Independent Bank Corporation Financial Ratios — IBCP Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	46.73	49.73	7.25	7.8	8.84	7.74	12.85	13.21	15.31	16.18	15.11	12.88	13.34	12.63
Return on Assets (%)	-0.83	1.21	3.66	0.81	0.86	0.92	0.77	1.3	1.34	1.45	1.41	1.31	1.15	1.26	1.26
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-9.57	-3.69	-1.97	2.89	4.19	4.45	5.4	3.93	3.69	4.63	6.1	5.29	5	4.64	4.54
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-17.29	20.51	20.27	24.15	27.06	28.05	29.81	32.03	35.13	35.1	38.89	37.99	36.75	38.48	37.23
Profit Margin (%)	-17.11	20.51	69.35	17.26	18.44	19.41	15.88	25.97	28.24	28.36	31.64	30.94	29.46	30.95	31.39
Net Income to Common Margin (%)	-20.63	17.11	66.67	17.26	18.44	19.41	15.88	25.97	28.24	28.36	31.64	30.94	29.46	30.95	31.39
Effective Tax Rate (%)	- -	- -	- -	28.53	31.87	30.8	46.73	18.92	19.61	19.18	18.65	18.56	19.83	19.57	15.68
Dvd Payout Ratio (%)	17.07	-19.89	-4.03	22.91	29.45	31.95	43.76	35.28	35.65	31.38	28.87	29.3	32.72	30.01	31.51
Sustainable Growth Rate (%)	- -	56.03	51.73	5.59	5.5	6.01	4.35	8.32	8.5	10.51	11.51	10.68	8.67	9.34	8.65

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	84	68	58	48	48	45	83	65	103	109	109	226	129	124	117
ST Debt	12	- -	4	- -	- -	1	20	10	29	- -	- -	61	- -	- -	- -
LT Debt	71	68	54	48	48	44	64	55	74	109	109	165	129	124	117
Total Debt/EBITDA	-7.39	-14.37	-26.36	15.94	10.44	8.63	11.99	10.79	17.02	11.88	8.98	20.88	12.9	12.43	11.8
Net Debt/EBITDA	22.79	23.74	36.04	-13.12	-11.01	-8.39	3.73	-0.95	6.18	-1.08	-0.04	14.01	-4.04	0.45	-2.17
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.5	2.91	10.9	11.38	10.67	10.13	9.71	10.41	9.93	9.03	8.46	8.81	9.05	9.83	10.18
Long-Term Debt/Equity (%)	69.39	50.23	23.18	19.19	18.93	17.6	23.97	16.25	21.26	27.94	27.34	47.5	31.96	27.36	23.24
Long-Term Debt/Capital (%)	35.94	32.16	17.97	15.8	15.6	14.45	17.92	13.3	16.29	22.28	21.49	24.77	21.34	19.17	17.25
Long-Term Debt/Total Assets (%)	3.09	3.35	2.43	2.14	1.97	1.72	2.28	1.64	2.09	2.59	2.32	3.3	2.46	2.33	2.12
Total Debt/Equity (%)	81.42	50.23	25.01	19.19	18.93	18.07	31.49	19.2	29.44	27.94	27.34	65.05	31.96	27.36	23.24
Total Debt/Capital (%)	42.18	32.16	19.39	15.8	15.6	14.85	23.54	15.71	22.56	22.28	21.49	33.93	21.34	19.17	17.25
Total Debt/Total Assets (%)	3.62	3.35	2.62	2.14	1.97	1.77	2.99	1.94	2.89	2.59	2.32	4.52	2.46	2.33	2.12
Net Debt to Equity	-250.95	-82.96	-34.19	-15.79	-19.96	-17.58	9.79	-1.7	10.69	-2.54	-0.13	43.65	-10.02	0.99	-4.28
Net Debt/Capital (%)	180.1	-360.64	-48.97	-18.26	-24.22	-20.43	8.74	-1.67	9.57	-2.68	-0.13	25.63	-9.29	0.85	-3.99
EBITDA	-11	-5	-2	3	5	5	7	6	6	9	12	11	10	10	10
EBITDA-CapEx	-11	-5	-2	3	5	5	7	6	6	9	12	11	10	10	10
