Independent Bank Corporation Net Assets
Independent Bank Corporation net assets. Based on the latest financial reports, Independent Bank Corporation (IBCP) has net assets worth $528.41 Million USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($5.66 Billion) and total liabilities ($5.14 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. Also explore IBCP net asset momentum to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $528.41 Million |
| % of Total Assets | 9.33% |
| Annual Growth Rate | 8.97% |
| 5-Year Change | -89.06% |
| 10-Year Change | 102.0% |
| Growth Volatility | 176.56 |
Net Assets of Independent Bank Corporation (1989–2025)
Net assets of Independent Bank Corporation from 1989 to 2025. This chart illustrates how Independent Bank Corporation's net assets have evolved over time, based on quarterly financial data. See IBCP net asset quality score to measure how much of total assets are equity-financed.
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 market cap and overall valuation, see Independent Bank Corporation market capitalisation.
| 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.
Independent Bank Corporation Net Assets Breakdown (December 2025)
Independent Bank Corporation net assets breakdown by equity component as of 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 |
|---|---|
|
Credit Corp Group Ltd
AU:CCP
|
$736.87 Million |
|
Suqian Unitech Corp. Ltd. Cl A
SHG:603065
|
$736.92 Million |
|
Vontron Technology Co Ltd
SHE:000920
|
$737.24 Million |
|
Xianheng International Science & Technology Co Ltd
SHG:605056
|
$737.26 Million |
|
Magic Software Enterprises Ltd
TA:MGIC
|
$736.62 Million |
|
Huachangda Intelligent Equipment Group Co Ltd
SHE:300278
|
$736.55 Million |
|
Wuhan Huazhong Numerical Control Co Ltd
SHE:300161
|
$736.49 Million |
|
Summit
TA:SMT
|
$736.44 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.
- Dividend payments of 21,600,000 reduced retained earnings.
- Share repurchases of 12,433,000 reduced equity.
- Other comprehensive income increased equity by 12,256,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $68.54 Million | +13.63% |
| Dividends Paid | $21.60 Million | -4.29% |
| Share Repurchases | $12.43 Million | -2.47% |
| Other Comprehensive Income | $12.26 Million | +2.44% |
| Other Changes | $1.50 Million | +0.3% |
| 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: 1.52x
- 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 1.84x to 1.52x 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 | $36.68 | x |
| 1990-12-31 | $21.43 | $36.68 | x |
| 1991-12-31 | $19.73 | $36.68 | x |
| 1992-12-31 | $22.19 | $36.68 | x |
| 1993-12-31 | $25.27 | $36.68 | x |
| 1994-12-31 | $25.67 | $36.68 | x |
| 1995-12-31 | $30.00 | $36.68 | x |
| 1996-12-31 | $32.52 | $36.68 | x |
| 1997-12-31 | $37.25 | $36.68 | x |
| 1998-12-31 | $71.69 | $36.68 | x |
| 1999-12-31 | $44.68 | $36.68 | x |
| 2000-12-31 | $51.48 | $36.68 | x |
| 2001-12-31 | $53.73 | $36.68 | x |
| 2002-12-31 | $57.78 | $36.68 | x |
| 2003-12-31 | $66.54 | $36.68 | x |
| 2004-12-31 | $91.20 | $36.68 | x |
| 2005-12-31 | $101.91 | $36.68 | x |
| 2006-12-31 | $111.18 | $36.68 | x |
| 2007-12-31 | $105.34 | $36.68 | x |
| 2008-12-31 | $84.55 | $36.68 | x |
| 2009-12-31 | $45.89 | $36.68 | x |
| 2010-12-31 | $2.87 | $36.68 | x |
| 2011-12-31 | $1.47 | $36.68 | x |
| 2012-12-31 | $4.31 | $36.68 | x |
| 2013-12-31 | $10.59 | $36.68 | x |
| 2014-12-31 | $10.67 | $36.68 | x |
| 2015-12-31 | $10.83 | $36.68 | x |
| 2016-12-31 | $11.48 | $36.68 | x |
| 2017-12-31 | $12.24 | $36.68 | x |
| 2018-12-31 | $14.26 | $36.68 | x |
| 2019-12-31 | $15.10 | $36.68 | x |
| 2020-12-31 | $184.29 | $36.68 | x |
| 2021-12-31 | $210.75 | $36.68 | x |
| 2022-12-31 | $16.30 | $36.68 | x |
| 2023-12-31 | $19.10 | $36.68 | x |
| 2024-12-31 | $21.51 | $36.68 | x |
| 2025-12-31 | $24.09 | $36.68 | 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 (7.43%), 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 | 1.37% | 26.22% | 0.05x | 1.03x | $-353.37 Million |
| 2021 | 1.37% | 30.37% | 0.04x | 1.02x | $-396.68 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: $308,911,800
- Average return on equity (ROE) among peers: 0.08%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Independent Bank Corporation (IBCP) | $528.41 Million | 11.84% | 9.72x | $736.75 Million |
| Ameris Bancorp (ABCB) | $71.80 Million | 9.61% | 9.10x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $30.50 Million | 10.16% | 8.60x | $5.57 Billion |
| ACNB Corporation (ACNB) | $62.69 Million | 13.30% | 9.05x | $645.30 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $140.18 Million |
| Alerus Financial Corp (ALRS) | $196.95 Million | 13.13% | 10.06x | $829.34 Million |
| Amalgamated Bank (AMAL) | $794.46 Million | 13.15% | 10.16x | $1.27 Billion |
| Amerant Bancorp Inc. (AMTB) | $901.22 Million | 12.53% | 7.48x | $979.96 Million |
| Arrow Financial Corporation (AROW) | $34.90 Million | -95.70% | 21.06x | $715.76 Million |
| Associated Banc-Corp (ASB) | $803.60 Million | 13.32% | 11.60x | $5.84 Billion |
| AmeriServ Financial Inc (ASRV) | $116.60 Million | 10.72% | 9.65x | $77.09 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