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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 28, 2025
INDEPENDENT BANK CORPORATION
(Exact name of registrant as specified in its charter)
Michigan 0-7818 38-2032782
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
4200 East Beltline
Grand Rapids, Michigan
 49525
(Address of principal executive office) (Zip Code)
Registrant’s telephone number,
including area code:
(616) 527-5820
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, no par value IBCP NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Item 2.02.


Results of Operations and Financial Condition
On October 28, 2025, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release is attached as Exhibit 99.1. Attached Exhibit 99.2 contains supplemental data to that press release and attached Exhibit 99.3 contains a slide presentation for our earnings conference call.
The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits
Exhibits.
Press release dated October 28, 2025.
Supplemental data to the Registrant’s press release dated October 28, 2025.
Earnings conference call presentation.
2

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INDEPENDENT BANK CORPORATION
(Registrant)
Date 10/28/2025 By s/Gavin A. Mohr
Gavin A. Mohr, Principal Financial Officer
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EX-99.1 2 ibcp-20251028ex991.htm EX-99.1 Document


Exhibit 99.1
new.jpg
NEWS RELEASE
Independent Bank Corporation
4200 East Beltline
Grand Rapids, MI 49525
616.527.5820
For Release: Immediately
Contact:
William B. Kessel, President and CEO, 616.447.3933
Gavin A. Mohr, Chief Financial Officer, 616.447.3929
INDEPENDENT BANK CORPORATION REPORTS 2025 THIRD QUARTER RESULTS

Third Quarter Highlights

Highlights for the third quarter of 2025 include:
•Increase in net interest income of $0.7 million (or 1.7% ) over the second quarter of 2025;
•Increase in tangible common equity per share of common stock of $1.06 (or 20.0% annualized) from June 30, 2025;
•Net growth in total deposits, less brokered time deposits of $148.2 million (or 13.0% annualized) from June 30, 2025;
•Net growth in loans of $33.9 million (or 3.2% annualized) from June 30, 2025; and
•The payment of a 26 cent per share dividend on common stock on August 15, 2025.

GRAND RAPIDS, Mich., October 28, 2025 - Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2025 net income of $17.5 million, or $0.84 per diluted share, versus net income of $13.8 million, or $0.65 per diluted share, in the prior-year period.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “
I am proud of our team’s performance and pleased to report continued positive momentum in our third quarter 2025 results. Loan balances grew at an annualized rate of 3.2%, and total deposits, less brokered time deposits increased by 13.0% (annualized). We achieved growth in net interest income both sequentially and year-over-year. Our net interest margin displayed a small decline on a linked quarter basis primarily due to the acceleration of unamortized issuance costs on subordinated debt we redeemed in the third quarter. I would characterize the NIM as stable when adjusting for this event. Expense management remains a strength, as reflected in our third-quarter efficiency ratio of 58.86%, which demonstrates the effectiveness of our recent strategic investments. These solid fundamentals supported a 10.2% year-over-year increase in tangible common equity per share and strong returns, including a return on average assets of 1.27% and a return on average equity of 14.57%. Despite market uncertainty, our credit quality remains strong, with watch credits at low levels. Non-performing assets increased from 0.16% of total assets to 0.38% of total assets on a quarter-over-quarter basis primarily as the result of one commercial relationship where the borrower is experiencing financial difficulties. Our annualized net charge-offs continue at historically low levels, four basis points through the first three quarters of 2025.
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The allowance for credit losses stands at 1.49% of total loans. I am optimistic we will finish 2025 strong and remain excited about our prospects to grow our customer base and earnings in 2026.”


Significant items impacting comparable third quarter 2025 and 2024 results include the following:
•Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of  $(0.6) million ($(0.02) per diluted share, after taxes) for the three-month period ended September 30, 2025, as compared to $(4.2) million ($(0.16) per diluted share, after taxes) for the three-month period ended September 30, 2024.

