INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis

NASDAQ:IBCP • US4538386099

34.75 USD
-1.19 (-3.31%)
At close: Feb 27, 2026
34.75 USD
0 (0%)
After Hours: 2/27/2026, 8:09:35 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Overall IBCP gets a fundamental rating of 5 out of 10. We evaluated IBCP against 379 industry peers in the Banks industry. IBCP has only an average score on both its financial health and profitability. IBCP has a correct valuation and a medium growth rate. Finally IBCP also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • In the past year IBCP was profitable.
  • In the past year IBCP had a positive cash flow from operations.
  • IBCP had positive earnings in each of the past 5 years.
  • Of the past 5 years IBCP 4 years had a positive operating cash flow.
IBCP Yearly Net Income VS EBIT VS OCF VS FCFIBCP Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

1.2 Ratios

  • IBCP has a Return On Assets of 1.25%. This is in the better half of the industry: IBCP outperforms 78.63% of its industry peers.
  • With an excellent Return On Equity value of 13.94%, IBCP belongs to the best of the industry, outperforming 90.77% of the companies in the same industry.
Industry RankSector Rank
ROA 1.25%
ROE 13.94%
ROIC N/A
ROA(3y)1.21%
ROA(5y)1.24%
ROE(3y)14.31%
ROE(5y)15.39%
ROIC(3y)N/A
ROIC(5y)N/A
IBCP Yearly ROA, ROE, ROICIBCP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • IBCP's Profit Margin of 29.84% is fine compared to the rest of the industry. IBCP outperforms 76.52% of its industry peers.
  • In the last couple of years the Profit Margin of IBCP has grown nicely.
  • IBCP does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 29.84%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y0.39%
PM growth 5Y1.97%
GM growth 3YN/A
GM growth 5YN/A
IBCP Yearly Profit, Operating, Gross MarginsIBCP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

4

2. Health

2.1 Basic Checks

  • IBCP does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • Compared to 1 year ago, IBCP has less shares outstanding
  • The number of shares outstanding for IBCP has been reduced compared to 5 years ago.
  • IBCP has a better debt/assets ratio than last year.
IBCP Yearly Shares OutstandingIBCP Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5M 10M 15M 20M
IBCP Yearly Total Debt VS Total AssetsIBCP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.2 Solvency

  • IBCP has a debt to FCF ratio of 0.52. This is a very positive value and a sign of high solvency as it would only need 0.52 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 0.52, IBCP is doing good in the industry, outperforming 79.68% of the companies in the same industry.
  • A Debt/Equity ratio of 0.08 indicates that IBCP is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.08, IBCP is in the better half of the industry, outperforming 71.77% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.52
Altman-Z N/A
ROIC/WACCN/A
WACC17.24%
IBCP Yearly LT Debt VS Equity VS FCFIBCP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
IBCP Yearly Current Assets VS Current LiabilitesIBCP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 3.80% over the past year.
  • The Earnings Per Share has been growing slightly by 5.25% on average over the past years.
  • Looking at the last year, IBCP shows a small growth in Revenue. The Revenue has grown by 1.41% in the last year.
  • The Revenue has been growing slightly by 2.04% on average over the past years.
EPS 1Y (TTM)3.8%
EPS 3Y3.36%
EPS 5Y5.25%
EPS Q2Q%2.3%
Revenue 1Y (TTM)1.41%
Revenue growth 3Y2.23%
Revenue growth 5Y2.04%
Sales Q2Q%8.17%

3.2 Future

  • IBCP is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.70% yearly.
  • The Revenue is expected to grow by 9.83% on average over the next years. This is quite good.
EPS Next Y8.13%
EPS Next 2Y6.7%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year14.39%
Revenue Next 2Y9.83%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
IBCP Yearly Revenue VS EstimatesIBCP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M 150M 200M
IBCP Yearly EPS VS EstimatesIBCP Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3

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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 10.59, the valuation of IBCP can be described as reasonable.
  • Based on the Price/Earnings ratio, IBCP is valued a bit cheaper than the industry average as 70.18% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 27.07. IBCP is valued rather cheaply when compared to this.
  • IBCP is valuated reasonably with a Price/Forward Earnings ratio of 9.80.
  • 62.01% of the companies in the same industry are more expensive than IBCP, based on the Price/Forward Earnings ratio.
  • IBCP's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.05.
Industry RankSector Rank
PE 10.59
Fwd PE 9.8
IBCP Price Earnings VS Forward Price EarningsIBCP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of IBCP indicates a somewhat cheap valuation: IBCP is cheaper than 72.30% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.38
EV/EBITDA N/A
IBCP Per share dataIBCP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • IBCP's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.3
PEG (5Y)2.02
EPS Next 2Y6.7%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.12%, IBCP has a reasonable but not impressive dividend return.
  • IBCP's Dividend Yield is a higher than the industry average which is at 2.73.
  • IBCP's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.12%

