Company Quick10K Filing
Independent Bank
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 23 $509
10-K 2020-03-06 Annual: 2019-12-31
10-Q 2019-11-01 Quarter: 2019-09-30
10-Q 2019-08-02 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-03-07 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-03-07 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-03-07 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-03-07 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-03-06 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-05 Quarter: 2014-03-31
10-K 2014-03-07 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-08 Quarter: 2013-03-31
10-K 2013-03-13 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-13 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-03-10 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-11 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2020-03-10 Officers
8-K 2020-01-23 Earnings, Exhibits
8-K 2019-10-31 Other Events, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-10-22 Exhibits
8-K 2019-08-26 Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-27 Officers, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-05-22 Other Events, Exhibits
8-K 2019-04-23 Shareholder Vote
8-K 2019-04-23 Regulation FD, Exhibits
8-K 2019-04-22 Earnings, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2018-12-18 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-04-24 Exhibits
8-K 2018-04-24 Exhibits
8-K 2018-04-24 Regulation FD, Exhibits
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-02-15 Other Events, Exhibits
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-01

Independent Bank Financials

IBCP Metrics, Comps, Filings

Annual | Quarterly

Business

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.

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 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.

Our bank transacts business in the single industry of commercial banking. 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. Our bank does not offer trust services. Our 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 67 branches, one drive-thru facility, and 12 loan production offices. We also recently opened two loan production offices in Ohio (Columbus and Fairlawn). Most of our bank's branches provide full-service lobby and drive-thru services, as well as automatic teller machines (ATMs). In addition, we provide internet and mobile banking capabilities to our customers. We continue to see customer transaction volume declining at our bank offices and increasing through our electronic channels.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Stockholders' Equity

Income Statement ($BB Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($BB Annual)

Operating, Investing, Financing

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Luther Burbank (LBC) 647 2.8 1% 7,161 6,556 0 0 47 171 479
The Bancorp (TBBK) 585 -6.5 0% 4,944 4,459 0 0 7 57 -371
Flushing Financial (FFIC) 586 0% 3.0 1% 7,111 6,543 3 0 41 169 499
First Mid Illinois Bancshares (FMBH) 580 6.2 1% 3,838 3,316 0 0 36 76 472
Bank of Marin Bancorp (BMRC) 603 10.9 1% 2,592 2,259 0 0 25 39 421
Bridge Bancorp (BDGE) 588 0% 4.2 1% 4,736 4,250 8 0 51 108 456
People's Utah Bancorp (PUB) 550 3.5 2% 2,444 2,122 0 0 43 59 210
QCR Holdings (QCRH) 617 0% 3.9 1% 5,292 4,773 212 0 55 133 514
Mercantile Bank (MBWM) 550 6.7 1% 3,710 3,303 0 0 48 82 550
Heritage Commerce (HTBK) 517 0% 1.2 2% 3,182 2,787 3 0 48 83 101
First of Long Island (FLIC) 574 0% 9.2 1% 4,163 3,774 2 0 42 94 871
First Community Bancshares (FCBC) 507 5.9 2% 2,205 1,868 0 0 39 55 324
Independent Bank (IBCP) 501 0% 6.9 1% 3,551 3,211 19 0 33 61 418
Midwestone Financial Group (MOFG) 495 8.2 1% 4,648 4,150 0 0 38 90 740
First Financial (THFF) 549 6.8 1% 3,988 3,432 0 0 46 69 469
Merchants Bancorp (MBIN) 497 1.7 1% 6,337 5,708 0 0 63 169 292
Arrow Financial (AROW) 501 7.4 1% 3,113 2,821 0 0 28 55 409
Financial Institutions (FISI) 500 4.8 1% 4,333 3,900 0 0 36 83 403
Old Line (OLBK) 499 8.0 1% 3,097 2,699 0 0 27 62 491
Capital City Bank Group (CCBG) 448 11.9 1% 2,935 2,613 0 0 22 38 448

Balance Sheet ($MM)2011-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash34112511105570
Accounts Receivable
Inventory
PP&E63494643403939
Assets2,3072722862872852,7893,353
Accounts Payable
Long-Term Debt
Liabilities2,2051,9781,9982,1582,3002,5243,014
Stockholders' Equity103231250260249265339
Income Statement ($MM)2011-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Revenue27
Cost of Revenue
Gross Profit
R&D
SG&A
Tax-0-9001189
Net Income-20781820232040
Cash Flow ($MM)2011-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-31
Cash Operating35-9-1-143945
Cash Investing127-22122618-278-183
Cash Financing-2079-8-19-23211154