Independent Bank Corporation (IBCP) Income Statement
IBCP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsIBCP revenue and net income
Where IBCP's revenue goes
2025Each bar shows an amount and its share of revenue. IBCP kept 21.7% of revenue as net income.
IBCP profit margins
IBCP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.3% | +12.0% | +8.0% | +10.7% |
| Gross profit | +3.7% | +3.4% | +3.5% | +7.0% |
| Operating income | −2.1% | +1.5% | +3.2% | +10.7% |
| Net income | +2.6% | +2.7% | +4.1% | +13.1% |
| EPS (diluted) | +6.4% | +8.8% | +3.5% | +14.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
IBCP quarterly EPS vs estimates
Independent Bank beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.86).
IBCP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $315.4M | $316.3M | $283.8M | $224.2M | $207.1M | $214.2M | $190.8M | $170.9M | $138.1M | $124.2M |
| Cost of revenue | $95.9M | $104.7M | $90.0M | $25.4M | $7.6M | $28.9M | $27.4M | $19.0M | $10.3M | $5.6M |
| Gross profit | $219.5M | $211.7M | $193.8M | $198.8M | $199.5M | $185.3M | $163.3M | $151.9M | $127.7M | $118.6M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $97.2M | $91.8M | $85.1M | $86.1M | $83.3M | $81.8M | $82.5M | $76.4M | $68.2M | $63.6M |
| Total operating expenses | $138.2M | $128.6M | $120.2M | $121.0M | $122.2M | $115.8M | $105.6M | $102.7M | $89.3M | $85.7M |
| Operating income | $81.3M | $83.0M | $73.7M | $77.8M | $77.3M | $69.5M | $57.8M | $49.1M | $38.4M | $32.9M |
| Interest income | $269.7M | $266.8M | $225.3M | $169.0M | $138.1M | $139.8M | $148.9M | $130.8M | $98.3M | $86.5M |
| Interest expense | $89.7M | $100.5M | $83.3M | $19.4M | $8.3M | $16.2M | $26.3M | $17.5M | $9.1M | $6.9M |
| Income before taxes | $81.3M | $83.0M | $73.7M | $77.8M | $77.3M | $69.5M | $57.8M | $49.1M | $38.4M | $32.9M |
| Income taxes | $12.8M | $16.3M | $14.6M | $14.4M | $14.4M | $13.3M | $11.3M | $9.3M | $18.0M | $10.1M |
| Net income | $68.5M | $66.8M | $59.1M | $63.4M | $62.9M | $56.2M | $46.4M | $39.8M | $20.5M | $22.8M |
| EBITDA | $91.2M | $93.1M | $83.7M | $88.6M | $89.4M | $78.6M | $63.8M | $55.2M | $45.4M | $38.1M |
| EPS (diluted) | $3.31 | $3.11 | $2.92 | $2.57 | $2.68 | $2.79 | $2.18 | $1.78 | $1.22 | $1.14 |
| Gross margin | 69.6% | 66.9% | 68.3% | 88.7% | 96.3% | 86.5% | 85.6% | 88.9% | 92.5% | 95.5% |
| Operating margin | 25.8% | 26.3% | 26.0% | 34.7% | 37.3% | 32.4% | 30.3% | 28.8% | 27.8% | 26.5% |
| Net margin | 21.7% | 21.1% | 20.8% | 28.3% | 30.4% | 26.2% | 24.3% | 23.3% | 14.8% | 18.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82.6M | $74.6M | $79.4M | $79.4M | $76.3M | $74.7M | $84.5M | $76.0M | $79.7M | $76.2M | $72.9M | $76.4M |
| Cost of revenue | $22.1M | $19.7M | $23.0M | $25.9M | $23.4M | $23.4M | $26.7M | $28.1M | $24.9M | $25.0M | $25.0M | $24.8M |
| Gross profit | $60.5M | $54.9M | $56.4M | $53.5M | $53.0M | $51.4M | $57.9M | $48.0M | $54.9M | $51.1M | $47.9M | $51.6M |
| Sales, general & admin | $32.2M | $25.1M | $25.6M | $22.5M | $22.9M | $22.2M | $25.8M | $21.3M | $22.7M | $22.3M | $20.7M | $21.0M |
