10 Year Financial Data of Independent Bank Corp (Ionia, MI) (IBCP)

7 (1y: +127%)

Market Cap	68.92 M	P/E(ttm)	5.20
Enterprise Value	204.39 M	P/B	0.49

IBCP- NAS (USA)
Independent Bank Corp (Ionia, MI)

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$7.00

2 Severe Warning Signs 1 Medium Warning Sign 1 Good Sign

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	-31.2	-60	196.7
EBITDA Growth (%)	0	0	2485.7
Free Cash Flow Growth (%)	0	0	1012.5
Book Value Growth (%)	-37	-37	384.7

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	62.21	67.24	75.05	71.17	72.87	70.09	82.37	4.42	2.03	4.56	7.21	0.78	0.85	0.91	3.16	2.29
EBITDA per Share	26.66	23.96	32.61	23.83	9.30	-28.86	-20.93	0.23	-0.13	0.94	1.81	0.10	0.13	0.19	0.98	0.51
Free Cashflow per Share	63.11	27.89	20.31	9.57	7.74	12.15	-23.88	-0.17	0.47	0.89	2.67	0.22	0.21	-0.30	1.38	1.38
Earnings per Share ($)	16.96	16.69	19.71	14.30	4.50	-40.40	-39.60	-4.09	-2.94	0.80	1.35	0.07	0.11	0.16	0.81	0.27
Dividends Per Share	5.38	5.99	7.07	7.81	8.40	1.40	0.30	--	--	--	--	--	--	--	--	--
Book Value per Share	73.20	99.69	104	111	104	85.43	45.89	2.87	1.47	4.10	10.76	2.22	2.77	3.07	10.08	10.76
Month End Stock Price	268	276	259	253	95.00	21.60	7.20	1.30	1.33	3.50	8.46	2.20	2.47	2.71	3.50	8.46
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	23.20	16.70	18.90	12.90	4.30	-47.00	-82.10	-14.00	-19.70	19.40	16.00	13.20	15.20	21.20	35.20	16.00
Return on Assets %	1.60	1.20	1.40	1.00	0.30	-3.10	-3.00	-0.70	-0.90	1.30	1.20	0.40	0.80	1.20	2.40	1.20
Return on Capital - Joel Greenblatt %	--	--	--	--	--	-568	--	--	--	--	--	--	--	--	--	--
Debt to Equity	2.36	2.04	1.17	0.88	1.64	3.26	2.04	1.02	0.81	0.37	0.35	0.79	0.60	0.56	0.37	0.35

Operating Margin %	37.20	33.70	36.50	27.50	5.30	-55.40	-47.40	-10.00	-14.40	17.50	19.10	9.60	12.40	17.90	28.20	19.10
Net Margin %	27.30	24.80	26.30	20.10	6.20	-57.30	-45.80	-9.10	-14.30	17.50	19.00	9.60	12.40	17.90	28.20	19.00

Debt to Revenue	2.77	3.02	1.63	1.38	2.36	3.97	1.14	0.66	0.59	0.34	1.64	2.27	1.95	1.89	1.19	1.64
Interest Exp. to Revenue %	69.10	75.67	76.35	74.55	71.89	81.41	70.25	60.86	66.84	57.57	63.86	60.24	62.60	59.60	49.38	63.86

Asset Turnover	0.06	0.05	0.05	0.05	0.05	0.05	0.07	0.07	0.06	0.07	0.02	0.02	0.02	0.02	0.02	0.02
Buyback Ratio	--	--	--	--	--	--	--	2.80	6.60	-5.40	-16.40	--	-11.50	-0.90	-7.20	-16.40
Dividend Payout Ratio	0.32	0.36	0.36	0.55	1.87	--	--	--	--	--	--	--	--	--	--	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Interest Income	95.25	118	136	123	121	130	139	112	94.57	86.26	83.71	22.10	21.83	21.45	20.87	19.56
Non Interest Income	42.60	37.80	42.25	42.05	47.15	29.72	58.66	71.81	46.91	63.57	60.05	14.58	13.04	14.54	21.40	11.07
Revenue	138	155	179	165	168	160	197	183	141	150	144	36.68	34.87	35.99	42.27	30.62

