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Independent Bank Corporation  (IBCP)
Other Ticker:  
 
    Sector  Financial    Industry Regional Banks
   Industry Regional Banks
   Sector  Financial
 
Price: $23.6200 $-0.61 -2.518%
Day's High: $23.9 Week Perf: -1.21 %
Day's Low: $ 23.53 30 Day Perf: -9.71 %
Volume (M): 55 52 Wk High: $ 27.39
Volume (M$): $ 1,297 52 Wk Avg: $22.20
Open: $23.89 52 Wk Low: $16.45



 Market Capitalization (Millions $) 497
 Shares Outstanding (Millions) 21
 Employees 1,051
 Revenues (TTM) (Millions $) 206
 Net Income (TTM) (Millions $) 62
 Cash Flow (TTM) (Millions $) -65
 Capital Exp. (TTM) (Millions $) 5

Independent Bank Corporation

Independent Bank Corp. is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank, and the community banking business is the Company’s only reportable operating segment. The community banking business is managed as a single strategic unit and derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

The Company is currently the sponsor of Independent Capital Trust V, a Delaware statutory trust, Slades Ferry Statutory Trust I, a Connecticut statutory trust, Central Bancorp Capital Trust I, a Delaware statutory trust, and Central Bancorp Statutory Trust II, a Connecticut statutory trust, each of which was formed to issue trust preferred securities. These statutory trusts are not included in the Companys consolidated financial statements in accordance with the requirements of the consolidation topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).

Six Massachusetts security corporations, namely Rockland Borrowing Collateral Securities Corp., Rockland Deposit Collateral Securities Corp., Taunton Avenue Securities Corp., Goddard Ave Securities Corp., Central Securities Corporation, and MFLR Securities Corporation. In February 2016 the Bank liquidated Central Securities Corporation;

Rockland Trust Community Development Corporation, which has two wholly-owned subsidiaries, Rockland Trust Community Development LLC and Rockland Trust Community Development Corporation II, and which also serves as the manager of three Limited Liability Company subsidiaries wholly-owned by the Bank, Rockland Trust Community Development III LLC, Rockland Trust Community Development IV LLC, and Rockland Trust Community Development V LLC, which are all qualified as community development entities under federal New Markets Tax Credit Program criteria;

Rockland MHEF Fund LLC was established as a wholly-owned subsidiary of Rockland Trust. Massachusetts Housing Equity Fund, Inc. is the third party nonmember manager of Rockland MHEF Fund LLC which was established to invest in certain low-income housing tax credit projects;

RTC LIHTC Investments LLC, which was established to invest primarily in Massachusetts based low-income housing tax credit projects;

Rockland Trust Phoenix LLC, formed for the purpose of holding, maintaining, and disposing of certain foreclosed properties;

Compass Exchange Advisors LLC, which provides like-kind exchange services pursuant to section 1031 of the Internal Revenue Code;

Bright Rock Capital Management LLC, which was established to act as a registered investment advisor under the Investment Advisors Act of 1940;

Mayflower Plaza, LLC, a subsidiary of a bank acquired in 2013, which owned a small retail plaza in Lakeville, Massachusetts. In February 2016 the Bank liquidated this entity; and,

PFSB Lenox Street LLC, a subsidiary of a bank acquired in 2015 which owns a branch location in Norwood, Massachusetts. In February 2016 this entity deeded the property to the Bank and the Bank then liquidated the entity.

Periodically, Compass Exchange Advisors LLC, a wholly-owned subsidiary of the Bank, acts as an Exchange Accommodation Titleholder (“EAT”) in connection with customers like-kind exchanges under Section 1031 of the Internal Revenue Code. When Compass Exchange Advisors LLC provides EAT services, it establishes an EAT entity to hold title to property for its customers for up to 180 days in accordance with Internal Revenue Service guidelines. EAT entities are considered the property owner solely for federal income tax purposes, and in no other instances, in order to facilitate a customers like kind exchange. A typical EAT entity is a Massachusetts corporation whose directors are all Rockland Trust officers and which has Compass Exchange Advisors LLC as its sole shareholder. The EAT entity owns all of the membership interest in a LLC which holds title to the property and is managed by the customer. All financial benefits and burdens of property ownership are borne by the customer. EAT entities are therefore not consolidated onto Compass Exchange Advisors LLCs balance sheet in accordance with requirements of the consolidation topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).

The Bank’s gross loan portfolio (loans before allowance for loan losses) amounted to $5.5 billion on December 31, 2015, or 76.9% of total assets. The Bank classifies loans as commercial, consumer real estate, or other consumer. Commercial loans consist of commercial and industrial loans, asset-based loans, commercial real estate, commercial construction, and small business loans. Commercial and industrial loans generally consist of loans with credit needs in excess of $250,000 and revenue in excess of $2.5 million, for working capital and other business-related purposes and floor plan financing. Asset-based loans consist primarily of revolving lines of credit but also include term loans. Asset-based revolving lines of credit are typically structured as committed lines with terms of three to five years, have variable rates of interest, and are collateralized by accounts receivable and inventory. Asset based term loans are typically secured by owner occupied commercial real estate and machinery and equipment. Commercial real estate loans are comprised of commercial mortgages, including mortgages for construction purposes that are secured by nonresidential properties, multifamily properties, or one-to-four family rental properties. Small business loans, including real estate loans, generally consist of loans to businesses with commercial credit needs of less than or equal to $250,000 and revenues of less than $2.5 million. Consumer real estate consists of residential mortgages and home equity loans and lines that are secured primarily by owner-occupied residences and mortgages for the construction of residential properties. Other consumer loans are mainly personal loans and automobile loans.


