Independent Bank (IBCP)


Market Price (11/6/2026): $36.33 | Market Cap: $802.1 MilSector: Financials | Industry: Regional Banks

Independent Bank (IBCP)


Market Price (11/6/2026): $36.33
Market Cap: $802.1 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 5.4%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%

Low stock price volatility
Vol 12M is 23%

Megatrend and thematic drivers
Megatrends include Community & Regional Banking. Themes include Local Small Business Lending, Community Development Initiatives, and Personalized Financial Services.

Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%

Weak multi-year price returns
2Y Excs Rtn is -16%

Key risks
IBCP key risks include [1] interest rate risk and [2] deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 5.4%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -48%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%
3 Low stock price volatility
Vol 12M is 23%
4 Megatrend and thematic drivers
Megatrends include Community & Regional Banking. Themes include Local Small Business Lending, Community Development Initiatives, and Personalized Financial Services.
5 Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%
6 Weak multi-year price returns
2Y Excs Rtn is -16%
7 Key risks
IBCP key risks include [1] interest rate risk and [2] deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans.

IBCP in ETFs

Weight = IBCP's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
SCHD0.02%
VIG0.00%
KRE0.24%
AVUV0.08%
ESML0.08%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Independent Bank (IBCP) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Mixed Third Quarter 2026 Financial Performance with Elevated Credit Loss Provisions. Independent Bank Corporation reported Q3 2026 net income of $17.9 million, or $0.80 per diluted share, which was a slight increase in net income from $17.5 million in the prior-year period but a decrease in diluted EPS from $0.84. Excluding merger-related expenses, adjusted net income was $20.6 million, or $0.92 per diluted share. However, this adjusted EPS missed the consensus estimate of $0.9480. Furthermore, the provision for credit losses significantly increased to $4.8 million in fiscal Q3 2026, compared to $2.0 million in fiscal Q3 2025, largely due to specific commercial credits, which also led to an rise in nonperforming loans to $39.2 million.

2. Ongoing Integration of Highpoint Community Bank. The acquisition of HCB Financial Corp. (Highpoint Community Bank) was completed on July 1, 2026, immediately impacting Independent Bank's balance sheet with approximately $557 million in average earning assets, $366.7 million in loans, and $543.5 million in deposits. While the acquisition drove significant growth in average interest-earning assets and overall loan and deposit figures for fiscal Q3 2026, the full system integration was still in progress, with an anticipated completion date of November 9, 2026. This ongoing integration, while strategically positive, may have introduced a degree of investor caution until its successful completion and the realization of full cost savings, which are projected to reflect in fiscal 2027.

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Updated on 11/1/2026

Independent Bank (IBCP) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Mixed Third Quarter 2026 Financial Performance with Elevated Credit Loss Provisions. Independent Bank Corporation reported Q3 2026 net income of $17.9 million, or $0.80 per diluted share, which was a slight increase in net income from $17.5 million in the prior-year period but a decrease in diluted EPS from $0.84. Excluding merger-related expenses, adjusted net income was $20.6 million, or $0.92 per diluted share. However, this adjusted EPS missed the consensus estimate of $0.9480. Furthermore, the provision for credit losses significantly increased to $4.8 million in fiscal Q3 2026, compared to $2.0 million in fiscal Q3 2025, largely due to specific commercial credits, which also led to an rise in nonperforming loans to $39.2 million.

2. Ongoing Integration of Highpoint Community Bank. The acquisition of HCB Financial Corp. (Highpoint Community Bank) was completed on July 1, 2026, immediately impacting Independent Bank's balance sheet with approximately $557 million in average earning assets, $366.7 million in loans, and $543.5 million in deposits. While the acquisition drove significant growth in average interest-earning assets and overall loan and deposit figures for fiscal Q3 2026, the full system integration was still in progress, with an anticipated completion date of November 9, 2026. This ongoing integration, while strategically positive, may have introduced a degree of investor caution until its successful completion and the realization of full cost savings, which are projected to reflect in fiscal 2027.