Selling, General, &Admin. Expense	43.56	50.08	53.70	50.80	61.33	60.71	67.09	70.78	69.80	72.86	71.36	17.11	18.24	18.35	19.16	15.61
Credit Losses Provision	4.03	4.31	8.07	16.34	43.16	72.29	103	46.77	27.95	6.89	1.07	5.13	1.06	0.25	0.45	-0.69
Other Expenses	31.18	45.59	39.23	42.78	41.84	92.69	77.17	56.50	52.85	39.16	38.35	9.63	10.21	9.77	9.56	8.82
Earnings Before DDA	59.09	55.36	77.62	55.33	21.41	-65.82	-50.10	9.42	-9.11	30.92	32.98	4.82	5.37	7.63	13.10	6.88

Depreciation, Depletion and Amortization	7.77	3.00	12.50	9.84	12.56	22.78	43.34	27.72	11.30	4.72	4.45	1.31	1.04	1.18	1.19	1.04

Operating Income	51.32	52.35	65.12	45.49	8.85	-88.60	-93.44	-18.30	-20.41	26.20	28.54	3.50	4.33	6.45	11.92	5.84
Net Income	37.59	38.56	46.91	33.20	10.36	-91.66	-90.23	-16.71	-20.20	26.20	28.50	3.50	4.33	6.45	11.92	5.81

Preferred dividends	--	--	--	--	--	0.22	4.30	4.10	4.16	4.35	4.39	1.06	1.09	1.09	1.11	1.10
Earnings per Share ($)	16.96	16.69	19.71	14.30	4.50	-40.40	-39.60	-4.09	-2.94	0.80	1.35	0.07	0.11	0.16	0.81	0.27
Total Shares Outstanding	2.22	2.31	2.38	2.32	2.30	2.28	2.39	41.47	69.69	32.89	13.40	47.32	40.80	39.61	13.40	13.40
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	61.74	72.82	67.59	73.14	79.29	57.71	289	385	341	180	229	353	420	461	180	229
Money Market Investments	13.90	17.32	17.32	14.33	21.84	28.06	27.85	23.63	20.83	20.84	20.84	20.83	20.49	20.49	20.84	20.84
Net Loan	1,682	2,239	2,561	2,488	2,536	2,429	2,252	1,795	1,563	1,426	1,388	1,519	1,503	1,478	1,426	1,388
Securities & Investments	454	551	483	435	364	217	164	67.90	158	209	284	304	247	230	209	284
Accounts Receivable	--	--	--	--	--	--	--	37.27	29.30	18.45	18.27	28.93	28.88	18.77	18.45	18.27
Property, Plant and Equipment	43.98	56.57	63.17	67.99	73.56	73.32	72.62	68.36	62.55	47.02	47.44	63.42	50.80	47.06	47.02	47.44
Intangible Assets	24.22	66.86	66.68	56.56	82.02	40.89	25.53	23.64	18.84	14.99	15.36	19.13	17.72	17.00	14.99	15.36
Other Assets	78.42	90.25	96.35	295	120	110	135	134	115	109	103	111	116	129	109	103
Total Assets	2,359	3,094	3,356	3,430	3,276	2,956	2,965	2,535	2,307	2,024	2,105	2,419	2,403	2,401	2,024	2,105

Total Deposits	1,703	2,177	2,641	2,603	2,505	2,066	2,566	2,252	2,086	1,780	1,851	2,184	1,765	1,765	1,780	1,851
Accounts Payable	26.34	48.16	35.38	32.77	44.91	26.64	21.31	11.74	6.63	41.56	42.66	6.81	7.12	8.41	41.56	42.66
Current Portion of Long-Term Debt	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Long-Term Debt	382	470	291	228	395	635	224	121	83.56	50.18	50.18	83.21	68.10	67.90	50.18	50.18
Other liabilities	84.78	169	140	308	90.12	33.38	44.36	31.38	28.46	17.63	17.63	39.91	450	438	17.63	17.63
Total Liabilities	2,196	2,864	3,108	3,172	3,036	2,761	2,856	2,416	2,205	1,889	1,961	2,314	2,290	2,279	1,889	1,961