The Bank’s borrowers consist of small-to-medium sized businesses and consumers. Substantially all of the Bank’s commercial, consumer real estate, and other consumer loan portfolios consist of loans made to residents of and businesses located in the Bank’s market area. The majority of the real estate loans in the Bank’s loan portfolio are secured by properties located within this market area.


Interest rates charged on loans may be fixed or variable and vary with the degree of risk, loan term, underwriting and servicing costs, loan amount, and the extent of other banking relationships maintained with customers. Rates are further subject to competitive pressures, the current interest rate environment, availability of funds, and government regulations.


The Bank’s principal earning assets are its loans. Although the Bank judges its borrowers creditworthiness, the risk of deterioration in borrowers’ abilities to repay their loans in accordance with their existing loan agreements is inherent in any lending function. Participating as a lender in the credit market requires a strict underwriting and monitoring process to minimize credit risk. This process requires substantial analysis of the loan application, an evaluation of the customer’s capacity to repay according to the loan’s contractual terms, and an objective determination of the value of the collateral. The Bank also utilizes the services of an independent third-party to provide loan review services, which consist of a variety of monitoring techniques performed after a loan becomes part of the Bank’s portfolio.


The Bank’s Controlled Asset and Consumer Collections departments are responsible for the management and resolution of nonperforming loans. Nonperforming loans consist of nonaccrual loans and loans that are more than 90 days past due but still accruing interest. In the course of resolving nonperforming loans, the Bank may choose to foreclose on the loan or restructure the contractual terms of certain loans, by modifying the terms of the loan to fit the ability of the borrower to repay in line with its current financial status.



   Company Address: 4200 East Beltline Grand Rapids 49525 MI
   Company Phone Number: 527-5820   Stock Exchange / Ticker: NASDAQ IBCP
   


Customers Net Income grew by IBCP's Customers Net Profit Margin grew to

74.19 %

15.09 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
BK   -0.98%    
BPOP   -0.91%    
CFG   -0.9%    
COLB   -1.92%    
FITB        1.05% 
NTRS        2.81% 
• View Complete Report
   



Independent Bank Corporation

Revenue and EPS Soar at Independent Bank Corporation, Outperforming Industry Peers

Independent Bank Corporation (NASDAQ: IBCP) has reported impressive financial results for the first quarter of 2024, showcasing a strong double-digit revenue growth and bottom-line improvement. The company's revenue surged to $52.01 million, marking an impressive 11.065% year-over-year increase and a 4.393% quarter-on-quarter growth. Additionally, the bottom-line saw a significant elevation of 24.59% to $0.76, with earnings per share increasing by 15.6% sequentially.
These stellar results have clearly positioned Independent Bank Corporation ahead of its sector peers in the Regional Banks industry. While the sector reported only a 1.02% revenue increase during the same period, IBCP's revenue growth far exceeds the industry average, showcasing the company's strong performance and market leadership.

Dividend

Independent Bank Corporation Declares Quarterly Dividend Amidst Positive Market Performance

Published Tue, Apr 23 2024 1:54 PM UTC



Independent Bank Corporation, the parent company of Michigan-based Independent Bank, recently announced the declaration of a quarterly cash dividend on its common stock at 24 cents per share. This article aims to provide an overview of the facts surrounding this announcement, while also contextualizing it within the company's recent financial performance and market...

Independent Bank Corporation

Strategic Measures and Future Growth Plans for Independent Bank Corporation



Despite facing disappointing financial results in the fiscal year ending December 31, 2023, Independent Bank Corporation (NASDAQ: IBCP) has demonstrated resilience and optimism in the face of challenges. While some may view the declining EPS, revenue, and profitability margins as concerning, a deeper analysis reveals that the company has employed strategic measures to overcome obstacles and drive future growth.
Key Financial Results
In the fiscal year ending December 31, 2023, Independent Bank Corporation reported a deteriorated EPS of -7.32% to $0.66 from $0.71, accompanied by a decline in revenue by -1.687% to $49.83 million year-on-year. From the previous quarter, income dropped from $0.83 per share, and revenue witnessed a -7.195% decline from $53.69 million. Moreover, earnings in that period also fell by -8.9% to $13.743 million. The decline in profitability metrics, with operating margin reducing to 36.02% and net margin shrinking to 27.58%, further added to concerns.

Dividend

Independent Bank Corporation Boosts Dividend Payout, Fueling Investor Confidence in Long-Term Growth Prospects

Published Tue, Jan 23 2024 3:16 PM UTC

Independent Bank Corporation announces 4% increase in quarterly dividend rate, driving investor optimism
GRAND RAPIDS, Mich., Jan. 23, 2024 - Independent Bank Corporation (NASDAQ: IBCP) has emerged as a beacon of stability and growth in the Michigan community banking sector, as the company's Board of Directors declared a quarterly cash dividend on its common stock of 24 ...

Shares

Independent Bank Corporation Initiates 2024 Share Repurchase Plan: Boosting Confidence in Company Shares

Published Tue, Dec 19 2023 5:38 PM UTC



Independent Bank Corporation, the holding company of Independent Bank, a renowned community bank based in Michigan, recently disclosed its decision to adopt a 2024 share repurchase plan. This plan, authorized by the company's Board of Directors on December 19, 2023, allows for the repurchase of up to 1,100,000 shares, representing approximately 5% of its outstandin...






 

Independent Bank's Segments
 
 
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  Company Estimates  
  Revenue Outlook
Independent Bank does not provide revenue guidance.

Earnings Outlook
Independent Bank Corporation does not provide earnings estimates.

 
Geographic Revenue Dispersion




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