3. Net Interest Margin Expansion Offset by Declines in Mortgage Loan Income. The company achieved strong net interest income growth, increasing by $7.4 million, or 15.4%, from fiscal Q2 2026 and 21.8% year-over-year to $55.3 million in fiscal Q3 2026. This was driven by an expanding net interest margin, which rose to 3.79% (GAAP) for fiscal Q3 2026, a 12 basis point increase from the prior quarter. On a fully tax-equivalent basis, the net interest margin was 3.82%, an 11 basis point increase from fiscal Q2 2026. However, this positive trend in core banking income was partially counteracted by a decrease in non-interest income, specifically net gains on mortgage loans, which totaled $1.0 million in fiscal Q3 2026, down from $1.7 million in fiscal Q2 2026, primarily due to unfavorable fair value adjustments.

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Stock Movement Drivers

Fundamental Drivers

The -3.5% change in IBCP stock from 7/31/2026 to 11/5/2026 was primarily driven by a -7.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)731202611052026Change
Stock Price ($)37.6436.33-3.5%
Change Contribution By: 
Total Revenues ($ Mil)2232439.0%
Net Income Margin (%)31.3%29.7%-5.2%
P/E Multiple11.111.20.6%
Shares Outstanding (Mil)2122-7.1%
Cumulative Contribution-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
IBCP-3.5% 
Market (SPY)-1.9%23.5%
Sector (XLF)1.0%55.9%

Fundamental Drivers

The 12.0% change in IBCP stock from 4/30/2026 to 11/5/2026 was primarily driven by a 14.1% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)32.4536.3312.0%
Change Contribution By: 
Total Revenues ($ Mil)21824311.3%
Net Income Margin (%)31.4%29.7%-5.5%
P/E Multiple9.811.214.1%
Shares Outstanding (Mil)2122-6.8%
Cumulative Contribution12.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
IBCP12.0% 
Market (SPY)2.3%9.2%
Sector (XLF)10.7%48.7%

Fundamental Drivers

The 25.1% change in IBCP stock from 10/31/2025 to 11/5/2026 was primarily driven by a 19.8% change in the company's P/E Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)29.0536.3325.1%
Change Contribution By: 
Total Revenues ($ Mil)21624312.4%
Net Income Margin (%)30.0%29.7%-0.9%
P/E Multiple9.311.219.8%
Shares Outstanding (Mil)2122-6.3%
Cumulative Contribution25.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
IBCP25.1% 
Market (SPY)8.4%22.4%
Sector (XLF)11.1%49.7%

Fundamental Drivers

The 103.1% change in IBCP stock from 10/31/2023 to 11/5/2026 was primarily driven by a 78.3% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)17.8936.33103.1%
Change Contribution By: 
Total Revenues ($ Mil)20524318.6%
Net Income Margin (%)29.4%29.7%1.1%
P/E Multiple6.311.278.3%
Shares Outstanding (Mil)2122-4.9%
Cumulative Contribution103.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
IBCP103.1% 
Market (SPY)81.3%39.9%
Sector (XLF)85.5%59.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IBCP Return34%4%14%38%-3%15%146%
Peers Return37%-9%8%20%11%22%120%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
IBCP Win Rate58%42%58%42%42%55% 
Peers Win Rate68%42%50%55%57%58% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
IBCP Max Drawdown-19%-29%-36%-13%-24%-13% 
Peers Max Drawdown-18%-29%-37%-16%-25%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HBAN, FITB, SRCE, HBNC, MBWM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventIBCPS&P 500
2025 US Tariff Shock
  % Loss-19.2%-18.8%
  % Gain to Breakeven23.8%23.1%
  Time to Breakeven90 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.0%-9.5%
  % Gain to Breakeven11.1%10.5%
  Time to Breakeven18 days24 days
2023 SVB Regional Banking Crisis
  % Loss-31.2%-6.7%
  % Gain to Breakeven45.3%7.1%
  Time to Breakeven187 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.4%-24.5%
  % Gain to Breakeven32.3%32.4%
  Time to Breakeven147 days427 days
2020 COVID-19 Crash
  % Loss-55.6%-33.7%
  % Gain to Breakeven125.3%50.9%
  Time to Breakeven338 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.2%-19.2%
  % Gain to Breakeven18.0%23.8%
  Time to Breakeven802 days105 days

