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About the company
Independent Bank Corporation is a bank holding company for Independent Bank (the Bank). The Bank provides a full range of financial services, including commercial banking, mortgage lending, investments, and insurance. It offers a broad range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Its principal markets are the rural and suburban communities across Lower Michigan, which are served by the bank's main office in Grand Rapids, Michigan, and a total of 56 branches, two drive-thru facilities, and five Michigan-based loan production offices. It also has one loan production facility in Ohio (Fairlawn). The bank's branches provide full-service lobby and drive-thru services, as well as automatic teller machines (ATMs). In addition, it also provides Internet and mobile banking capabilities to its customers.
- Revenue in USD (TTM)250.87m
- Net income in USD62.07m
- Incorporated1973
- Employees741.00
- LocationIndependent Bank Corp (Michigan)4200 E Beltline AveGRAND RAPIDS 49525United StatesUSA
- Phone+1 (616) 527-9450
- Websitehttps://ir.independentbank.com/
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Peer analysis
Key Information
- Key Information
- Stock Performance
- Per Share Data
- Efficiency
- Management Effectiveness
- Profitability
- Financial Strength
- Growth Rates
| Company | Revenue (TTM) | Net income (TTM) | Market cap | Employees | Price/earnings (TTM) | Price/book value (MRQ) | Price/cash flow (TTM) | Price/sales (TTM) | EPS (excl. extraordinary items, TTM) | EPS (incl. extraordinary items, TTM) | Revenue per share (TTM) | Book value per share (MRQ) | Asset turnover (TTM) | Inventory turnover (TTM) | Receivables turnover (TTM) | Revenues per employee (TTM) | Return on avg assets (TTM) | Return on avg assets (5 yr avg) | Return on investment (TTM) | Return on investment (5 yr avg) | Gross margin (TTM) | Gross margin (5 yr avg) | Net profit margin (TTM) | Net Profit margin (5 yr avg) | Quick ratio (MRQ) | Interest coverage (TTM) | Total debt to capital (MRQ) | Payout ratio (5 yr avg) | Revenue (YOY change %) | Revenue (5 yr growth rate) | Net income (YOY change %) | Net income (5 yr growth rate) | Capital expenditure (5 yr growth rate) | Dividend (5 yr growth rate) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Metropolitan Bank Holding Corp | 404.48m | 68.12m | 462.90m | 275.00 | 6.78 | 0.6873 | 8.54 | 1.84 | 6.10 | 6.10 | 22.55 | 60.18 | -- | -- | -- | -- | 0.9939 | 1.04 | -- | -- | -- | -- | 27.15 | 28.47 | -- | -- | -- | 0.00 | 43.98 | 34.93 | 29.72 | 24.82 | 23.96 | -- |
| Hanmi Financial Corp | -100.00bn | -100.00bn | 473.22m | 609.00 | -- | 0.673 | -- | -- | -- | -- | -- | 23.22 | -- | -- | -- | -- | -- | 1.09 | -- | -- | -- | -- | -- | 29.83 | -- | -- | -- | 34.44 | 34.88 | 9.52 | -21.12 | 6.70 | -8.13 | 0.8198 |
| Macatawa Bank Corp | 113.81m | 43.22m | 492.40m | 287.00 | 11.37 | 1.72 | 11.31 | 4.65 | 1.26 | 1.26 | 3.09 | 8.35 | -- | -- | -- | -- | 1.53 | 1.31 | -- | -- | -- | -- | 40.82 | 38.04 | -- | -- | -- | 31.63 | 51.94 | 10.51 | 24.45 | 10.38 | -19.30 | 5.71 |
| Cambridge Bancorp | 223.01m | 28.56m | 497.55m | 407.00 | 17.44 | 0.9289 | -- | 3.21 | 3.64 | 3.64 | 19.76 | 68.27 | -- | -- | -- | -- | 0.5243 | 0.9434 | -- | -- | -- | -- | 18.41 | 24.91 | -- | -- | -- | 39.78 | 36.59 | 25.91 | -35.28 | 7.59 | 3.50 | 6.55 |
| Heritage Commerce Corp. | 234.30m | 64.44m | 501.05m | 349.00 | 7.79 | 0.7433 | 7.37 | 2.61 | 1.05 | 1.05 | 3.13 | 11.00 | -- | -- | -- | -- | 1.25 | 1.08 | -- | -- | -- | -- | 33.53 | 30.59 | -- | -- | -- | 58.28 | 24.08 | 12.53 | -3.17 | 12.77 | 54.96 | 3.40 |