| Total operating expenses | $37.8M | $34.7M | $36.1M | $32.3M | $32.3M | $32.2M | $35.1M | $30.7M | $31.7M | $31.3M | $30.0M | $29.9M |
| Operating income | $22.7M | $20.2M | $20.3M | $21.2M | $20.7M | $19.1M | $22.8M | $17.3M | $23.2M | $19.8M | $17.9M | $21.7M |
| Interest income | $67.3M | $66.2M | $67.4M | $69.3M | $66.9M | $66.1M | $67.0M | $68.3M | $66.3M | $65.1M | $65.4M | $62.4M |
| Interest expense | $19.4M | $19.3M | $21.1M | $23.9M | $22.3M | $22.5M | $24.1M | $26.5M | $25.0M | $24.9M | $25.2M | $23.0M |
| Income before taxes | $22.7M | $20.2M | $20.3M | $21.2M | $20.7M | $19.1M | $22.8M | $17.3M | $23.2M | $19.8M | $17.9M | $21.7M |
| Income taxes | $3.9M | $3.4M | $1.7M | $3.7M | $3.8M | $3.5M | $4.3M | $3.5M | $4.6M | $3.8M | $4.2M | $4.1M |
| Net income | $18.8M | $16.9M | $18.6M | $17.5M | $16.9M | $15.6M | $18.5M | $13.8M | $18.5M | $16.0M | $13.7M | $17.5M |
| EBITDA | $25.1M | $22.6M | $22.7M | $23.9M | $23.1M | $21.5M | $25.3M | $19.8M | $25.7M | $22.3M | $20.5M | $24.2M |
| EPS (diluted) | $0.90 | $0.81 | $0.89 | $0.86 | $0.82 | $0.74 | $0.87 | $0.65 | $0.88 | $0.71 | $0.79 | $0.89 |
| Gross margin | 73.2% | 73.6% | 71.0% | 67.4% | 69.4% | 68.7% | 68.4% | 63.1% | 68.8% | 67.1% | 65.7% | 67.5% |
| Operating margin | 27.5% | 27.1% | 25.6% | 26.7% | 27.1% | 25.6% | 26.9% | 22.7% | 29.0% | 26.0% | 24.6% | 28.3% |
| Net margin | 22.8% | 22.6% | 23.4% | 22.0% | 22.1% | 20.9% | 21.8% | 18.2% | 23.2% | 21.0% | 18.9% | 23.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in IBCP's financial statements (latest annual report filed March 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
IBCP financial results
In fiscal year 2025 (ended December 31, 2025), Independent Bank reported revenue of $315.4 million, down 0.3% from the year before. It had net income of $68.5 million (up 2.6%), a net profit margin of 21.7%. Diluted earnings per share came to $3.31. Over five years revenue grew at an average rate of 8.0% a year.
See the IBCP stock overview for the latest quote and news, or the IBCP chart for price history and technical indicators.
IBCP income statement FAQ
What is Independent Bank's annual revenue?
Independent Bank reported total revenue of $315.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 0.3% from $316.3 million the previous year.
Is Independent Bank profitable?
Yes. Independent Bank reported net income of $68.5 million in fiscal 2025, a net profit margin of 21.7%; its operating margin was 25.8%.
What is Independent Bank's gross margin?
Independent Bank's gross margin was 69.6% in fiscal 2025: for every $100 of revenue, Independent Bank kept $70 after the direct cost of its products and services.
How fast is Independent Bank growing?
Revenue grew 8.0% a year on average over the last five fiscal years, from $214.2 million to $315.4 million.
What are Independent Bank's earnings per share?
Independent Bank earned $3.31 per diluted share in fiscal 2025, compared with $3.11 a year earlier.
When will Independent Bank report its next earnings?
Independent Bank is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Independent Bank's fiscal year end?
Independent Bank's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 6, 2026.