Independent Bank Corporation (IBCP) - Net Assets
Based on the latest financial reports, Independent Bank Corporation (IBCP) has net assets worth $502.95 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($5.51 Billion) and total liabilities ($5.00 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Independent Bank Corporation tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $502.95 Million |
| % of Total Assets | 9.14% |
| Annual Growth Rate | 8.97% |
| 5-Year Change | -89.06% |
| 10-Year Change | 102.0% |
| Growth Volatility | 176.56 |
Independent Bank Corporation - Net Assets Trend (1989–2025)
This chart illustrates how Independent Bank Corporation's net assets have evolved over time, based on quarterly financial data. See Independent Bank Corporation liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Independent Bank Corporation (1989–2025)
The table below shows the annual net assets of Independent Bank Corporation from 1989 to 2025. For live valuation and market cap data, see market cap of Independent Bank Corporation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $502.95 Million | +10.62% |
| 2024-12-31 | $454.69 Million | +12.42% |
| 2023-12-31 | $404.45 Million | +16.36% |
| 2022-12-31 | $347.60 Million | -92.44% |
| 2021-12-31 | $4.60 Billion | +12.22% |
| 2020-12-31 | $4.10 Billion | +1069.49% |
| 2019-12-31 | $350.17 Million | +3.30% |
| 2018-12-31 | $338.99 Million | +27.95% |
| 2017-12-31 | $264.93 Million | +6.41% |
| 2016-12-31 | $248.98 Million | -0.84% |
| 2015-12-31 | $251.09 Million | +0.29% |
| 2014-12-31 | $250.37 Million | +8.11% |
| 2013-12-31 | $231.58 Million | +71.57% |
| 2012-12-31 | $134.97 Million | +31.52% |
| 2011-12-31 | $102.63 Million | -13.82% |
| 2010-12-31 | $119.08 Million | +8.40% |
| 2009-12-31 | $109.86 Million | -43.63% |
| 2008-12-31 | $194.88 Million | -27.57% |
| 2007-12-31 | $269.07 Million | +4.22% |
| 2006-12-31 | $258.17 Million | +3.99% |
| 2005-12-31 | $248.26 Million | +7.80% |
| 2004-12-31 | $230.29 Million | +43.35% |
| 2003-12-31 | $160.65 Million | +16.37% |
| 2002-12-31 | $138.05 Million | +4.66% |
| 2001-12-31 | $131.90 Million | +2.78% |
| 2000-12-31 | $128.34 Million | +12.87% |
| 1999-12-31 | $113.70 Million | -2.82% |
| 1998-12-31 | $117.00 Million | +96.64% |
| 1997-12-31 | $59.50 Million | +14.86% |
| 1996-12-31 | $51.80 Million | +10.21% |
| 1995-12-31 | $47.00 Million | +16.63% |
| 1994-12-31 | $40.30 Million | +11.33% |
| 1993-12-31 | $36.20 Million | +13.84% |
| 1992-12-31 | $31.80 Million | +13.57% |
| 1991-12-31 | $28.00 Million | +13.36% |
| 1990-12-31 | $24.70 Million | +8.33% |
| 1989-12-31 | $22.80 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Independent Bank Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 4581.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $252.79 Million | 50.26% |
| Common Stock | $307.85 Million | 61.21% |
| Other Comprehensive Income | $-57.69 Million | -11.47% |
| Total Equity | $502.95 Million | 100.00% |
Independent Bank Corporation Competitors by Market Cap
The table below lists competitors of Independent Bank Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Norva24 Group AB
ST:NORVA
|
$704.30 Million |
|
Vor Biopharma Inc
NASDAQ:VOR
|
$704.42 Million |
|
Frontera Energy Corp
TO:FEC
|
$704.44 Million |
|
Garudafood Putra Putri Jaya Tbk PT
JK:GOOD
|
$704.45 Million |
|
Surge Energy Inc.