Compare to HBAN, FITB, SRCE, HBNC, MBWM

In The Past

Independent Bank's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIBCPS&P 500
2023 SVB Regional Banking Crisis
  % Loss-31.2%-6.7%
  % Gain to Breakeven45.3%7.1%
  Time to Breakeven187 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.4%-24.5%
  % Gain to Breakeven32.3%32.4%
  Time to Breakeven147 days427 days
2020 COVID-19 Crash
  % Loss-55.6%-33.7%
  % Gain to Breakeven125.3%50.9%
  Time to Breakeven338 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.2%-17.9%
  % Gain to Breakeven30.3%21.8%
  Time to Breakeven176 days123 days

Compare to HBAN, FITB, SRCE, HBNC, MBWM

In The Past

Independent Bank's stock fell -19.2% during the 2025 US Tariff Shock. Such a loss loss requires a 23.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Independent Bank (IBCP)

Independent Bank Corporation (IBCP) operates as a bank holding company for Independent Bank, offering a comprehensive suite of banking services to individuals and businesses. Its core services encompass a variety of checking and savings accounts, commercial lending for businesses, and both direct and indirect consumer financing, as well as mortgage lending for individuals. The bank also provides essential modern banking access through automatic teller machines, internet, and mobile banking services.

Beyond traditional deposit and lending products, IBCP diversifies its offerings to include title insurance, insurance brokerage, and investment services. The company primarily serves customers in Michigan through an extensive network of 59 branches, two drive-thru facilities, and seven loan production offices. Additionally, it extends its reach into Ohio with two loan production offices. Founded in 1864 and based in Grand Rapids, Michigan, Independent Bank is a well-established regional financial institution.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Independent Bank (IBCP):

  • A regional Chase Bank, serving primarily Michigan and parts of Ohio.

  • Think of it as a smaller, Michigan-focused PNC Bank, offering a full suite of banking, insurance, and investment services.

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  • Deposit Accounts: Provides various checking and savings accounts for individuals and businesses.
  • Lending Services: Offers commercial, direct and indirect consumer, and mortgage loans to meet diverse financing needs.
  • Digital Banking & ATM Services: Facilitates convenient banking through automatic teller machines, internet, and mobile platforms.
  • Safe Deposit Boxes: Rents secure physical storage for valuable items.
  • Title Insurance: Provides insurance coverage against losses due to defects in property titles.
  • Insurance Brokerage: Offers a range of insurance products and services through its brokerage operations.
  • Investment Services: Provides financial planning and wealth management solutions to clients.

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Independent Bank (IBCP) sells primarily to individuals and businesses rather than a few major corporate customers. Its services are diversified across a broad client base. The major categories of customers it serves are:

  1. Individual Consumers: This category includes individuals who utilize the bank's services for personal financial needs such as checking and savings accounts, mortgage lending, and direct and indirect consumer financing.
  2. Businesses: This category encompasses various businesses, ranging from small to medium-sized enterprises, that utilize Independent Bank for commercial lending, business checking and savings accounts, and other business banking services.
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William B. Kessel President & Chief Executive Officer

William B. Kessel joined Independent Bank Corporation (IBCP) in 1994. He has served as President since April 1, 2011, and as Chief Operating Officer from 2007 to 2011. Mr. Kessel was appointed CEO on January 1, 2013, though some sources indicate May 2013. Before joining IBCP, he worked for a regional certified public accounting firm. He possesses over 30 years of experience in the financial services industry. Under his leadership, Independent Bank has spearheaded several key acquisitions, including Traverse City State Bank (TCSB Bancorp, Inc.) and various branch acquisitions.