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.5	2.91	10.9	11.38	10.67	10.13	9.71	10.41	9.93	9.03	8.46	8.81	9.05	9.83	10.18
Long-Term Debt/Equity (%)	69.39	50.23	23.18	19.19	18.93	17.6	23.97	16.25	21.26	27.94	27.34	47.5	31.96	27.36	23.24
Long-Term Debt/Capital (%)	35.94	32.16	17.97	15.8	15.6	14.45	17.92	13.3	16.29	22.28	21.49	24.77	21.34	19.17	17.25
Long-Term Debt/Total Assets (%)	3.09	3.35	2.43	2.14	1.97	1.72	2.28	1.64	2.09	2.59	2.32	3.3	2.46	2.33	2.12
Total Debt/Equity (%)	81.42	50.23	25.01	19.19	18.93	18.07	31.49	19.2	29.44	27.94	27.34	65.05	31.96	27.36	23.24
Total Debt/Capital (%)	42.18	32.16	19.39	15.8	15.6	14.85	23.54	15.71	22.56	22.28	21.49	33.93	21.34	19.17	17.25
Total Debt/Total Assets (%)	3.62	3.35	2.62	2.14	1.97	1.77	2.99	1.94	2.89	2.59	2.32	4.52	2.46	2.33	2.12
CFO/Total Liabilities	1.61	1.56	2.63	0.65	1.06	1.03	1.53	1.49	1.07	1.54	2.56	2.03	1.56	1.29	1.53
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.08	-0.06	0.03	0.08	0.09	0.13	0.13	0.13	0.14	0.12	0.14	0.14	0.15	0.19	0.19

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	3.55	8.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	102.92	41.87	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	11	30	168	299	346	466	477	493	518	405	516	505	545	727	676
- Cash & Cash Equivalents	341	180	137	88	98	89	57	71	66	119	109	74	170	120	138
+ Preferred Equity and Hybrid Capital	80	84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	84	68	58	48	48	45	83	65	103	109	109	226	129	124	117
Enterprise Value	-324	-206	-374	-274	-290	-188	-20	59	37	-677	-897	-123	-175	172	631
Total Capital	198	211	299	304	305	303	354	414	457	488	507	666	606	649	678
Total Debt/Capital (%)	42.18	32.16	19.39	15.8	15.6	14.85	23.54	15.71	22.56	22.28	21.49	33.93	21.34	19.17	17.25
Total Debt / EV	-0.26	-0.33	-0.15	-0.18	-0.16	-0.24	-4.11	1.1	2.78	-0.16	-0.12	-1.85	-0.74	0.72	0.19
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.38	0.23	- -	- -	- -	- -	0.8	2.89
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	9.77	6.13	- -	- -	- -	- -	17.22	63.69
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.31	1.08	- -	- -	- -	- -	2.73	8.23
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1.31	1.08	- -	- -	- -	- -	2.73	8.23
Diluted Market Cap	93	115	262	306	353	470	482	498	526	410	521	510	551	736	682
Diluted Enterprise Value	-85	87	183	267	303	427	508	493	563	400	521	662	510	741	660
EV per Share	- -	- -	- -	- -	- -	- -	- -	2.51	1.62	- -	- -	- -	- -	8.25	30.38
TTM Sales	118	128	112	104	109	117	129	153	164	198	199	205	200	216	218
TTM EBITDA	-11	-5	-2	3	5	5	7	6	6	9	12	11	10	10	10
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	35	29	52	13	23	24	39	45	34	59	110	95	76	63	77
