Independent Bank Corporation (IBCP) Balance Sheet
IBCP balance sheet, 2025
December 31, 2025 · U.S. dollars$5.51B assets = $5.00B liabilities + $503.0M equity
Both columns are drawn to the same scale: what IBCP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IBCP financial health
Descriptive bands, not a rating. Fiscal 2025.
IBCP balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.55B2016 | $5.51B2025 | +8.9%/yr | |
| Total liabilities | $2.30B2016 | $5.00B2025 | +9.0%/yr | |
| Shareholders’ equity | $249.0M2016 | $503.0M2025 | +8.1%/yr | |
| Cash & short-term investments | $699.4M2016 | $161.6M2025 | −15.0%/yr | |
| Total debt | $46.6M2016 | $116.9M2025 | +10.8%/yr | |
| Net cash (debt) | $652.8M2016 | $44.7M2025 | −$608.1M | |
| Working capital | $1.16B2016 | −$4.60B2025 | −$5.8B | |
| Book value per share | $11.482016 | $24.092025 | +8.6%/yr | |
| Debt / equity | 0.192016 | 0.232025 | +0.05 | |
| Shares outstanding | 21.7M2016 | 20.9M2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IBCP assets
IBCP liabilities and equity
IBCP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IBCP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $161.6M | $145.3M | $849.1M | $853.7M | $1.52B | $1.19B | $584.1M | $498.8M | $580.4M | $699.4M |
| Cash & equivalents | $138.4M | $119.9M | $169.8M | $74.4M | $109.5M | $118.7M | $65.7M | $70.8M | $57.5M | $88.8M |
| Short-term investments | $23.2M | $25.4M | $679.4M | $779.3M | $1.41B | $1.07B | $518.4M | $427.9M | $522.9M | $610.6M |
| Receivables | $19.0M | $0 | $0 | $128.9M | $66.1M | $62.5M | $42.8M | $34.9M | $29.6M | $35.6M |
| Inventory | $0 | $0 | $0 | −$91.3M | −$122.6M | −$131.8M | −$77.6M | $1.3M | $1.6M | $26.4M |
| Other current assets | $0 | $0 | $0 | $91.3M | $122.6M | $131.8M | $77.6M | $2.30B | $1.60B | $1.12B |
| Total current assets | $161.6M | $145.3M | $849.1M | $982.6M | $1.59B | $1.25B | $626.8M | $2.83B | $2.21B | $1.88B |
| Property, plant & equipment (net) | $39.0M | $37.5M | $35.5M | $35.9M | $36.4M | $36.1M | $38.4M | $38.8M | $39.1M | $40.2M |
| Goodwill & intangible assets | $60.8M | $76.6M | $72.5M | $73.3M | $57.9M | $49.5M | $52.8M | $56.1M | $17.3M | $15.6M |
| Long-term investments | $805.4M | $898.6M | $1.03B | $1.15B | $1.41B | $2.79B | $2.77B | $2.60B | $2.04B | $1.62B |
| Other non-current assets | $4.44B | $4.18B | $3.27B | $2.75B | $1.61B | $74.4M | $78.0M | $0 | $0 | $0 |
| Total assets | $5.51B | $5.34B | $5.26B | $5.00B | $4.70B | $4.20B | $3.56B | $3.35B | $2.79B | $2.55B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $4.38B | $4.12B | $3.64B | $3.04B | $2.91B | $2.40B | $2.23B |
| Short-term debt | — | $1.3M | $1.1M | $61.0M | $1.6M | $1.7M | $28.6M | $10.0M | $19.9M | $1.6M |
| Total current liabilities | $4.76B | $4.65B | $4.62B | $4.55B | $1.59B | $1.16B | $28.6M | $10.0M | $19.9M | $720.7M |
| Long-term debt | $116.9M | $124.4M | $129.3M | $165.1M | $109.0M | $108.8M | $128.1M | $65.1M | $90.2M | $45.0M |
| Other long-term liabilities | $124.2M | $104.9M | $107.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $5.00B | $4.88B | $4.86B | $4.65B | $109.0M | $108.8M | $3.21B | $3.01B | $2.52B | $2.30B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $307.8M | $318.8M | $317.5M | $321.0M | $323.4M | $339.4M | $352.3M | $377.4M | $325.0M | $323.7M |
