Independent Bank Corporation is a Michigan-based bank holding company with total assets of approximately $4.2 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
Company profile
Ticker
IBCP
Exchange
Website
CEO
William Bradford Kessel
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
INDEPENDENT BANK CORPORATION • IBC Capital Finance • IB Advisory Services, Inc. • Independent Title Services, Inc. ...
IRS number
382032782
IBCP stock data
Latest filings (excl ownership)
ARS
2022 FY
Annual report to shareholders
6 Mar 23
DEFA14A
Additional proxy soliciting materials
3 Mar 23
DEF 14A
Definitive proxy
3 Mar 23
10-K
2022 FY
Annual report
3 Mar 23
8-K
Results of Operations and Financial Condition
26 Jan 23
10-Q
2022 Q3
Quarterly report
4 Nov 22
8-K
Results of Operations and Financial Condition
25 Oct 22
10-Q
2022 Q2
Quarterly report
5 Aug 22
8-K
Results of Operations and Financial Condition
26 Jul 22
10-Q
2022 Q1
Quarterly report
5 May 22
Transcripts
IBCP
Earnings call transcript
2022 Q4
26 Jan 23
IBCP
Earnings call transcript
2022 Q2
26 Jul 22
IBCP
Earnings call transcript
2022 Q1
26 Apr 22
IBCP
Earnings call transcript
2021 Q4
27 Jan 22
IBCP
Earnings call transcript
2021 Q3
26 Oct 21
IBCP
Earnings call transcript
2021 Q2
1 Aug 21
IBCP
Earnings call transcript
2021 Q1
27 Apr 21
IBCP
Earnings call transcript
2020 Q4
28 Jan 21
IBCP
Earnings call transcript
2020 Q3
27 Oct 20
IBCP
Earnings call transcript
2020 Q2
28 Jul 20
Latest ownership filings
Financial summary
| Quarter (USD) | Dec 22 | Sep 22 | Jun 22 | Mar 22 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Cost of revenue | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income | |||||
| Net profit margin | |||||
| Cash on hand | |||||
| Change in cash | |||||
| Diluted EPS |
| Annual (USD) | Dec 22 | Dec 21 | Dec 20 | Dec 19 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Cost of revenue | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income | |||||
| Net profit margin | |||||
| Cash on hand | |||||
| Change in cash | |||||
| Diluted EPS |
| Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
|---|---|---|---|---|---|---|
| Cash on hand (at last report) | 74.37 mm | 74.37 mm | 74.37 mm | 74.37 mm | 74.37 mm | 74.37 mm |
| Cash burn (monthly) | (no burn) | 2.93 mm | (no burn) | (no burn) | 245.33 k | (no burn) |
| Cash used (since last report) | n/a | 8.05 mm | n/a | n/a | 675.48 k | n/a |
| Cash remaining | n/a | 66.32 mm | n/a | n/a | 73.70 mm | n/a |
| Runway (months of cash) | n/a | 22.7 | n/a | n/a | 300.4 | n/a |
Institutional ownership, Q4 2022
81.0% owned by funds/institutions
| 13F holders | Current |
|---|---|
| Total holders | 127 |
| Opened positions | 20 |
| Closed positions | 12 |
| Increased positions | 39 |
| Reduced positions | 50 |
| 13F shares | Current |
|---|---|
| Total value | 358.50 bn |
| Total shares | 17.07 mm |
| Total puts | 500.00 |
| Total calls | 3.40 k |
| Total put/call ratio | 0.1 |
| Largest owners | Shares | Value |
|---|---|---|
| BLK Blackrock | 3.05 mm | $72.88 bn |
| FJ Capital Management | 1.33 mm | $31.83 bn |
| Vanguard | 1.03 mm | $24.70 bn |
| Dimensional Fund Advisors | 851.62 k | $20.37 mm |
| FMR | 645.82 k | $15.45 bn |
| LSV Asset Management | 628.60 k | $15.04 mm |
| STT State Street | 588.58 k | $14.08 bn |
| Renaissance Technologies | 573.30 k | $13.71 bn |
| JPM JPMorgan Chase & Co. | 504.70 k | $12.07 bn |
| Manufacturers Life Insurance Company, The | 479.10 k | $11.46 bn |
Recent insider trades
| Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|---|
| 16 Mar 23 | Christina Keller | Common Stock | Buy | Acquire P | Yes | No | 18.9443 | 660 | 12.50 k | 8,963 |
| 28 Feb 23 | James J Twarozynski | Common Stock | Sell | Dispose S | No | No | 22.32 | 1,287 | 28.73 k | 9,109 |
| 28 Feb 23 | James J Twarozynski | Common Stock | Sell | Dispose S | No | No | 22.31 | 263 | 5.87 k | 10,396 |
| 28 Feb 23 | James J Twarozynski | Common Stock | Sell | Dispose S | No | No | 22.3 | 316 | 7.05 k | 10,659 |
| 28 Feb 23 | James J Twarozynski | Common Stock | Sell | Dispose S | No | No | 22.27 | 134 | 2.98 k | 10,975 |
| 28 Feb 23 | James J Twarozynski | Common Stock | Option exercise | Acquire M | No | No | 6.42 | 2,000 | 12.84 k | 11,109 |
| 28 Feb 23 | James J Twarozynski | NQSO Common Stock | Option exercise | Dispose M | No | No | 6.42 | 2,000 | 12.84 k | 0 |
| 6 Feb 23 | Kessel William B | Common Stock | Grant | Acquire A | No | No | 0 | 6,431 | 0.00 | 136,367 |
| 6 Feb 23 | Kessel William B | Performance Right Common Stock | Grant | Acquire A | No | No | 0 | 6,431 | 0.00 | 6,431 |
| 6 Feb 23 | Larry R Daniel Jr | Common Stock | Grant | Acquire A | No | No | 0 | 2,371 | 0.00 | 21,507.46 |
News
Tuesday Is Your Last Chance To Buy Independent Bank Before The Dividend Payout
10 Feb 23
Independent Bank Corporation Announces 5% Increase In Quarterly Cash Dividend From $0.22 To $0.23
6 Feb 23
Independent Bank Q4 EPS $0.71 Misses $0.73 Estimate
26 Jan 23
Earnings Scheduled For January 26, 2023
26 Jan 23
Earnings Preview For Independent Bank
25 Jan 23