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Last $12.93 USD
Change Today +0.28 / 2.21%
Volume 58.0K
IBCP On Other Exchanges
Symbol
Exchange
Berlin
NASDAQ GS
As of 5:20 PM 03/30/15 All times are local (Market data is delayed by at least 15 minutes).

independent bank corp - mich (IBCP) Snapshot

Open
$12.67
Previous Close
$12.65
Day High
$13.07
Day Low
$12.67
52 Week High
06/27/14 - $13.88
52 Week Low
10/10/14 - $11.47
Market Cap
297.4M
Average Volume 10 Days
51.3K
EPS TTM
$0.76
Shares Outstanding
23.0M
EX-Date
02/4/15
P/E TM
17.1x
Dividend
$0.24
Dividend Yield
1.86%
Current Stock Chart for INDEPENDENT BANK CORP - MICH (IBCP)

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independent bank corp - mich (IBCP) Details

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. It offers checking and savings accounts, non-interest bearing demand deposits, NOW accounts, and time deposits; and mortgage, commercial, and installment loans, as well as direct and indirect consumer financing; and safe deposit box services. The company also acquires and services payment plans used by consumers to purchase vehicle service contracts. In addition, it provides title insurance services, and investment and insurance services. The company offers its services through approximately 70 branches, 2 drive-thru facilities, and 5 loan production offices. Independent Bank Corporation was founded in 1864 and is based in Ionia, Michigan.

700 Employees
Last Reported Date: 03/6/15
Founded in 1864

independent bank corp - mich (IBCP) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $410.0K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $241.6K
Executive Vice President of Retail Banking, C...
Total Annual Compensation: $235.1K
Eecutive Vice President and General Counsel
Total Annual Compensation: $239.3K
Chief Risk Officer and Executive Vice Preside...
Total Annual Compensation: $236.3K
Compensation as of Fiscal Year 2014.

independent bank corp - mich (IBCP) Key Developments

Independent Bank Corp. Consolidates 14 of its 74 Michigan Branches; to Close Six Branch Offices

Independent Bank Corp. is consolidating 14 of its 74 Michigan branches. Overall, the consolidation will save the company about $1.6 million a year in expenses. However, Independent is projecting the loss of $300,000 to $400,000 in annual revenues due to customer erosion. The company expects to incur one-time expenses of approximately $300,000 in the first quarter due to the consolidation, consisting mainly of severance and other costs. The board of directors approved the consolidation on Jan. 21. The company does not expect to assume any losses disposing the closed branches' assets. As part of the consolidation, six branch offices will close. The process will be completed by the end of April 2015.

Independent Bank Corporation Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Independent Bank Corporation reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $18,057,000 against $19,351,000 a year ago. The decrease in net interest income is due to the decline in the net interest margin that was only partially offset by an increase in average interest-earning assets. Net interest income after provision for loan losses was $19,144,000 against $20,186,000 a year ago. Income before income tax was $5,438,000 against $6,130,000 a year ago. Net income applicable to common stock was $3,902,000 or $0.17 per diluted share against $4,809,000 or $0.21 per diluted share a year ago. For the full year, the company reported net interest income of $73,256,000 against $77,959,000 a year ago. Net interest income after provision for loan losses was $76,392,000 against $81,947,000 a year ago. Income before income tax was $25,216,000 against $22,658,000 a year ago. Net income applicable to common stock was $18,021,000 or $0.77 per diluted share against $82,062,000 or $3.55 per diluted share a year ago.

Independent Bank Corporation Announces Quarterly Cash Dividend on its Common Stock Payable on Feb. 17, 2015

Independent Bank Corporation announced that its Board of Directors declared a quarterly cash dividend on its common stock of six cents per share. This dividend is payable on Feb. 17, 2015 to shareholders of record on Feb. 6, 2015.

 

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Industry Analysis

IBCP

Industry Average

Valuation IBCP Industry Range
Price/Earnings 16.5x
Price/Sales 2.5x
Price/Book 1.2x
Price/Cash Flow 16.1x
TEV/Sales 1.5x
 | 

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