olivLaw · US equity research
Independent Bank Corporation IBCP
State Commercial Banks · SIC 6022 · Vertical: State Commercial Banks (SIC 6022)
Independent Bank Corporation (IBCP) is a Michigan bank holding company offering community banking services, with a focus on commercial and mortgage lending in rural and suburban areas of Michigan's Lower Peninsula. In July 2026 it completed the acquisition of HCB Financial Corp., which could meaningfully change its profile from the third quarter, while total assets reached 5.66 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Independent Bank Corporation (IBCP) stock was 37.25 USD (+1.55% on the day), with market capitalisation 822.4 m USD, P/E 11.0 on diluted EPS of 3.40 USD over the last 12 months, dividend yield 2.95%, beta 0.70, 52-week range 30.08–38.67 USD. Latest reported quarter (Q3 2026): revenue of 9.3 m USD (+4.2% YoY), net income of 17.9 m USD (+2.0% YoY), diluted EPS 0.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 34.68 – 37.87
- in the upper half of the band · %B 0.81 · band width 8.8%
- SMA 50 / 200
- 36.29 / 35.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.29 / 0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.7% | −1.1% | +4.8 pp | — |
| 3 months | −3.0% | −0.5% | −2.5 pp | — |
| 6 months | +10.2% | +4.4% | +5.8 pp | — |
| Year to date | +14.5% | +12.3% | +2.2 pp | — |
| 1 year | +23.1% | +13.5% | +9.6 pp | +23.6% |
| 3 years | +77.0% | +76.4% | +0.5 pp | +74.0% |
| 5 years | +55.5% | +63.7% | −8.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.7 m | 7.3 m | 7.9 m | 8.9 m | 7.9 m | 7.6 m | 8.2 m | 9.3 m |
| Depreciation & amortisation | 2.5 m | 2.4 m | 2.4 m ≈ | 2.8 m ≈ | 2.4 m | 2.4 m | 2.4 m ≈ | 2.5 m ≈ |
| Pre-tax income | 22.8 m | 19.1 m | 20.7 m | 21.2 m | 20.3 m | 20.2 m | 22.7 m | 21.5 m |
| Income tax | 4.3 m | 3.5 m | 3.8 m | 3.7 m | 1.7 m | 3.4 m | 3.9 m | 3.6 m |
| Net income | 18.5 m | 15.6 m | 16.9 m | 17.5 m | 18.6 m | 16.9 m | 18.8 m | 17.9 m |
| Diluted EPS | 0.87 | 0.74 | 0.81 | 0.84 | 0.89 | 0.81 | 0.90 | 0.80 |
| Operating cash flow | 16.4 m | 19.3 m | 19.2 m ≈ | 18.2 m ≈ | 20.0 m | -9.2 m | 20.3 m ≈ | 25.2 m ≈ |
| Capex | 4.0 m | 1.1 m | 2.3 m ≈ | 1.7 m ≈ | 1.4 m | 4.6 m | 3.6 m ≈ | 3.0 m ≈ |
| Dividends paid | 5.0 m | 5.4 m | 5.4 m ≈ | 5.4 m ≈ | 5.4 m | 5.8 m | 5.8 m ≈ | 6.2 m ≈ |
| Share repurchases | 0 | 33.0 k | 7.3 m ≈ | 413.0 k ≈ | 4.7 m | 0 | 0 ≈ | 4.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 8-quarter history (min 9.5, median 10.2, max 11.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.1 m | 26.0 m | 24.0 m | 29.1 m | 31.6 m | 32.9 m | 32.0 m | 32.1 m |
| Revenue YoY | unavailable | −4.3% | −7.4% | +21.1% | +8.7% | +4.0% | −2.8% | +0.3% |
| Net income | 39.8 m | 46.4 m | 56.2 m | 62.9 m | 63.4 m | 59.1 m | 66.8 m | 68.5 m |
| Net income YoY | +94.6% | +16.6% | +20.9% | +12.0% | +0.7% | −6.8% | +13.1% | +2.6% |
| Diluted EPS | 1.68 | 2.00 | 2.53 | 2.88 | 2.97 | 2.79 | 3.16 | 3.27 |
| Diluted EPS YoY | +76.8% | +19.0% | +26.5% | +13.8% | +3.1% | −6.1% | +13.3% | +3.5% |
| net % | 146.9% | 178.9% | 233.7% | 216.1% | 200.2% | 179.5% | 208.9% | 213.7% |
| Free cash flow | 41.1 m | 29.6 m | 54.3 m | 104.3 m | 89.0 m | 69.6 m | 55.2 m | 70.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 138.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 503.0 m USD
- Total assets
- 5.5 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.3%
- ROA
- 1.3%
- FCF margin