Gavin A. Mohr EVP — Chief Financial Officer

Gavin A. Mohr was appointed Executive Vice President and Chief Financial Officer on September 14, 2020. Prior to his role at Independent Bank Corporation, Mr. Mohr served as Chief Financial Officer of Star Financial Bank in Fort Wayne, Indiana.

Stefanie M. Kimball EVP — Chief Risk Officer

Stefanie M. Kimball was appointed EVP and Chief Risk Officer in September 2012. She joined Independent Bank Corporation in April 2007 as Executive Vice President - Commercial Lending. Before her tenure at Independent Bank, Ms. Kimball spent 25 years with Comerica Incorporated, where her most recent position was Senior Vice President - Credit Strategies and Solutions.

Michael J. Stodolak EVP – Retail Banking

Michael J. Stodolak has held various positions with Independent Bank, including his current role as Executive Vice President, Retail Banking. He joined the bank over 25 years ago, where he was responsible for leading the retail network and Consumer Lending program.

Chris Michaels EVP & Chief Operating Officer

Chris Michaels joined Independent Bank in February 2012. He began his career at the bank in Information Technology and was appointed Senior Vice President and Chief Information Officer in January 2020. In his current capacity as EVP and Chief Operating Officer, Mr. Michaels is responsible for leading enterprise-wide initiatives focused on operational efficiency, customer experience, and scalable growth.

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Key Risks to Independent Bank (IBCP)

  1. Regulatory and Economic Risks: Independent Bank faces significant risks from broad economic conditions, including interest rate volatility, inflation, and general macroeconomic events. The bank's revenue is heavily reliant on interest income, making it particularly vulnerable to fluctuations in interest rates, which can significantly impact net interest margins and overall profitability. For instance, a slowdown in GDP growth and falling interest rates can pressure net interest margins. Changes in regulatory policies and a highly competitive financial services landscape, including competition from larger banks, credit unions, and fintech companies, also pose ongoing threats to the bank's financial performance and ability to attract and retain customers.
  2. Credit Risk: The bank is exposed to credit risk, which includes the potential for deterioration in the credit quality of its loan portfolios and a rise in non-performing loans. This is particularly relevant given its exposure to regional economic conditions in Michigan and the broader macroeconomic environment. Commercial credit risk, in particular, is increasing due to sustained higher interest rates and economic uncertainty, with specific pockets of risk identified in certain commercial real estate property types. An increase in non-performing assets has been noted, driven by specific commercial relationships, highlighting potential vulnerabilities in its loan portfolio.
  3. Cybersecurity and Operational Risks: Independent Bank, like all financial institutions, is highly susceptible to cybersecurity threats and operational disruptions. The bank collects, transmits, and stores large amounts of sensitive customer data, making it a target for sophisticated cyber-attacks, intrusions, and fraud. Failure to effectively manage these risks could lead to significant financial losses, reputational damage, and increased legal and compliance costs. The increasing speed of risk and evolving cyber threats necessitate robust operational resilience and risk management practices.

AI Analysis | Feedback

The clear emerging threat to Independent Bank (IBCP) is the continued rise and adoption of **digital-only banks (neobanks) and specialized fintech lenders**. These competitors offer banking services, including checking and savings accounts, consumer financing, and mortgage lending, with lower overhead costs due to a lack of physical branches. This allows them to offer more competitive rates (e.g., higher interest on savings, lower fees) and often a superior, more convenient mobile-first digital experience, directly challenging IBCP's traditional branch-based model for attracting deposits and originating loans.