| Retained earnings (deficit) | $252.8M | $205.9M | $159.1M | $119.4M | $74.6M | $40.1M | $1.6M | −$28.3M | −$54.1M | −$65.7M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$57.7M | −$69.9M | −$72.1M | −$92.8M | $501,000 | $10.0M | −$3.8M | −$10.1M | −$6.0M | −$9.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $503.0M | $454.7M | $404.4M | $347.6M | $4.60B | $4.10B | $350.2M | $339.0M | $264.9M | $249.0M |
| Key figures | ||||||||||
| Total debt | $116.9M | $124.4M | $129.3M | $226.1M | $110.6M | $110.5M | $156.7M | $75.1M | $110.1M | $46.6M |
| Net cash (debt) | $44.7M | $20.9M | $719.9M | $627.6M | $1.41B | $1.08B | $427.3M | $423.7M | $470.3M | $652.8M |
| Working capital | −$4.60B | −$4.51B | −$3.77B | −$3.57B | −$4.4M | $97.6M | $598.2M | $2.82B | $2.19B | $1.16B |
| Tangible book value | $442.2M | $378.1M | $331.9M | $274.3M | $4.54B | $4.05B | $297.4M | $282.9M | $247.6M | $233.4M |
| Book value per share | $24.09 | $21.51 | $19.10 | $16.30 | $210.75 | $184.29 | $15.10 | $14.26 | $12.24 | $11.48 |
| Shares outstanding | 20.9M | 21.1M | 21.2M | 21.3M | 21.8M | 22.2M | 23.2M | 23.8M | 21.6M | 21.7M |
| Current ratio | 0.03 | 0.03 | 0.18 | 0.22 | 1.00 | 1.08 | 21.88 | 283.01 | 110.98 | 2.61 |
| Quick ratio | 0.04 | 0.03 | 0.18 | 0.22 | 1.00 | 1.08 | 21.88 | 53.36 | 30.64 | 1.02 |
| Debt / equity | 0.23 | 0.27 | 0.32 | 0.65 | 0.02 | 0.03 | 0.45 | 0.22 | 0.42 | 0.19 |
| Equity / assets | 9.1% | 8.5% | 7.7% | 7.0% | 97.7% | 97.4% | 9.8% | 10.1% | 9.5% | 9.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $558.0M | $48.5M | $161.6M | $392.6M | $336.2M | $657.8M | $145.3M | $710.5M | $806.3M | $775.5M | $849.1M | $812.1M |
| Cash & equivalents | $64.1M | $48.5M | $138.4M | $208.7M | $146.2M | $128.1M | $119.9M | $121.6M | $214.3M | $161.8M | $169.8M | $127.5M |
| Short-term investments | $494.0M | $482.3M | $23.2M | $183.9M | $190.0M | $529.7M | $25.4M | $589.0M | $592.0M | $613.6M | $679.4M | $684.6M |
| Receivables | $0 | $18.9M | $19.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $558.0M | $67.3M | $161.6M | $392.6M | $336.2M | $657.8M | $145.3M | $710.5M | $806.3M | $775.5M | $849.1M | $812.1M |
| Property, plant & equipment (net) | $44.5M | $49.3M | $39.0M | $38.8M | $38.4M | $37.4M | $37.5M | $35.2M | $35.0M | $34.6M | $35.5M | $35.3M |
| Goodwill & intangible assets | $29.1M | $29.2M | $60.8M | $60.9M | $61.6M | $61.8M | $76.6M | $70.1M | $74.5M | $73.8M | $72.5M | $76.5M |
| Long-term investments | $782.6M | $783.3M | $805.4M | $824.0M | $838.8M | $866.6M | $898.6M | $932.3M | $937.1M | $963.6M | $1.03B | $1.04B |
| Other non-current assets | $4.25B | $4.63B | $4.44B | $4.18B | $4.14B | $3.70B | $4.18B | $3.51B | $3.42B | $3.38B | $3.27B | $3.23B |
| Total assets | $5.66B | $5.56B | $5.51B | $5.49B | $5.42B | $5.33B | $5.34B | $5.26B | $5.28B | $5.23B | $5.26B | $5.20B |
| Liabilities | ||||||||||||
| Short-term debt | $127.0M | $1.1M | — | $343,000 | $691,000 | $1.0M | $1.3M | $347,000 | $700,000 | $1.0M | $1.1M | $351,000 |
| Total current liabilities | $4.99B | $1.1M | $4.76B | $4.86B | $4.66B | $4.63B | $4.65B | $4.63B | $4.61B | $4.58B | $4.62B | $4.59B |
| Long-term debt | $166.9M | $66.9M | $116.9M | $41.9M | $181.5M | $124.4M | $124.4M | $79.3M | $129.3M | $129.3M | $129.3M | $129.2M |
| Other long-term liabilities | $0 | $4.98B | $124.2M | $101.4M | $108.4M | $102.8M | $104.9M | $100.7M | $103.4M | $104.0M | $107.1M | $110.2M |
| Total liabilities | $5.14B | $5.05B | $5.00B | $5.00B | $4.95B | $4.86B | $4.88B | $4.81B | $4.85B | $4.82B | $4.86B | $4.83B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $307.8M | $307.7M | $307.8M | $311.8M | $311.7M | $318.4M | $318.8M | $318.2M | $317.7M | $317.1M | $317.5M | $317.1M |
