Independent Bank (IBCP) Cash Flow: Operating & Free Cash Flow

Independent Bank (IBCP) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Independent Bank generated $76.66M of operating cash flow and spent $6.49M on capital expenditures. That left free cash flow of $70.17M, up 27.1% from $55.20M a year earlier, or 32.0% of revenue. It returned $34.03M to shareholders through $21.60M in dividends and $12.43M in share buybacks.

Independent Bank Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Independent Bank Corporation (IBCP) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	68.54	66.79	59.07	63.35	62.90	56.15	46.44	39.84	20.48
Depreciation & Amortization	9.91	10.01	10.02	10.83	12.13	6.32	6.06	6.03	6.96
Deferred Income Tax	-3.53	-1.25	0.22	-0.36	1.91	-2.13	1.09	9.29	16.01
Stock Based Compensation	2.72	2.33	2.23	2.14	1.95	1.98	1.85	1.73	1.75
Change in Working Capital	-7.76	-24.17	-18.21	-11.20	5.50	2.27	5.96	-4.65	1.73
Change in Accounts Receivable	-25.65	-25.19	-14.62	-25.84	-11.67	-7.97	-6.06	-4.89	-3.71
Change in Other Working Capital	6.83	13.81	23.28	14.65	17.17	10.24	12.02	0.24	5.44
Other Operating Activities	6.83	13.81	-5.76	29.87	25.77	-5.91	-26.91	-7.33	-8.32
Net Cash from Operating Activities	76.66	63.15	75.59	94.63	110.15	58.68	34.49	44.92	38.61
Investing Activities
Capital Expenditures	-6.49	-7.95	-6.02	-5.68	-5.84	-4.38	-4.94	-3.86	-4.24
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.52	33.45
Purchases of Investments	-26.46	-3.63	-1.74	-140.21	-824.35	-859.07	-237.67	-105.53	-100.58
Sales/Maturities of Investments	136.15	140.55	145.40	260.04	461.09	344.79	222.65	209.36	191.03
Other Investing Activities	12.84	-247.13	2.82	-538.74	-193.97	-35.24	-162.20	-306.85	-397.23
Net Cash from Investing Activities	-122.50	-118.16	-162.95	-424.59	-563.06	-553.91	-182.15	-183.37	-277.58
Financing Activities
Debt Repayment	-315.01	-135.02	-110.00	56.00	0.00	-19.41	62.86	-43.30	45.17
Common Stock Issued	-1.22	0.01	0.07	0.08	0.06	0.02	0.28	0.27	0.07
Common Stock Repurchased	-12.43	0.00	-5.81	-4.01	-17.27	-14.23	-26.28	-12.68	0.00
Dividends Paid	-21.60	-20.05	-19.33	-18.57	-18.16	-17.62	-16.55	-14.06	-8.96
Other Financing Activities	107.59	30.16	243.16	261.36	479.04	599.87	122.42	223.99	174.24
Net Cash from Financing Activities	64.34	5.11	182.77	294.86	443.68	548.63	142.72	153.95	210.52
Summary
Net Change in Cash	18.51	-49.90	95.41	-35.10	-9.23	53.40	-4.94	15.51	-28.46
Cash at Beginning of Period	119.88	169.78	74.37	109.47	118.71	65.30	70.24	54.74	83.19
Cash at End of Period	138.39	119.88	169.78	74.37	109.47	118.71	65.30	70.24	54.74
Free Cash Flow	70.17	55.20	69.57	88.95	104.32	54.30	29.56	41.06	34.37
Supplemental Disclosures
Interest Paid	-	103.95	79.10	17.66	8.42	-	-	-	-
Income Taxes Paid	-	13.90	16.10	10.04	14.06	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Independent Bank Cash Flow

What is Independent Bank's free cash flow?

Independent Bank generated free cash flow of $70.17M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $76.66M minus $6.49M of capital expenditures. That was up 27.1% from $55.20M a year earlier. Free cash flow equaled 32.0% of revenue.

How much does Independent Bank spend on capital expenditures?

Independent Bank spent $6.49M on capital expenditures in fiscal 2025, compared with $7.95M a year earlier. That equals 8.5% of operating cash flow.

Does Independent Bank pay dividends or buy back shares?

Yes. In fiscal 2025 Independent Bank returned $21.60M in dividends and $12.43M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition