IBCP Stock Analysis: Independent Bank | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 743m USD | 12M Return: 9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.08M
EPS Trend: 83.7%
Qual. Beats: 0
Rev. Trend: 82.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Independent Bank Corporation (IBCP) is a Michigan-based bank holding company that, through its subsidiary Independent Bank, provides retail and commercial banking services across its geographic footprint. Founded in 1864 and headquartered in Grand Rapids, the company generates revenue primarily through net interest income from lending activities, supplemented by non-interest income from fee-based services-a business model typical of community-focused regional banks.
The companys core offerings include a full suite of deposit products (demand, checking, savings, money market, and CDs), consumer lending (residential mortgages and home equity loans and lines of credit secured by one-to-four family residential properties), and treasury management services for business clients. It also offers wealth-related services such as investment management, trust and estate settlement, financial planning, tax services, and the sale of mutual funds, unit investment trusts, general securities, annuities, and life insurance. Customers access these services through traditional branches, ATMs, debit and credit cards, and digital channels including internet and mobile banking.
- Net interest margin expands on deposit repricing and asset-sensitive balance sheet
- Commercial real estate loan portfolio faces credit quality scrutiny amid office sector stress
- Loan and deposit growth across Michigan footprint drives core earnings expansion
| Net Income: 69.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.77 > 1.0 |
| NWC/Revenue: -1.52k% < 20% (prev -1.26k%; Δ -253.6% < -1%) |
| CFO/TA 0.01 > 3% & CFO 35.8m > Net Income 69.8m |
| Net Debt (25.6m) to EBITDA (92.3m): 0.28 < 3 |
| Current Ratio: 0.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (20.8m) vs 12m ago -1.75% < -2% |
| Gross Margin: 70.31% > 18% (prev 67.31%; Δ 3.00% > 0.5%) |
| Asset Turnover: 5.69% > 50% (prev 5.91%; Δ -0.22% > 0%) |
| Interest Coverage Ratio: 0.95 > 6 (EBIT TTM 82.4m / Interest Expense TTM 86.6m) |
| A: -0.84 (Total Current Assets 67.3m - Total Current Liabilities 4.76b) / Total Assets 5.56b |
| B: 0.05 (Retained Earnings 263.9m / Total Assets 5.56b) |
| C: 0.02 (EBIT TTM 82.4m / Avg Total Assets 5.44b) |
| D: 0.10 (Book Value of Equity 510.6m / Total Liabilities 5.05b) |
| Altman-Z'' = -5.18 = D |
As of July 08, 2026, the stock is trading at USD 35.76 with a total of 164,077 shares traded. Over the past week, the price has changed by -0.78%, over one month by +2.91%, over three months by +6.50% and over the past year by +8.97%.
Current recommended Stop Loss: 33.40 (which is 6.6% or 2.7 ATR below the current price).
Independent Bank has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold IBCP.
- StrongBuy: 0
- Buy: 0
- Hold: 5
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 37.3 | 4.3% |
P/E Trailing = 10.7904
P/E Forward = 10.5932
P/S = 3.3054
P/B = 1.455
P/EG = 1.4017
Revenue TTM = 309.7m USD
EBIT TTM = 82.4m USD
EBITDA TTM = 92.3m USD
Long Term Debt = 66.9m USD (from longTermDebt, last quarter)
Short Term Debt = 1.09m USD (from shortTermDebt, last quarter)
Debt = 74.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 25.6m USD (calculated: Debt 74.1m - CCE 48.5m)
Enterprise Value = 768.3m USD (742.6m + Debt 74.1m - CCE 48.5m)
Interest Coverage Ratio = 0.95 (Ebit TTM 82.4m / Interest Expense TTM 86.6m)
EV/FCF = 29.75x (Enterprise Value 768.3m / FCF TTM 25.8m)
FCF Yield = 3.36% (FCF TTM 25.8m / Enterprise Value 768.3m)
FCF Margin = 8.34% (FCF TTM 25.8m / Revenue TTM 309.7m)
Net Margin = 22.54% (Net Income TTM 69.8m / Revenue TTM 309.7m)
Gross Margin = 70.31% ((Revenue TTM 309.7m - Cost of Revenue TTM 92.0m) / Revenue TTM)
Gross Margin QoQ = 73.63% (prev 71.03%)
Tobins Q-Ratio = 0.14 (Enterprise Value 768.3m / Total Assets 5.56b)
Interest Expense / Debt = 116.8% (Interest Expense 86.6m / Debt 74.1m)
Taxrate = 15.25% (12.6m / 82.4m)
NOPAT = 69.8m (EBIT 82.4m * (1 - 15.25%))
Current Ratio = 0.01 (Total Current Assets 67.3m / Total Current Liabilities 4.76b)
Debt / Equity = 0.15 (Debt 74.1m / totalStockholderEquity, last quarter 510.6m)
Debt / EBITDA = 0.28 (Net Debt 25.6m / EBITDA 92.3m)
Debt / FCF = 0.99 (Net Debt 25.6m / FCF TTM 25.8m)
Total Stockholder Equity = 493.4m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.28% (Net Income 69.8m / Total Assets 5.56b)
RoE = 14.15% (Net Income TTM 69.8m / Total Stockholder Equity 493.4m)
RoCE = 14.71% (EBIT 82.4m / Capital Employed (Equity 493.4m + L.T.Debt 66.9m))
RoIC = 1.26% (NOPAT 69.8m / Invested Capital 5.54b)
WACC = 7.15% (E(742.6m)/V(816.8m) * Re(7.86%) + (debt cost/tax rate unavailable))
Discount Rate = 7.86% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -33.33 | Cagr: -0.57%
[DCF] Terminal Value 73.10% ; FCFF base≈41.7m ; Y1≈36.6m ; Y5≈29.6m
[DCF] Fair Price = 21.79 (EV 474.7m - Net Debt 25.6m = Equity 449.1m / Shares 20.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 83.67 | EPS CAGR: 5.95% | SUE: 0.31 | # QB: 0
Revenue Correlation: 82.00 | Revenue CAGR: 6.38% | SUE: 0.53 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.84 | Chg30d=+0.00% | Revisions=-25% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.86 | Chg30d=+0.00% | Revisions=+17% | Analysts=5
EPS current Year (2026-12-31): EPS=3.45 | Chg30d=+0.00% | Revisions=+57% | GrowthEPS=+5.6% | GrowthRev=+22.2%
EPS next Year (2027-12-31): EPS=3.83 | Chg30d=+0.00% | Revisions=+57% | GrowthEPS=+10.8% | GrowthRev=+10.1%
[Analyst] Revisions Ratio: +53% (up=10, down=2)