Independent Bank Corp /Mi/ - Understand $ibcp stock

$IBCP Market Cap: $799.2 Million

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Financial Snapshot

Revenue

$24.31M

TTM

Gross Margin

Net Earnings

$62.07M

TTM

Current Assets

Current Liabilities

$100.7M

Q3 2024

Current Ratio

Total Assets

$5.259B

Q3 2024

Total Liabilities

$4.807B

Q3 2024

Book Value

$452.4M

Q3 2024

Cash

$121.6M

Q3 2024

P/E

12.88

Nov 29, 2024 EST

Free Cash Flow

$58.11M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987
Revenue	$32.90M	$31.64M	$138.1M	$139.8M	$148.9M	$130.8M	$98.31M
YoY Change	3.98%	-77.08%	-1.25%	-6.11%	13.88%	33.02%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017
Revenue	$32.90M	$31.64M	$138.1M	$139.8M	$148.9M	$130.8M	$98.31M
Cost Of Revenue
Gross Profit
Gross Profit Margin

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2012	2011	2010	2009	2008	2007	2006
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$5.200M	$5.300M	$5.400M	$5.300M	$5.200M	$5.100M	$5.300M	$5.200M	$4.600M	$3.000M	-$4.700M	-$11.30M	-$27.70M	-$43.30M	-$22.80M	-$12.60M	-$9.800M
YoY Change	-1.89%	-1.85%	1.89%	1.92%	1.96%	-3.77%	1.92%	13.04%	53.33%		-58.41%	-59.21%	-36.03%	89.91%	80.95%	28.57%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017
Interest Expense	$83.35M	$19.45M	$8.315M	$16.22M	$26.35M	$17.49M	$9.123M
YoY Change	328.59%	133.88%	-48.73%	-38.45%	50.63%	91.72%
% of Operating Profit
Other Income/Expense, Net
YoY Change

