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Independent Bank Corp

OverviewSuggest Edit

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.

TypePublic
Founded1864
HQGrand Rapids, MI, USMap
Websiteindependentbank.com
Employee Ratings2.8More
Overall CultureBMore
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Latest Updates

Employees (est.) (Dec 2019)848(+3%)
Revenue (FY, 2019)$26 M(-4%)
Share Price (Jan 2021)$19.9
Cybersecurity ratingBMore

Key People/Management at Independent Bank Corp

William B. Kessel

William B. Kessel

Director, President and Chief Executive Officer
Stefanie M. Kimball

Stefanie M. Kimball

EVP - Chief Risk Officer
Robert N. Shuster

Robert N. Shuster

EVP & Chief Financial Officer
Patrick J. Ervin

Patrick J. Ervin

EVP - Mortgage Banking
William J. Boer

William J. Boer

Lead Independent Director
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Independent Bank Corp Office Locations

Independent Bank Corp has offices in Grand Rapids and Brighton
Grand Rapids, MI, US (HQ)
4200 E Beltline Ave NE
Brighton, MI, US
802 W Grand River Ave
Show all (2)

Independent Bank Corp Financials and Metrics

Independent Bank Corp Revenue

Independent Bank Corp's revenue was reported to be $25.95 m in FY, 2019
USD

Revenue (Q3, 2020)

6.6m

Net income (Q3, 2020)

19.6m

Market capitalization (21-Jan-2021)

435.1m

Closing stock price (21-Jan-2021)

19.9

Cash (30-Sept-2020)

46.6m

EV

395.5m
Independent Bank Corp's current market capitalization is $435.1 m.
Annual
USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Revenue

46.9m63.6m44.8m38.8m40.1m42.3m42.5m27.1m26.0m

Revenue growth, %

(42%)1%6%

Sales and marketing expense

2.5m2.5m2.4m2.2m2.1m1.9m1.9m2.2m2.5m

Operating expense total

11.1m9.2m9.3m8.8m8.2m7.6m8.3m9.8m10.9m
Quarterly
USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Revenue

12.5m9.3m14.6m13.0m14.5m11.1m13.0m9.8m9.0m10.1m10.5m9.0m11.0m10.1m7.8m9.6m11.7m10.3m10.4m10.3m6.3m6.8m6.9m6.0m6.5m6.8m6.2m5.1m6.6m

Sales and marketing expense

670.0k740.0k556.0k639.0k647.0k570.0k659.0k652.0k519.0k601.0k427.0k484.0k448.0k406.0k477.0k478.0k455.0k506.0k519.0k526.0k441.0k543.0k594.0k672.0k627.0k636.0k683.0k364.0k589.0k

Operating expense total

3.0m3.2m1.2m2.7m2.6m2.3m2.3m2.4m2.3m2.1m2.1m2.0m1.9m2.0m1.9m1.9m2.0m2.2m2.2m2.0m1.7m2.5m2.4m3.1m2.5m2.8m3.1m3.0m2.9m

Interest expense

5.7m4.4m3.6m3.4m3.3m2.4m2.3m2.3m1.8m1.8m1.9m1.5m1.4m1.5m1.6m1.6m1.7m1.9m2.0m2.5m2.9m4.1m4.8m6.4m6.8m6.9m5.4m3.3m3.1m
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Annual
USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Cash

341.1m179.8m119.1m74.0m85.8m83.2m54.7m70.2m65.3m

Accounts Receivable

1.5b1.4b1.3b1.4b1.5b2.0b2.6b2.7b

Inventories

PP&E

62.5m47.0m48.6m45.9m43.1m40.2m39.1m38.8m38.4m
Quarterly
USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Cash

320.8m355.8m352.8m419.8m460.5m221.6m140.4m130.9m131.9m105.5m65.5m101.6m58.3m105.2m144.7m61.0m114.3m69.8m59.8m47.6m42.4m58.7m53.2m71.6m55.1m82.4m70.3m55.8m46.6m

Accounts Receivable

1.6b1.6b1.5b1.4b1.4b1.4b1.3b1.3b1.3b1.3b1.4b1.4b1.4b1.4b1.5b1.6b1.6b1.7b1.8b1.9b2.0b2.4b2.5b2.6b2.7b2.7b2.7b2.8b2.8b