Operating Results
The Company’s net interest income totaled $45.4 million during the third quarter of 2025, an increase of $3.5 million, or 8.4% from the year-ago period, and an increase of $0.7 million, or 1.7%, from the second quarter of 2025. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.54% during the third quarter of 2025, compared to 3.37% in the year-ago period, and 3.58% in the second quarter of 2025. The year-over-year quarterly increase in net interest income was due to both an increase in average interest-earning assets and the higher net interest margin. The linked quarter increase in net interest income was due to an increase in average interest-earning assets that was partially offset by a modest decrease in net interest margin. Average interest-earning assets were $5.16 billion in the third quarter of 2025, compared to $4.99 billion in the year-ago quarter and $5.04 billion in the second quarter of 2025.
Non-interest income totaled $11.9 million for the third quarter of 2025, compared to $9.5 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.
Net gains on mortgage loans in the third quarters of 2025 and 2024 were approximately $1.5 million and $2.2 million, respectively. The comparative quarterly decrease in net gains on mortgage loans was due to a decrease in both gain on sale margin on mortgage loans sold and a decrease in the volume of mortgage loans sold.
Mortgage loan servicing, net, generated income (expense) of $0.1 million and $(3.1) million in the third quarters of 2025 and 2024, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. Capitalized mortgage loan servicing rights totaled $31.5 million and $46.8 million at September 30, 2025 and December 31, 2024, respectively. The decline during the first nine months of 2025 was primarily attributable to the aforementioned mortgage servicing right sale. This transaction was executed in part to reduce the amount of exposure the Company had to rate variances that may impact the mortgage servicing right asset valuation in future periods. While the magnitude of fair value adjustments would also be expected to decrease, those adjustments are dependent upon factors that are harder to predict.

Mortgage loan servicing, net activity is summarized in the following table:
Three months ended Nine months ended
9/30/2025 9/30/2024 9/30/2025 9/30/2024
(In thousands)
Mortgage loan servicing, net:
Revenue, net $ 1,614  $ 2,248  $ 5,145  $ 6,681 
Fair value change due to price (576) (4,155) (2,328) (1,979)
Fair value change due to pay-downs (903) (1,223) (2,656) (3,016)
Loss on sale of originated servicing rights $ (61) $ —  (233) — 
Total $ 74  $ (3,130) $ (72) $ 1,686 
Non-interest expenses totaled $34.1 million in the third quarter of 2025, compared to $32.6 million in the year-ago period.
The Company recorded income tax expense of $3.7 million in the third quarter of 2025. This compares to an income tax expense of $3.5 million in the third quarter of 2024. The change in income tax expense principally reflects changes in pre-tax earnings in 2025 relative to 2024.
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Asset Quality
A breakdown of non-performing loans by loan type is as follows (1):
9/30/2025 12/31/2024 9/30/2024
Loan Type (Dollars in thousands)
Commercial $ 13,825  $ 54  $ 59 
Mortgage 7,873  7,005  6,525 
Installment 900  733  666 
Sub total 22,598  7,792  7,250 
Less - government guaranteed loans 2,243  1,790  2,102 
Total non-performing loans $ 20,355  $ 6,002  $ 5,148 
Ratio of non-performing loans to total portfolio loans 0.48  % 0.15  % 0.13  %
Ratio of non-performing assets to total assets 0.38  % 0.13  % 0.11  %
Ratio of allowance for credit losses to total non-performing loans 306.85  % 989.32  % 1115.85  %
(1) Non performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest.

The provision for credit losses was an expense of $1.99 million and $1.49 million in the third quarters of 2025 and 2024, respectively. We recorded loan net charge offs of $0.73 million and $0.31 million in the third quarters of 2025 and 2024, respectively. At September 30, 2025, the allowance for credit losses for loans totaled $62.5 million, or 1.49% of total portfolio loans compared to $59.4 million, or 1.47% of total portfolio loans at December 31, 2024.
Balance Sheet, Capital and Liquidity
Total assets were $5.49 billion at September 30, 2025, an increase of $155.0 million from December 31, 2024. Loans, excluding loans held for sale, were $4.20 billion at September 30, 2025, compared to $4.04 billion at December 31, 2024.  Deposits totaled $4.86 billion at September 30, 2025, an increase of $205.1 million from December 31, 2024. This increase is primarily due to increases in savings and interest-bearing checking, reciprocal, time and brokered time deposits that were partially offset by decreases in non-interest bearing deposits.
Cash and cash equivalents totaled $208.7 million at September 30, 2025, versus $119.9 million at December 31, 2024. Securities available for sale (“AFS”) totaled $502.6 million at September 30, 2025, versus $559.2 million at December 31, 2024.
On August 31, 2025 we redeemed our $40 million floating subordinated notes. This redemption did not affect our status as well-capitalized for regulatory purposes or have a material impact on our liquidity resources.

