IBCP Fundamental Analysis - INDEPENDENT BANK CORP - MICH

Fundamental Rating

Overall IBCP gets a fundamental rating of 4 out of 10. We evaluated IBCP against 392 industry peers in the Banks industry. While IBCP is still in line with the averages on profitability rating, there are concerns on its financial health. IBCP is not valued too expensively and it also shows a decent growth rate.

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1. Profitability

1.1 Basic Checks

IBCP had positive earnings in the past year.

IBCP had a positive operating cash flow in the past year.

IBCP had positive earnings in each of the past 5 years.

IBCP had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

Looking at the Return On Assets, with a value of 1.19%, IBCP is in the better half of the industry, outperforming 77.81% of the companies in the same industry.

Looking at the Return On Equity, with a value of 13.80%, IBCP belongs to the top of the industry, outperforming 90.56% of the companies in the same industry.

		Industry Rank	Sector Rank
ROA	1.19%
ROE	13.8%
ROIC	N/A

ROA(3y)1.21%

ROA(5y)1.26%

ROE(3y)15.84%

ROE(5y)15.55%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

IBCP has a better Profit Margin (28.98%) than 78.06% of its industry peers.

IBCP's Profit Margin has improved in the last couple of years.

IBCP does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	28.98%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-0.57%

PM growth 5Y1.95%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

IBCP does not have a ROIC to compare to the WACC, probably because it is not profitable.

IBCP has more shares outstanding than it did 1 year ago.

IBCP has less shares outstanding than it did 5 years ago.

Compared to 1 year ago, IBCP has an improved debt to assets ratio.

2.2 Solvency

IBCP has a debt to FCF ratio of 1.05. This is a very positive value and a sign of high solvency as it would only need 1.05 years to pay back of all of its debts.

IBCP has a Debt to FCF ratio of 1.05. This is in the better half of the industry: IBCP outperforms 68.11% of its industry peers.

A Debt/Equity ratio of 0.17 indicates that IBCP is not too dependend on debt financing.

IBCP has a Debt to Equity ratio (0.17) which is in line with its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.17
Debt/FCF	1.05
Altman-Z	N/A

ROIC/WACCN/A

WACC17.88%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The earnings per share for IBCP have decreased by -1.60% in the last year.

The Earnings Per Share has been growing by 9.47% on average over the past years. This is quite good.

Looking at the last year, IBCP shows a small growth in Revenue. The Revenue has grown by 3.53% in the last year.

Measured over the past years, IBCP shows a small growth in Revenue. The Revenue has been growing by 5.50% on average per year.

EPS 1Y (TTM)-1.6%

EPS 3Y3.26%

EPS 5Y9.47%

EPS Q2Q%-7.95%

Revenue 1Y (TTM)3.53%

Revenue growth 3Y2.6%

Revenue growth 5Y5.5%

Sales Q2Q%7.91%

3.2 Future

Based on estimates for the next years, IBCP will show a small growth in Earnings Per Share. The EPS will grow by 4.13% on average per year.

The Revenue is expected to grow by 7.32% on average over the next years.

EPS Next Y3.14%

EPS Next 2Y4.13%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year9.1%

Revenue Next 2Y7.32%

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 10.41, which indicates a very decent valuation of IBCP.

Compared to the rest of the industry, the Price/Earnings ratio of IBCP indicates a rather cheap valuation: IBCP is cheaper than 81.38% of the companies listed in the same industry.

IBCP's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.41.

Based on the Price/Forward Earnings ratio of 9.33, the valuation of IBCP can be described as reasonable.

Compared to the rest of the industry, the Price/Forward Earnings ratio of IBCP indicates a somewhat cheap valuation: IBCP is cheaper than 70.92% of the companies listed in the same industry.

When comparing the Price/Forward Earnings ratio of IBCP to the average of the S&P500 Index (22.88), we can say IBCP is valued rather cheaply.

		Industry Rank	Sector Rank
PE	10.41
Fwd PE	9.33

4.2 Price Multiples

IBCP's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. IBCP is cheaper than 78.83% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	8.79
EV/EBITDA	N/A

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.

PEG (NY)3.31

PEG (5Y)1.1

EPS Next 2Y4.13%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.23%, IBCP has a reasonable but not impressive dividend return.

IBCP's Dividend Yield is comparable with the industry average which is at 3.73.

IBCP's Dividend Yield is a higher than the S&P500 average which is at 2.38.

		Industry Rank	Sector Rank
Dividend Yield	3.23%

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

5.3 Sustainability

32.23% of the earnings are spent on dividend by IBCP. This is a low number and sustainable payout ratio.

The dividend of IBCP is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.

