0K	0.7%
Q1 25	$758.0K	1.0%
Q2 25	$639.0K	0.8%
Q3 25	$571.0K	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$20M	$560.0K
Q3 22	$21M	$345.0K
Q4 22	$14M	$489.0K
Q1 23	$20M	$495.0K
Q2 23	$21M	$431.0K
Q3 23	$21M	$360.0K
Q4 23	$20M	$879.0K
Q1 24	$22M	$491.0K
Q2 24	$22M	$788.0K
Q3 24	$21M	$581.0K
Q4 24	$25M	$1M
Q1 25	$21M	$861.0K
Q2 25	$22M	$833.0K
Q3 25	$22M	$526.0K
Q4 25	$26M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$59M	$860M	$919M
Q3 22	$71M	$804M	$875M
Q4 22	$74M	$779M	$854M
Q1 23	$227M	$768M	$995M
Q2 23	$129M	$732M	$861M
Q3 23	$127M	$685M	$812M
Q4 23	$170M	$679M	$849M
Q1 24	$162M	$614M	$775M
Q2 24	$214M	$592M	$806M
Q3 24	$122M	$589M	$711M
Q4 24	$120M	$25M	$145M
Q1 25	$128M	$530M	$658M
Q2 25	$146M	$190M	$336M
Q3 25	$209M	$184M	$393M
Q4 25	$52M	$496M	$548M
Q1 26	$48M	$482M	$531M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	21M	-0.6%	-3.2%
Q3 22	21M	-0.1%	-2.2%
Q4 22	21M	+0.1%	-1.0%
Q1 23	21M	+0.1%	-0.5%
Q2 23	21M	-0.3%	-0.2%
Q3 23	21M	-0.5%	-0.6%
Q4 23	21M	-0.3%	-1.0%
Q1 24	21M	+0.1%	-1.0%
Q2 24	21M	+0.1%	-0.6%
Q3 24	21M	+0.0%	+0.0%
Q4 24	21M	+0.0%	+0.3%
Q1 25	21M	+0.1%	+0.3%
Q2 25	21M	-1.0%	-0.8%
Q3 25	21M	-0.2%	-1.0%
Q4 25	21M	-0.3%	-1.3%
Q1 26	21M	-0.3%	-1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$59.0K	866
Q3 22	$69.4K	866
Q4 22	$75.6K	803
Q1 23	$78.3K	803
Q2 23	$89.1K	803
Q3 23	$95.1K	803
Q4 23	$98.4K	741
Q1 24	$102.8K	741
Q2 24	$107.6K	741
Q3 24	$102.6K	741
Q4 24	$115.5K	732
Q1 25	$102.1K	732
Q2 25	$104.3K	732
Q3 25	$108.5K	732
Q4 25	$108.0K	735
Q1 26	$0	735

Revenue / Employee