Independent Bank Corp

Financial Services auto loans banks finance provider holding company insurance investment management lending mobile mortgages

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(2018-06-22)

$634 M

Total Loans(Q2, 2017)

$1.8 B

Type

Public

Grand Rapids, US

Founded

1864

Size (employees)

1,103 (est)+50%

Website

independentbank.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

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Independent Bank Corp Financials and Metrics

Independent Bank Corp Financials

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.

Summary

USD
Revenue (Q1, 2018)	38.5 m
Gross profit (Q1, 2018)	35.6 m
Gross profit margin (Q1, 2018), %	92.6%
Net income (Q1, 2018)	9.2 m
EBIT (Q1, 2018)	23.6 m
Market capitalization (22-Jun-2018)	634 m
Closing share price (22-Jun-2018)	26.3
Cash (31-Mar-2018)	42.4 m
EV	627.2 m

Independent Bank Corp's current market capitalization is $634 m.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	119.3 m	121 m	128.8 m
Revenue growth, %	(42%)	1%	6%
Cost of goods sold			6.9 m	9.1 m
Gross profit			121.9 m

Quarterly

USD	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Revenue	79.3 m	79.5 m	78.9 m	82.3 m	82.7 m	83.3 m	89.5 m	38.5 m
Cost of goods sold	5.3 m	5.2 m	4.9 m	4.6 m	4.6 m	4.2 m	4.4 m	2.9 m
Gross profit	74 m	74.3 m	74 m	77.6 m	78.1 m	79.1 m	85.2 m	35.6 m
Gross profit Margin, %	93%	93%	94%	94%	94%	95%	95%	93%

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	168.1 m	143.3 m	84.8 m	83.2 m	54.7 m
Accounts Receivable
Inventories
PP&E			43.1 m	40.2 m	39.1 m

Quarterly

USD	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Cash	100.1 m	160.7 m	83.3 m	102.4 m	92.2 m	94.7 m	110.2 m	42.4 m
PP&E								38.8 m
Goodwill	201.1 m	201.1 m	201.1 m	201.1 m	201.1 m	221.5 m	231.8 m
Total Assets	7.2 b	7.1 b	7.2 b	7.4 b	7.5 b	7.7 b	8 b	2.8 b

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Cash Flow

Annual

USD	FY, 2013	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	50.3 m	59.8 m	65 m	22.8 m	20.5 m
Depreciation and Amortization	8.5 m	11 m	12.3 m	14.4 m
Inventories
Accounts Payable				838 k	5.4 m

Quarterly

USD	Q3, 2013	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q1, 2018
Net Income	39.7 m	13.4 m	28.1 m	43.9 m	9.5 m	26.9 m	45.5 m	18.6 m	39 m	59.5 m	20.7 m	41.3 m	9.2 m
Depreciation and Amortization	6.3 m	2.7 m	5.7 m	8.5 m	3.1 m	6.4 m	9.3 m	2.9 m	7.2 m	10.7 m	3.6 m	7.5 m
Accounts Payable									2.6 m	1.4 m
Cash From Operating Activities	115 m	14.7 m	30.6 m	59.3 m	7.4 m	37.9 m	62.1 m	1.5 m	14 m	39.8 m	37.4 m	49.2 m	6.9 m

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Ratios

USD	Y, 2018
EV/EBIT	26.6 x
EV/CFO	91.1 x
EV/FCF	105.1 x
Financial Leverage	10.4 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.

	FY, 2014	Q1, 2015	Q2, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 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