Independent Bank Corporation (IBCP) Income Statement Analysis

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Complete financial analysis of Independent Bank Corporation (IBCP) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of Independent Bank Corporation, a leading company in the Banks – Regional industry within the Financial Services sector.

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Independent Bank Corporation (IBCP)

Industry: Banks - Regional

Sector: Financial Services

Website: https://www.independentbank.com

About Independent Bank Corporation

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machine, and Internet and mobile banking services. It also provides title insurance, insurance brokerage, and investment services. The company offers its services through approximately 59 branches, two drive-thru facilities, and seven loan production offices in Michigan; and two loan production offices in Ohio. Independent Bank Corporation was founded in 1864 and is based in Grand Rapids, Michigan.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990	1989	1988	1987	1986
Revenue	200.50M	204.57M	199.03M	197.52M	164.10M	152.97M	128.41M	117.28M	108.57M	104.40M	111.76M	127.71M	141.48M	165.86M	197.26M	159.87M	167.74M	165.25M	178.61M	155.33M	137.86M	112.72M	105.98M	89.51M	84.10M	63.00M	51.10M	40.30M	31.90M	28.30M	24.00M	22.20M	19.40M	17.00M	15.70M	0.00	0.00	0.00
Cost of Revenue	-94.06M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	294.56M	204.57M	199.03M	197.52M	164.10M	152.97M	128.41M	117.28M	108.57M	104.40M	111.76M	127.71M	141.48M	165.86M	197.26M	159.87M	167.74M	165.25M	178.61M	155.33M	137.86M	112.72M	105.98M	89.51M	84.10M	63.00M	51.10M	40.30M	31.90M	28.30M	24.00M	22.20M	19.40M	17.00M	15.70M	0.00	0.00	0.00
Gross Profit Ratio	146.91%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	0.00%	0.00%	0.00%
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	81.97M	83.15M	95.27M	88.11M	80.04M	74.27M	66.32M	61.72M	60.45M	59.25M	61.30M	68.57M	70.95M	68.07M	61.39M	55.18M	55.81M	50.80M	53.70M	50.08M	43.56M	37.34M	37.91M	33.51M	34.30M	26.00M	20.30M	15.70M	12.20M	10.60M	8.50M	7.40M	6.30M	5.60M	5.20M	0.00	0.00	0.00
Selling & Marketing	2.17M	2.07M	1.92M	2.23M	2.45M	2.16M	1.91M	1.86M	2.12M	2.19M	2.43M	2.49M	2.50M	2.71M	5.70M	5.53M	5.51M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SG&A	109.27M	85.22M	97.19M	90.34M	82.49M	76.42M	68.23M	63.58M	62.57M	61.44M	63.73M	71.06M	73.45M	70.78M	67.09M	60.71M	61.33M	50.80M	53.70M	50.08M	43.56M	37.34M	37.91M	33.51M	34.30M	26.00M	20.30M	15.70M	12.20M	10.60M	8.50M	7.40M	6.30M	5.60M	5.20M	0.00	0.00	0.00
Other Expenses	0.00	-192.56M	-218.91M	-218.37M	-188.82M	-162.77M	-149.08M	-141.07M	-135.91M	-133.33M	-143.67M	-159.43M	-215.15M	-17.60M	82.00K	-235.60M	-117.14M	-77.49M	-98.64M	-108.04M	-85.98M	-61.19M	-47.74M	-27.88M	-47.70M	-37.80M	-24.10M	-20.00M	-16.70M	-18.00M	-13.70M	-9.10M	-1.60M	800.00K	1.10M	1.80M	1.50M	1.40M