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Addressable Markets for Independent Bank (IBCP)

Independent Bank Corporation (IBCP) operates primarily in Michigan and Ohio, offering a range of banking, lending, and investment services. The addressable market sizes for its main products and services in these regions are as follows:

  • Commercial Lending: The market size for the Commercial Banking industry in Michigan is projected to be $23.6 billion in 2026. While specific aggregate market figures for commercial lending in Ohio were not readily available, the commercial banking industry in Ohio has been experiencing an average annual growth rate of 7.1% from 2020 to 2025. Ohio's financial services economy, which includes banking, has a gross domestic product of $52 billion.
  • Deposits (Checking and Savings Accounts): The total deposits in all banks in Michigan amounted to approximately $311 billion in 2024. In Ohio, the overall deposit market was approximately $565.32 billion in 2025.
  • Mortgage Lending: Mortgage lenders in Michigan collectively originated $54.5 billion in volume in 2022. Data for the total mortgage lending market size in Ohio was not available.
  • Investment Services (Portfolio Management & Investment Advice): The market size for the Portfolio Management & Investment Advice industry in Michigan is projected to be $5.0 billion in 2026. For Ohio, this market is estimated at $9.4 billion in 2026.
  • Other Products/Services: For direct and indirect consumer financing, safe deposit box services, title insurance, and insurance brokerage, a clear aggregate addressable market size in currency for the specified regions could not be identified from the available information, thus these are returned as null.

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Independent Bank Corporation (IBCP) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Loan Growth, particularly Commercial and Mortgage Lending: Independent Bank anticipates mid-to-high single-digit loan growth, specifically targeting a full-year growth rate of 6% to 8% in 2024, with expectations for continued mid-single-digit growth in 2026 (4.5% to 5.5%). This growth is expected to be led by commercial and mortgage loans. Commercial lending, in particular, has been a strong performer, with a reported 14.2% year-over-year expansion in commercial balances in 2025. The focus on new commercial clients that also bring deposits to the bank supports this initiative.
  2. Net Interest Margin (NIM) Expansion: The company projects net interest margin expansion, with expectations for NIM to increase by 10 to 15 basis points in 2024 compared to 2023, primarily due to increasing yields on earning assets. Further expansion is targeted for 2026, with an expected increase of 18-23 basis points for the full year, driven by funding mix improvements and disciplined asset pricing. Management anticipates quarterly NIM expansion of 5-7 basis points in Q1 2026, followed by 3-5 basis points in subsequent quarters.
  3. Net Interest Income (NII) Growth: Directly linked to loan growth and NIM expansion, Independent Bank forecasts net interest income growth. The company projected a NII growth rate of 6% to 8% for full-year 2024 and further expects NII to increase by 7% to 8% over full-year 2025.
  4. Growth in Non-Interest Income: Independent Bank aims to increase non-interest income. For full-year 2024, non-interest income saw an increase of 11.2%. For 2026, the company forecasts quarterly non-interest income in the range of $11.3 million to $12.3 million, representing a full-year increase of 3% to 4% from 2025 actuals. This includes assumptions for mortgage loan servicing net.
  5. Strategic Initiatives and Market Expansion: Independent Bank is implementing strategic initiatives to foster growth. These include focusing on outside sales and relationship banking, enhancing inside service and sales through collaboration, leveraging digital marketing for customer experience, and utilizing referral networks (like Fintech ReferLive). The bank also plans to launch new products, such as SMB deposit products and business digital payments, and expand its market reach through its existing indirect dealer network. Talent acquisition is also cited as strengthening its community bank franchise.

AI Analysis | Feedback

Independent Bank Corporation (IBCP) has made several capital allocation decisions over the last 3-5 years, primarily focusing on share repurchases.

Share Repurchases

  • The company authorized a 2026 share repurchase plan to buy back up to 1,100,000 shares, representing approximately 5% of its common stock, effective through December 31, 2026.
  • Independent Bank Corporation also authorized a 2025 share repurchase plan for up to 1,100,000 shares, equivalent to about 5% of its common stock.
  • For the full year 2025, the company repurchased 407,113 shares of its common stock at an aggregate cost of $12.4 million.

Share Issuance

  • No significant common stock issuances to raise capital were reported over the last 3-5 years.

Outbound Investments

  • The company has indicated a strategic initiative for "selective and opportunistic bank and branch acquisitions."

