Independent Bank Corp
ir.independentbank.comWhat Do They Do?
Provides banking services—including deposits, loans and mortgages—to individuals and businesses, along with investment and title insurance services.
10-K for FY2025, filed Mar 6, 2026
How Do They Make Money?
It earns interest on outstanding loans; deposit-account fees arise when transactions or overdrafts occur or across monthly account-service periods, debit-card network income as transactions happen, and investment and insurance fees as services are performed.
10-K for FY2025, filed Mar 6, 2026LOAN REVENUE RECOGNITION — Interest on loans is accrued based on the principal amounts outstanding. In general, the accrual of interest…View ↗
Service charges on deposit accounts and other deposit related income: Revenues are earned on depository accounts for commercial and retail…View ↗
Interchange income: Interchange income primarily includes debit card interchange and network revenues. Debit card interchange and network…View ↗
Investment and insurance commissions: Investment and insurance commissions include fees and commissions from asset management, custody…View ↗
$32.1M
-
10-K for FY2025, filed Mar 6, 2026
$32.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service Charges on Deposit Accounts
|
37%
FY2022: 39%
|
Service Charges on Deposit Accounts, FY2025
$12M Sources
|
|
|
Other Deposit Related Income
|
8.4%
FY2022: 7.9%
|
Other Deposit Related Income, FY2025
$2.7M Sources
|
|
|
Interchange Income
Usage-based
10-K for FY2025, filed Mar 6, 2026 |
43%
FY2022: 44%
|
Interchange Income, FY2025
$13.9M Sources
|
Usage-based |
|
Investment and Insurance Commissions
Sold outright
10-K for FY2025, filed Mar 6, 2026 |
11%
FY2022: 9.2%
|
Investment and Insurance Commissions, FY2025
$3.5M Sources
|
Sold outright |
Who Are Their Customers?
Individuals and businesses in rural and suburban Michigan communities use the bank for deposits, commercial and consumer loans, and mortgage services through branches and internet or mobile banking. Investment services are offered through a third-party provider.
10-K for FY2025, filed Mar 6, 2026
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue and turned 219 cents into free cash flow.
10-K for FY2025, filed Mar 6, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Jul 23, 2026
Completed acquisition of HCB Financial Corp.
Integration work is underway.
Sources
8-K, filed Jul 23, 2026
“The quarter also reinforced the value of our strategy: serving attractive Michigan markets through local decision-making, deep customer…View ↗
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Mar 18, 2026
Agreed to acquire HCB Financial Corp.
HCB would merge into Independent, with the banks also planned to combine.
Sources
8-K, filed Mar 18, 2026
On March 18, 2026, Independent Bank Corporation (“Independent”) and HCB Financial Corp. (“HCB”) entered into an Agreement and Plan of…View ↗
Growing. Revenue grew 10% in 4 years, from $29.1M in FY2021 to $32.1M in FY2025, about 2% a year.
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