| Retained earnings (deficit) | $276.9M | $263.9M | $252.8M | $239.6M | $227.5M | $216.0M | $205.9M | $192.4M | $183.6M | $170.1M | $159.1M | $150.2M |
| Accumulated other comprehensive income | −$56.3M | −$61.0M | −$57.7M | −$60.6M | −$69.9M | −$67.1M | −$69.9M | −$58.3M | −$70.8M | −$71.6M | −$72.1M | −$92.3M |
| Total shareholders' equity | $528.4M | $510.6M | $503.0M | $490.7M | $469.2M | $467.3M | $454.7M | $452.4M | $430.5M | $415.6M | $404.4M | $375.0M |
| Key figures | ||||||||||||
| Total debt | $166.9M | $74.1M | $116.9M | $41.9M | $181.5M | $124.4M | $124.4M | $79.3M | $129.3M | $129.3M | $129.3M | $129.2M |
| Net cash (debt) | $391.1M | −$25.6M | $44.7M | $350.8M | $154.7M | $533.4M | $20.9M | $631.2M | $677.0M | $646.2M | $719.9M | $682.9M |
| Working capital | −$4.43B | $66.2M | −$4.60B | −$4.47B | −$4.32B | −$3.98B | −$4.51B | −$3.92B | −$3.81B | −$3.81B | −$3.77B | −$3.77B |
| Tangible book value | $499.3M | $481.4M | $442.2M | $429.8M | $407.7M | $405.4M | $378.1M | $382.2M | $356.0M | $341.8M | $331.9M | $298.5M |
| Book value per share | $25.40 | $24.57 | $24.12 | $23.48 | $22.40 | $22.09 | $21.53 | $21.42 | $20.40 | $19.71 | $19.21 | $17.76 |
| Shares outstanding | 20.8M | 20.8M | 20.8M | 20.9M | 20.9M | 21.1M | 21.1M | 21.1M | 21.1M | 21.1M | 21.0M | 21.1M |
| Current ratio | 0.11 | 61.78 | 0.03 | 0.08 | 0.07 | 0.14 | 0.03 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 |
| Quick ratio | 0.11 | 61.78 | 0.04 | 0.08 | 0.07 | 0.14 | 0.03 | 0.15 | 0.17 | 0.17 | 0.18 | 0.18 |
| Debt / equity | 0.32 | 0.15 | 0.23 | 0.09 | 0.39 | 0.27 | 0.27 | 0.18 | 0.30 | 0.31 | 0.32 | 0.34 |
| Equity / assets | 9.3% | 9.2% | 9.1% | 8.9% | 8.7% | 8.8% | 8.5% | 8.6% | 8.2% | 7.9% | 7.7% | 7.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 6, 2026); data from EODHD.
IBCP financial position
At the end of fiscal 2025 (December 31, 2025), Independent Bank had total assets of $5.5 billion (up 3.1% from a year earlier), total liabilities of $5.0 billion and shareholders' equity of $503.0 million. It held $161.6 million in cash and short-term investments against $116.9 million of debt, a net cash position of $44.7 million. Its current ratio was 0.03. In the latest quarter (ended June 30, 2026) total assets were $5.7 billion and equity $528.4 million.
Related: IBCP income statement, IBCP cash flow statement, IBCP key metrics. See the IBCP stock overview for the latest quote and news.
IBCP balance sheet FAQ
What are Independent Bank's total assets?
Independent Bank reported total assets of $5.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.3 billion a year earlier.
How much debt does Independent Bank have?
Independent Bank had $116.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does Independent Bank have?
Independent Bank held $161.6 million in cash and short-term investments at the end of fiscal 2025; with $116.9 million of debt that is net cash of $44.7 million.
What is Independent Bank's book value?
Independent Bank's shareholders' equity (book value) was $503.0 million at the end of fiscal 2025, or $24.09 per share.
What is Independent Bank's current ratio?
Independent Bank had current assets of $161.6 million and current liabilities of $4.8 billion, a current ratio of 0.03 (current liabilities exceed current assets).
How much goodwill does Independent Bank have?
Independent Bank carried $60.8 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.