Common Stock	19.57	21.20	21.99	22.87	22.60	22.79	23.86	--	--	--	--	--	--	--	--	--
Preferred Stock	--	--	--	--	--	68.46	69.16	75.70	79.86	84.20	85.30	80.91	82.00	83.10	84.20	85.30
Retained Earnings	16.95	41.80	41.49	31.42	22.77	-73.85	-169	-190	-214	-192	-188	-212	-209	-203	-192	-188
Additional Paid-In Capital	119	159	180	200	195	201	202	246	249	251	253	249	250	250	251	253
Total Equity	162	230	248	258	241	195	110	119	103	135	144	105	113	122	135	144
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	37.59	38.56	46.91	33.20	10.36	-91.66	-90.23	-16.71	-20.20	26.20	28.50	3.50	4.33	6.45	11.92	5.81
Depreciation, Depletion and Amortization	7.77	3.00	12.50	9.84	12.56	22.78	43.34	27.72	11.30	4.72	4.45	1.31	1.04	1.18	1.19	1.04
Cash Flow from Others	94.50	22.87	-11.06	-20.81	-5.10	96.60	-2.28	-13.67	44.31	-1.52	1.57	8.53	3.65	-19.12	5.42	11.62
Cash Flow from Operations	140	64.42	48.35	22.23	17.81	27.71	-49.17	-2.66	35.41	29.39	34.52	13.34	9.02	-11.49	18.52	18.47

Investment for Property, Plant & Equipement	--	--	--	--	--	--	-8.00	-4.43	-2.56	--	-0.95	-2.83	-0.43	-0.52	--	--
Cash Flow from Acquisitions	-3.06	--	--	--	386	--	--	--	--	-340	-337	--	--	--	-340	3.29
Cash Flow from Investing	-287	-295	-270	-65.93	376	129	201	483	127	-274	-222	-99.62	70.91	51.77	-297	-47.55

Net Issuance of Stock	-10.84	-0.03	-11.01	-10.94	-5.83	3.63	--	0.46	1.34	1.42	2.37	--	0.50	0.06	0.86	0.95
Net Issuance of Preferred Stock	--	--	--	--	--	68.42	--	--	--	--	--	--	--	--	--	--
Net Issuance of Debt	-28.44	103	-216	-59.58	138	186	-220	-23.36	-37.64	-15.76	-15.41	-0.35	-15.11	-0.21	-0.10	0.01
Cash Flow for Dividends	-11.04	-12.50	-15.32	-17.55	-18.87	-7.77	-3.38	--	--	--	--	--	--	--	--	--
Other Financing	199	151	459	137	-501	-429	302	-361	-171	97.52	69.13	98.37	1.59	0.66	-3.10	69.97
Cash Flow from Financing	148	241	217	49.32	-387	-179	79.02	-384	-207	83.18	56.09	98.02	-13.02	0.51	-2.33	70.93

Net Change in Cash	1.01	11.07	-5.23	5.62	6.15	-21.58	231	96.64	-44.27	-161	-131	11.74	66.91	40.79	-281	41.85

Free Cash Flow	140	64.42	48.35	22.23	17.81	27.71	-57.16	-7.09	32.85	29.39	33.57	10.52	8.59	-12.01	18.52	18.47
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score

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IBCP Quarterly/Annuals Reports

IBCP: 10-Q - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer): (10-Q) - 2012-08-09
IBCP: 10-Q - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer): (10-Q) - 2012-05-09
IBCP: 10-K - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer): (10-K) - 2012-03-13
IBCP: 10-Q - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer): (10-Q) - 2011-08-09
IBCP: 10-K - INDEPENDENT BANK CORP /MI/ (0000039311) (Filer): (10-K) - 2011-03-10

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