IBCP Stock Analysis: Independent Bank | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 727m USD | 12M Return: 18% | US4538386099 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.87M
EPS Trend: 88.5%
Qual. Beats: 0
Rev. Trend: 78.6%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 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: 71.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.78 > 1.0 |
| NWC/Revenue: -1.40k% < 20% (prev -1.39k%; Δ -14.88% < -1%) |
| CFO/TA 0.01 > 3% & CFO 37.8m > Net Income 71.8m |
| Net Debt (-391.1m) to EBITDA (94.3m): -4.15 < 3 |
| Current Ratio: 0.11 > 1.5 & < 3 |
| Outstanding Shares: last quarter (20.8m) vs 12m ago -0.66% < -2% |
| Gross Margin: 71.30% > 18% (prev 67.43%; Δ 3.87% > 0.5%) |
| Asset Turnover: 5.70% > 50% (prev 5.75%; Δ -0.05% > 0%) |
| Interest Coverage Ratio: 1.01 > 6 (EBIT TTM 84.4m / Interest Expense TTM 83.7m) |
| A: -0.78 (Total Current Assets 558.0m - Total Current Liabilities 4.99b) / Total Assets 5.66b |
| B: 0.05 (Retained Earnings 276.9m / Total Assets 5.66b) |
| C: 0.02 (EBIT TTM 84.4m / Avg Total Assets 5.54b) |
| D: 0.10 (Book Value of Equity 528.4m / Total Liabilities 5.14b) |
| Altman-Z'' = -4.76 = D |
As of September 27, 2026, the stock is trading at USD 35.83 with a total of 496,200 shares traded. Over the past week, the price has changed by -1.10%, over one month by -2.40%, over three months by +1.44% and over the past year by +17.97%.
Current recommended Stop Loss: 34.40 (which is 4% or 2.3 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 | 40.4 | 12.8% |
P/E Trailing = 10.3216
P/E Forward = 12.0482
P/S = 3.1517
P/B = 1.4964
P/EG = 1.4017
Revenue TTM = 316.0m USD
EBIT TTM = 84.4m USD
EBITDA TTM = 94.3m USD
Long Term Debt = 166.9m USD (from longTermDebt, last quarter)
Short Term Debt = 127.0m USD (from shortTermDebt, last quarter)
Debt = 166.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -391.1m USD (calculated: Debt 166.9m - CCE 558.0m)
Enterprise Value = 336.1m USD (727.3m + Debt 166.9m - CCE 558.0m)
Interest Coverage Ratio = 1.01 (Ebit TTM 84.4m / Interest Expense TTM 83.7m)
EV/FCF = 9.68x (Enterprise Value 336.1m / FCF TTM 34.7m)
FCF Yield = 10.33% (FCF TTM 34.7m / Enterprise Value 336.1m)
FCF Margin = 10.99% (FCF TTM 34.7m / Revenue TTM 316.0m)
Net Margin = 22.71% (Net Income TTM 71.8m / Revenue TTM 316.0m)
Gross Margin = 71.30% ((Revenue TTM 316.0m - Cost of Revenue TTM 90.7m) / Revenue TTM)
Gross Margin QoQ = 73.24% (prev 73.63%)
Tobins Q-Ratio = 0.06 (Enterprise Value 336.1m / Total Assets 5.66b)
Interest Expense / Debt = 50.15% (Interest Expense 83.7m / Debt 166.9m)
Taxrate = 15.01% (12.7m / 84.4m)
NOPAT = 71.8m (EBIT 84.4m * (1 - 15.01%))
Current Ratio = 0.11 (Total Current Assets 558.0m / Total Current Liabilities 4.99b)
Debt / Equity = 0.32 (Debt 166.9m / totalStockholderEquity, last quarter 528.4m)
Debt / EBITDA = -4.15 (Net Debt -391.1m / EBITDA 94.3m)
Debt / FCF = -11.27 (Net Debt -391.1m / FCF TTM 34.7m)
Total Stockholder Equity = 508.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.29% (Net Income 71.8m / Total Assets 5.66b)
RoE = 14.12% (Net Income TTM 71.8m / Total Stockholder Equity 508.2m)
RoCE = 12.51% (EBIT 84.4m / Capital Employed (Equity 508.2m + L.T.Debt 166.9m))
RoIC = 9.13% (NOPAT 71.8m / Invested Capital 785.9m)
WACC = 6.04% (E(727.3m)/V(894.2m) * Re(7.43%) + (debt cost/tax rate unavailable))
Discount Rate = 7.43% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -88.18 | Cagr: -0.58%
[DCF] Terminal Value 73.10% ; FCFF base≈51.0m ; Y1≈44.7m ; Y5≈36.1m
[DCF] Fair Price = 47.12 (EV 579.6m - Net Debt -391.1m = Equity 970.7m / Shares 20.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 88.51 | EPS CAGR: 6.03% | SUE: 0.60 | # QB: 0
Revenue Correlation: 78.56 | Revenue CAGR: 4.25% | SUE: 0.68 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.88 | Chg30d=+2.33% | Revisions=+29% | Analysts=5
EPS current Year (2026-12-31): EPS=3.53 | Chg30d=+2.20% | Revisions=+62% | GrowthEPS=+8.0% | GrowthRev=+23.1%
EPS next Year (2027-12-31): EPS=3.88 | Chg30d=+1.36% | Revisions=+57% | GrowthEPS=+9.9% | GrowthRev=+10.1%
[Analyst] Revisions Ratio: +69% (up=12, down=1)