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Independent Bank Corporation

IBCP
59
Banks - Regional · Financial Services
Price
$37.13
-0.13 (-0.35%)
Market Cap
$765.1M
Exchange
NASDAQ
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Bank Quality
Good
Growth
Mixed
Capital Strength
Strong
Asset Quality
Exceptional
Valuation
Good
Dividends
Good
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Share count falling — buybacks

−4.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 21.8M (2021) → 20.9M (2025)

Winston Score History

The full picture

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.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+12.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$558M cash & investments at current burn rate

Growth context

Independent Bank Corporation is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Return on owners' money
Return on Equity
14.2%
no trend
Strong — 14.2% return on equity

Standard mid-range return on equity. Acceptable.

Profit on lending
Net Interest Margin
3.70%
no trend
Wide spread — 3.70% net interest margin
Cost of running the bank
Efficiency Ratio
63.7%
no trend
Average — 63.7% efficiency ratio

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Growth

Sales growth
Sales YoY
+1.4%
Nearly flat sales (+1.4% YoY)
Profit growth
EPS YoY
+12.6%
Earnings growing (+12.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Capital Strength

Safety cushion
Capital Ratio
11.4%
no trend
Well capitalised — 11.4% CET1

A solid capital cushion. The bank can take some loan losses and keep going.

Asset Quality

Loans not being repaid
Non-Performing Loans
0.87%
no trend
Clean loan book — 0.87% non-performing

Below 1% of loans are troubled. Still a healthy, well-run loan book.

Loans written off
Net Charge-Offs
0.02%
no trend
Minimal losses — 0.02% net charge-offs

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Valuation

Price vs profit
P/E Ratio (TTM)
10.7x
Attractive valuation — P/E 10.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
3.02%
Moderate income — 3.02% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+7.8%
Dividend growing modestly (7.8% YoY)

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