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.

Employee Rating

2.5More
TypePublic
HQGrand Rapids, US
Founded1864
Size (employees)1,108 (est)
Websiteindependentbank.com
Independent Bank Corp was founded in 1864 and is headquartered in Grand Rapids, US
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Key People/Management at Independent Bank Corp

Molly Vanderhorn

Molly Vanderhorn

Assistant Vice President
Cazber Wolever

Cazber Wolever

Assistant Vice President
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Independent Bank Corp Office Locations

Independent Bank Corp has offices in Grand Rapids, White Cloud, West Bloomfield Township, Unionville 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
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Independent Bank Corp Financials and Metrics

Independent Bank Corp Revenue

Independent Bank Corp's revenue was reported to be $140.84 m in FY, 2017
USD

Revenue (Q2, 2018)

83.9m

Gross profit (Q2, 2018)

76.9m

Gross profit margin (Q2, 2018), %

91.7%

Net income (Q2, 2018)

18.0m

EBIT (Q2, 2018)

52.0m

Market capitalization (14-Dec-2018)

502.8m

Closing stock price (14-Dec-2018)

20.9

Cash (30-Jun-2018)

58.7m

EV

483.5m
Independent Bank Corp's current market capitalization is $502.8 m.
Annual
USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

132.0m119.3m121.0m128.8m140.8m

Revenue growth, %

(42%)1%6%

Cost of goods sold

9.2m5.9m6.9m9.1m

Gross profit

122.8m115.1m121.9m131.7m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

79.3m79.5m29.2m30.8m33.5m83.3m34.0m35.7m38.5m83.9m

Cost of goods sold

5.3m5.2m1.6m1.6m1.7m4.2m2.0m2.5m2.9m7.0m

Gross profit

74.0m74.3m27.6m29.2m31.7m79.1m31.9m33.2m35.6m76.9m

Gross profit Margin, %

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

Cash

119.1m143.3m85.8m83.2m54.7m

Accounts Receivable

Inventories

PP&E

48.6m43.1m40.2m39.1m
Quarterly
USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

100.1m160.7m144.7m61.0m114.3m94.7m59.8m47.6m42.4m58.7m

PP&E

42.1m41.0m40.4m39.4m38.8m38.8m39.7m

Goodwill

201.1m201.1m201.1m201.1m201.1m221.5m231.8m29.0m

Total Assets

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

Net Income

50.3m59.8m20.0m22.8m20.5m

Depreciation and Amortization

8.5m11.0m12.3m14.4m

Inventories

Accounts Payable

838.0k5.4m
Quarterly
USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

39.7m13.4m28.1m43.9m9.5m26.9m45.5m4.1m10.5m16.9m20.7m11.9m18.8m9.2m18.0m

Depreciation and Amortization

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

Accounts Payable

2.6m1.4m

Cash From Operating Activities

115.0m14.7m30.6m59.3m7.4m37.9m62.1m5.0m14.5m13.1m37.4m13.0m6.2m6.9m13.3m
USDY, 2018

EV/EBIT

9.3 x

EV/CFO

36.4 x

EV/FCF

42.9 x

Financial Leverage

9.6 x
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Independent Bank Corp Operating Metrics

Independent Bank Corp's Total Loans was reported to be $1.8b in Q2, 2017.
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Independent Bank Corp Online and Social Media Presence

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Independent Bank Corp News and Updates

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

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 Blogs

Holiday Card Hacks

4 Tips to save you money  

Reddit Announces Data Breach

What you need to know

Cord-Cutters

Does embracing streaming technology save you money?

Hosting a Holiday Meal

Budget-friendly appetizers that are sure to impress

Buying a Second Home

Everything you need to know

Employee Gifts

Does boosting morale belong in your budget?
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Independent Bank Corp Company Life and Culture

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Independent Bank Corp Frequently Asked Questions

  • When was Independent Bank Corp founded?

    Independent Bank Corp was founded in 1864.

  • Who are Independent Bank Corp key executives?

    Independent Bank Corp's key executives are Molly Vanderhorn and Cazber Wolever.

  • How many employees does Independent Bank Corp have?

    Independent Bank Corp has 1,108 employees.

  • What is Independent Bank Corp revenue?

    Latest Independent Bank Corp annual revenue is $140.8 m.

  • What is Independent Bank Corp revenue per employee?

    Latest Independent Bank Corp revenue per employee is $127.1 k.

  • Who are Independent Bank Corp competitors?

    Competitors of Independent Bank Corp include BancFirst, Umpqua Holdings and SI Financial Group.

  • Where is Independent Bank Corp headquarters?

    Independent Bank Corp headquarters is located at 4200 East Beltline , Grand Rapids.

  • Where are Independent Bank Corp offices?

    Independent Bank Corp has offices in Grand Rapids, White Cloud, West Bloomfield Township, Unionville and in 58 other locations.

  • How many offices does Independent Bank Corp have?

    Independent Bank Corp has 78 offices.