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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $58.9M, roughly 1.3× INDEPENDENT BANK CORP). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs -178.3%, a 206.9% gap on every dollar of revenue. Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (2.1% CAGR vs -1.3%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
IBCP vs RPAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $78.6M |
| Net Profit | $16.9M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | — | -182.2% |
| Net Margin | 28.6% | -178.3% |
| Revenue YoY | — | 0.4% |
| Net Profit YoY | 8.2% | -3304.1% |
| EPS (diluted) | $0.81 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $57.3M | $77.7M | ||
| Q2 25 | $55.9M | $75.6M | ||
| Q1 25 | $54.1M | $77.3M | ||
| Q4 24 | $62.0M | $78.3M | ||
| Q3 24 | $51.4M | $79.1M | ||
| Q2 24 | $56.5M | $74.9M |
| Q1 26 | $16.9M | — | ||
| Q4 25 | $18.6M | $-140.1M | ||
| Q3 25 | $17.5M | $-6.4M | ||
| Q2 25 | $16.9M | $-102.3M | ||
| Q1 25 | $15.6M | $-7.9M | ||
| Q4 24 | $18.5M | $-4.1M | ||
| Q3 24 | $13.8M | $3.2M | ||
| Q2 24 | $18.5M | $-4.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | -182.2% | ||
| Q3 25 | 37.0% | -3.9% | ||
| Q2 25 | 37.0% | -138.7% | ||
| Q1 25 | 35.3% | -4.7% | ||
| Q4 24 | 36.7% | -1.5% | ||
| Q3 24 | 33.7% | -0.9% | ||
| Q2 24 | 41.0% | -4.6% |
| Q1 26 | 28.6% | — | ||
| Q4 25 | 31.8% | -178.3% | ||
| Q3 25 | 30.5% | -8.3% | ||
| Q2 25 | 30.2% | -135.2% | ||
| Q1 25 | 28.8% | -10.3% | ||
| Q4 24 | 29.8% | -5.3% | ||
| Q3 24 | 26.9% | 4.1% | ||
| Q2 24 | 32.8% | -5.4% |
| Q1 26 | $0.81 | — | ||
| Q4 25 | $0.88 | $-1.68 | ||
| Q3 25 | $0.84 | $-0.08 | ||
| Q2 25 | $0.81 | $-1.15 | ||
| Q1 25 | $0.74 | $-0.09 | ||
| Q4 24 | $0.87 | $-0.04 | ||
| Q3 24 | $0.65 | $0.03 | ||
| Q2 24 | $0.88 | $-0.04 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $510.6M | $484.4M |
| Total Assets | $5.6B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | — | ||
| Q4 25 | $138.4M | $115.7M | ||
| Q3 25 | $208.7M | $95.7M | ||
| Q2 25 | $146.2M | $162.6M | ||
| Q1 25 | $128.1M | $165.5M | ||
| Q4 24 | $119.9M | $189.5M | ||
| Q3 24 | $121.6M | $168.7M | ||
| Q2 24 | $214.3M | $147.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M |
| Q1 26 | $510.6M | — | ||
| Q4 25 | $503.0M | $484.4M | ||
| Q3 25 | $490.7M | $616.9M | ||
| Q2 25 | $469.3M | $633.7M | ||
| Q1 25 | $467.3M | $755.7M | ||
| Q4 24 | $454.7M | $761.3M | ||
| Q3 24 | $452.4M | $754.7M | ||
| Q2 24 | $430.5M | $815.4M |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $5.5B | $1.2B | ||
| Q3 25 | $5.5B | $1.3B | ||
| Q2 25 | $5.4B | $1.4B | ||
| Q1 25 | $5.3B | $1.5B | ||
| Q4 24 | $5.3B | $1.6B | ||
| Q3 24 | $5.3B | $1.6B | ||
| Q2 24 | $5.3B | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× |
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 | — | $23.3M |
| Free Cash FlowOCF − Capex | — | $23.2M |
| FCF MarginFCF / Revenue | — | 29.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $76.7M | $23.3M | ||
| Q3 25 | $18.2M | $32.2M | ||
| Q2 25 | $19.0M | $33.1M | ||
| Q1 25 | $31.7M | $2.5M | ||
| Q4 24 | $63.2M | $34.3M | ||
| Q3 24 | $17.2M | $60.1M | ||
| Q2 24 | $8.7M | $31.0M |
| Q1 26 | — | — | ||
| Q4 25 | $70.2M | $23.2M | ||
| Q3 25 | $16.5M | $32.1M | ||
| Q2 25 | $16.7M | $33.0M | ||
| Q1 25 | $30.6M | $2.4M | ||
| Q4 24 | $55.2M | $34.0M | ||
| Q3 24 | $15.7M | $59.8M | ||
| Q2 24 | $7.0M | $30.5M |
| Q1 26 | — | — | ||
| Q4 25 | 120.3% | 29.6% | ||
| Q3 25 | 28.9% | 41.3% | ||
| Q2 25 | 29.8% | 43.6% | ||
| Q1 25 | 56.5% | 3.0% | ||
| Q4 24 | 89.1% | 43.5% | ||
| Q3 24 | 30.6% | 75.6% | ||
| Q2 24 | 12.3% | 40.7% |
| Q1 26 | — | — | ||
| Q4 25 | 11.1% | 0.1% | ||
| Q3 25 | 2.9% | 0.2% | ||
| Q2 25 | 4.1% | 0.1% | ||
| Q1 25 | 2.1% | 0.2% | ||
| Q4 24 | 12.8% | 0.3% | ||
| Q3 24 | 2.9% | 0.3% | ||
| Q2 24 | 3.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.13× | — | ||
| Q3 25 | 1.04× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 2.03× | — | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 1.25× | 18.52× | ||
| Q2 24 | 0.47× | — |
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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