Capital Expenditures

  • Independent Bank Corporation requires liquidity to fund various obligations, including capital expenditures.
  • Capital expenditure focus areas include "Branch Optimization" and "Invest in technology."
  • Expected increases in non-interest expenses for 2026 are primarily driven by compensation and employee benefits, data processing, loan and collections, and occupancy.

Peer Outperformance in Regional Banks

IBCP has outperformed 77% of its 262 Regional Banks peers over 5Y. Among the peers that beat it are FBP, BPOP and OFG. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that IBCP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
32%
of 281 industry peers · 21.6% return
3Y
51%
of 273 industry peers · 88.3% return
5Y
77%
of 262 industry peers · 82.5% return
Regional Banks peers with revenue growth within 4pp of IBCP's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
IBCP Independent Bank 6.2% 11.2x 21.6%88.3%82.5% —
FBP First BanCorp 2.9% 10.7x 33.9%101.1%117.2% +35pp
BPOP Popular 2.8% 10.3x 41.4%144.6%117.1% +35pp
OFG OFG Bancorp 4.5% 9.7x 30.7%73.5%113.0% +31pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is IBCP's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IBCPHBANFITBSRCEHBNCMBWMMedian
NameIndepend.Huntingt.Fifth Th.1st Sour.Horizon .Mercanti. 
Mkt Price36.3315.6153.4587.1020.8559.0844.89
Mkt Cap0.831.548.72.11.11.01.6
Rev LTM24310,34011,442462-18272367
Op Inc LTM-------
FCF LTM442,9202,6612309493162
FCF 3Y Avg552,2853,3862045761133
CFO LTM563,3483,4542369896167
CFO 3Y Avg642,5453,9782146167141

Growth & Margins

IBCPHBANFITBSRCEHBNCMBWMMedian
NameIndepend.Huntingt.Fifth Th.1st Sour.Horizon .Mercanti. 
Rev Chg LTM9.4%30.3%32.4%9.9%-108.5%13.6%11.7%
Rev Chg 3Y Avg6.2%11.7%11.0%7.5%-37.1%6.3%6.9%
Rev Chg Q23.6%30.8%41.7%8.7%13.9%17.3%20.5%
QoQ Delta Rev Chg LTM5.7%6.8%9.1%2.1%33.3%4.1%6.2%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM23.2%32.4%30.2%51.1%-35.5%32.4%
CFO/Rev 3Y Avg29.1%29.5%43.6%50.9%-26.8%29.5%
FCF/Rev LTM18.0%28.2%23.3%49.7%-34.3%28.2%
FCF/Rev 3Y Avg25.1%26.6%37.4%48.5%-24.2%26.6%

Valuation

IBCPHBANFITBSRCEHBNCMBWMMedian
NameIndepend.Huntingt.Fifth Th.1st Sour.Horizon .Mercanti. 
Mkt Cap0.831.548.72.11.11.01.6
P/S3.33.04.34.5-3.83.8
P/Op Inc-------
P/EBIT-------
P/E11.212.719.011.8-7.410.711.5
P/CFO14.39.414.18.910.810.610.7
Total Yield11.8%11.4%8.2%10.5%-10.5%11.7%10.9%
Dividend Yield2.9%3.5%2.9%2.0%3.0%2.5%2.9%
FCF Yield 3Y Avg8.0%8.7%10.4%12.3%7.6%7.3%8.3%
D/E0.10.70.40.10.40.50.4
Net D/E-0.50.1-0.9-0.6-0.3-1.0-0.6

