Independent Bank Management
Management criteria checks 4/4
Independent Bank's CEO is Brad Kessel, appointed in Apr 2011, has a tenure of 13.08 years. total yearly compensation is $1.12M, comprised of 50.6% salary and 49.4% bonuses, including company stock and options. directly owns 0.72% of the company’s shares, worth $3.73M. The average tenure of the management team and the board of directors is 7.8 years and 8.1 years respectively.
Key information
Brad Kessel
Chief executive officer
US$1.1m
Total compensation
| CEO salary percentage | 50.6% |
| CEO tenure | 13.1yrs |
| CEO ownership | 0.7% |
| Management average tenure | 7.8yrs |
| Board average tenure | 8.1yrs |
Recent management updates
Recent updates
Independent Bank's (NASDAQ:IBCP) Dividend Will Be $0.24
Apr 26
Independent Bank: Earnings Outlook Is Positive But I'm Downgrading To Hold
Feb 29Independent Bank's (NASDAQ:IBCP) Shareholders Will Receive A Bigger Dividend Than Last Year
Apr 29Independent Bank (NASDAQ:IBCP) Is Increasing Its Dividend To $0.23
Feb 10Independent Bank declares $0.22 dividend
Oct 18Independent Bank GAAP EPS of $0.61 beats by $0.06, revenue of $50.69M
Jul 26Independent Bank declares $0.22 dividend
Jul 19Independent Bank: Attractively Valued But Earnings Likely To Dip
Jun 22Analyst Forecasts For Independent Bank Corporation (NASDAQ:IBCP) Are Surging Higher
Apr 30Independent Bank: Track Record Of 5 Year 20%+ EPS Growth
Feb 14Independent Bank (NASDAQ:IBCP) Is Increasing Its Dividend To US$0.22
Jan 28Independent Bank (NASDAQ:IBCP) Has Announced A Dividend Of US$0.21
Oct 23Independent Bank: Not Quite Firing On All Cylinders
Aug 10Independent Bank (NASDAQ:IBCP) Has Announced A Dividend Of US$0.21
Jul 30Independent Bank: Attractively Priced With A Positive Earnings Outlook
May 30Independent Bank Corporation 2021 Q1 - Results - Earnings Call Presentation
Apr 27Here's Why Independent Bank Corporation's (NASDAQ:IBCP) CEO Compensation Is The Least Of Shareholders' Concerns
Apr 14Is Now The Time To Put Independent Bank (NASDAQ:IBCP) On Your Watchlist?
Mar 23Shareholders Of Independent Bank (NASDAQ:IBCP) Must Be Happy With Their 69% Return
Feb 25Independent Bank (NASDAQ:IBCP) Could Be A Buy For Its Upcoming Dividend
Jan 30Independent Bank Corporation 2020 Q4 - Results - Earnings Call Presentation
Jan 29The Attractive Combination That Could Earn Independent Bank Corporation (NASDAQ:IBCP) A Place In Your Dividend Portfolio
Jan 20Independent Bank announces 2021 share repurchase plan
Dec 22Here's What Independent Bank Corporation's (NASDAQ:IBCP) Shareholder Ownership Structure Looks Like
Dec 16Independent Bank: Gradual Normalization Of Mortgage Banking Revenue Likely To Hurt Earnings
Nov 22CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2024 | n/a | n/a | US$62m |
| Dec 31 2023 | US$1m | US$568k | US$59m |
| Sep 30 2023 | n/a | n/a | US$60m |
| Jun 30 2023 | n/a | n/a | US$60m |
| Mar 31 2023 | n/a | n/a | US$58m |
| Dec 31 2022 | US$1m | US$536k | US$63m |
| Sep 30 2022 | n/a | n/a | US$61m |
| Jun 30 2022 | n/a | n/a | US$59m |
| Mar 31 2022 | n/a | n/a | US$59m |
| Dec 31 2021 | US$1m | US$520k | US$63m |
| Sep 30 2021 | n/a | n/a | US$67m |
| Jun 30 2021 | n/a | n/a | US$71m |
| Mar 31 2021 | n/a | n/a | US$73m |
| Dec 31 2020 | US$1m | US$510k | US$56m |
| Sep 30 2020 | n/a | n/a | US$53m |
| Jun 30 2020 | n/a | n/a | US$46m |
| Mar 31 2020 | n/a | n/a | US$42m |
| Dec 31 2019 | US$1m | US$495k | US$46m |
| Sep 30 2019 | n/a | n/a | US$42m |
| Jun 30 2019 | n/a | n/a | US$42m |
| Mar 31 2019 | n/a | n/a | US$40m |
| Dec 31 2018 | US$1m | US$480k | US$40m |
| Sep 30 2018 | n/a | n/a | US$32m |
| Jun 30 2018 | n/a | n/a | US$27m |
| Mar 31 2018 | n/a | n/a | US$24m |
| Dec 31 2017 | US$1m | US$465k | US$20m |
Compensation vs Market: Brad's total compensation ($USD1.12M) is below average for companies of similar size in the US market ($USD2.41M).
Compensation vs Earnings: Brad's compensation has been consistent with company performance over the past year.
CEO
Brad Kessel (59 yo)
13.1yrs
Tenure
US$1,122,120
Compensation
Mr. William Bradford Kessel has been the Chief Executive Officer at Independent Bank Corporation and its subsidiary, Independent Bank Grand Rapids, Michigan since January 1, 2013. Mr. Kessel has been the P...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 13.1yrs | US$1.12m | 0.72% $ 3.7m | |
| CFO, Executive VP | 3.7yrs | US$542.63k | 0.087% $ 449.6k | |
| Executive Vice President of Operations & Retail Banking | 6.5yrs | US$515.56k | 0.14% $ 750.7k | |
| Executive VP & Chief Risk Officer | 17.1yrs | US$553.26k | 0.33% $ 1.7m | |
| Executive Vice President of Mortgage Banking | 7.8yrs | US$544.18k | 0.17% $ 890.6k | |
| Senior VP | no data | no data | 0.058% $ 300.5k | |
| Senior Vice President of Human Resources | no data | no data | no data | |
| Executive VP of Commercial Lending & Chief Lending Officer | no data | US$590.67k | 0.10% $ 533.7k | |
| Accounting Officer | no data | no data | no data |
7.8yrs
Average Tenure
58.5yo
Average Age
Experienced Management: IBCP's management team is seasoned and experienced (7.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 11.3yrs | US$1.12m | 0.72% $ 3.7m | |
| Independent Director | 19.3yrs | US$98.75k | 0.13% $ 695.0k | |
| Independent Chairman | 19.5yrs | US$68.00k | no data | |
| Lead Independent Director | 11.6yrs | US$69.75k | 0.21% $ 1.1m | |
| Independent Director | 8.8yrs | US$69.75k | 0.033% $ 172.7k | |
| Independent Director | 6.1yrs | US$63.75k | 0.18% $ 945.8k | |
| Independent Director | 7.4yrs | US$63.75k | 0.062% $ 319.2k | |
| Independent Director | 4.6yrs | US$63.75k | 0.0048% $ 24.8k | |
| Independent Director | 3.6yrs | US$63.75k | 0.053% $ 272.9k | |
| Independent Director | 6.9yrs | US$63.75k | no data |
8.1yrs
Average Tenure
61yo
Average Age
Experienced Board: IBCP's board of directors are considered experienced (8.1 years average tenure).