Independent Bank Corporation (Ionia MI)
Research Independent Bank Corporation (Ionia MI) (IBCP) on Bullrun: valuation model: 6.5% undervalued, market cap USD 756.32M, P/E 10.7, dividend yield 3.0%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerIBCP
- ExchangeNASDAQ
- CountryUnited States
- SectorFinancial Services
- IndustryBanks-Regional
- CurrencyUSD
- Valuation signal6.5% undervalued
- Market capUSD 756.32M
- P/E10.7
- Dividend yield3.0%
- Financial periodQ2 2026
- RevenueUSD 60.98M
- Net incomeUSD 18.81M
- Free cash flowUSD 16.72M
Valuation Snapshot
Bullrun's latest valuation model marks Independent Bank Corporation (Ionia MI) as 6.5% undervalued; latest market cap is USD 756.32M; P/E is 10.7; dividend yield is 3.0%.
Peer valuation comparison
Latest P/E is 10.66x versus a Financial Services sector median of 13.84x (23.0% below).
Latest dividend yield is 3% versus a Financial Services sector median of 3.86% (22.2% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 32.08M | USD 68.54M | USD 70.17M | n/a | 3.27 | USD 138.39M | USD 116.87M | USD 502.95M |
| FY2024 | USD 31.98M | USD 66.79M | USD 55.20M | n/a | 3.16 | USD 119.88M | USD 124.39M | USD 454.69M |
| FY2023 | USD 32.90M | USD 59.07M | USD 69.57M | n/a | 2.79 | USD 169.78M | USD 129.26M | USD 404.45M |
| FY2022 | USD 31.64M | USD 63.35M | USD 88.95M | n/a | 2.97 | USD 74.37M | USD 104.53M | USD 347.60M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 756.32M | 10.7 | 3.0% | 1.1 |
| 2025 | 2025-12-31 | USD 668.46M | 9.9 | 3.2% | 1.04 |
| 2024 | 2024-12-31 | USD 727.80M | 11.0 | 2.8% | 0.96 |
| 2023 | 2023-12-29 | USD 542.26M | 9.1 | 3.5% | 0.92 |
| 2022 | 2022-12-30 | USD 503.88M | 8.4 | 3.7% | 0.88 |
| 2021 | 2021-12-31 | USD 505.35M | 8.3 | 3.5% | 0.84 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.1 USD, yield 3.0%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.04 USD |
| FY2024 | 0.96 USD |
| FY2023 | 0.92 USD |
| FY2022 | 0.88 USD |
About Independent Bank Corporation (Ionia MI)
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts.
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Frequently asked questions
Is Independent Bank Corporation (Ionia MI) overvalued or undervalued?
Bullrun's valuation model currently marks Independent Bank Corporation (Ionia MI) as 6.5% undervalued.
What is Independent Bank Corporation (Ionia MI)'s market cap?
Independent Bank Corporation (Ionia MI)'s market capitalization is USD 756.32M.
What is Independent Bank Corporation (Ionia MI)'s P/E ratio?
Independent Bank Corporation (Ionia MI)'s price-to-earnings (P/E) ratio is 10.7.
Does Independent Bank Corporation (Ionia MI) pay a dividend?
Independent Bank Corporation (Ionia MI) has a dividend yield of 3.0%.
What does Independent Bank Corporation (Ionia MI) do?
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts. It also provides consumer loans that consists of real estate loans comprising residential mortgages and home equity loans and lines, all secured by one-to-four family residential properties, as well as other consumer loans; and investment and financial services.