- 218.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 123.6 m | 129.8 m | 149.6 m | 156.3 m | 166.2 m | 180.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Net fee income | 80.7 m | 76.6 m | 61.9 m | 50.7 m | 56.4 m | 45.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Non-interest expense | 122.4 m | 131.0 m | 128.3 m | 127.1 m | 135.1 m | 138.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | 69.5 m | 77.3 m | 77.8 m | 73.7 m | 83.0 m | 81.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 56.2 m | 62.9 m | 63.4 m | 59.1 m | 66.8 m | 68.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 2.53 | 2.88 | 2.97 | 2.79 | 3.16 | 3.27 | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 0.80 | 0.84 | 0.88 | 0.92 | 0.96 | 1.04 | SEC (XBRL)· 06 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 118.7 m | 109.5 m | 74.4 m | 169.8 m | 119.9 m | 138.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Loans | 2.7 bn | 2.9 bn | 3.4 bn | 3.7 bn | 4.0 bn | 4.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 4.2 bn | 4.7 bn | 5.0 bn | 5.3 bn | 5.3 bn | 5.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Deposits | 3.6 bn | 4.1 bn | 4.4 bn | 4.6 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 3.8 bn | 4.3 bn | 4.7 bn | 4.9 bn | 4.9 bn | 5.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 389.5 m † | 398.5 m † | 347.6 m † | 404.4 m † | 454.7 m † | 503.0 m † | SEC (XBRL)· 06 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 17.6 m | 18.2 m | 18.6 m | 19.3 m | 20.0 m | 21.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 14.2 m | 17.3 m | 4.0 m | 5.2 m | 0 | 12.4 m | SEC (XBRL)· 06 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 822.4 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet32
- Growth17
- Quality58
- Returns72
- Valuation57
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.67 – 49.60 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income28.02 – 29.30 (Mid 28.65)
- Justified P/B36.88 – 49.60 (Mid 42.30)
- Dividend discount (DDM)13.67 – 18.38 (Mid 15.68)
- Peers: P/E37.63 – 45.73 (Mid 43.55)33 companies used · median multiple 12.8x · quartiles 11.1x – 13.4xACNB, ALLY, ASB, AUBN, BANR, BNY, BWFG, CFG, COFS, COSO, EFSI, EWBC, FBP, FHB, FUSB, FVCB, GABC, HTH, ISBA, JMSB, MNSB, MTB, MYFW, NTRS, NWFL, OFG, OPBK, PEBK, STT, TCBI, TCBK, WAL, WTFC
- Peers: P/B28.81 – 38.92 (Mid 33.43)34 companies used · median multiple 1.3x · quartiles 1.1x – 1.5xACNB, ALLY, ASB, AUBN, AVBH, BANR, BWFG, CFG, COFS, COSO, EFSI, EWBC, FBP, FHB, FITB, FUSB, FVCB, GABC, GBCI, HTH, ISBA, JMSB, MNSB, MTB, MYFW, NWFL, OFG, OPBK, PEBK, STT, TCBI, TCBK, WAL, WTFC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 13.5% | 82 (vs peers) | 19% |
| ROA · Quality | 1.2% | 59 (on a fixed band) | 7% |
| Cost-to-income · Quality | 62.4% | 10 (on a fixed band) | 12% |
| Net interest margin · Quality | 3.3% | 74 (on a fixed band) | 7% |
| EPS CAGR 3Y · Growth | 3.3% | 27 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 0.5% | 5 (on a fixed band) | 7% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 87.4% | 32 (on a fixed band) | 5% |
| P/B · Valuation | 1.4x | 36 (vs peers) | 12% |
| P/E (TTM) · Valuation | 11.0x | 77 (vs peers) | 12% |
| Dividend yield · Returns | 3.0% | 72 (vs peers) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/3 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality58/100 · 4/4 factors with a value
- Returns72/100 · 1/1 factors with a value
- Valuation57/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INDEPENDENT BANK CORPORATION (IBCP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: net interest income 180.0 m USD in 2025; YoY growth 0.3%; net margin 218.4%; ROE 13.5%.
The estimated value range is 28.81–38.92 USD per share (median of 5 methods, agreement: low); assumptions are illustrative. Against the central value of 33.43 USD, the price of 37.25 USD leaves a potential of -10.3% (value / price − 1) and a margin of safety of -11.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 13.5%
- Net interest margin: 3.3%
- P/E (TTM): 11.0x
- Dividend yield: 3.0%
What contradicts it
- Cost-to-income: 62.4%
- EPS CAGR 3Y: 3.3%
- Revenue CAGR 3Y: 0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.