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987
Pretax Income	$73.68M	$77.79M	$77.31M	$69.48M	$57.76M	$49.13M	$38.44M	$32.90M	$29.40M	$25.20M	$22.70M	$26.20M	-$20.40M	-$18.30M	-$93.40M	-$88.60M	$8.900M	$45.50M	$63.20M	$55.00M	$51.30M	$40.90M	$33.70M	$27.30M	$12.00M	$17.00M	$3.400M	$11.10M	$9.500M	$8.400M	$7.800M	$7.100M	$5.400M	$4.100M	$3.400M	$2.400M	$1.900M
YoY Change	-5.29%	0.61%	11.27%	20.29%	17.56%	27.82%	16.83%	11.9%	16.67%	11.01%	-13.36%	-228.43%	11.48%	-80.41%	5.42%	-1095.51%	-80.44%	-28.01%	14.91%	7.21%	25.43%	21.36%	23.44%	127.5%	-29.41%	400.0%	-69.37%	16.84%	13.1%	7.69%	9.86%	31.48%	31.71%	20.59%	41.67%	26.32%	5.56%
Income Tax	$14.61M	$14.44M	$14.42M	$13.33M	$11.33M	$9.294M	$17.96M	$10.10M	$9.400M	$7.200M	-$54.90M	$0.00	-$200.0K	-$1.600M	-$3.200M	$3.100M	-$1.100M	$11.70M	$17.50M	$14.70M	$13.70M	$11.40M	$9.300M	$7.300M	$3.300M	$5.100M	$1.900M	$3.300M	$2.700M	$2.300M	$2.200M	$2.000M	$1.500M	$1.100M	$700.0K	$600.0K	$500.0K
% Of Pretax Income	19.83%	18.56%	18.65%	19.18%	19.61%	18.92%	46.73%	30.7%	31.97%	28.57%	-241.85%	0.0%					-12.36%	25.71%	27.69%	26.73%	26.71%	27.87%	27.6%	26.74%	27.5%	30.0%	55.88%	29.73%	28.42%	27.38%	28.21%	28.17%	27.78%	26.83%	20.59%	25.0%	26.32%
Net Earnings	$59.07M	$63.35M	$62.90M	$56.15M	$46.44M	$39.84M	$20.48M	$22.80M	$20.00M	$18.00M	$77.50M	$26.20M	-$20.20M	-$16.70M	-$90.20M	-$91.70M	$10.40M	$33.20M	$46.90M	$38.60M	$37.60M	$29.50M	$24.40M	$20.00M	$8.700M	$11.90M	$1.500M	$7.900M	$6.800M	$6.000M	$5.600M	$5.100M	$3.800M	$2.900M	$2.700M	$2.400M	$2.200M
YoY Change	-6.76%	0.73%	12.01%	20.93%	16.56%	94.57%	-10.2%	14.0%	11.11%	-76.77%	195.8%	-229.7%	20.96%	-81.49%	-1.64%	-981.73%	-68.67%	-29.21%	21.5%	2.66%	27.46%	20.9%	22.0%	129.89%	-26.89%	693.33%	-81.01%	16.18%	13.33%	7.14%	9.8%	34.21%	31.03%	7.41%	12.5%	9.09%	4.76%
Net Earnings / Revenue	179.52%	200.21%	45.55%	40.16%	31.18%	30.46%	20.83%
Basic Earnings Per Share	$2.82	$3.00	$2.91	$2.56	$2.03	$1.70	$0.96	$1.06	$0.88	$0.79	$5.87	$2.51	-$2.94	-$4.09
Diluted Earnings Per Share	$2.79	$2.97	$2.88	$2.53	$2.00	$1.68	$0.95	$1.051M	$862.1K	$766.0K	$3.539M	$959.7K	-$2.434M	-$3.275M	-$37.58M	-$39.87M	$4.522M	$14.43M	$19.54M	$16.78M	$17.09M	$12.83M	$10.61M	$8.333M	$3.625M	$4.958M	$625.0K	$4.938M	$4.250M	$3.750M	$3.500M	$3.187M	$2.533M	$1.812M	$1.588M	$1.500M	$1.571M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
Property, Plant & Equipment	$35.52M	$41.44M	$42.90M	$43.80M	$46.70M	$38.80M	$39.10M	$40.20M	$43.10M	$45.90M	$48.60M	$47.00M	$62.50M	$68.40M	$72.60M	$73.30M	$73.60M	$68.00M	$63.10M	$56.60M	$44.00M	$40.70M	$35.90M	$34.80M	$37.60M	$35.30M	$21.10M	$18.50M	$9.900M	$9.500M	$9.400M	$6.000M	$6.000M	$6.300M	$5.800M	$4.800M	$4.900M
YoY Change	-14.27%	-3.41%	-2.05%	-6.21%	20.36%	-0.77%	-2.74%	-6.73%	-6.1%	-5.56%	3.4%	-24.8%	-8.63%	-5.79%	-0.95%	-0.41%	8.24%	7.77%	11.48%	28.64%	8.11%	13.37%	3.16%	-7.45%	6.52%	67.3%	14.05%	86.87%	4.21%	1.06%	56.67%	0.0%	-4.76%	8.62%	20.83%	-2.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets			$4.300M		$2.100M	$5.800M	$15.10M	$32.80M	$39.60M	$48.60M	$57.60M							$189.4M	$188.1M
YoY Change					-63.79%	-61.59%	-53.96%	-17.17%	-18.52%	-15.63%								0.69%
Total Long-Term Assets
YoY Change
Total Assets	$5.264B	$5.000B	$4.705B	$4.204B	$3.565B	$3.353B	$2.789B	$2.549B	$2.409B	$2.249B	$2.210B	$2.024B	$2.307B	$2.535B	$2.965B	$2.956B	$3.248B	$3.430B	$3.356B	$3.094B	$2.361B	$2.058B	$1.889B	$1.784B	$1.725B	$1.661B	$983.8M	$888.6M	$590.1M	$516.2M	$482.0M	$368.5M	$371.7M	$362.5M	$328.3M	$312.7M	$285.4M
YoY Change
Accounts Payable									$800.0K	$2.000M	$4.100M	$7.700M	$6.600M	$11.70M	$21.30M	$26.60M	$16.30M	$32.80M	$24.80M	$48.20M	$26.30M	$0.00
YoY Change									-60.0%	-51.22%	-46.75%	16.67%	-43.59%	-45.07%	-19.92%	63.19%	-50.3%	32.26%	-48.55%	83.27%
Accrued Expenses	$107.1M	$108.0M	$80.20M	$68.30M	$49.70M	$35.80M	$33.70M	$28.50M	$23.70M	$24.00M	$31.60M	$33.80M	$28.50M	$31.40M	$44.40M	$32.60M	$35.70M	$40.50M	$58.40M	$51.50M	$31.80M	$32.40M	$28.80M	$24.70M	$16.70M	$19.20M	$11.40M	$10.00M	$7.200M	$4.800M	$5.200M	$4.000M	$4.000M	$3.300M	$3.800M	$3.200M	$2.200M
