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Side-by-side financial comparison of INDEPENDENT BANK CORP (IBCP) and WASHINGTON TRUST BANCORP INC (WASH). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($58.9M vs $57.8M, roughly 1.0× WASHINGTON TRUST BANCORP INC). INDEPENDENT BANK CORP runs the higher net margin — 28.6% vs 21.8%, a 6.9% gap on every dollar of revenue. Over the past eight quarters, WASHINGTON TRUST BANCORP INC's revenue compounded faster (9.5% 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.
U.S. Bancorp is an American multinational banking institution headquartered in Minneapolis, Minnesota and incorporated in Delaware. It is the 5th-largest bank in the United States as of 2025. As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board. It is the parent company of its primary operating entity, U.S. Bank National Association, which does business as U.S. Bank. The company provides banking, investment, mortgage, tr...
IBCP vs WASH — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $58.9M | $57.8M |
| Net Profit | $16.9M | $12.6M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 28.6% | 21.8% |
| Revenue YoY | — | — |
| Net Profit YoY | -9.1% | 473.4% |
| EPS (diluted) | $0.81 | $0.66 |
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 | $57.8M | ||
| Q4 25 | $58.3M | $59.3M | ||
| Q3 25 | $57.3M | $56.5M | ||
| Q2 25 | $55.9M | $54.3M | ||
| Q1 25 | $54.1M | $59.1M | ||
| Q4 24 | $62.0M | $12.4M | ||
| Q3 24 | $51.4M | $48.5M | ||
| Q2 24 | $56.5M | $48.2M |
| Q1 26 | $16.9M | $12.6M | ||
| Q4 25 | $18.6M | $16.0M | ||
| Q3 25 | $17.5M | $10.8M | ||
| Q2 25 | $16.9M | $13.2M | ||
| Q1 25 | $15.6M | $12.2M | ||
| Q4 24 | $18.5M | $-60.8M | ||
| Q3 24 | $13.8M | $11.0M | ||
| Q2 24 | $18.5M | $10.8M |
| Q1 26 | — | — | ||
| Q4 25 | 34.8% | 34.9% | ||
| Q3 25 | 37.0% | 24.7% | ||
| Q2 25 | 37.0% | 31.6% | ||
| Q1 25 | 35.3% | 26.5% | ||
| Q4 24 | 36.7% | -648.7% | ||
| Q3 24 | 33.7% | 28.5% | ||
| Q2 24 | 41.0% | 28.7% |
| Q1 26 | 28.6% | 21.8% | ||
| Q4 25 | 31.8% | 27.0% | ||
| Q3 25 | 30.5% | 19.2% | ||
| Q2 25 | 30.2% | 24.4% | ||
| Q1 25 | 28.8% | 20.6% | ||
| Q4 24 | 29.8% | -491.4% | ||
| Q3 24 | 26.9% | 22.6% | ||
| Q2 24 | 32.8% | 22.4% |
| Q1 26 | $0.81 | $0.66 | ||
| Q4 25 | $0.88 | $0.84 | ||
| Q3 25 | $0.84 | $0.56 | ||
| Q2 25 | $0.81 | $0.68 | ||
| Q1 25 | $0.74 | $0.63 | ||
| Q4 24 | $0.87 | $-3.54 | ||
| Q3 24 | $0.65 | $0.64 | ||
| Q2 24 | $0.88 | $0.63 |
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 | $12.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $510.6M | $546.8M |
| Total Assets | $5.6B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $174.9M | $12.3M | ||
| 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 | $546.8M | ||
| Q4 25 | $503.0M | $543.6M | ||
| Q3 25 | $490.7M | $533.0M | ||
| Q2 25 | $469.3M | $527.5M | ||
| Q1 25 | $467.3M | $521.7M | ||
| Q4 24 | $454.7M | $499.7M | ||
| Q3 24 | $452.4M | $502.2M | ||
| Q2 24 | $430.5M | $471.0M |
| Q1 26 | $5.6B | $6.5B | ||
| Q4 25 | $5.5B | $6.6B | ||
| Q3 25 | $5.5B | $6.7B | ||
| Q2 25 | $5.4B | $6.7B | ||
| Q1 25 | $5.3B | $6.6B | ||
| Q4 24 | $5.3B | $6.9B | ||
| Q3 24 | $5.3B | $7.1B | ||
| Q2 24 | $5.3B | $7.2B |
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% |
WASH
| Net Interest Income | $40.5M | 70% |
| Noninterest Income | $17.3M | 30% |