Operating Expenses	109.27M	-107.34M	-121.72M	-128.04M	-106.34M	-86.35M	-80.85M	-77.49M	-73.34M	-71.89M	-79.94M	-88.37M	-141.70M	53.18M	67.17M	-174.88M	-55.82M	-26.68M	-44.94M	-57.96M	-42.43M	-23.85M	-9.84M	5.63M	-13.40M	-11.80M	-3.80M	-4.30M	-4.50M	-7.40M	-5.20M	-1.70M	4.70M	6.40M	6.30M	1.80M	1.50M	1.40M
Cost & Expenses	109.27M	-107.34M	-121.72M	-128.04M	-106.34M	-86.35M	-80.85M	-77.49M	-73.34M	-71.89M	-79.94M	-88.37M	-141.70M	53.18M	67.17M	-174.88M	-55.82M	-26.68M	-44.94M	-57.96M	-42.43M	-23.85M	-9.84M	5.63M	-13.40M	-11.80M	-3.80M	-4.30M	-4.50M	-7.40M	-5.20M	-1.70M	4.70M	6.40M	6.30M	1.80M	1.50M	1.40M
Interest Income	239.68M	169.01M	138.08M	139.83M	148.93M	130.77M	98.31M	86.52M	80.84M	80.56M	87.12M	99.40M	114.76M	148.85M	189.06M	203.74M	223.25M	216.90M	204.92M	162.55M	139.37M	129.82M	141.36M	138.42M	125.50M	86.10M	77.40M	59.50M	46.00M	37.80M	31.50M	33.40M	35.90M	34.00M	32.40M	0.00	0.00	0.00
Interest Expense	83.35M	19.45M	8.32M	16.22M	26.35M	17.49M	9.12M	6.88M	5.86M	7.30M	9.16M	13.14M	20.19M	37.20M	50.53M	73.59M	102.66M	93.70M	68.56M	45.01M	44.11M	48.01M	62.46M	67.87M	58.70M	36.90M	34.80M	24.80M	17.90M	12.60M	11.30M	13.80M	18.80M	19.40M	18.60M	0.00	0.00	0.00
Depreciation & Amortization	5.75M	6.09M	6.37M	6.32M	6.29M	6.07M	5.65M	6.15M	4.55M	3.01M	-2.20M	-4.72M	-11.30M	-27.72M	-43.34M	-22.78M	-12.56M	-9.84M	-12.50M	-3.00M	7.77M	6.51M	6.56M	6.54M	6.10M	4.50M	4.20M	2.80M	2.20M	500.00K	1.60M	1.00M	400.00K	400.00K	700.00K	0.00	0.00	0.00
EBITDA	79.42M	83.87M	83.68M	78.64M	63.82M	55.17M	39.43M	38.12M	33.93M	0.00	29.62M	34.86M	0.00	37.70M	-67.68M	-50.34M	0.00	75.42M	50.27M	69.01M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.80M	1.50M	1.40M
EBITDA Ratio	39.61%	52.82%	44.94%	39.81%	38.89%	47.50%	42.46%	38.37%	36.65%	34.03%	26.51%	27.11%	-8.14%	-5.32%	-43.72%	-23.64%	59.24%	77.90%	67.84%	60.75%	74.86%	84.62%	96.91%	113.59%	91.32%	88.41%	100.78%	96.28%	92.79%	75.62%	85.00%	96.85%	126.29%	140.00%	144.59%	0.00%	0.00%	0.00%
Operating Income	91.53M	97.24M	77.31M	69.48M	57.76M	66.62M	47.56M	39.78M	35.24M	32.52M	31.82M	39.34M	-219.00K	18.90M	-42.90M	-15.01M	111.92M	138.56M	133.67M	97.37M	95.43M	88.87M	96.15M	95.14M	70.70M	51.20M	47.30M	36.00M	27.40M	20.90M	18.80M	20.50M	24.10M	23.40M	22.00M	1.80M	1.50M	1.40M
Operating Income Ratio	45.65%	47.53%	38.84%	35.18%	35.20%	43.55%	37.04%	33.92%	32.45%	31.14%	28.47%	30.81%	-0.15%	11.39%	-21.75%	-9.39%	66.72%	83.85%	74.84%	62.68%	69.23%	78.84%	90.72%	106.29%	84.07%	81.27%	92.56%	89.33%	85.89%	73.85%	78.33%	92.34%	124.23%	137.65%	140.13%	0.00%	0.00%	0.00%
Total Other Income/Expenses	-17.85M	-17.16M	-20.20M	-417.00K	0.00	-3.47M	-10.88M	-13.18M	1.19M	-9.00K	2.20M	-2.79M	-20.19M	-18.30M	-50.53M	-73.59M	-1.77M	-93.08M	1.95M	-7.58M	-44.11M	-48.01M	-62.43M	-67.87M	-58.70M	-36.90M	-34.80M	-24.80M	-17.90M	-12.60M	-11.30M	-13.80M	-18.70M	-19.40M	-18.60M	0.00	0.00	0.00
Income Before Tax	73.68M	77.79M	77.31M	69.48M	57.76M	49.13M	38.44M	32.90M	29.38M	25.22M	22.66M	26.20M	-20.41M	-18.30M	-93.44M	-88.60M	8.85M	45.49M	65.12M	52.35M	51.32M	40.86M	33.72M	27.28M	12.00M	14.30M	12.50M	11.20M	9.50M	8.30M	7.50M	6.70M	5.40M	4.00M	3.40M	0.00	0.00	0.00
