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Independent Financial

Logo: https://www.independentbank.com/, Non-free logo, via Wikipedia4

American Bank

Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

Sep 1973Founded1

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  • TickerIBCP on Nasdaq1
  • Industrybank1
  • HeadquartersGrand Rapids1
  • Websitewww.independentbank.com
  • Incorporated inMI5
  • Business address98 Ottawa Ave Nw, Grand Rapids, Mi 495035
  • Filer categoryAccelerated filer5

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Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

213.7%Net margin7
0.3%Revenue growth, 20257
13.6%Return on equity7
$70.2MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Interchange Income brought in 43% of the revenue Independent Financial broke down this way in fiscal 2025.

  1. Interchange Income$13.9M743%down 1% from 2024
  2. Service Charges On Deposits$12.0M737%up 1% from 2024
  3. Other Deposit Related Income$2.7M78%down 6% from 2024
  4. Transaction Based Revenue$1.9M76%up 32% from 2024
  5. Asset Management Revenue$1.6M75%down 11% from 2024
Products and services by year
Products and services202320242025
Interchange Income$14.0M$14.0M$13.9M
Service Charges On Deposits$12.4M$11.9M$12.0M
Other Deposit Related Income$3.1M$2.8M$2.7M
Transaction Based Revenue$1.6M$1.4M$1.9M
Asset Management Revenue$1.9M$1.8M$1.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Income tax16¢$12.8M
  • Profit84¢$68.5M

Out of $32.1M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending8¢$6.5M
  • Dividends paid28¢$21.6M
  • Share buybacks16¢$12.4M
  • Kept or used elsewhere47¢$36.1M

Out of $76.7M of cash from operations.7

Financial statements

Revenue8910117$32.1M in 2025+24% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $26.0M$26.0M20192020: $24.0M$24.0M2020−7%2021: $29.1M$29.1M2021+21%2022: $31.6M$31.6M2022+9%2023: $32.9M$32.9M2023+4%2024: $32.0M$32.0M2024−3%2025: $32.1M$32.1M2025+0%
Net income8910117$68.5M in 2025+48% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $46.4M$46.4M20192020: $56.2M$56.2M2020+21%2021: $62.9M$62.9M2021+12%2022: $63.4M$63.4M2022+1%2023: $59.1M$59.1M2023−7%2024: $66.8M$66.8M2024+13%2025: $68.5M$68.5M2025+3%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Interest and fees on loans$238.8M$228.6M$197.7M
Taxable$15.0M$18.9M$23.3M
Tax-exempt$10.9M$13.1M$13.2M
Other investments$5.0M$6.2M$5.4M
Total Interest Income$269.7M$266.8M$239.7M
Deposits$83.5M$92.7M$75.1M
Other borrowings and subordinated debt and debentures$6.2M$7.8M$8.3M
Total Interest Expense$89.7M$100.5M$83.3M
Net Interest Income$180.0M$166.2M$156.3M
Provision for credit losses$6.1M$4.5M$6.2M
Net Interest Income After Provision for Credit Losses$173.9M$161.8M$150.1M
Interchange income$13.9M$14.0M$14.0M
Service charges on deposit accounts$12.0M$11.9M$12.4M
Mortgage loans$6.8M$6.6M$7.4M
Equity securities at fair value$0$2.7M$0
Securities available for sale-$370.0K-$428.0K-$222.0K
Mortgage loan servicing, net$827.0K$9.4M$4.6M
Other$12.5M$12.2M$12.5M
Total Non-interest Income$45.6M$56.4M$50.7M
Compensation and employee benefits$85.2M$85.0M$79.0M
Data processing$14.8M$13.6M$11.9M
Occupancy, net$8.6M$7.8M$7.9M
Interchange expense$4.6M$4.5M$4.3M
Furniture, fixtures and equipment$3.5M$3.8M$3.8M
Advertising$3.2M$3.1M$2.2M
FDIC deposit insurance$2.8M$2.9M$3.0M
Loan and collection$2.7M$2.5M$2.2M
Legal and professional$2.4M$2.6M$2.2M
Communications$2.0M$2.1M$2.4M
Other$8.4M$7.4M$8.3M
Total Non-interest Expense$138.2M$135.1M$127.1M
Income Before Income Tax$81.3M$83.0M$73.7M
Income tax expense$12.8M$16.3M$14.6M
Net Income$68.5M$66.8M$59.1M
Basic (in dollars per share)$3.30$3.20$2.82
Diluted (in dollars per share)$3.27$3.16$2.79

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The story

The bank traces its roots to First National Bank of Ionia, which was founded in 1864.

In 1896, relinquished its national charter and obtained a state charter, reorganized as State Savings Bank of Ionia.

in 1952, changed name to First Security Band.

In 1974, Independent Bank Corporation was established as the bank holding company.

In 1985, Independent Bank Corporation joined the NASDAQ stock exchange.

In 2003, the company acquired Mepco Insurance Premium Finance. Mepco was sold in 2017.

In March 2007, the bank acquired 10 branches from TCF Financial Corporation.

In December 2008, the bank received a $72 million investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program. The investment was returned in 2013.

Read the full text

In December 2012, the bank sold 21 branches to Chemical (now TCF Financial Corporation).

In 2015, the bank closed 6 branches.

In 2018, the bank acquired Traverse City State Bank.

From Wikipedia’s article on Independent Bank (Michigan), shared under CC BY-SA 4.0.6

Leadership

Who has led Independent Financial, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ronald L. Long2003
  2. Loan Charles C. Van2003–2004
  3. David C. Reglin2003–2007
  4. Edward B. Swanson2003
  5. Michael M. Magee Jr.2005–2013
  6. William B. Kessel2013–now

Chair

  1. Loan Charles C. Van2005
  2. Michael M. Magee Jr.2013–2014

President

  1. Ronald L. Long2003–2007
  2. Loan Charles C. Van2003–2004
  3. David C. Reglin2003–2007
  4. Edward B. Swanson2003–2005
  5. Michael M. Magee Jr.2004–2011
  6. William B. Kessel2004–now

Chief financial officer

  1. Robert N. Shuster2003–2020
  2. Stephen A. Erickson2020
19801990200020102020
Board members and other officers (40)

Timeline

  1. Jan 11, 2013New chief executive William B. Kessel becomes CEO15
  2. Jan 31, 2005New chief executive Michael M. Magee Jr. becomes CEO16
  3. Oct 29, 2003New chief executive Edward B. Swanson becomes CEO20
  4. Aug 11, 2003New chief executive David C. Reglin becomes CEO19
  5. Aug 8, 2003New chief executive Loan Charles C. Van becomes CEO18
  6. Aug 6, 2003New chief executive Ronald L. Long becomes CEO17
  7. Sep 1973Founded Founded1

Recent filings

  1. Oct 2, 20264
  2. Oct 2, 20264
  3. Oct 2, 20264
  4. Oct 2, 20264
  5. Oct 2, 20264
  6. Oct 2, 20264
  7. Oct 2, 20264
  8. Oct 2, 20264
  9. Oct 2, 20264
  10. Sep 16, 20264
  11. Sep 15, 2026144
  12. Aug 20, 20264
  13. Aug 10, 20264
  14. Aug 5, 202610-Q
  15. Aug 4, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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