TTM Free Cash Flow to Firm	35	29	52	13	23	24	39	45	34	59	110	95	76	63	77

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.62	3.92	5.04	23.43	15.45	19.85	12.48	11.1	15.25	6.99	4.73	5.39	7.29	11.66	8.89
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-324	-206	-374	-274	-290	-188	-20	59	37	-677	-897	-123	-175	172	631
Low Price	1.25	1.3	3.44	11.47	12.07	13.42	18.5	20.18	18.94	9.19	18.18	17.87	14.9	22.53	26.75
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.38	0.23	- -	- -	- -	- -	0.8	2.89
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	9.77	6.13	- -	- -	- -	- -	17.22	63.69
Price/Earnings	- -	1.4	2.25	16.6	17.28	20.47	23.28	12.36	11.16	7.21	8.2	7.97	9.23	10.88	9.86
Price/Earnings Average	-0.81	1.07	1.49	16.03	15.64	15	22.31	14.08	10.72	6.2	7.56	7.24	7.02	9.17	9.78
Price/Earnings High	-1.61	1.73	2.33	18.13	18.02	20.99	24.64	15.94	11.79	8.98	8.5	8.67	9.57	12.6	11.25
Price/Earnings Low	-0.42	0.52	0.64	14.59	13.7	12.66	19.27	11.87	9.33	3.59	6.25	5.96	5.28	7.04	8.11
Price/Book Value	0.32	0.52	0.7	1.17	1.35	1.81	1.76	1.41	1.46	1.07	1.3	1.15	1.14	1.39	1.21
Price/Book Value Average	0.57	0.4	0.46	1.13	1.22	1.32	1.69	1.61	1.41	0.92	1.19	1.04	0.87	1.17	1.2
Price/Book Value High	1.13	0.64	0.72	1.28	1.4	1.85	1.86	1.82	1.55	1.33	1.34	1.25	1.19	1.6	1.38
Price/Book Value Low	0.3	0.19	0.2	1.03	1.07	1.12	1.46	1.35	1.22	0.53	0.99	0.86	0.65	0.9	0.99
Price/Tangible Book Value	2.8	0.85	0.78	1.27	1.46	2	1.92	1.74	1.74	1.19	1.51	1.84	1.64	1.92	1.53
Price/Tangible Book Value Average	5.03	0.65	0.52	1.23	1.32	1.46	1.84	1.98	1.67	1.02	1.4	1.67	1.25	1.62	1.52
Price/Tangible Book Value High	10	1.06	0.81	1.39	1.53	2.05	2.04	2.25	1.84	1.48	1.57	2	1.7	2.23	1.74
Price/Tangible Book Value Low	2.63	0.32	0.22	1.12	1.16	1.24	1.59	1.67	1.46	0.59	1.15	1.38	0.94	1.24	1.26
Price/Sales	0.09	0.24	1.5	2.87	3.19	3.97	3.7	3.21	3.15	2.05	2.6	2.47	2.72	3.37	3.09
Price/Sales Average	0.17	0.18	0.99	2.77	2.88	2.91	3.54	3.66	3.03	1.76	2.39	2.24	2.07	2.84	3.07
Price/Sales High	0.33	0.3	1.56	3.13	3.32	4.07	3.91	4.14	3.33	2.55	2.69	2.68	2.82	3.9	3.53
Price/Sales Low	0.09	0.09	0.43	2.52	2.53	2.46	3.06	3.08	2.64	1.02	1.98	1.84	1.56	2.18	2.54
Price/Cash Flow	0.31	1.04	3.22	22.89	15.14	19.66	12.35	10.97	15.02	6.9	4.68	5.34	7.21	11.51	8.81
Price/Cash Flow Average	0.56	0.79	2.13	22.1	13.7	14.41	11.83	12.48	14.43	5.93	4.31	4.85	5.48	9.7	8.74
Price/Cash Flow High	1.11	1.29	3.34	25	15.78	20.16	13.07	14.14	15.87	8.59	4.85	5.8	7.48	13.33	10.06
Price/Cash Flow Low	0.29	0.39	0.92	20.12	12	12.16	10.22	10.53	12.56	3.43	3.57	3.99	4.13	7.45	7.25
Price/Free Cash Flow Average	4.7	3	3.34	22.63	13.98	14.55	11.96	12.63	14.65	6	4.36	4.9	5.54	9.83	8.82
Price/Free Cash Flow High	9.35	4.87	5.23	25.59	16.11	20.35	13.2	14.31	16.11	8.69	4.9	5.86	7.56	13.49	10.15
