Independent Bank
Provides commercial banking, mortgage lending, investments, and title services through Independent Bank.
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Profile
Delivers commercial banking, mortgage lending, investments, and title services through a single state-chartered bank subsidiary. The franchise serves Michigan's Lower Peninsula through a network of locations and has expanded through organic growth and acquisitions.
Provides commercial banking, mortgage lending, investments, and title services through Independent Bank, its single state-chartered bank subsidiary. The franchise serves customers across Michigan's Lower Peninsula through a network of locations.
Growth has combined organic expansion with acquisitions of community banks, branches, and other financial-services organizations. The bank traces its origins to First National Bank of Ionia, founded in 1864, while the holding company was incorporated in Michigan in 1973.
Operations and employee recruiting are concentrated in the Lower Peninsula. As a bank holding company, acquisitions and certain ownership changes require Federal Reserve approval.
Company facts
Categories
Key statistics
Year to date +14.5% · Average volume (30d) 196.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 27, 2026 | Piper Sandler | Reiterate | Neutral | $39 | $42 | |
| Jul 10, 2026 | Hovde Group | Upgrade | Market Perform | Outperform | ||
| Apr 27, 2026 | DA Davidson | Reiterate | Neutral | $34 | $37 | |
| Jan 26, 2026 | Piper Sandler | Reiterate | Neutral | $37 | $39 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.84 | $0.90 | +6.6% | $60.1M | $63.2M | +5.3% | +2.76% |
| Apr 23, 2026Q1 FY26 | $0.79 | $0.81 | +2.5% | $58.7M | $58.9M | +0.4% | +0.39% |
| Jan 22, 2026Q4 FY25 | $0.83 | $0.89 | +7.2% | $58.7M | $58.3M | −0.7% | −1.92% |
| Oct 28, 2025Q3 FY25 | $0.83 | $0.84 | +1.2% | $46.3M | $55.5M | +19.7% | −2.72% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $74.7M | $76.3M | $79.4M | $79.4M | $74.6M | $82.6M | |
| Gross profit | $51.4M | $53.0M | $53.5M | $56.4M | $54.9M | $60.5M | |
| Operating income | $19.1M | $20.7M | $21.2M | $20.3M | $20.2M | $22.7M | |
| Net income | $15.6M | $16.9M | $17.5M | $18.6M | $16.9M | $18.8M | |
| Diluted EPS | $0.74 | $0.81 | $0.84 | $0.89 | $0.81 | $0.90 | |
| Gross margin | 68.7% | 69.4% | 67.4% | 71.0% | 73.6% | 73.2% | |
| Operating margin | 25.6% | 27.1% | 26.7% | 25.6% | 27.1% | 27.5% |
Fiscal years (4-quarter sums)FY21 $207.3M · FY22 $224.0M · FY23 $283.7M · FY24 $316.5M · FY25 $309.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $558.0M · Total debt $166.9M · Total assets $5.66B · Shareholders' equity $528.4M
Dividends
Raised for 11 straight years — most recently to $0.28 from $0.26 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 4, 2026 | Aug 4 | Aug 14 | $0.28 | |
| May 4, 2026 | May 4 | May 14 | $0.28 | |
| Feb 3, 2026 | Feb 3 | Feb 13 | $0.28 | raised from $0.26 |
| Nov 4, 2025 | Nov 4 | Nov 14 | $0.26 | |
| Aug 5, 2025 | Aug 5 | Aug 15 | $0.26 | |
| May 5, 2025 | May 5 | May 15 | $0.26 | |
| Feb 4, 2025 | Feb 4 | Feb 14 | $0.26 | raised from $0.24 |
| Nov 5, 2024 | Nov 5 | Nov 15 | $0.24 |
Ownership
Shares outstanding 20.61M · Float 20.02M · 97.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.98M | 14.49% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 890.4K | 4.32% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 879.6K | 4.27% | 13F | Aug 13, 2026 |
| State Street Corp | 824.5K | 4.00% | 13F | Aug 7, 2026 |
| American Century Companies Inc | 781.0K | 3.79% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Kristopher Kreter | officer: First Vice Pres. & Controller | −300 | $37.11 |
| Aug 10, 2026 | James J. Twarozynski | officer: Senior Vice President | −489 | $37.67 |
| Jun 9, 2026 | Patrick J. Ervin | officer: Executive Vice President | −2,500 | $35.40 |
| May 29, 2026 | Stefanie M. Kimball | officer: Executive Vice President | −1,400 | $34.42 |
| Feb 24, 2026 | Ronia F. Kruse | director | +1,200 | $35.27 |
Peers
- JPMorgan Chase
Largest Michigan branch and deposit competitor
- Huntington Bancshares
Large Michigan commercial, consumer, and mortgage bank
- Flagstar Bank
Michigan deposit network with mortgage-banking overlap
- Mercantile Bank
Grand Rapids commercial-bank peer serving Michigan businesses
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Independent Bank | $36.86 | −0.03% | $759.5M | 10.7 | 9.8 | 2.4 | +17.0% |
| JPMorgan Chase | $357.66 | +0.05% | $958.25B | 15.4 | 14.8 | 3.2 | +27.8% |
| Huntington Bancshares | $16.95 | +0.18% | $34.19B | 12.6 | 9.8 | 2.4 | +47.4% |
| Flagstar Bank | $13.45 | +0.04% | $5.61B | 723.1 | 17.4 | 1.3 | +4.0% |
| Mercantile Bank | $60.21 | −0.05% | $1.04B | 10.6 | 10.9 | 2.7 | +12.8% |
| Median | 14.0 | 12.9 | 2.5 | +20.3% |