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 nine 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.
IPO Year:
Exchange: NASDAQ
Website: independentbank.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 3/4/2024 | Market Perform | Hovde Group | |
| 12/13/2022 | $26.00 | Outperform → Mkt Perform | Keefe Bruyette |
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Third Quarter Highlights Highlights for the third quarter of 2024 include: Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; andThe payment of a 24 cent per share dividend on common stock on August 15, 2024. GRAND RAPIDS, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported third quarter 2024 net income of $13.8 million, or $0.65 per diluted share, versus n
Leading bank leverages the power of generative integration to build dozens of GenAI Agents SnapLogic, the leader in generative integration, today announced that Independent Bank Corporation (NASDAQ:IBCP), a Michigan-based community bank, is utilizing the SnapLogic Platform for Generative Integration to continue to modernize its systems and streamline IT resources, enabling the company to build game changing GenAI applications. With SnapLogic, Independent Bank has built GenAI Agents to assist workers with completing their tasks more efficiently, created new automated processes for possible fraud detection, and transitioned IT technologies to provide customers with enhanced services. Indepe
Customers using Agent Creator to design, deploy, and manage AI agents that automate tasks, make real-time decisions, and integrate effortlessly into existing workflows SnapLogic, the leader in generative integration, today announced SnapLogic Agent Creator, a powerful new system empowering enterprises to build LLM-powered agents, assistants and applications that augment human capabilities and integrate AI into any integration workflow or data pipeline. By combining dynamic iteration with real-time generative decision-making, SnapLogic Agent Creator builds a symbiotic relationship between the people on the front lines of the business, your IT team and executives, via powerful AI at anyone's
GRAND RAPIDS, Mich., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula th
GRAND RAPIDS, Mich., Sept. 23, 2024 (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 2024 third quarter results on Thursday, October 24, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, October 24, 2024. To participate
Second Quarter Highlights Highlights for the second quarter of 2024 include: Increases in net income and diluted earnings per share of 25.3% and 25.7%, respectively, over second quarter of 2023;An increase in tangible book value per share of $2.71 (16.5%) over the second quarter of 2023;Net growth in core deposits of $53.3 million (or 4.8% annualized) from March 31, 2024;Net growth in loans of $11.9 million (or 1.2% annualized) from March 31, 2024; andThe payment of a 24 cent per share dividend on common stock on May 13, 2024. GRAND RAPIDS, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported second quarter 2024 net income of $18.5 million,
GRAND RAPIDS, Mich., July 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on August 15, 2024 to shareholders of record on August 5, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.2 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula throug
GRAND RAPIDS, Mich., June 28, 2024 (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 2024 second quarter results on Thursday, July 25, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, July 25, 2024. To participate in th
First Quarter Highlights Highlights for the first quarter of 2024 include: Increases in net income and diluted earnings per share of 23.1% and 24.6%, respectively, over first quarter of 2023;An increase in tangible book value per share of $2.50 (15.7%) over the first quarter of 2023;Net growth in core deposits of $95.7 million (or 9.0% annualized) from December 31, 2023;Net growth in loans of $49.1 million (or 5.3% annualized) from December 31, 2023; andThe payment of a 24 cent per share dividend on common stock on February 15, 2024. GRAND RAPIDS, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported first quarter 2024 net income of $16.0 million,
GRAND RAPIDS, Mich., April 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors appointed Stephen L. Gulis, Jr. as Chairperson to the Boards of the Corporation and the Bank. Mr. Gulis succeeds Mr. Michael M. Magee who served as Chairperson of the Corporation and the Bank since January 1, 2013. Mr. Gulis became a Director of the Boards of Independent Bank Corporation and Independent Bank in 2004. He retired in 2008 as the Executive Vice President and President of Wolverine Worldwide Global Operations Group. He served as Executive Vice President, CFO, and Treasu
GRAND RAPIDS, Mich., April 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that its Board of Directors appointed Stephen L. Gulis, Jr. as Chairperson to the Boards of the Corporation and the Bank. Mr. Gulis succeeds Mr. Michael M. Magee who served as Chairperson of the Corporation and the Bank since January 1, 2013. Mr. Gulis became a Director of the Boards of Independent Bank Corporation and Independent Bank in 2004. He retired in 2008 as the Executive Vice President and President of Wolverine Worldwide Global Operations Group. He served as Executive Vice President, CFO, and Treasu
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10-Q - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer)
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10-Q - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer)
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Hovde Group resumed coverage of Independent Bank with a rating of Market Perform
Keefe Bruyette downgraded Independent Bank from Outperform to Mkt Perform and set a new price target of $26.00
Third Quarter Highlights Highlights for the third quarter of 2024 include: Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; andThe payment of a 24 cent per share dividend on common stock on August 15, 2024. GRAND RAPIDS, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported third quarter 2024 net income of $13.8 million, or $0.65 per diluted share, versus n
GRAND RAPIDS, Mich., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula th
GRAND RAPIDS, Mich., Sept. 23, 2024 (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 2024 third quarter results on Thursday, October 24, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, October 24, 2024. To participate
