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Independent Bank Corp

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    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 machines, and Internet and mobile banking services. It also provides title insurance, and investment and insurance services. In addition, the Company acquires and services payment plans used by consumers to purchase vehicle service contracts provided and administered by third parties.

    Market capitalization(2018-09-20)
    $595.3 M
    Total Loans(Q2, 2017)
    $1.8 B
    TypePublic
    HQGrand Rapids, US
    Founded1864
    Size (employees)1,103 (est)+50%
    Websiteindependentbank.com
    Independent Bank Corp was founded in 1864 and is headquartered in Grand Rapids, US
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    Independent Bank Corp Office Locations

    Independent Bank Corp has offices in Grand Rapids, West Bloomfield Township, Standish, Shelby charter Township and in 58 other locations
    Grand Rapids, US (HQ)
    4200 East Beltline
    Ann Arbor, US
    260 3025 Boardwalk Dr
    Auburn, US
    1004 W Midland Rd
    Bad Axe, US
    655 N Port Crescent St
    Bay City, US
    623 Washington Ave
    Bay City, US
    745 N Euclid Ave
    Show all (78)
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    Independent Bank Corp Financials and Metrics

    Independent Bank Corp Revenue

    Independent Bank Corp's revenue was reported to be $128.82 m in FY, 2016 which is a 6.5% increase from the previous period.
    USD

    Revenue (Q2, 2018)

    		83.9 m

    Gross profit (Q2, 2018)

    		76.9 m

    Gross profit margin (Q2, 2018), %

    		91.7%

    Net income (Q2, 2018)

    		18 m

    EBIT (Q2, 2018)

    		52 m

    Market capitalization (20-Sep-2018)

    		595.3 m

    Closing stock price (20-Sep-2018)

    		24.7

    Cash (30-Jun-2018)

    		58.7 m

    EV

    		576 m
    Independent Bank Corp's current market capitalization is $595.3 m.
    Annual
    USDFY, 2014FY, 2015FY, 2016FY, 2017

    Revenue

    		119.3 m121 m128.8 m

    Revenue growth, %

    		(42%)1%6%

    Cost of goods sold

    		6.9 m9.1 m

    Gross profit

    		121.9 m
    Quarterly
    USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

    Revenue

    		79.3 m79.5 m78.9 m82.3 m82.7 m83.3 m89.5 m38.5 m83.9 m

    Cost of goods sold

    		5.3 m5.2 m4.9 m4.6 m4.6 m4.2 m4.4 m2.9 m7 m

    Gross profit

    		74 m74.3 m74 m77.6 m78.1 m79.1 m85.2 m35.6 m76.9 m

    Gross profit Margin, %

    		93%93%94%94%94%95%95%93%92%
    show all
    Annual
    USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

    Cash

    		168.1 m143.3 m84.8 m83.2 m54.7 m

    Accounts Receivable

    Inventories

    PP&E

    		43.1 m40.2 m39.1 m
    Quarterly
    USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

    Cash

    		100.1 m160.7 m83.3 m102.4 m92.2 m94.7 m110.2 m42.4 m58.7 m

    PP&E

    		38.8 m39.7 m

    Goodwill

    		201.1 m201.1 m201.1 m201.1 m201.1 m221.5 m231.8 m29 m

    Total Assets

    		7.2 b7.1 b7.2 b7.4 b7.5 b7.7 b8 b2.8 b3.2 b
    show all
    Annual
    USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

    Net Income

    		50.3 m59.8 m65 m22.8 m20.5 m

    Depreciation and Amortization

    		8.5 m11 m12.3 m14.4 m

    Inventories

    Accounts Payable

    		838 k5.4 m
    Quarterly
    USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

    Net Income

    		39.7 m13.4 m28.1 m43.9 m9.5 m26.9 m45.5 m18.6 m39 m59.5 m20.7 m41.3 m9.2 m18 m

    Depreciation and Amortization

    		6.3 m2.7 m5.7 m8.5 m3.1 m6.4 m9.3 m2.9 m7.2 m10.7 m3.6 m7.5 m

    Accounts Payable

    		2.6 m1.4 m

    Cash From Operating Activities

    		115 m14.7 m30.6 m59.3 m7.4 m37.9 m62.1 m1.5 m14 m39.8 m37.4 m49.2 m6.9 m13.3 m
    show all
    USDY, 2018

    EV/EBIT

    		11.1 x

    EV/CFO

    		43.3 x

    EV/FCF

    		51.1 x

    Financial Leverage

    		9.6 x
    Show all financial metrics

    Independent Bank Corp Operating Metrics

    Independent Bank Corp's Total Loans was reported to be $1.8b in Q2, 2017.
    FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

    Bank Branches

    		70 62 62

    Non-accrual Loans

    		$15.23 m$14.59 m$12.27 m$15.83 m$10.61 m$10.43 m$10.80 m$10.08 m$13.36 m$9.01 m$8.54 m

    Non-performing Loans

    		$15.24 m$14.79 m$12.34 m$15.83 m$10.72 m$10.57 m$10.90 m$10.08 m$13.36 m$9.01 m$8.54 m

    Total Loans

    		$1.41 b$1.42 b$1.45 b$1.47 b$1.52 b$1.54 b$1.58 b$1.61 b$1.61 b$1.67 b$1.81 b
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    Competitors

    Univest Corporation of Pennsylvania
    Financial Services - Public
    Umpqua Holdings Corporation
    Financial Services - Public
    SI Financial Group
    Financial Services - Public
    Wayne Savings
    Financial Services - Public
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    Independent Bank Corp Online and Social Media Presence

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    Independent Bank Corp News and Updates

    September 20, 2018

    Independent Bank Corp. and Blue Hills Bancorp, Inc. Sign Merger Agreement for Rockland Trust Company to Acquire Blue Hills Bank

    Transaction Would Result in Rockland Trust Having Over $11 Billion in Assets and the Largest Massachusetts Deposit Share and Branch Presence of Any Bank Headquartered in State Transaction Would Result in Rockland Trust Having Over $11 Billion in Assets and the Largest Massachusetts Deposit Share and…
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    Independent Bank Corp Company Life and Culture

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