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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.

    Revenue(FY, 2017)
    $140.8 M
    Market capitalization(2018-12-14)
    $502.8 M
    Total Loans(Q2, 2017)
    $1.8 B

    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
    Show more

    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
    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 $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%
    show all
    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
    show all
    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
    show all
    USDY, 2018

    EV/EBIT

    		9.3 x

    EV/CFO

    		36.4 x

    EV/FCF

    		42.9 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

    BancFirst
    Financial Services - Public
    Umpqua Holdings
    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

    Embed Graph
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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 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

    December 07, 2018

    Holiday Card Hacks

    4 Tips to save you money  
    November 30, 2018

    Reddit Announces Data Breach

    What you need to know
    November 30, 2018

    Cord-Cutters

    Does embracing streaming technology save you money?
    November 30, 2018

    Hosting a Holiday Meal

    Budget-friendly appetizers that are sure to impress
    November 20, 2018

    Buying a Second Home

    Everything you need to know
    November 20, 2018

    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.