Returns

IBCPHBANFITBSRCEHBNCMBWMMedian
NameIndepend.Huntingt.Fifth Th.1st Sour.Horizon .Mercanti. 
1M Rtn2.3%1.8%4.8%2.1%8.0%0.4%2.2%
3M Rtn-4.9%-9.2%-5.4%-2.0%2.7%-3.0%-4.0%
6M Rtn8.6%-1.7%9.3%19.4%14.2%15.2%11.7%
12M Rtn21.6%6.0%29.9%45.9%35.3%33.9%31.9%
3Y Rtn88.3%68.2%127.8%95.4%126.7%88.1%91.8%
1M Excs Rtn4.4%4.4%8.1%5.1%9.6%3.2%4.8%
3M Excs Rtn-2.9%-9.3%-4.7%0.4%3.9%-1.2%-2.0%
6M Excs Rtn3.8%-6.5%4.5%14.7%9.4%10.5%6.9%
12M Excs Rtn10.3%-7.4%17.5%34.6%24.7%24.8%21.1%
3Y Excs Rtn19.8%-0.4%67.6%23.6%65.8%16.1%21.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Independent Bank229226211215 
Eliminations-0-0-0-0 
Other-3-3-3-3 
Single Segment    199
Total226223207211199


Operating Income by Segment
$ Mil2010
Other12
Elimination-0
Mepco-2
Independent Bank (IB)-28
Total-18


Net Income by Segment
$ Mil20252024202320222015
Independent Bank72716367 
Eliminations-0-0-0-0 
Other-3-4-4-4-1
Elimination    -0
Independent Bank (IB)    22
Mepco    -1
Total6967596320


Assets by Segment
$ Mil20252024202320222015
Independent Bank5,5005,3285,2604,996 
Other566549493439287
Eliminations-560-540-489-435 
Elimination    -276
Independent Bank (IB)    2,341
Mepco    57
Total5,5065,3385,2645,0002,409


Price Behavior

Price Behavior
Market Price$36.33 
Market Cap ($ Bil)0.8 
First Trading Date12/29/2006 
Distance from 52W High-4.9% 
   50 Days200 Days
DMA Price$36.03$34.92
DMA Trenddownup
Distance from DMA0.8%4.0%
 3M1YR
Volatility17.7%22.5%
Downside Capture17.1031.08
Upside Capture9.7854.54
Correlation (S&P 500)5.9%20.3%
IBCP Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.030.100.100.010.340.74
Up Beta-1.83-1.250.05-0.460.240.76
Down Beta-0.03-0.02-0.06-0.190.170.69
Up Capture48%34%6%28%42%57%
Bmk +ve Days12182862130427
Stock +ve Days13223168130389
Down Capture-12%31%31%10%42%89%
Bmk -ve Days10253664121325
Stock -ve Days9213257116354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IBCP
IBCP24.0%22.5%0.87-
Sector ETF (XLF)11.1%15.2%0.4749.9%
Equity (SPY)9.5%13.6%0.4122.4%
Gold (GLD)3.6%28.7%0.11-2.7%
Commodities (DBC)37.7%21.2%1.40-29.7%
Real Estate (VNQ)12.0%14.2%0.5543.4%
Bitcoin (BTCUSD)-20.8%43.3%-0.42-0.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IBCP
IBCP14.7%29.1%0.48-
Sector ETF (XLF)9.1%18.4%0.3660.8%
Equity (SPY)11.3%17.3%0.4843.7%
Gold (GLD)17.5%19.1%0.74-2.2%
Commodities (DBC)8.0%19.6%0.291.7%
Real Estate (VNQ)1.2%18.9%-0.0545.2%
Bitcoin (BTCUSD)5.9%51.5%0.2915.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IBCP
IBCP12.1%34.7%0.42-
Sector ETF (XLF)13.3%22.1%0.5467.0%
Equity (SPY)14.9%18.0%0.7048.1%
Gold (GLD)12.0%16.5%0.59-4.7%
Commodities (DBC)7.6%18.1%0.3314.8%
Real Estate (VNQ)5.7%20.7%0.2349.3%
Bitcoin (BTCUSD)61.3%66.2%1.0113.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 9302026-13.3%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity22.1 Mil
Short % of Basic Shares3.0%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/20260.3%0.9% 
7/23/20261.8%7.3%4.2%
4/23/2026-1.0%-0.6%2.0%
1/22/20261.0%-2.7%6.3%
10/28/2025-0.8%-4.4%4.5%
7/24/2025-3.9%-8.9%-7.8%
4/24/2025-1.2%-2.6%1.9%
1/23/20251.3%3.3%-3.1%
...
SUMMARY STATS   
# Positive111312
# Negative131111
Median Positive1.3%4.3%5.4%
Median Negative-1.2%-4.4%-3.1%
Max Positive5.7%10.7%21.7%
Max Negative-5.7%-8.9%-9.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/20260.3%0.9% 
7/23/20261.8%7.3%4.2%
4/23/2026-1.0%-0.6%2.0%
1/22/20261.0%-2.7%6.3%
10/28/2025-0.8%-4.4%4.5%
7/24/2025-3.9%-8.9%-7.8%
4/24/2025-1.2%-2.6%1.9%
1/23/20251.3%3.3%-3.1%
10/24/2024-1.5%1.0%14.4%
7/25/20245.7%4.4%-1.5%
4/25/20240.2%-0.3%0.9%
1/25/2024-3.5%-4.5%-8.3%
10/24/2023-0.8%9.6%21.7%
7/25/20230.2%4.1%-4.3%
4/27/20233.6%-4.8%-0.3%
1/26/2023-5.7%-2.5%-2.1%
10/25/20225.2%10.7%18.6%
7/26/2022-0.5%2.9%4.1%
4/26/2022-3.8%-6.5%-9.0%
1/27/2022-4.2%-4.7%-5.1%
10/26/20210.2%5.4%9.7%
7/29/2021-0.2%0.7%-0.2%
4/27/2021-0.1%4.3%-1.3%
1/28/20213.4%6.5%12.1%
SUMMARY STATS   
# Positive111312
# Negative131111
Median Positive1.3%4.3%5.4%
Median Negative-1.2%-4.4%-3.1%
Max Positive5.7%10.7%21.7%
Max Negative-5.7%-8.9%-9.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202503/06/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/07/202510-K
09/30/202411/05/202410-Q
06/30/202408/05/202410-Q
03/31/202405/03/202410-Q
12/31/202303/08/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/03/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/04/202610-Q
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202503/06/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/07/202510-K
09/30/202411/05/202410-Q
06/30/202408/05/202410-Q
03/31/202405/03/202410-Q
12/31/202303/08/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202203/03/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/05/202210-Q
12/31/202103/04/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/06/202110-Q
12/31/202003/05/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/05/202010-Q
12/31/201903/06/202010-K