TO:SGY
|
$703.77 Million |
|
Energy Absolute Public Company Limited
BK:EA
|
$703.72 Million |
|
GR Engineering Services Ltd
AU:GNG
|
$703.66 Million |
|
Xingye Leather Technology Co Ltd
SHE:002674
|
$703.65 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Independent Bank Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 454,686,000 to 502,951,000, a change of 48,265,000 (10.6%).
- Net income of 68,541,000 contributed positively to equity growth.
- Other comprehensive income increased equity by 12,256,000.
- Other factors decreased equity by 32,532,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $68.54 Million | +13.63% |
| Other Comprehensive Income | $12.26 Million | +2.44% |
| Other Changes | $-32.53 Million | -6.47% |
| Total Change | $- | 10.62% |
Book Value vs Market Value Analysis
This analysis compares Independent Bank Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.42x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 1.72x to 1.42x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1989-12-31 | $19.98 | $34.27 | x |
| 1990-12-31 | $21.43 | $34.27 | x |
| 1991-12-31 | $19.73 | $34.27 | x |
| 1992-12-31 | $22.19 | $34.27 | x |
| 1993-12-31 | $25.27 | $34.27 | x |
| 1994-12-31 | $25.67 | $34.27 | x |
| 1995-12-31 | $30.00 | $34.27 | x |
| 1996-12-31 | $32.52 | $34.27 | x |
| 1997-12-31 | $37.25 | $34.27 | x |
| 1998-12-31 | $71.69 | $34.27 | x |
| 1999-12-31 | $44.68 | $34.27 | x |
| 2000-12-31 | $51.48 | $34.27 | x |
| 2001-12-31 | $53.73 | $34.27 | x |
| 2002-12-31 | $57.78 | $34.27 | x |
| 2003-12-31 | $66.54 | $34.27 | x |
| 2004-12-31 | $91.20 | $34.27 | x |
| 2005-12-31 | $101.91 | $34.27 | x |
| 2006-12-31 | $111.18 | $34.27 | x |
| 2007-12-31 | $105.34 | $34.27 | x |
| 2008-12-31 | $84.55 | $34.27 | x |
| 2009-12-31 | $45.89 | $34.27 | x |
| 2010-12-31 | $2.87 | $34.27 | x |
| 2011-12-31 | $1.47 | $34.27 | x |
| 2012-12-31 | $4.31 | $34.27 | x |
| 2013-12-31 | $10.59 | $34.27 | x |
| 2014-12-31 | $10.67 | $34.27 | x |
| 2015-12-31 | $10.83 | $34.27 | x |
| 2016-12-31 | $11.48 | $34.27 | x |
| 2017-12-31 | $12.24 | $34.27 | x |
| 2018-12-31 | $14.26 | $34.27 | x |
| 2019-12-31 | $15.10 | $34.27 | x |
| 2020-12-31 | $17.53 | $34.27 | x |
| 2021-12-31 | $18.27 | $34.27 | x |
| 2022-12-31 | $16.30 | $34.27 | x |
| 2023-12-31 | $19.10 | $34.27 | x |
| 2024-12-31 | $21.51 | $34.27 | x |
| 2025-12-31 | $24.09 | $34.27 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Independent Bank Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.63%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 21.73%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 10.95x
- Recent ROE (13.63%) is above the historical average (8.17%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1989 | 11.84% | 7.87% | 0.10x | 14.40x | $420.00K |
| 1990 | 11.74% | 7.97% | 0.10x | 14.68x | $430.00K |
| 1991 | 13.57% | 9.95% | 0.10x | 13.28x | $1.00 Million |
| 1992 | 15.09% | 13.33% | 0.10x | 11.56x | $1.62 Million |
| 1993 | 14.92% | 15.30% | 0.08x | 12.27x | $1.78 Million |
| 1994 | 14.89% | 14.67% | 0.08x | 12.81x | $1.97 Million |