Versus the vertical median
State Commercial Banks (SIC 6022) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BNYThe Bank Of New York Mellon Corporation | 102.8 bn | 16.8 | 15.0% | 32.6% | +7.8% | +36% / +216% |
| FITBFifth Third Bancorp | 49.4 bn | 18.4 | 9.4% | — | −2.0% | +26% / +89% |
| STTState Street Corporation | 47.2 bn | 13.9 | 13.1% | 23.8% | +7.3% | +46% / +138% |
| MTBM&T Bank Corp | 32.4 bn | 11.7 | 10.7% | 178.1% | +7.5% | +18% / +75% |
| NTRSNorthern Trust Corporation | 32.2 bn | 13.7 | 18.4% | 28.8% | −2.5% | +36% / +125% |
| CFGCitizens Financial Group Inc | 27.6 bn | 13.0 | 8.9% | 25.4% | +5.6% | +22% / +142% |
| EWBCEast West Bancorp, Inc. | 18.4 bn | 12.9 | 16.6% | — | +4.4% | +26% / +113% |
| ALLYAlly Financial Inc. | 11.8 bn | 8.8 | 9.9% | 16.8% | −3.3% | −5% / +35% |
| WTFCWintrust Financial Corp | 10.5 bn | 11.9 | 12.9% | 347.5% | +5.9% | +16% / +82% |
| WALWestern Alliance Bancorporation | 8.5 bn | 8.7 | 13.3% | 436.5% | +99.7% | −3% / +55% |
| GBCIGlacier Bancorp, Inc. | 6.5 bn | 18.6 | 8.8% | 308.8% | +7.5% | +17% / +48% |
| ASBAssociated Banc-Corp | 5.8 bn | 10.8 | 10.2% | — | −11.0% | +19% / +77% |
| TCBITexas Capital Bancshares Inc | 4.5 bn | 13.4 | 10.2% | — | unavailable | +18% / +93% |
| FBPFirst Bancorp | 4.1 bn | 11.2 | 19.5% | 29.0% | +2.4% | +34% / +77% |
| FHBFirst Hawaiian, Inc. | 3.1 bn | 11.6 | 9.9% | 30.3% | +8.9% | +4% / +32% |
| BANRBanner Corporation | 2.6 bn | 12.2 | 10.0% | — | unavailable | +14% / +59% |
| OFGOFG Bancorp | 2.2 bn | 10.1 | 16.1% | — | unavailable | +30% / +53% |
| HTHHilltop Holdings Inc. | 2.1 bn | 15.7 | 6.6% | — | unavailable | +10% / +28% |
| GABCGerman American Bancorp, Inc. | 1.9 bn | 13.4 | 12.5% | 28.2% | +37.8% | +28% / +76% |
| TCBKTriCo Bancshares | 1.7 bn | 12.9 | 10.4% | 249.7% | +4.1% | +12% / +57% |
| IBCPIndependent Bank Corporation | 822.4 m | 11.0 | 13.5% | 218.4% | +0.3% | +23% / +77% |
| ACNBAcnb Corporation | 686.6 m | 12.8 | 13.3% | 27.1% | +45.1% | +39% / +73% |
| BWFGBankwell Financial Group, Inc. | 584.1 m | 12.9 | 14.5% | 1,437.5% | +44.0% | +60% / +172% |
| COFSChoiceOne Financial Services, Inc. | 562.5 m | 10.4 | 12.0% | 42.0% | +63.6% | +24% / +50% |
| NWFLNorwood Financial Corp | 398.9 m | 12.7 | 11.2% | 338.1% | +8.1% | +28% / +32% |
1- and 3-year price returns: for IBCP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.29 Total return -43% · Per year -43% | 35.94 Total return -1% · Per year -1% | 54.24 Total return 49% · Per year 49% |
| 3 years | 18.12 Total return -45% · Per year -18% | 36.27 Total return 6% · Per year 2% | 60.31 Total return 73% · Per year 20% |
| 5 years | 16.19 Total return -47% · Per year -12% | 36.60 Total return 13% · Per year 2% | 67.07 Total return 99% · Per year 15% |
- Exit P/E± 9.07
- Net margin± 6.35
- Annual revenue growth± 5.42
- Annual dilution± 0.53
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (27 Oct 2026 · results).
In brief
Independent Bank Corporation (IBCP) is a Michigan bank holding company offering community banking services, with a focus on commercial and mortgage lending in rural and suburban areas of Michigan's Lower Peninsula. In July 2026 it completed the acquisition of HCB Financial Corp., which could meaningfully change its profile from the third quarter, while total assets reached 5.66 billion USD 3.
SWOT
Strengths
- A community bank with strong customer relationships and a stable deposit base that supports loan growth.
- Capitalization well above the well-capitalized threshold, providing a sizeable buffer to absorb losses.
- Geographic focus on markets with strong local identity, which supports customer loyalty.