YoY Change	-0.82%	34.69%	17.42%	37.42%	38.83%	6.23%	18.25%	20.25%	-1.25%	-24.05%	-6.51%	18.6%	-9.24%	-29.28%	36.2%	-8.68%	-11.85%	-30.65%	13.4%	61.95%	-1.85%	12.5%	16.6%	47.9%	-13.02%	68.42%	14.0%	38.89%	50.0%	-7.69%	30.0%	0.0%	21.21%	-13.16%	18.75%	45.45%
Deferred Revenue
YoY Change
Short-Term Debt				$0.00	$25.00M	$0.00	$6.800M				$0.00			$0.00	$35.00M	$35.80M	$92.50M	$180.0M	$227.2M	$296.6M	$195.1M	$135.4M	$100.6M	$39.10M	$74.90M	$77.70M	$47.80M	$24.10M	$20.10M	$61.60M	$14.10M	$5.700M	$7.500M	$5.700M	$2.900M	$4.100M	$3.300M
YoY Change				-100.0%		-100.0%								-100.0%	-2.23%	-61.3%	-48.61%	-20.77%	-23.4%	52.02%	44.09%	34.59%	157.29%	-47.8%	-3.6%	62.55%	98.34%	19.9%	-67.37%	336.88%	147.37%	-24.0%	31.58%	96.55%	-29.27%	24.24%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$107.1M	$108.0M	$80.20M	$68.30M	$49.70M	$35.80M	$33.70M	$28.50M	$24.50M	$26.00M	$35.70M	$41.50M	$35.10M	$43.10M	$65.70M	$59.20M	$52.00M	$73.30M	$83.20M	$99.70M	$58.10M	$32.40M	$28.80M	$24.70M	$16.70M	$19.20M	$11.40M	$10.00M	$7.200M	$4.800M	$5.200M	$4.000M	$4.000M	$3.300M	$3.800M	$3.200M	$2.200M
YoY Change	-0.82%	34.69%	17.42%	37.42%	38.83%	6.23%	18.25%	16.33%	-5.77%	-27.17%	-13.98%	18.23%	-18.56%	-34.4%	10.98%	13.85%	-29.06%	-11.9%	-16.55%	71.6%	79.32%	12.5%	16.6%	47.9%	-13.02%	68.42%	14.0%	38.89%	50.0%	-7.69%	30.0%	0.0%	21.21%	-13.16%	18.75%	45.45%
Long-Term Debt	$79.24M	$79.10M	$79.00M	$78.80M	$39.50M	$39.40M	$35.60M	$35.60M	$35.60M	$35.60M	$40.70M	$50.20M	$50.20M	$50.20M	$92.90M	$92.90M	$92.90M	$64.20M	$64.20M	$64.20M	$52.20M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$0.00	$0.00	$0.00	$0.00	$0.00	$3.000M	$5.500M	$5.500M	$5.600M
YoY Change	0.18%	0.13%	0.25%	99.49%	0.25%	10.67%	0.0%	0.0%	0.0%	-12.53%	-18.92%	0.0%	0.0%	-45.96%	0.0%	0.0%	44.7%	0.0%	0.0%	22.99%	201.73%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%						-100.0%	-45.45%	0.0%	-1.79%
Other Long-Term Liabilities							$0.00	$700.0K										$183.7M	$178.7M
YoY Change							-100.0%											2.8%
Total Long-Term Liabilities	$79.24M	$79.10M	$79.00M	$78.80M	$39.50M	$39.40M	$35.60M	$36.30M	$35.60M	$35.60M	$40.70M	$50.20M	$50.20M	$50.20M	$92.90M	$92.90M	$92.90M	$247.9M	$242.9M	$64.20M	$52.20M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$17.30M	$0.00	$0.00	$0.00	$0.00	$0.00	$3.000M	$5.500M	$5.500M	$5.600M
YoY Change	0.18%	0.13%	0.25%	99.49%	0.25%	10.67%	-1.93%	1.97%	0.0%	-12.53%	-18.92%	0.0%	0.0%	-45.96%	0.0%	0.0%	-62.53%	2.06%	278.35%	22.99%	201.73%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%						-100.0%	-45.45%	0.0%	-1.79%
Total Liabilities	$4.859B	$4.652B	$4.306B	$3.815B	$3.215B	$3.014B	$2.524B	$2.300B	$2.158B	$1.998B	$1.978B	$1.889B	$2.205B	$2.416B	$2.856B	$2.761B	$3.007B	$3.172B	$3.108B	$2.864B	$2.199B	$1.920B	$1.757B	$1.656B	$1.612B	$1.544B	$924.3M	$836.8M	$543.1M	$475.9M	$443.0M	$336.7M	$343.8M	$337.8M	$305.5M	$291.7M	$268.8M
YoY Change	4.45%	8.03%	12.89%	18.67%	6.64%	19.41%	9.76%	6.58%	7.99%	1.01%	4.74%	-14.33%	-8.75%	-15.38%	3.41%	-8.17%	-5.19%	2.06%	8.52%	30.24%	14.55%	9.27%	6.11%	2.73%	4.38%	67.03%	10.46%	54.08%	14.12%	7.43%	31.57%	-2.07%	1.78%	10.57%	4.73%	8.52%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Basic Shares Outstanding	20.98M shares	21.10M shares	21.59M	21.98M	22.89M	23.41M	21.33M	21.38M	22.72M	22.93M	13.97M	8.709M
Diluted Shares Outstanding
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $799.2 Million

About INDEPENDENT BANK CORP /MI/

Independent Bank Corp. operates as a bank holding company, which engages in the provision of financial services. The company is headquartered in Grand Rapids, Michigan and currently employs 741 full-time employees. The Bank provides a full range of financial services, including commercial banking, mortgage lending, investments, and insurance. The company 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. The company 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.

Industry: State Commercial Banks Peers: BAR HARBOR BANKSHARES CapStar Financial Holdings, Inc. Carter Bankshares, Inc. SMARTFINANCIAL INC. FIRST OF LONG ISLAND CORP GUARANTY BANCSHARES INC /TX/ PNC FINANCIAL SERVICES GROUP, INC.