IBCPINDEPENDENT BANK CORP /MI/

State Commercial Banks

Revenue: $32M; 0.3% YoY
Operating margin: —
EBITDA: —
Market cap: $753M
Employees: 735; $44K revenue each
Net debt / EBITDA: —
AI in 10-K: 8.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
112% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
44% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$44K · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
8.3 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$753M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$302K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$29M	$32M	$33M	$32M	$32M	0.3%
Net income	$63M	$63M	$59M	$67M	$69M	2.6%
Operating cash flow	$110M	$95M	$76M	$63M	$77M	21%
Capex	$6M	$6M	$6M	$8M	$6M	18%
Stock-based comp	$2M	$2M	$2M	$2M	$3M	16%
Buybacks	$17M	$4M	$5M	$0	$12M
Dividends	$18M	$19M	$19M	$20M	$22M	7.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2019	PL Capital Advisors, LLC	SC 13D/A	5.0%	Passive
Feb 22, 2019	PL Capital Advisors, LLC	SC 13D/A	7.6%	Passive

Insider trading

Open-market buys, 12 mo: $58K · 3
Open-market sells, 12 mo: $360K · 19
Net: −$302K

Pay vs performance

No pay-versus-performance disclosure yet.