Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the debt to equity ratio high or low?
The debt to equity ratio of 0.32 is in line with its 5-year average of 0.30, around the middle of its 5-year range (0.09–0.65).
As of the fiscal period ended Tuesday, June 30, 2026. 35.52% above its 12-month average of 0.23.
Reported quarterly debt to equity ratio; no daily interpolation. Q2 FY2026 (2026-06-30): 0.32.
DEBT TO EQUITY RATIO
0.32
DEBT TO EQUITY RATIO AVG TTM
0.23
DEBT TO EQUITY RATIO AVG 3Y
0.28
DEBT TO EQUITY RATIO AVG 5Y
0.30
DEBT TO EQUITY RATIO AVG 10Y
0.29
DEBT TO EQUITY RATIO AVG 15Y
0.29
DEBT TO EQUITY RATIO AVG 20Y
0.43
CURRENT VS TTM AVG
+35.52%
CURRENT VS 3Y AVG
+13.14%
CURRENT VS 5Y AVG
+3.84%
CURRENT VS 10Y AVG
+8.88%
CURRENT VS 15Y AVG
+9.07%
CURRENT VS 20Y AVG
-27.28%
SECTOR MEDIAN · FINANCIAL SERVICES
0.34
median of 524 covered companies
CURRENT VS SECTOR MEDIAN
-8.45%
vs the sector median at left
Independent Bank Corporation
Market Cap
$744.09M
Debt to Equity Ratio
0.32
TTM Avg
0.23
3Y Avg
0.28
5Y Avg
0.30
Market Cap
$736.32M
Debt to Equity Ratio
1.21
TTM Avg
1.19
3Y Avg
1.16
5Y Avg
1.14
Market Cap
$732.25M
Debt to Equity Ratio
N/A
TTM Avg
N/A
3Y Avg
N/A
5Y Avg
N/A
Market Cap
$731.36M
Debt to Equity Ratio
0.93
TTM Avg
1.85
3Y Avg
2.15
5Y Avg
1.70
Market Cap
$728.72M
Debt to Equity Ratio
N/A
TTM Avg
N/A
3Y Avg
N/A
5Y Avg
N/A
Market Cap
$726.83M
Debt to Equity Ratio
0.39
TTM Avg
0.79
3Y Avg
0.81
5Y Avg
0.84
Market Cap
$725.42M
Debt to Equity Ratio
1.31
TTM Avg
1.39
3Y Avg
1.41
5Y Avg
1.42
Market Cap
$782.14M
Debt to Equity Ratio
0.45
TTM Avg
0.49
3Y Avg
0.63
5Y Avg
0.48
Market Cap
$700.58M
Debt to Equity Ratio
1.58
TTM Avg
1.39
3Y Avg
1.43
5Y Avg
1.45
| NAME | MARKET CAP | DEBT TO EQUITY RATIO | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Independent Bank Corporation (IBCP) | $744.09M | 0.32 | 0.23 | 0.28 | 0.30 |
| Carlyle Secured Lending, Inc. (CGBD)vs › | $736.32M | 1.21 | 1.19 | 1.16 | 1.14 |
| OFS Credit Company, Inc. (OCCIM)vs › | $732.25M | N/A | N/A | N/A | N/A |
| Washington Trust Bancorp, Inc. (WASH)vs › | $731.36M | 0.93 | 1.85 | 2.15 | 1.70 |
| WisdomTree Artificial Intelligence and Innovation Fund (WTAI)vs › | $728.72M | N/A | N/A | N/A | N/A |
| Fidus Investment Corporation (FDUS)vs › | $726.83M | 0.39 | 0.79 | 0.81 | 0.84 |
| New Mountain Finance Corporation 8.250% Notes due 2028 (NMFCZ)vs › | $725.42M | 1.31 | 1.39 | 1.41 | 1.42 |
| Financial Institutions, Inc. (FISI)vs › | $782.14M | 0.45 | 0.49 | 0.63 | 0.48 |
| MidCap Financial Investment Corporation (MFIC)vs › | $700.58M | 1.58 | 1.39 | 1.43 | 1.45 |
| Midland States Bancorp, Inc. (MSBIP)vs › | $700.46M | 0.61 | 0.64 | 0.72 | 0.89 |
Debt/Equity
0.32
Current ratio is unavailable for Independent Bank Corporation: applicability has not been verified for this financial-services business. The current sector-based policy withholds this model until its treatment of debt, cash and cash flows is confirmed for the company.