Total shareholders’ equity was $490.7 million at September 30, 2025, or 8.93% of total assets compared to $454.7 million or 8.52% at December 31, 2024. Tangible common equity totaled $461.3 million at September 30, 2025, or $22.29 per share compared to $424.9 million or $20.33 per share at December 31, 2024. The increases in shareholders’ equity as well as tangible common equity are primarily the result of earnings retention and a reduction in the accumulated other comprehensive loss.

The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:
Regulatory Capital Ratios 9/30/2025 12/31/2024 Well
Capitalized
Minimum
Tier 1 capital to average total assets 9.19  % 9.58  % 5.00  %
Common equity tier 1 capital to risk-weighted assets 11.33  % 11.74  % 6.50  %
Tier 1 capital to risk-weighted assets 11.33  % 11.74  % 8.00  %
Total capital to risk-weighted assets 12.58  % 12.99  % 10.00  %

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At September 30, 2025, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.15 billion and $468.8 million, respectively. We also had approximately $465.9 million in fair value of unpledged securities AFS and HTM at September 30, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $437.3 million.
Share Repurchase Plan
On December 17, 2024, the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2025. During the nine month period ended September 30, 2025, there were 266,008 shares of common stock repurchased, for an aggregate purchase price of $7.77 million.
Earnings Conference Call
Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 28, 2025.
To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 362565). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/579402272.
A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 783472). The replay will be available through November 4, 2025.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.5 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
For more information, please visit our Web site at: IndependentBank.com.
Forward-Looking Statements
This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
September 30, 2025 December 31, 2024
(Unaudited)
(In thousands, except share
amounts)
Assets
Cash and due from banks $ 56,378  $ 56,984 
Interest bearing deposits 152,308  62,898 
Cash and Cash Equivalents 208,686  119,882 
Securities available for sale 502,583  559,182 
Securities held to maturity (fair value of $293,242 at September 30, 2025 and $301,860 at December 31, 2024)
 321,450  339,436 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost 18,102  16,099 
Loans held for sale, carried at fair value 11,654  7,643 
Loans
Commercial 2,125,053  1,937,364 
Mortgage 1,517,656  1,516,726 
Installment 555,574  584,735 
Total Loans 4,198,283  4,038,825 
Allowance for credit losses (62,459) (59,379)
Net Loans 4,135,824  3,979,446 
Other real estate and repossessed assets, net 589  938 
Property and equipment, net 38,805  37,492 
Bank-owned life insurance 53,875  53,855 
Capitalized mortgage loan servicing rights, carried at fair value 31,522  46,796 
Other intangibles, net 1,123  1,488 
Goodwill 28,300  28,300 
Accrued income and other assets 140,600  147,547 
Total Assets $ 5,493,113  $ 5,338,104 
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing $ 1,003,521  $ 1,013,647 
Savings and interest-bearing checking 2,040,462  1,995,314 
Reciprocal 981,115  907,031 
Time 660,815  628,285 
Brokered time 173,242  109,811 
Total Deposits 4,859,155  4,654,088 
Other borrowings 2,006  45,009 
Subordinated debt —  39,586 
Subordinated debentures 39,847  39,796 
Accrued expenses and other liabilities 101,363  104,939 
Total Liabilities 5,002,371  4,883,418 
Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
 —  — 
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,691,604 shares at September 30, 2025 and 20,895,714 shares at December 31, 2024
 311,770  318,777 
Retained earnings 239,602  205,853 
Accumulated other comprehensive loss (60,630) (69,944)
Total Shareholders’ Equity 490,742  454,686 
Total Liabilities and Shareholders’ Equity $ 5,493,113  $ 5,338,104 
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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30,
2025		 June 30, 2025 September 30,
2024		 September 30,
2025 2024
(Unaudited)
Interest Income (In thousands, except per share amounts)
Interest and fees on loans $ 61,325  $ 59,535  $ 58,410  $ 178,628  $ 170,239 
Interest on securities
Taxable 3,660  3,796  4,502  11,492  14,466 
Tax-exempt 2,767  2,773  3,404  8,310  10,195 
Other investments 1,538  774  2,018  3,882  4,898 
Total Interest Income 69,290  66,878  68,334  202,312  199,798 
Interest Expense
Deposits 21,972  20,462  24,462  63,389  70,148 
Other borrowings and subordinated debt and debentures 1,957  1,801  2,018  5,262  6,253 
Total Interest Expense 23,929  22,263  26,480  68,651  76,401 
Net Interest Income 45,361  44,615  41,854  133,661  123,397 
Provision for credit losses 1,991  1,500  1,488  4,212  2,251 
Net Interest Income After Provision for Credit Losses 43,370  43,115  40,366  129,449  121,146 
Non-interest Income
Interchange income 4,157  3,390  4,146  10,674  10,698 
Service charges on deposit accounts 3,131  2,981  3,085  8,926  8,894 
Net gains (losses) on assets
Mortgage loans 1,474  1,631  2,177  5,408  4,874 
Equity securities at fair value —  —  (8) —  2,685 
Securities available for sale (36) 11  (145) (355) (414)
Mortgage loan servicing, net 74  490  (3,130) (72) 1,686 
Other 3,137  2,822  3,383  9,105  8,818 
Total Non-interest Income 11,937  11,325  9,508  33,686  37,241 
Non-interest Expense
Compensation and employee benefits 21,125  21,123  20,048  62,631  62,069 
Data processing 3,784  3,847  3,379  11,360  9,891 
Occupancy, net 2,127  2,046  1,893  6,396  5,853 
Interchange expense 1,180  1,177  1,149  3,476  3,373 
Furniture, fixtures and equipment 892  793  932  2,570  2,834 
Advertising 526  833  581  2,220  1,860 
Loan and collection 618  744  657  2,148  1,868 
FDIC deposit insurance 615  637  664  1,963  2,141 
Legal and professional 682  500  687  1,661  1,717 
Communications 465  470  519  1,526  1,633 
Other 2,117  1,592  2,074  6,204  4,870 
Total Non-interest Expense 34,131  33,762  32,583  102,155  98,109 
Income Before Income Tax 21,176  20,678  17,291  60,980  60,278 
Income tax expense 3,674  3,801  3,481  11,011  11,949 
Net Income $ 17,502  $ 16,877  $ 13,810  $ 49,969  $ 48,329 
Net Income Per Common Share
Basic $ 0.85  $ 0.81  $ 0.66  $ 2.40  $ 2.31 
Diluted $ 0.84  $ 0.81  $ 0.65  $ 2.38  $ 2.29 
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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
(unaudited)
(Dollars in thousands except per share data)
Three Months Ended
Net interest income $ 45,361  $ 44,615  $ 43,685  $ 42,851  $ 41,854 
Provision for credit losses 1,991  1,500  721  2,217  1,488 
Non-interest income 11,937  11,325  10,424  19,121  9,508 
Non-interest expense 34,131  33,762  34,262  36,987  32,583 
Income before income tax 21,176  20,678  19,126  22,768  17,291 
Income tax expense 3,674  3,801  3,536  4,307  3,481 
Net income $ 17,502  $ 16,877  $ 15,590  $ 18,461  $ 13,810 
Basic earnings per share $ 0.85  $ 0.81  $ 0.74  $ 0.88  $ 0.66 
Diluted earnings per share 0.84  0.81  0.74  0.87  0.65 
Cash dividend per share 0.26  0.26  0.26  0.24  0.24 
Average shares outstanding 20,702,235 20,749,925 20,943,094 20,893,820 20,896,019
Average diluted shares outstanding 20,904,857 20,945,522 21,150,550 21,122,096 21,115,273
Performance Ratios
Return on average assets 1.27  % 1.27  % 1.18  % 1.39  % 1.04  %
Return on average equity 14.57  14.66  13.71  16.31  12.54 
Efficiency ratio (1) 58.86  59.67  62.20  59.09  62.82 
As a Percent of Average Interest-Earning Assets (1)
Interest income 5.38  % 5.35  % 5.28  % 5.37  % 5.48  %
Interest expense 1.84  1.77  1.79  1.92  2.11 
Net interest income 3.54  3.58  3.49  3.45  3.37 
Average Balances
Loans $ 4,201,557  $ 4,128,771  $ 4,060,941  $ 3,994,661  $ 3,909,954 
Securities 826,362  846,052  883,676  912,073  933,750 
Total earning assets 5,159,681  5,036,090  5,078,596  5,007,566  4,985,842 
Total assets 5,451,922  5,324,959  5,378,022  5,300,368  5,275,623 
Deposits 4,786,408  4,646,639  4,715,331  4,655,091  4,616,119 
Interest bearing liabilities 3,862,024  3,763,477  3,799,852  3,717,483  3,689,684 
Shareholders' equity 476,422  461,720  461,291  450,214  438,077 
(1)Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.















INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (continued)
September 30,
2025		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024
(unaudited)
(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio 8.44  % 8.16  % 8.26  % 8.00  % 8.08  %
Tangible common equity ratio excluding accumulated other comprehensive loss 9.35  9.24  9.31  9.10  8.99 
Average equity to average assets 8.74  8.67  8.58  8.49  8.30 
Total capital to risk-weighted assets (2) 13.67  14.20  14.51  14.22  14.25 
Tier 1 capital to risk-weighted assets (2) 12.42  12.23  12.34  12.06  12.06 
Common equity tier 1 capital to risk-weighted assets (2) 11.55  11.36  11.45  11.17  11.16 
Tier 1 capital to average assets (2) 10.07  10.07  9.89  9.85  9.63 
Common shareholders' equity per share of common stock $ 23.72  $ 22.65  $ 22.28  $ 21.76  $ 21.65 
Tangible common equity per share of common stock 22.29  21.23  20.87  20.33  20.22 
Total shares outstanding 20,691,604 20,715,650 20,970,115 20,895,714 20,893,800
Selected Balances
Loans $ 4,198,283  $ 4,164,367  $ 4,072,691  $ 4,038,825  $ 3,942,287 
Securities 824,033  838,813  866,604  898,618  932,312 
Total earning assets 5,204,380  5,105,579  5,031,975  5,024,083  4,964,784 
Total assets 5,493,113  5,418,519  5,328,428  5,338,104  5,259,268 
Deposits 4,859,155  4,659,359  4,633,931  4,654,088  4,626,875 
Interest bearing liabilities 3,897,487  3,832,845  3,768,435  3,764,832  3,682,482 
Shareholders' equity 490,742  469,250  467,277  454,686  452,369 
(2)September 30, 2025 are Preliminary.
7

Reconciliation of Non-GAAP Financial Measures
Independent Bank Corporation
Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")
Net interest income $ 45,361  $ 41,854  $ 133,661  $ 123,397 
Add:  taxable equivalent adjustment 443  158  1,339  513 
Net interest income - taxable equivalent $ 45,804  $ 42,012  $ 135,000  $ 123,910 
Net interest margin (GAAP) (1) 3.51  % 3.35  % 3.50  % 3.34  %
Net interest margin (FTE) (1) 3.54  % 3.37  % 3.54  % 3.35  %
(1)Annualized.
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Tangible Common Equity Ratio
September 30,
2025		 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024
(Dollars in thousands)
Common shareholders' equity $ 490,742 $ 469,250 $ 467,277 $ 454,686 $ 452,369
Less:
Goodwill 28,300 28,300 28,300 28,300 28,300
Other intangibles, net 1,123 1,244 1,366 1,488 1,617
Tangible common equity 461,319 439,706 437,611 424,898 422,452
Addition:
Accumulated other comprehensive loss for regulatory purposes 54,833 64,089 61,285 64,146 52,454
Tangible common equity excluding accumulated other comprehensive loss adjustments $ 516,152 $ 503,795 $ 498,896 $ 489,044 $ 474,906
Total assets $ 5,493,113 $ 5,418,519 $ 5,328,428 $ 5,338,104 $ 5,259,268
Less:
Goodwill 28,300 28,300 28,300 28,300 28,300
Other intangibles, net 1,123 1,244 1,366 1,488 1,617
Tangible assets 5,463,690 5,388,975 5,298,762 5,308,316 5,229,351
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax 54,833 64,089 61,285 64,146 52,454
Tangible assets excluding accumulated other comprehensive loss adjustments $ 5,518,523 $ 5,453,064 $ 5,360,047 $ 5,372,462 $ 5,281,805
Common equity ratio 8.93  % 8.66  % 8.77  % 8.52  % 8.60  %
Tangible common equity ratio 8.44  % 8.16  % 8.26  % 8.00  % 8.08  %
Tangible common equity ratio excluding accumulated other comprehensive loss 9.35  % 9.24  % 9.31  % 9.10  % 8.99  %
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity $ 490,742  $ 469,250  $ 467,277  $ 454,686  $ 452,369 
Tangible common equity $ 461,319  $ 439,706  $ 437,611  $ 424,898  $ 422,452 
Shares of common stock outstanding (in thousands) 20,692  20,716  20,970  20,896  20,894 
Common shareholders' equity per share of common stock $ 23.72  $ 22.65  $ 22.28  $ 21.76  $ 21.65 
Tangible common equity per share of common stock $ 22.29  $ 21.23  $ 20.87  $ 20.33  $ 20.22 
The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.
9
EX-99.2 3 ibcp-20251028ex992.htm EX-99.2 Document