Price/Free Cash Flow Low	2.46	1.45	1.44	20.6	12.24	12.28	10.33	10.65	12.75	3.48	3.6	4.03	4.17	7.54	7.31
EV/Sales Average	- -	- -	0.29	2.39	2.42	2.54	3.74	3.62	3.26	1.71	2.39	2.98	1.87	2.86	2.97
EV/Sales High	- -	0.08	0.85	2.75	2.86	3.7	4.11	4.1	3.56	2.5	2.69	3.42	2.62	3.92	3.43
EV/Sales Low	- -	- -	- -	2.14	2.06	2.08	3.26	3.05	2.86	0.97	1.97	2.58	1.35	2.2	2.45
EV/EBITDA Average	13.97	0.94	-14.51	82.74	57.77	57.09	69.4	91.99	88.35	36.94	39.13	56.4	37.33	61.69	65.46
EV/EBITDA High	12.24	-2.14	-43.13	95.28	68.22	83.22	76.23	104.31	96.52	53.94	44.02	64.72	52.38	84.56	75.68
EV/EBITDA Low	14.81	3.49	14.16	74.13	49.21	46.86	60.44	77.43	77.68	20.92	32.35	48.87	27.11	47.45	53.91
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	1.33	3.5	12	13.05	15.23	21.7	22.35	21.02	22.65	18.47	23.87	23.92	26.02	34.83	32.53
High Price	4.75	4.35	12.45	14.25	15.88	22.25	23.65	27.1	23.93	22.98	24.73	26	26.99	40.32	37.13
Enterprise Value Average	-158	-4	32	249	263	298	483	555	535	338	475	611	374	617	648
Enterprise Value High	-138	10	95	287	311	434	530	629	585	494	534	701	525	846	750
Enterprise Value Low	-167	-16	-31	223	224	244	421	467	471	192	392	529	272	475	534

Shares Outstanding	8	9	23	23	22	21	21	24	22	22	21	21	21	21	21
Diluted Weighted Avg Shares	70	33	22	23	23	22	22	24	23	22	22	21	21	21	21
Basic Weighted Avg Shares	8	9	14	23	23	21	21	23	23	22	22	21	21	21	21
Revenue per Share	14.26	14.66	8	4.55	4.78	5.46	6.05	6.55	7.19	9.03	9.2	9.7	9.57	10.34	10.51
EBITDA per Share	-1.37	-0.54	-0.16	0.13	0.2	0.24	0.33	0.26	0.26	0.42	0.56	0.51	0.48	0.48	0.48
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	-2.94	2.51	5.33	0.79	0.88	1.06	0.96	1.7	2.03	2.56	2.91	3	2.82	3.2	3.3
Basic EPS from Cont Ops	-2.44	3.01	5.55	0.79	0.88	1.06	0.96	1.7	2.03	2.56	2.91	3	2.82	3.2	3.3
Diluted EPS, GAAP	-0.35	0.66	3.41	0.77	0.86	1.05	0.95	1.68	2	2.53	2.88	2.97	2.79	3.16	3.27
Diluted EPS from Cont Ops	-0.29	0.8	3.55	0.77	0.86	1.05	0.95	1.68	2	2.53	2.88	2.97	2.79	3.16	3.27
Dividend per Share	- -	- -	- -	0.18	0.26	0.34	0.42	0.6	0.72	0.8	0.84	0.88	0.92	0.96	1.04
Cash Flow per Share	4.28	3.37	3.73	0.57	1.01	1.1	1.81	1.92	1.51	2.68	5.1	4.48	3.61	3.03	3.69
Free Cash Flow per Basic Share	4.28	3.37	3.73	0.57	1.01	1.1	1.81	1.92	1.51	2.68	5.1	4.48	3.61	3.03	3.69
Cash & Equivalents per Share	60.23	44.57	42.92	27.07	30.07	32.56	27.21	21.28	25.53	54.29	70.43	40.43	40.54	32.53	7.78
Book Value per Share	4.19	6.75	17.24	11.17	11.32	12.02	12.7	14.9	15.47	17.3	18.41	20.85	22.75	25.14	26.99
Tangible Book Value per Share	0.48	4.11	15.37	10.28	10.41	10.87	11.61	12.07	13	15.5	15.76	12.99	15.85	18.12	21.29

Independent Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)