Independent Bank Corp /Mi/IBCP
What Independent Bank Corp /Mi/ does.
Independent Bank Corporation was incorporated under the laws of the State of Michigan on September 17, 1973, for the purpose of becoming a bank holding company. We are registered under the Bank Holding Company Act of 1956, as amended, and own all of the outstanding stock of Independent Bank (the "bank"), which is also organized under the laws of the State of Michigan. The bank was founded as First National Bank in Ionia in 1864. Over the years, we have grown both organically and as the result of acquisitions of community banks, bank branches, and other organizations within the financial services industry. Our most recent acquisition was our acquisition of Traverse City State Bank in April 2018.
Aside from the stock of our bank, we have no other substantial assets. We conduct no business except for the collection of dividends or returns of capital from our bank and the payment of dividends to our shareholders and the payment of interest on subordinated debt and debentures. We have established certain employee retirement plans, including an employee stock ownership plan (ESOP) and deferred compensation plans, as well as health and other insurance programs, the cost of which is borne by our subsidiaries. We have no material patents, trademarks, licenses or franchises except the corporate charter of our bank, which permits it to engage in commercial banking pursuant to Michigan law.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $24.0M | $29.1M | $31.6M | $32.9M | $32.0M | $32.1M |
| Net income | $56.2M | $62.9M | $63.4M | $59.1M | $66.8M | $68.5M |
| Free cash flow | $54.3M | $104.3M | $89.0M | $69.6M | $55.2M | $70.2M |
More on IBCP.
- Independent Bank Corp /Mi/ summary
- Independent Bank Corp /Mi/ financial statements
- Independent Bank Corp /Mi/ key metrics
- Independent Bank Corp /Mi/ health scores and style box
- Independent Bank Corp /Mi/ earnings
- Independent Bank Corp /Mi/ dividends
- Independent Bank Corp /Mi/ valuation
- Independent Bank Corp /Mi/ ownership and insiders
- Independent Bank Corp /Mi/ peers
Figures from Independent Bank Corp /Mi/'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.