| 1995 | 14.47% | 13.65% | 0.08x | 12.56x | $2.10 Million |
| 1996 | 15.25% | 12.14% | 0.07x | 17.15x | $2.72 Million |
| 1997 | 2.52% | 1.13% | 0.13x | 16.53x | $-4.45 Million |
| 1998 | 10.17% | 8.21% | 0.09x | 14.20x | $200.00K |
| 1999 | 7.65% | 6.09% | 0.08x | 15.17x | $-2.67 Million |
| 2000 | 15.59% | 13.18% | 0.09x | 13.90x | $7.18 Million |
| 2001 | 18.50% | 15.11% | 0.09x | 14.32x | $11.21 Million |
| 2002 | 21.35% | 18.33% | 0.08x | 14.90x | $15.66 Million |
| 2003 | 23.17% | 20.66% | 0.08x | 14.54x | $21.37 Million |
| 2004 | 17.50% | 20.94% | 0.06x | 13.44x | $17.28 Million |
| 2005 | 18.41% | 19.38% | 0.07x | 13.52x | $20.88 Million |
| 2006 | 12.86% | 12.82% | 0.08x | 13.29x | $7.39 Million |
| 2007 | 4.31% | 3.83% | 0.08x | 13.62x | $-13.69 Million |
| 2008 | -47.04% | -39.24% | 0.08x | 15.17x | $-111.15 Million |
| 2009 | -82.13% | -36.26% | 0.08x | 26.99x | $-101.21 Million |
| 2010 | -14.03% | -9.80% | 0.07x | 21.29x | $-28.62 Million |
| 2011 | -19.68% | -14.61% | 0.06x | 22.48x | $-30.46 Million |
| 2012 | 19.41% | 18.60% | 0.07x | 14.99x | $12.70 Million |
| 2013 | 33.47% | 64.10% | 0.05x | 9.54x | $54.35 Million |
| 2014 | 7.20% | 16.13% | 0.05x | 8.98x | $-7.02 Million |
| 2015 | 7.97% | 17.49% | 0.05x | 9.59x | $-5.09 Million |
| 2016 | 9.14% | 18.34% | 0.05x | 10.24x | $-2.13 Million |
| 2017 | 7.73% | 14.83% | 0.05x | 10.53x | $-6.02 Million |
| 2018 | 11.75% | 23.31% | 0.05x | 9.89x | $5.94 Million |
| 2019 | 13.26% | 24.34% | 0.05x | 10.18x | $11.42 Million |
| 2020 | 14.42% | 26.22% | 0.05x | 10.79x | $17.20 Million |
| 2021 | 15.78% | 30.37% | 0.04x | 11.81x | $23.05 Million |
| 2022 | 18.23% | 28.25% | 0.04x | 14.38x | $28.59 Million |
| 2023 | 14.60% | 20.81% | 0.05x | 13.01x | $18.62 Million |
| 2024 | 14.69% | 21.11% | 0.06x | 11.74x | $21.32 Million |
| 2025 | 13.63% | 21.73% | 0.06x | 10.95x | $18.25 Million |
Industry Comparison
This section compares Independent Bank Corporation's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $389,399,400
- Average return on equity (ROE) among peers: 10.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Independent Bank Corporation (IBCP) | $502.95 Million | 11.84% | 9.95x | $704.21 Million |
| Ameris Bancorp (ABCB) | $514.76 Million | 7.94% | 9.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $68.20 Million | 10.85% | 9.15x | $5.79 Billion |
| ACNB Corporation (ACNB) | $51.46 Million | 12.55% | 7.93x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $137.13 Million |
| Alerus Financial Corp (ALRS) | $127.25 Million | 8.42% | 8.09x | $736.27 Million |
| Amalgamated Bank (AMAL) | $508.95 Million | 16.01% | 14.41x | $1.27 Billion |
| Amerant Bancorp Inc. (AMTB) | $1.00 Billion | 3.23% | 8.67x | $974.56 Million |
| Arrow Financial Corporation (AROW) | $431.85 Million | 10.18% | 9.29x | $622.98 Million |
| Associated Banc-Corp (ASB) | $968.70 Million | 17.34% | 12.55x | $5.45 Billion |
| AmeriServ Financial Inc (ASRV) | $141.70 Million | 14.89% | 15.78x | $62.43 Million |
About Independent Bank Corporation
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 mortg… Read more