Income Before Tax Ratio	36.75%	38.02%	38.84%	35.18%	35.20%	32.12%	29.93%	28.05%	27.06%	24.15%	20.27%	20.51%	-14.43%	-11.03%	-47.37%	-55.42%	5.28%	27.53%	36.46%	33.70%	37.23%	36.25%	31.82%	30.47%	14.27%	22.70%	24.46%	27.79%	29.78%	29.33%	31.25%	30.18%	27.84%	23.53%	21.66%	0.00%	0.00%	0.00%
Income Tax Expense	14.61M	14.44M	14.42M	13.33M	11.33M	9.29M	17.96M	10.14M	9.36M	7.20M	-54.85M	0.00	-212.00K	-1.59M	-3.21M	3.06M	-1.10M	11.66M	18.21M	13.80M	13.73M	11.40M	9.29M	7.27M	3.30M	4.10M	3.60M	3.30M	2.70M	2.30M	2.10M	1.90M	1.50M	1.10M	700.00K	-1.80M	-1.50M	-1.40M
Net Income	59.07M	63.35M	62.90M	56.15M	46.44M	39.84M	20.48M	22.77M	20.02M	18.02M	77.51M	26.20M	-20.20M	-16.71M	-90.23M	-91.66M	10.36M	33.20M	46.91M	38.56M	37.59M	29.47M	24.40M	20.01M	8.70M	10.20M	8.90M	7.90M	6.80M	6.00M	5.40M	4.80M	3.80M	2.90M	2.70M	1.80M	1.50M	1.40M
Net Income Ratio	29.46%	30.97%	31.60%	28.43%	28.30%	26.04%	15.95%	19.41%	18.44%	17.26%	69.35%	20.51%	-14.28%	-10.07%	-45.74%	-57.34%	6.17%	20.09%	26.26%	24.82%	27.27%	26.14%	23.02%	22.35%	10.34%	16.19%	17.42%	19.60%	21.32%	21.20%	22.50%	21.62%	19.59%	17.06%	17.20%	0.00%	0.00%	0.00%
EPS	2.82	3.00	2.91	2.56	2.03	1.70	0.96	1.06	0.88	0.79	5.87	2.51	-2.44	-3.28	-37.81	-39.88	4.60	14.50	19.14	16.24	15.78	8.85	6.75	8.08	3.47	4.79	0.17	4.96	4.34	0.63	0.58	0.55	0.49	0.40	0.35	1.60	1.88	1.77
EPS Diluted	2.79	2.97	2.88	2.53	2.00	1.68	0.95	1.05	0.86	0.77	3.55	0.80	-0.29	-0.40	-37.70	-39.77	4.50	14.30	18.76	15.96	15.42	8.69	6.65	8.03	3.42	4.75	0.17	4.96	4.34	0.63	0.58	0.55	0.43	0.33	0.29	1.60	1.88	1.77
Weighted Avg Shares Out	20.98M	21.10M	21.59M	21.98M	22.89M	23.41M	21.33M	21.48M	22.72M	22.93M	13.97M	8.71M	8.28M	5.09M	2.39M	2.30M	2.26M	2.29M	2.39M	2.48M	2.38M	2.35M	2.42M	2.48M	2.51M	1.63M	1.60M	1.59M	1.57M	1.57M	1.43M	1.43M	1.42M	1.15M	1.14M	1.12M	798.14K	790.33K
Weighted Avg Shares Out (Dil)	21.17M	21.30M	21.81M	22.22M	23.18M	23.77M	21.65M	21.68M	23.18M	23.47M	21.86M	32.89M	69.69M	41.47M	2.39M	2.30M	2.28M	2.32M	2.44M	2.53M	2.44M	2.39M	2.46M	2.49M	2.54M	1.63M	1.60M	1.59M	1.57M	1.57M	1.43M	1.43M	1.42M	1.15M	1.14M	1.12M	798.14K	790.33K

Is a Surprise Coming for Independent Bank (IBCP) This Earnings Season?

April 22, 2022zacks.com

Independent Bank (IBCP) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

Is Independent Bank (IBCP) Stock Undervalued Right Now?

April 21, 2022zacks.com

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong...

Independent Bank (IBCP) Expected to Beat Earnings Estimates: What to Know Ahead of Q1 Release

April 19, 2022zacks.com

Independent Bank (IBCP) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Should Value Investors Buy Independent Bank (IBCP) Stock?

April 1, 2022zacks.com

Independent Bank Corporation Announces Date for Its First Quarter 2022 Earnings Release

March 25, 2022globenewswire.com

GRAND RAPIDS, Mich., March 25, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that it expects to issue its 2022 first quarter results on Tuesday, April 26, 2022,...