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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and MID PENN BANCORP INC (MPB). Click either name above to swap in a different company.
MID PENN BANCORP INC is the larger business by last-quarter revenue ($62.0M vs $58.9M, roughly 1.1× INDEPENDENT BANK CORP). MID PENN BANCORP INC runs the higher net margin — 31.4% vs 28.6%, a 2.7% gap on every dollar of revenue. Over the past eight quarters, MID PENN BANCORP INC's revenue compounded faster (21.1% CAGR vs 2.1%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Commerce Bancorp was a Cherry Hill, New Jersey–based bank created in 1973. In 2007, it was purchased by Toronto-Dominion Bank, which merged Commerce into TD Banknorth, the latter of which was rebranded to TD Bank.
IBCP vs MPB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $62.0M |
| Net Profit | $16.9M | $19.4M |
| Gross Margin | — | — |
| Operating Margin | — | 43.6% |
| Net Margin | 28.6% | 31.4% |
| Revenue YoY | — | 30.8% |
| Net Profit YoY | -9.1% | 47.0% |
| EPS (diluted) | $0.81 | $0.83 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $58.9M | — | ||
| Q4 25 | $58.3M | $62.0M | ||
| Q3 25 | $57.3M | $61.8M | ||
| Q2 25 | $55.9M | $54.3M | ||
| Q1 25 | $54.1M | $47.7M | ||
| Q4 24 | $62.0M | $47.4M | ||
| Q3 24 | $51.4M | $45.3M | ||
| Q2 24 | $56.5M | $44.1M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $19.4M | ||
| Q3 25 | $17.5M | $18.3M | ||
| Q2 25 | $16.9M | $4.8M | ||
| Q1 25 | $15.6M | $13.7M | ||
| Q4 24 | $18.5M | $13.2M | ||
| Q3 24 | $13.8M | $12.3M | ||
| Q2 24 | $18.5M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 43.6% | ||
| Q3 25 | 37.0% | 39.3% | ||
| Q2 25 | 37.0% | 7.9% | ||
| Q1 25 | 35.3% | 35.2% | ||
| Q4 24 | 36.7% | 34.1% | ||
| Q3 24 | 33.7% | 32.8% | ||
| Q2 24 | 41.0% | 32.4% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | 31.4% | ||
| Q3 25 | 30.5% | 29.6% | ||
| Q2 25 | 30.2% | 8.8% | ||
| Q1 25 | 28.8% | 28.8% | ||
| Q4 24 | 29.8% | 27.9% | ||
| Q3 24 | 26.9% | 27.1% | ||
| Q2 24 | 32.8% | 26.7% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $0.83 | ||
| Q3 25 | $0.84 | $0.79 | ||
| Q2 25 | $0.81 | $0.22 | ||
| Q1 25 | $0.74 | $0.71 | ||
| Q4 24 | $0.87 | $0.72 | ||
| Q3 24 | $0.65 | $0.74 | ||
| Q2 24 | $0.88 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $174.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $814.1M |
| Total Assets | $5.6B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | — | ||
| Q3 25 | $208.7M | — | ||
| Q2 25 | $146.2M | — | ||
| Q1 25 | $128.1M | — | ||
| Q4 24 | $119.9M | — | ||
| Q3 24 | $121.6M | — | ||
| Q2 24 | $214.3M | — |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $814.1M | ||
| Q3 25 | $490.7M | $796.3M | ||
| Q2 25 | $469.3M | $775.7M | ||
| Q1 25 | $467.3M | $667.9M | ||
| Q4 24 | $454.7M | $655.0M | ||
| Q3 24 | $452.4M | $573.1M | ||
| Q2 24 | $430.5M | $559.7M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $6.1B | ||
| Q3 25 | $5.5B | $6.3B | ||
| Q2 25 | $5.4B | $6.4B | ||
| Q1 25 | $5.3B | $5.5B | ||
| Q4 24 | $5.3B | $5.5B | ||
| Q3 24 | $5.3B | $5.5B | ||
| Q2 24 | $5.3B | $5.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $80.0M |
| Free Cash FlowOCF − Capex | — | $71.8M |
| FCF MarginFCF / Revenue | — | 115.8% |
| Capex IntensityCapex / Revenue | — | 13.3% |
| Cash ConversionOCF / Net Profit | — | 4.12× |
| TTM Free Cash FlowTrailing 4 quarters | — | $132.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $80.0M | ||
| Q3 25 | $18.2M | $26.3M | ||
| Q2 25 | $19.0M | $29.0M | ||
| Q1 25 | $31.7M | $11.5M | ||
| Q4 24 | $63.2M | $51.4M | ||
| Q3 24 | $17.2M | $16.9M | ||
| Q2 24 | $8.7M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $71.8M | ||
| Q3 25 | $16.5M | $24.3M | ||
| Q2 25 | $16.7M | $27.2M | ||
| Q1 25 | $30.6M | $8.8M | ||
| Q4 24 | $55.2M | $44.5M | ||
| Q3 24 | $15.7M | $16.8M | ||
| Q2 24 | $7.0M | $17.7M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 115.8% | ||
| Q3 25 | 28.9% | 39.4% | ||
| Q2 25 | 29.8% | 50.1% | ||
| Q1 25 | 56.5% | 18.4% | ||
| Q4 24 | 89.1% | 93.8% | ||
| Q3 24 | 30.6% | 37.1% | ||
| Q2 24 | 12.3% | 40.2% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 13.3% | ||
| Q3 25 | 2.9% | 3.1% | ||
| Q2 25 | 4.1% | 3.2% | ||
| Q1 25 | 2.1% | 5.7% | ||
| Q4 24 | 12.8% | 14.6% | ||
| Q3 24 | 2.9% | 0.0% | ||
| Q2 24 | 3.1% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | 4.12× | ||
| Q3 25 | 1.04× | 1.44× | ||
| Q2 25 | 1.12× | 6.08× | ||
| Q1 25 | 2.03× | 0.84× | ||
| Q4 24 | 3.42× | 3.88× | ||
| Q3 24 | 1.25× | 1.37× | ||
| Q2 24 | 0.47× | 1.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBCP
| Net Interest Income | $46.9M | 80% |
| Noninterest Income | $12.0M | 20% |
MPB
Segment breakdown not available.
