IBCP
INDEPENDENT BANK CORP /MI/
Next earnings Jul 22, 2026 · consensus $0.86 EPS, $51.9M rev
Last earnings -1.0% on 2026-04-23
$36.23
▲ +1.83%$36.23▲ +23.22%
over 1Y
L $29.10EODHDH $36.66
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.8%
1W+6.0%
1M+6.2%
3M+12.7%
YTD+14.4%
1Y+23.2%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 10 analysts
Sell
Cheap Michigan community bank: 10.9x earnings, 13.6% ROE, growing book value and returning capital — straightforward value buy.
The read
Solid fundamentals at a roughly fair price — reasonable risk/reward at today's level.
IBCP is a small Michigan community bank where the numbers do the talking. FY2025 diluted EPS of $3.27 (+3.5% YoY) on net income of $68.5M (+2.6%) translates to a 13.6% return on equity — respectable for a community bank — while the stock trades at just 10.9x earnings and roughly 1.46x book value ($735M market cap vs. $503M equity). Stockholders' equity grew 10.6% YoY and retained earnings jumped 22.8%, meaning the bank is compounding tangible value at a meaningful clip. Capital return is real, not theoretical: $21.6M in dividends (+7.8% YoY) plus $12.4M of buybacks shrank the share count by 1.8%. Operating cash flow of $76.7M against just $6.49M of capex (down 18.3%) confirms the earnings are cash-backed.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $29.1M | $31.6M | $32.9M | $32.0M | $32.1M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $62.9M | $63.4M | $59.1M | $66.8M | $68.5M |
| Diluted EPS | $2.88 | $2.97 | $2.79 | $3.16 | $3.27 |
| Net margin | 216.1% | 200.2% | 179.5% | 208.9% | 213.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF10.6
PEG (trailing)4.23
Earnings yield9.2%
FCF yield9.4%
Quality & risk
ROIC (est.)—
Free cash flow$70.2M
Total debt—
Net cash$138M
Piotroski F-Score4/6
Capital returns
Buyback yield1.7%
Dividend yield (est.)2.9%
Shareholder yield4.6%
Shares Δ YoY-1.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Other event2026-06-18
Other Events disclosure (Item 8.01); routine corporate update, no material financial impact.
- 8-K Other event2026-06-12
Other Events + exhibits — likely dividend/press release; no material change to fundamentals.
- 10-Q Quarterly report2026-05-06
Q1 2026 10-Q filed; continues steady earnings trajectory and ~13.6% ROE.
- 8-K Reg FD disclosure2026-04-29
Reg FD disclosure with exhibits — investor presentation/post-earnings supplement.
- 8-K Shareholder vote2026-04-24
Annual meeting vote results (Item 5.07); directors/auditor ratified, no surprises.
- 8-K Earnings results2026-04-23
Q1 2026 earnings release — trends extend FY25 EPS growth into new year.
- 8-K Reg FD disclosure2026-04-21
Reg FD pre-earnings/annual-meeting disclosure with exhibits; informational.
- DEF 14A Proxy statement2026-03-06
FY25: NI $68.5M (+2.6%), EPS $3.27 (+3.5%), equity +10.6%, buybacks $12.4M.
- 10-K Annual report2026-03-06
FY25: NI $68.5M (+2.6%), EPS $3.27 (+3.5%), equity +10.6%, buybacks $12.4M.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-172026-06-18open ↗8-KPeriod ending 2026-06-112026-06-12open ↗4Period ending 2026-06-092026-06-10open ↗144Filing2026-06-09open ↗4Period ending 2026-05-292026-05-29open ↗424B3Filing2026-05-26open ↗EFFECTFiling2026-05-22open ↗S-4/AFiling2026-05-21open ↗S-4/AFiling2026-05-21open ↗SCHEDULE 13G/AFiling2026-05-06open ↗10-QPeriod ending 2026-03-312026-05-06open ↗S-4Filing2026-05-01open ↗
Frequently asked
- Is INDEPENDENT BANK CORP /MI/ (IBCP) a buy?
- IBCP currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Cheap Michigan community bank: 10.9x earnings, 13.6% ROE, growing book value and returning capital — straightforward value buy.
- What is IBCP's fair value?
- A Modified-Graham model based on IBCP's SEC fundamentals estimates a fair value of about $36.71. It is an estimate from reported earnings, not a price target.
- Is IBCP overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, IBCP currently appears fairly valued relative to its SEC-grounded earnings power.
- What is INDEPENDENT BANK CORP /MI/'s quality score?
- IBCP scores 69.73529411764706/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000039311, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 3:14:13 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.