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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)265.16m
- 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) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TrustCo Bank Corp NY | 240.05m | 47.40m | 683.62m | 750.00 | 14.44 | 1.02 | 18.12 | 3.99 | 2.49 | 2.49 | 9.01 | 35.19 | -- | -- | -- | -- | 0.7794 | 1.06 | -- | -- | -- | -- | 27.63 | 33.48 | -- | -- | -- | 43.69 | 21.22 | 4.57 | -22.05 | -0.9281 | 9.22 | 1.49 |
| Five Star Bancorp | 195.39m | 43.15m | 694.17m | 180.00 | 14.34 | 1.78 | 20.70 | 5.80 | 2.27 | 2.27 | 6.23 | 18.29 | -- | -- | -- | -- | 1.17 | -- | -- | -- | -- | -- | 36.07 | -- | -- | -- | -- | -- | 47.88 | -- | 6.55 | -- | -- | -- |
| Farmers And Merchants Bank of Long Beach | 438.87m | 53.73m | 697.33m | 815.00 | 13.16 | 0.5068 | -- | 2.63 | 427.41 | 427.41 | 2,104.81 | 11,098.24 | -- | -- | -- | -- | 0.439 | 0.9075 | -- | -- | -- | -- | 20.30 | 31.20 | -- | -- | -- | 17.08 | 22.11 | 9.75 | -35.77 | -3.95 | 5.89 | 3.13 |
| Camden National Corporation | -100.00bn | -100.00bn | 698.19m | 600.00 | -- | 1.32 | -- | -- | -- | -- | -- | 36.35 | -- | -- | -- | -- | -- | 1.14 | -- | -- | -- | -- | -- | 32.45 | -- | -- | -- | 37.60 | 30.94 | 8.37 | -29.29 | -3.92 | -12.19 | 8.84 |
| First National Bank Alaska | 158.27m | 61.22m | 699.88m | 662.00 | 11.43 | -- | -- | 3.77 | 19.33 | 19.33 | 58.67 | -- | -- | -- | -- | -- | -- | 1.20 | -- | -- | -- | -- | 32.95 | 33.94 | -- | -- | -- | 85.67 | 34.06 | 8.44 | 3.05 | 2.09 | -8.55 | 2.34 |
| Equity BancShares Inc | 286.16m | 17.34m | 707.39m | 717.00 | 41.52 | 1.40 | 166.02 | 4.35 | 1.11 | 1.11 | 10.53 | 32.97 | -- | -- | -- | -- | 0.3366 | 0.3031 | -- | -- | -- | -- | 10.65 | 8.33 | -- | -- | -- | 22.03 | 31.06 | 8.84 | -86.44 | -26.24 | 12.02 | -- |
| Southern Missouri Bancorp Inc | 248.38m | 49.93m | 734.59m | 693.00 | 14.75 | 1.50 | 12.19 | 4.47 | 4.42 | 4.42 | 14.54 | 43.34 | -- | -- | -- | -- | 1.12 | 1.30 | -- | -- | -- | -- | 30.54 | 32.53 | -- | -- | -- | 17.32 | 40.79 | 20.57 | 27.87 | 11.55 | 3.29 | 10.07 |
| Great Southern Bancorp, Inc. | 318.60m | 60.03m | 746.60m | 1.13k | 12.60 | 1.22 | 10.72 | 3.47 | 5.07 | 5.07 | 18.14 | 52.40 | -- | -- | -- | -- | 1.02 | 1.31 | -- | -- | -- | -- | 27.93 | 32.03 | -- | -- | -- | 34.14 | 30.78 | 7.58 | -10.73 | 0.2051 | -4.76 | 7.39 |
| Hanmi Financial Corp | 395.86m | 62.66m | 751.59m | 609.00 | 11.98 | 1.02 | 10.50 | 3.22 | 2.08 | 2.08 | 7.74 | 24.40 | -- | -- | -- | -- | 0.8384 | 1.09 | -- | -- | -- | -- | 27.06 | 29.83 | -- | -- | -- | 34.44 | 34.88 | 9.52 | -21.12 | 6.70 | -8.13 | 0.8198 |