PP&E

65.6m64.1m63.4m50.8m47.1m47.4m47.5m47.9m47.9m46.8m46.2m45.2m44.2m43.4m42.1m41.0m40.4m39.5m39.4m38.8m38.8m39.7m39.0m38.0m37.7m37.4m37.8m37.0m36.5m

Goodwill

29.0m28.3m28.3m28.3m28.3m28.3m28.3m28.3m
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Annual
USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019

Net Income

(20.2m)26.2m77.5m18.0m20.0m22.8m20.5m39.8m46.4m

Depreciation and Amortization

(11.3m)7.6m(2.2m)3.0m4.6m5.2m7.0m7.0m6.1m

Cash From Operating Activities

35.4m29.4m52.1m13.1m24.0m24.0m38.6m44.9m34.0m

Purchases of PP&E

(2.6m)(5.3m)(8.4m)(4.3m)(4.4m)(3.5m)(4.2m)(3.9m)(4.9m)
Quarterly
USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Net Income

(7.4m)(11.5m)3.5m7.8m14.3m5.8m69.2m72.7m3.1m9.2m14.1m3.8m9.4m14.4m4.1m10.5m16.9m6.0m11.9m18.8m9.2m18.0m29.9m9.4m20.1m32.6m4.8m19.6m39.2m

Depreciation and Amortization

6.4m(9.3m)(1.3m)(2.4m)(3.5m)(1.0m)(1.7m)(2.2m)373.0k1.0m1.9m1.2m2.2m3.3m1.3m2.5m3.8m1.3m3.1m5.1m1.8m3.2m4.6m1.5m2.9m4.4m1.8m4.1m6.0m

Cash From Operating Activities

37.7m38.7m13.3m22.4m10.9m18.5m36.4m41.4m7.4m8.2m6.3m(2.3m)7.8m19.6m5.0m14.5m13.1m3.2m13.0m6.2m6.9m13.3m20.6m10.1m13.9m6.1m22.3m44.0m38.2m

Purchases of PP&E

(1.6m)(2.1m)(2.8m)(3.3m)(3.8m)(2.1m)(3.9m)(6.0m)(964.0k)(1.6m)(2.7m)(975.0k)(1.9m)(2.9m)(611.0k)(990.0k)(1.7m)(680.0k)(1.9m)(2.6m)(921.0k)(2.0m)(2.8m)(511.0k)(1.5m)(2.6m)(760.0k)(1.7m)(2.6m)
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USDQ2, 2011

Financial Leverage

20.3 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
Show all operating metrics

Independent Bank Corp Cybersecurity Score

Cybersecurity ratingPremium dataset

B

83/100

Learn more about our premium products
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Independent Bank Corp Online and Social Media Presence

Independent Bank Corp's Trends

Embed Graph

Independent Bank Corp Company Culture

  • Overall Culture

    B

    78/100

  • CEO Rating

    B

    74/100

  • Compensation

    A-

    81/100

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Independent Bank Corp Blogs

January 12, 2021

Independent Bank’s Million Dollar Pledge for Low-Income Communities to Spur Neighborhood Stability

Independent Bank is excited to announce the launch of their new My Home Reward Program, in which eligible home purchase or refinance applicants in low-income neighborhoods could pay zero closing costs.*
December 22, 2020

Email Scams

Be aware of these 6 signs
December 22, 2020

Mortgage Refinance Options

4 Different types to check out
December 22, 2020

Business Advice

How to be a better negotiator 
December 22, 2020

Paying Off Your Mortgage vs. Saving for Retirement

Which one is more important?
December 22, 2020

Reducing Money Stress

Tips for the New Year
Show more

 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 William B. Kessel, Stefanie M. Kimball and Robert N. Shuster.

  • How many employees does Independent Bank Corp have?

    Independent Bank Corp has 848 employees.

  • What is Independent Bank Corp revenue?

    Latest Independent Bank Corp annual revenue is $26 m.

  • What is Independent Bank Corp revenue per employee?

    Latest Independent Bank Corp revenue per employee is $30.6 k.

  • Who are Independent Bank Corp competitors?

    Competitors of Independent Bank Corp include Plumas, BancFirst and Univest Corporation of Pennsylvania.

  • Where is Independent Bank Corp headquarters?

    Independent Bank Corp headquarters is located at 4200 E Beltline Ave NE, Grand Rapids.

  • Where are Independent Bank Corp offices?

    Independent Bank Corp has offices in Grand Rapids and Brighton.

  • How many offices does Independent Bank Corp have?

    Independent Bank Corp has 2 offices.