Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $27.1M | $26.0M | $24.0M | $29.1M | $31.6M | $32.9M | $32.0M | $32.1M |
| Revenue growth | — | — | — | -4.3% | -7.4% | 21.1% | 8.7% | 4.0% | -2.8% | 0.3% |
| Net income | $22.8M | $20.5M | $39.8M | $46.4M | $56.2M | $62.9M | $63.4M | $59.1M | $66.8M | $68.5M |
| Net margin | — | — | 146.9% | 178.9% | 233.7% | 216.1% | 200.2% | 179.5% | 208.9% | 213.7% |
| EPS (diluted) | $1.05 | $0.95 | $1.68 | $2.00 | $2.53 | $2.88 | $2.97 | $2.79 | $3.16 | $3.27 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $23.7M | $38.6M | $44.9M | $34.5M | $58.7M | $110M | $94.6M | $75.6M | $63.2M | $76.7M |
| Capital expenditures | $3.46M | $4.24M | $3.86M | $4.94M | $4.38M | $5.84M | $5.68M | $6.02M | $7.95M | $6.49M |
| Free cash flow | $20.2M | $34.4M | $41.1M | $29.6M | $54.3M | $104M | $89.0M | $69.6M | $55.2M | $70.2M |
| Share buybacks | $16.9M | $0.00 | $12.7M | $26.3M | $14.2M | $17.3M | $4.01M | $5.16M | $0.00 | $12.4M |
| Dividends paid | $7.27M | $8.96M | $14.1M | $16.6M | $17.6M | $18.2M | $18.6M | $19.3M | $20.0M | $21.6M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $83.2M | $54.7M | $70.2M | $65.3M | $119M | $109M | $74.4M | $170M | $120M | $138M |
| Total assets | $2.55B | $2.79B | $3.35B | $3.56B | $4.20B | $4.70B | $5.00B | $5.26B | $5.34B | $5.51B |
| Total liabilities | $2.30B | $2.52B | $3.01B | $3.21B | $3.81B | $4.31B | $4.65B | $4.86B | $4.88B | $5.00B |
| Shareholders' equity | $249M | $265M | $339M | $350M | $390M | $398M | $348M | $404M | $455M | $503M |
| Retained earnings | -$65.7M | -$54.1M | -$28.3M | $1.61M | $40.1M | $74.6M | $119M | $159M | $206M | $253M |
| Shares (wtd avg diluted) | 21.4M | 21.3M | 23.4M | 22.9M | 22.0M | 21.6M | 21.1M | 21.0M | 20.9M | 20.8M |
Every figure is extracted from INDEPENDENT BANK CORP /MI/’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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