| HBT Financial Inc | 250.31m | 69.94m | 753.01m | 844.00 | 10.86 | 1.40 | 9.94 | 3.40 | 2.20 | 2.20 | 6.97 | 17.04 | -- | -- | -- | -- | 1.40 | 1.43 | -- | -- | -- | -- | 31.56 | 31.95 | -- | -- | -- | 105.91 | 49.62 | 10.75 | 16.70 | 0.6214 | 13.61 | -- |
| Independent Bank Corp (Michigan) | 265.16m | 62.07m | 781.02m | 741.00 | 12.67 | 1.73 | 10.83 | 3.68 | 2.95 | 2.95 | 10.09 | 21.65 | -- | -- | -- | -- | 1.19 | 1.32 | -- | -- | -- | -- | 29.26 | 28.84 | -- | -- | -- | 31.34 | 41.81 | 12.88 | -6.76 | 8.20 | 9.30 | 8.92 |
| Horizon Bancorp Inc | 346.65m | 21.10m | 787.25m | 818.00 | 37.93 | 1.04 | 70.90 | 4.16 | 0.4748 | 0.4748 | 4.31 | 17.27 | -- | -- | -- | -- | 0.2656 | 1.06 | -- | -- | -- | -- | 11.15 | 31.30 | -- | -- | -- | 35.78 | 32.31 | 13.45 | -70.04 | -12.03 | 17.76 | 10.60 |
| Northeast Bank | 265.04m | 60.17m | 833.73m | 194.00 | 13.16 | 2.12 | 18.39 | 5.22 | 7.70 | 7.70 | 20.47 | 47.80 | -- | -- | -- | -- | 1.77 | 2.38 | -- | -- | -- | -- | 37.68 | 39.56 | -- | -- | -- | 0.672 | 45.56 | 25.81 | 31.78 | 33.21 | 52.50 | 0.00 |
| Crossfirst Bankshares Inc | 488.80m | 73.53m | 842.06m | 453.00 | 11.59 | 1.09 | 10.13 | 3.31 | 1.47 | 1.47 | 5.10 | 15.65 | -- | -- | -- | -- | 1.00 | 0.8361 | -- | -- | -- | -- | 29.15 | 24.84 | -- | -- | -- | 0.00 | 75.10 | 22.64 | 7.56 | 30.52 | -26.88 | -- |
| Metrocity Bankshares Inc | 210.97m | 59.62m | 862.05m | 220.00 | 14.61 | 2.12 | 19.11 | 6.32 | 2.33 | 2.33 | 5.33 | 16.07 | -- | -- | -- | -- | 1.68 | 2.05 | -- | -- | -- | -- | 43.68 | 43.51 | -- | -- | -- | 25.74 | 30.98 | 21.48 | -17.55 | 4.54 | 11.55 | 13.63 |
| Heritage Financial Corp | 305.01m | 37.56m | 896.87m | 749.00 | 24.41 | 1.03 | -- | 4.26 | 1.08 | 1.08 | 6.02 | 25.61 | -- | -- | -- | -- | 0.5252 | 1.08 | -- | -- | -- | -- | 17.84 | 29.56 | -- | -- | -- | 42.00 | 25.06 | 7.36 | -24.57 | 3.17 | -14.91 | 7.26 |
Data as of Nov 11 2024. Currency figures normalised to Independent Bank Corp (Michigan)'s reporting currency: US Dollar USD
42.36%Per cent of shares held by top holders
| Holder | Shares | % Held |
|---|---|---|
| BlackRock Fund Advisorsas of 30 Jun 2024 | 2.16m | 10.35% |
| FJ Capital Management LLCas of 30 Jun 2024 | 1.21m | 5.80% |
| The Vanguard Group, Inc.as of 30 Jun 2024 | 1.03m | 4.95% |
| Dimensional Fund Advisors LPas of 30 Sep 2024 | 906.53k | 4.34% |
| FIAM LLCas of 30 Jun 2024 | 877.66k | 4.20% |
| SSgA Funds Management, Inc.as of 30 Jun 2024 | 618.10k | 2.96% |
| Renaissance Technologies LLCas of 30 Jun 2024 | 594.80k | 2.85% |
| LSV Asset Managementas of 30 Jun 2024 | 525.37k | 2.51% |
| Geode Capital Management LLCas of 30 Jun 2024 | 497.72k | 2.38% |
| Acadian Asset Management LLCas of 30 Jun 2024 | 423.63k | 2.03% |
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Data from 30 Jun 2024 - 30 Sep 2024Source: FactSet Research Systems Inc.