| Equity BancShares Inc | 262.36m | 9.57m | 520.18m | 717.00 | 56.05 | 1.13 | 348.88 | 3.51 | 0.6002 | 0.6002 | 9.55 | 29.80 | -- | -- | -- | -- | 0.184 | 0.3031 | -- | -- | -- | -- | 6.46 | 8.33 | -- | -- | -- | 22.03 | 31.06 | 8.84 | -86.44 | -26.24 | 12.02 | -- |
| Horizon Bancorp Inc | 325.77m | 23.74m | 522.72m | 818.00 | 21.94 | 0.7248 | 28.90 | 2.81 | 0.5402 | 0.5402 | 4.25 | 16.35 | -- | -- | -- | -- | 0.3014 | 1.06 | -- | -- | -- | -- | 12.76 | 31.30 | -- | -- | -- | 35.78 | 32.31 | 13.45 | -70.04 | -12.03 | 17.76 | 10.60 |
| Farmers And Merchants Bank of Long Beach | 415.52m | 70.01m | 523.32m | -- | 7.68 | 0.3873 | -- | 1.87 | 553.73 | 553.73 | 2,210.96 | 10,974.87 | -- | -- | -- | -- | 0.5812 | 0.9075 | -- | -- | -- | -- | 25.05 | 31.20 | -- | -- | -- | 14.95 | 22.11 | 9.75 | -35.77 | -3.95 | -- | 3.13 |
| Midland States Bancorp Inc | -100.00bn | -100.00bn | 525.27m | 878.00 | -- | 0.653 | -- | -- | -- | -- | -- | 36.82 | -- | -- | -- | -- | -- | 0.9544 | -- | -- | -- | -- | -- | 23.34 | -- | -- | -- | 39.64 | 33.98 | 12.60 | -30.72 | 10.96 | 3.93 | 6.40 |
| Independent Bank Corp (Michigan) | 250.87m | 62.07m | 526.19m | 741.00 | 8.54 | 1.27 | 9.80 | 2.47 | 2.95 | 2.95 | 10.12 | 19.88 | -- | -- | -- | -- | 1.20 | 1.32 | -- | -- | -- | -- | 29.13 | 28.84 | -- | -- | -- | 31.34 | 41.81 | 12.88 | -6.76 | 8.20 | 9.30 | 8.92 |
| Coastal Financial Corp (EVERETT) | 330.37m | 44.58m | 551.44m | 507.00 | 12.60 | 1.86 | 11.76 | 1.24 | 3.27 | 3.27 | 32.69 | 22.17 | -- | -- | -- | -- | 1.29 | 1.27 | -- | -- | -- | -- | 10.00 | 14.55 | -- | -- | -- | -- | 71.92 | 53.52 | 9.73 | 35.66 | 40.30 | -- |
| Business First Bancshares Inc | 353.33m | 65.64m | 555.97m | 751.00 | 8.39 | 0.9643 | 7.91 | 2.21 | 2.59 | 2.59 | 9.95 | 25.41 | -- | -- | -- | -- | 1.13 | 1.08 | -- | -- | -- | -- | 28.22 | 25.39 | -- | -- | -- | 20.27 | 49.64 | 35.91 | 24.08 | 36.03 | 66.18 | 10.20 |
| Central Pacific Financial Corp. | 290.25m | 55.43m | 561.48m | 696.00 | 10.14 | 1.11 | 11.62 | 2.22 | 2.05 | 2.05 | 9.34 | 18.76 | -- | -- | -- | -- | 0.7424 | 0.9013 | -- | -- | -- | -- | 21.92 | 24.79 | -- | -- | -- | 43.89 | 21.49 | 7.35 | -20.64 | 0.249 | 31.44 | 4.87 |
| Mercantile Bank Corp | 287.60m | 82.80m | 588.31m | 631.00 | 7.07 | 1.10 | 8.44 | 2.57 | 5.16 | 5.16 | 14.25 | 33.29 | -- | -- | -- | -- | 1.60 | 1.31 | -- | -- | -- | -- | 36.23 | 32.33 | -- | -- | -- | 31.26 | 49.23 | 13.83 | 34.64 | 14.36 | 1.14 | 7.58 |
Data as of Apr 25 2024. Currency figures normalised to Independent Bank Corp (Michigan)'s reporting currency: US Dollar USD
41.87%Per cent of shares held by top holders
| Holder | Shares | % Held |
|---|---|---|
| BlackRock Fund Advisorsas of 31 Dec 2023 | 2.06m | 9.85% |
| FJ Capital Management LLCas of 31 Dec 2023 | 1.29m | 6.16% |
| The Vanguard Group, Inc.as of 31 Dec 2023 | 1.04m | 4.95% |
| Dimensional Fund Advisors LPas of 31 Dec 2023 | 977.83k | 4.68% |
| FIAM LLCas of 31 Dec 2023 | 777.87k | 3.72% |
| SSgA Funds Management, Inc.as of 31 Dec 2023 | 599.80k | 2.87% |
| Renaissance Technologies LLCas of 31 Dec 2023 | 581.50k | 2.78% |
| LSV Asset Managementas of 31 Dec 2023 | 536.87k | 2.57% |
| Geode Capital Management LLCas of 31 Dec 2023 | 460.49k | 2.20% |
| Manulife Investment Management (US) LLCas of 31 Dec 2023 | 435.97k | 2.09% |
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Data from 31 Dec 2023 - 31 Dec 2023Source: FactSet Research Systems Inc.