Weaknesses
- Heavy reliance on interest income makes profitability sensitive to rate changes.
- A significant concentration in commercial real estate loans that is under heightened regulatory attention.
- Rising operating expenses, compounded by integration and merger costs.
Opportunities
- Integrating HCB Financial could extend the customer base into complementary Michigan markets.
- Customer migration to digital channels could reduce costs tied to the branch network.
- Local loan demand could keep supporting portfolio growth if the regional economy remains stable.
Threats
- A weaker regional economy could increase delinquencies and loan losses.
- Competition for deposits from larger banks and fintech firms could pressure funding costs.
- Changes in regulation or supervision could impose additional compliance costs.
Risks
- Commercial real estate exposurehigh
A prolonged period of stress in the commercial real estate market could lead to credit losses and lower collateral values 1.
- Uninsured depositshigh
A significant share of deposits exceeds the FDIC insurance limit and could be withdrawn quickly during financial stress, pressuring liquidity 1.
- Deterioration in loan qualitymedium
The rise in non-performing loans during the first half of 2026 could continue if the position of large exposures does not improve 3.
- Integration riskmedium
Integrating HCB Financial and consolidating the banking entities could bring unforeseen costs and operational difficulties 2.
- Cybersecurity riskmedium
The bank handles large volumes of sensitive data, and a security incident could carry significant financial and reputational effects 1.
Investment thesis
What would need to be true (bull case)
- Loan growth and a better net interest margin show that the community banking model can support steady earnings, especially if the acquisition integration proceeds as planned 3.
- Solid capitalization and rising tangible book value per share could provide flexibility for further acquisitions or shareholder returns 3.
- A local deposit base and lower funding costs could continue to support net income over the medium term.
What would break the thesis
- High exposure to commercial real estate and uninsured deposits could become a problem if the regional economy weakens 1.
- Rising non-performing loans and provisions could reduce earnings in the coming quarters 3.
- Merger and integration costs could weigh on results in the third and fourth quarters, with an effect that is hard to estimate now.
What to watch
- First full-quarter results after the HCB Financial acquisition, including merger costsQ3 2026
- Trend in non-performing loans and provisions for credit lossesQ3 2026
- Completion of the consolidation of Highpoint Community Bank into Independent BankQ4 2026
- Trend in net interest margin and cost of funds after rate cuts2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (27 Oct 2026 · results).
The business
Independent Bank Corporation was incorporated in Michigan in 1973 as a bank holding company, and its bank, Independent Bank, traces its origins to 1864 1. The company operates in a single industry segment, commercial banking, offering checking and savings accounts, commercial lending, consumer financing and mortgage lending 1. At December 31, 2025 the bank had 4.762 billion USD of deposits and 4.276 billion USD of loans, across 56 branches 1. In July 2026, through the acquisition of HCB Financial Corp., Highpoint Community Bank became a subsidiary of IBCP and is expected to be consolidated into Independent Bank in the fourth quarter of 2026 2.
Segments
Market context
The bank's main market is the rural and suburban communities of Michigan's Lower Peninsula, where it competes on service and customer relationships 1. The company's performance depends largely on the economy of this region, and it also has a loan production office in Fairlawn, Ohio 2.
Loan growth of 9.8% annualized in the second quarter of 2026 points to demand in the local economy, but commercial real estate loans, at 24.7% of the portfolio at year-end 2025, expose the bank to a sector under recent pressure 31. If deposit costs continue to fall, the margin could benefit, though lower asset yields could limit the gain.
Trends
- Declining policy ratesmixed
Lower federal funds rates reduced the bank's cost of funds, which fell by 28 basis points as a percent of earning assets in the second quarter of 2026 2. However, asset yields also declined, which limits the net effect on the margin.
- Shift to digital channelstailwind
Transactions at branch offices are declining while electronic transactions are increasing, according to the annual report 1. This could lower operating costs over time but requires continued technology investment.
Competitive position
The bank competes with other commercial banks, savings banks, credit unions, mortgage banking companies, fintech companies, securities brokers and money market funds, many of which have substantially greater resources 1. Price, meaning the interest charged on loans and paid on deposits, remains the principal means of competition in the sector 1.
- Regional Michigan commercial banks
Compete directly for deposits and loans in the same rural and suburban communities, though the sources do not name them.
- Credit unions
Compete for deposits and consumer loans and are named among the bank's competitors in its annual report.
- Fintech companies
Could serve customers through digital channels where the bank is expanding, and the sources note their competitive pressure.
- Mortgage banking companies
Compete in mortgage lending, where the bank's revenues fluctuate with interest rates and the value of servicing rights.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report27 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report18 Jun 2026Other events
- Current report12 Jun 2026Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report29 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Independent Bank Corporation · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Independent Bank Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Independent Bank Corporation · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.