DP32.23%

EPS Next 2Y4.13%

EPS Next 3YN/A

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INDEPENDENT BANK CORP - MICH

NASDAQ:IBCP (9/18/2025, 8:00:01 PM)

After market: 31.97 0 (0%)

31.97

+0.78 (+2.5%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)07-24 2025-07-24/bmo

Earnings (Next)10-22 2025-10-22/bmo

Inst Owners85.72%

Inst Owner Change-1.26%

Ins Owners2.06%

Ins Owner Change-0.53%

Market Cap662.10M

Analysts50

Price Target36.11 (12.95%)

Short Float %0.76%

Short Ratio1.81

Dividend

		Industry Rank	Sector Rank
Dividend Yield	3.23%

Yearly Dividend0.96

Dividend Growth(5Y)5.93%

DP32.23%

Div Incr Years10

Div Non Decr Years10

Ex-Date08-05 2025-08-05 (0.26)

Surprises & Revisions

EPS beat(2)2

Avg EPS beat(2)1.9%

Min EPS beat(2)0.17%

Max EPS beat(2)3.64%

EPS beat(4)3

Avg EPS beat(4)-0.2%

Min EPS beat(4)-15.66%

Max EPS beat(4)11.06%

EPS beat(8)6

Avg EPS beat(8)7.5%

EPS beat(12)8

Avg EPS beat(12)8.48%

EPS beat(16)11

Avg EPS beat(16)10.99%

Revenue beat(2)0

Avg Revenue beat(2)-1.76%

Min Revenue beat(2)-2.21%

Max Revenue beat(2)-1.31%

Revenue beat(4)0

Avg Revenue beat(4)-2.09%

Min Revenue beat(4)-2.9%

Max Revenue beat(4)-1.31%

Revenue beat(8)1

Avg Revenue beat(8)0.95%

Revenue beat(12)3

Avg Revenue beat(12)5.36%

Revenue beat(16)7

Avg Revenue beat(16)16.88%

PT rev (1m)0%

PT rev (3m)2.91%

EPS NQ rev (1m)0%

EPS NQ rev (3m)0.36%

EPS NY rev (1m)0.13%

EPS NY rev (3m)0.38%

Revenue NQ rev (1m)0.33%

Revenue NQ rev (3m)0.49%

Revenue NY rev (1m)0.18%

Revenue NY rev (3m)0.28%

Valuation

		Industry Rank	Sector Rank
PE	10.41
Fwd PE	9.33
P/S	2.96
P/FCF	8.79
P/OCF	7.86
P/B	1.41
P/tB	1.62
EV/EBITDA	N/A

EPS(TTM)3.07

EY9.6%

EPS(NY)3.43

Fwd EY10.72%

FCF(TTM)3.64

FCFY11.38%

OCF(TTM)4.07

OCFY12.72%

SpS10.79

BVpS22.66

TBVpS19.68

PEG (NY)3.31

PEG (5Y)1.1

Profitability

		Industry Rank	Sector Rank
ROA	1.19%
ROE	13.8%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	28.98%
GM	N/A
FCFM	33.73%

ROA(3y)1.21%

ROA(5y)1.26%

ROE(3y)15.84%

ROE(5y)15.55%

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

ROICexcg growth 3YN/A

ROICexcg growth 5YN/A

ROICexc growth 3YN/A

ROICexc growth 5YN/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y-0.57%

PM growth 5Y1.95%

GM growth 3YN/A

GM growth 5YN/A

F-Score7

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.17
Debt/FCF	1.05
Debt/EBITDA	N/A
Cap/Depr	91.31%
Cap/Sales	3.99%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	116.37%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score7

WACC17.88%

ROIC/WACCN/A

Cap/Depr(3y)64.12%

Cap/Depr(5y)57.62%

Cap/Sales(3y)3.06%

Cap/Sales(5y)2.83%

Profit Quality(3y)113.55%

Profit Quality(5y)120.65%

High Growth Momentum

Growth

EPS 1Y (TTM)-1.6%

EPS 3Y3.26%

EPS 5Y9.47%

EPS Q2Q%-7.95%

EPS Next Y3.14%

EPS Next 2Y4.13%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)3.53%

Revenue growth 3Y2.6%

Revenue growth 5Y5.5%

Sales Q2Q%7.91%

Revenue Next Year9.1%

Revenue Next 2Y7.32%

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 1Y23.5%

FCF growth 3Y-19.14%

FCF growth 5Y13.27%

OCF growth 1Y26.11%

OCF growth 3Y-16.94%

OCF growth 5Y12.85%

INDEPENDENT BANK CORP - MICH (IBCP) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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