5.2 History

  • The dividend of IBCP has a limited annual growth rate of 5.93%.
  • IBCP has been paying a dividend for at least 10 years, so it has a reliable track record.
  • IBCP has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.93%
Div Incr Years10
Div Non Decr Years10
IBCP Yearly Dividends per shareIBCP Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • IBCP pays out 31.03% of its income as dividend. This is a sustainable payout ratio.
  • IBCP's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP31.03%
EPS Next 2Y6.7%
EPS Next 3YN/A
IBCP Yearly Income VS Free CF VS DividendIBCP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
IBCP Dividend Payout.IBCP Dividend Payout, showing the Payout Ratio.IBCP Dividend Payout.PayoutRetained Earnings

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Find the best dividend stocksShow peers with best dividend

INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (2/27/2026, 8:09:35 PM)

After market: 34.75 0 (0%)

34.75

-1.19 (-3.31%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-22
Earnings (Next)04-22
Inst Owners86.88%
Inst Owner Change-2.16%
Ins Owners2.18%
Ins Owner Change0.62%
Market Cap714.11M
Revenue(TTM)225.66M
Net Income(TTM)68.43M
Analysts48.89
Price Target38.35 (10.36%)
Short Float %0.85%
Short Ratio1.22
Dividend
Industry RankSector Rank
Dividend Yield 3.12%
Yearly Dividend0.96
Dividend Growth(5Y)5.93%
DP31.03%
Div Incr Years10
Div Non Decr Years10
Ex-Date02-03
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.89%
Min EPS beat(2)-1.94%
Max EPS beat(2)0.17%
EPS beat(4)3
Avg EPS beat(4)3.23%
Min EPS beat(4)-1.94%
Max EPS beat(4)11.06%
EPS beat(8)5
Avg EPS beat(8)3.41%
EPS beat(12)7
Avg EPS beat(12)5.69%
EPS beat(16)10
Avg EPS beat(16)9.96%
Revenue beat(2)0
Avg Revenue beat(2)-2.86%
Min Revenue beat(2)-3.51%
Max Revenue beat(2)-2.21%
Revenue beat(4)0
Avg Revenue beat(4)-2.25%
Min Revenue beat(4)-3.51%
Max Revenue beat(4)-1.31%
Revenue beat(8)0
Avg Revenue beat(8)-2.17%
Revenue beat(12)2
Avg Revenue beat(12)1.63%
Revenue beat(16)6
Avg Revenue beat(16)12.57%
PT rev (1m)5.62%
PT rev (3m)6.82%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)2.3%
EPS NY rev (3m)2.72%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)1.1%
Revenue NY rev (3m)2.05%
Valuation
Industry RankSector Rank
PE 10.59
Fwd PE 9.8
P/S 3.11
P/FCF 9.38
P/OCF 8.38
P/B 1.46
P/tB 1.66
EV/EBITDA N/A
EPS(TTM)3.28
EY9.44%
EPS(NY)3.55
Fwd EY10.21%
FCF(TTM)3.71
FCFY10.67%
OCF(TTM)4.15
OCFY11.94%
SpS11.16
BVpS23.88
TBVpS20.91
PEG (NY)1.3
PEG (5Y)2.02
Graham Number41.98
Profitability
Industry RankSector Rank
ROA 1.25%
ROE 13.94%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 29.84%
GM N/A
FCFM 33.22%
ROA(3y)1.21%
ROA(5y)1.24%
ROE(3y)14.31%
ROE(5y)15.39%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y0.39%
PM growth 5Y1.97%
GM growth 3YN/A
GM growth 5YN/A
F-Score9
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.52
Debt/EBITDA N/A
Cap/Depr 90.65%
Cap/Sales 3.95%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 111.31%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC17.24%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)3.8%
EPS 3Y3.36%
EPS 5Y5.25%
EPS Q2Q%2.3%
EPS Next Y8.13%
EPS Next 2Y6.7%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.41%
Revenue growth 3Y2.23%
Revenue growth 5Y2.04%
Sales Q2Q%8.17%
Revenue Next Year14.39%
Revenue Next 2Y9.83%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y31.09%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y34.08%
OCF growth 3YN/A
OCF growth 5YN/A

INDEPENDENT BANK CORP - MICH / IBCP FAQ

What is the ChartMill fundamental rating of INDEPENDENT BANK CORP - MICH (IBCP) stock?

ChartMill assigns a fundamental rating of 5 / 10 to IBCP.


What is the valuation status for IBCP stock?

ChartMill assigns a valuation rating of 5 / 10 to INDEPENDENT BANK CORP - MICH (IBCP). This can be considered as Fairly Valued.


How profitable is INDEPENDENT BANK CORP - MICH (IBCP) stock?

INDEPENDENT BANK CORP - MICH (IBCP) has a profitability rating of 4 / 10.


Can you provide the PE and PB ratios for IBCP stock?

The Price/Earnings (PE) ratio for INDEPENDENT BANK CORP - MICH (IBCP) is 10.59 and the Price/Book (PB) ratio is 1.46.


How financially healthy is INDEPENDENT BANK CORP - MICH?

The financial health rating of INDEPENDENT BANK CORP - MICH (IBCP) is 4 / 10.