Second Quarter Highlights Highlights for the second quarter of 2024 include: Increases in net income and diluted earnings per share of 25.3% and 25.7%, respectively, over second quarter of 2023;An increase in tangible book value per share of $2.71 (16.5%) over the second quarter of 2023;Net growth in core deposits of $53.3 million (or 4.8% annualized) from March 31, 2024;Net growth in loans of $11.9 million (or 1.2% annualized) from March 31, 2024; andThe payment of a 24 cent per share dividend on common stock on May 13, 2024. GRAND RAPIDS, Mich., July 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported second quarter 2024 net income of $18.5 million,
GRAND RAPIDS, Mich., July 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on August 15, 2024 to shareholders of record on August 5, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.2 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula throug
GRAND RAPIDS, Mich., June 28, 2024 (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 2024 second quarter results on Thursday, July 25, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, July 25, 2024. To participate in th
First Quarter Highlights Highlights for the first quarter of 2024 include: Increases in net income and diluted earnings per share of 23.1% and 24.6%, respectively, over first quarter of 2023;An increase in tangible book value per share of $2.50 (15.7%) over the first quarter of 2023;Net growth in core deposits of $95.7 million (or 9.0% annualized) from December 31, 2023;Net growth in loans of $49.1 million (or 5.3% annualized) from December 31, 2023; andThe payment of a 24 cent per share dividend on common stock on February 15, 2024. GRAND RAPIDS, Mich., April 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported first quarter 2024 net income of $16.0 million,
GRAND RAPIDS, Mich., April 23, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on May 13, 2024 to shareholders of record on May 3, 2024. About Independent Bank Corporation Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one
GRAND RAPIDS, Mich., April 02, 2024 (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 2024 first quarter results on Thursday, April 25, 2024, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the "News" section of the "Investor Relations" area of the Company's website. Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 25, 2024. To participate in the
Fourth Quarter Highlights Highlights for the fourth quarter of 2023 include: An increase in net interest income of $0.7 million (1.7%) over the third quarter of 2023;An increase in book value and tangible book value per share of $1.42 and $1.43 respectively;Net growth in loans of $49.4 million (or 5.2% annualized) from September 30, 2023; andThe payment of a 23 cent per share dividend on common stock on November 13, 2023. GRAND RAPIDS, Mich., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP) reported fourth quarter 2023 net income of $13.7 million, or $0.65 per diluted share, versus net income of $15.1 million, or $0.71 per diluted share, in the prior-year per
Independent Bank (NASDAQ:IBCP) reported quarterly earnings of $0.88 per share which beat the analyst consensus estimate of $0.70 by 25.71 percent. This is a 25.71 percent increase over earnings of $0.70 per share from the same period last year. The company reported quarterly sales of $41.35 million which beat the analyst consensus estimate of $41.10 million by 0.60 percent. This is a 7.81 percent increase over sales of $38.35 million the same period last year.
DA Davidson analyst Peter Winter maintains Independent Bank (NASDAQ:IBCP) with a Neutral and maintains $28 price target.
Independent Bank (NASDAQ:IBCP) reported quarterly earnings of $0.76 per share which beat the analyst consensus estimate of $0.64 by 18.75 percent. This is a 24.59 percent increase over earnings of $0.61 per share from the same period last year. The company reported quarterly sales of $40.197 million which missed the analyst consensus estimate of $40.279 million by 0.20 percent. This is a 4.57 percent increase over sales of $38.441 million the same period last year.
Independent Bank (NASDAQ:IBCP) reported quarterly earnings of $0.65 per share which missed the analyst consensus estimate of $0.70 by 7.14 percent. This is a 8.45 percent decrease over earnings of $0.71 per share from the same period last year. The company reported quarterly sales of $40.11 million which beat the analyst consensus estimate of $40.11 million by 0 percent. This is a 1.21 percent decrease over sales of $40.60 million the same period last year.
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Independent Bank (NASDAQ:IBCP) is set to give its latest quarterly earnings report on Thursday, 2024-01-25. Here's what investors need to know before the announcement. Analysts estimate that Independent Bank will report an earnings per share (EPS) of $0.70. Independent Bank bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Past Earnings Performance Last quarter the company beat EPS by $0.21, which was followed by a 4.39% increase
Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on February 15, 2024 to shareholders of record on February 5, 2024. The quarterly dividend represents a 4% increase over the quarterly dividend rate paid for each quarter in 2023. William B. ("Brad") Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: "This marks the eleventh consecutive annual increase in our dividend for our shareholders. Our consistent long-term operating performance, a
Understanding Value Stocks A value stock traditionally has a lower price when compared to stock prices of companies in the same industry. This indicates that the company may be undervalued, as investors are not expressing as much interest in such companies. The most commonly used way to check for value is with the price-to-earnings multiple, or P/E. A low P/E multiple is a good indication that the stock is undervalued. The following stocks are considered to be notable value stocks in the financial services sector: Independent Bank (NASDAQ:IBCP) - P/E: 8.93 First United (NASDAQ:FUNC) - P/E: 7.9 Main Street Capital (NYSE:MAIN) - P/E: 8.75 SB Finl Gr (NASDAQ:SBFG) - P/E: 9.03 First Citizens B
U.S. regional bank stocks have seen a significant uptrend over the recent weeks, reaching levels reminiscent of those during the onset of the Silicon Valley Bank crisis in March. The SPDR S&P Regional Banking ETF (NYSE:KRE), a pivotal gauge tracking more than a hundred industry players, has surged 35% in the past two months, marking its strongest two-month rally since January 2021. The rally of regional banks has been bolstered by the gradual improvements in financial conditions in the United States, largely attributed to the Federal Reserve’s recent shift towards a more accommodative monetary policy stance. Previously, elevated interest rates had placed regional banks in a pre
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