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kessel, William BPresident & CEODirectSell915202637.282,00074,5595,884,050Form
2Kreter, KristopherFirst Vice Pres. & ControllerDirectSell820202637.1130011,13381,902Form
3Twarozynski, James JSenior Vice PresidentDirectSell810202637.6748918,420308,694Form
4Ervin, Patrick JExecutive Vice PresidentDirectSell609202635.402,50088,5051,229,153Form
5Kimball, Stefanie MExecutive Vice PresidentDirectSell529202634.411,40048,1812,213,814Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kessel, William BPresident & CEODirectSell915202637.282,00074,5595,884,050Form
2Kreter, KristopherFirst Vice Pres. & ControllerDirectSell820202637.1130011,13381,902Form
3Twarozynski, James JSenior Vice PresidentDirectSell810202637.6748918,420308,694Form
4Ervin, Patrick JExecutive Vice PresidentDirectSell609202635.402,50088,5051,229,153Form
5Kimball, Stefanie MExecutive Vice PresidentDirectSell529202634.411,40048,1812,213,814Form
6Kruse, Ronia F DirectBuy227202635.271,20042,32477,594Form
7Ervin, Patrick JExecutive Vice PresidentDirectSell1216202534.643,000103,9221,183,222Form
8Archer, Dennis W JR DirectBuy1124202531.5750015,787363,110Form
9Twarozynski, James JSenior Vice PresidentDirectSell1121202531.6448615,375266,883Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
PL Capital Advisors, LLC$10.6 Mil3.2%30Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
PL Capital Advisors, LLC$10.6 Mil3.2%30Hold13F
Core Cache Last Updated: 11/5/2026