Debt to Equity measures financial leverage by comparing total debt to shareholders' equity.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | DEBT TO EQUITY RATIO |
|---|---|
| 2026-06-30 | 0.32 |
| 2026-03-31 | 0.15 |
| 2025-12-31 | 0.23 |
| 2025-09-30 | 0.09 |
| 2025-06-30 | 0.39 |
| 2025-03-31 | 0.27 |
| 2024-12-31 | 0.27 |
| 2024-09-30 | 0.18 |
| 2024-06-30 | 0.30 |
| 2024-03-31 | 0.31 |
| 2023-12-31 | 0.32 |
| 2023-09-30 | 0.34 |
| 2023-06-30 | 0.45 |
| 2023-03-31 | 0.35 |
| 2022-12-31 | 0.65 |
| 2022-09-30 | 0.50 |
| 2022-06-30 | 0.32 |
| 2022-03-31 | 0.31 |
| 2021-12-31 | 0.27 |
| 2021-09-30 | 0.27 |
| 2021-06-30 | 0.27 |
| 2021-03-31 | 0.28 |
| 2020-12-31 | 0.28 |
| 2020-09-30 | 0.29 |
| 2020-06-30 | 0.36 |
| 2020-03-31 | 0.42 |
| 2019-12-31 | 0.37 |
| 2019-09-30 | 0.30 |
| 2019-06-30 | 0.24 |
| 2019-03-31 | 0.19 |
| 2018-12-31 | 0.19 |
| 2018-09-30 | 0.34 |
| 2018-06-30 | 0.24 |
| 2018-03-31 | 0.24 |
| 2017-12-31 | 0.34 |
| 2017-09-30 | 0.42 |
| 2017-06-30 | 0.46 |
| 2017-03-31 | 0.18 |
| 2016-12-31 | 0.18 |
| 2016-09-30 | 0.19 |
| 2016-06-30 | 0.19 |
| 2016-03-31 | 0.20 |
| 2015-12-31 | 0.19 |
| 2015-09-30 | 0.19 |
| 2015-06-30 | 0.19 |
| 2015-03-31 | 0.19 |
| 2014-12-31 | 0.19 |
| 2014-09-30 | 0.27 |
| 2014-06-30 | 0.28 |
| 2014-03-31 | 0.23 |
| 2013-12-31 | 0.25 |
| 2013-09-30 | 0.30 |
| 2013-06-30 | 0.32 |
| 2013-03-31 | 0.47 |
| 2012-12-31 | 0.50 |
| 2012-09-30 | 0.56 |
| 2012-06-30 | 0.60 |
| 2012-03-31 | 0.79 |
| 2011-12-31 | 0.81 |
| 2011-09-30 | 0.78 |
| 2011-06-30 | 0.80 |
| 2011-03-31 | 0.85 |
| 2010-12-31 | 1.02 |
| 2010-09-30 | 1.47 |
| 2010-06-30 | 1.42 |
| 2010-03-31 | 2.58 |
| 2009-12-31 | 2.04 |
| 2009-09-30 | 1.61 |
| 2009-06-30 | 2.00 |
| 2009-03-31 | 3.03 |
| 2008-12-31 | 3.26 |
| 2008-09-30 | 3.13 |
| 2008-06-30 | 3.51 |
| 2008-03-31 | 2.86 |
| 2007-12-31 | 1.87 |
| 2007-09-30 | 0.82 |
| 2007-06-30 | 0.59 |
| 2007-03-31 | 0.49 |
| 2006-12-31 | 1.21 |
| 2006-09-30 | 1.16 |
| 2006-06-30 | 1.46 |
| 2006-03-31 | 1.48 |
| 2005-12-31 | 1.50 |
| 2005-09-30 | 1.75 |
| 2005-06-30 | 2.31 |
| 2005-03-31 | 2.12 |
| 2004-12-31 | 2.55 |
| 2004-09-30 | 2.12 |
| 2004-06-30 | 2.68 |
| 2004-03-31 | 2.64 |
| 2003-12-31 | 2.70 |
| 2003-09-30 | 3.00 |
| 2003-06-30 | 2.83 |
| 2003-03-31 | 2.19 |
| 2002-12-31 | 2.55 |
| 2002-09-30 | 2.51 |