Exhibit 99.2
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Supplemental Data

Non-performing assets

September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024
(Dollars in thousands)
Non-accrual loans $ 22,598  $ 10,453  $ 9,026  $ 7,792  $ 7,250 
Loans 90 days or more past due and still accruing interest —  —  —  —  — 
Subtotal 22,598  10,453  9,026  7,792  7,250 
Less:  Government guaranteed loans 2,243  2,249  1,940  1,790  2,102 
Total non-performing loans 20,355  8,204  7,086  6,002  5,148 
Other real estate and repossessed assets 589  426  413  938  781 
Total non-performing assets $ 20,944  $ 8,630  $ 7,499  $ 6,940  $ 5,929 
As a percent of Portfolio Loans
Non-performing loans 0.48  % 0.20  % 0.17  % 0.15  % 0.13  %
Allowance for credit losses 1.49  1.47  1.47  1.47  1.46 
Non-performing assets to total assets 0.38  0.16  0.14  0.13  0.11 
Allowance for credit losses as a percent of non-performing loans 306.85  745.45  847.23  989.32  1,115.85 





Allowance for credit losses

Nine months ended September 30,
2025 2024
Loans Securities Unfunded
Commitments		 Loans Securities Unfunded
Commitments
(Dollars in thousands)
Balance at beginning of period $ 59,379 $ 132 $ 5,131 $ 54,658 $ 157 $ 5,504
Additions (deductions)
Provision for credit losses 4,252 (40) — 3,400 (1,149) —
Recoveries credited to allowance 1,604 — — 2,106 1,125 —
Assets charged against the allowance (2,776) — — (2,720) — —
Recoveries included in non-interest expense — — (190) — — (676)
Balance at end of period $ 62,459 $ 92 $ 4,941 $ 57,444 $ 133 $ 4,828
Net loans charged against the allowance to average Portfolio Loans 0.04  % 0.02  %

1

Capitalization

September 30, 2025 December 31, 2024
(In thousands)
Subordinated debt $ —  $ 39,586 
Subordinated debentures 39,847  39,796 
Amount not qualifying as regulatory capital (1,224) (810)
Amount qualifying as regulatory capital 38,623  78,572 
Shareholders’ equity
Common stock 311,770  318,777 
Retained earnings 239,602  205,853 
Accumulated other comprehensive loss
 (60,630) (69,944)
Total shareholders’ equity 490,742  454,686 
Total capitalization $ 529,365  $ 533,258 

Non-Interest Income

Three months ended Nine months ended
September 30, 2025 June 30, 2025 September 30, 2024 September 30,
2025 2024
(In thousands)
Interchange income $ 4,157  $ 3,390  $ 4,146  $ 10,674  $ 10,698 
Service charges on deposit accounts 3,131  2,981  3,085  8,926  8,894 
Net gains (losses) on assets
Mortgage loans 1,474  1,631  2,177  5,408  4,874 
Equity securities at fair value —  —  (8) —  2,685 
Securities (36) 11  (145) (355) (414)
Mortgage loan servicing, net 74  490  (3,130) (72) 1,686 
Investment and insurance commissions 940  810  882  2,504  2,524 
Bank owned life insurance 288  296  197  881  566 
Other 1,909  1,716  2,304  5,720  5,728 
Total non-interest income $ 11,937  $ 11,325  $ 9,508  $ 33,686  $ 37,241 

Capitalized Mortgage Loan Servicing Rights
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
(In thousands)
Balance at beginning of period $ 32,053  $ 44,406  $ 46,796  $ 42,243 
Originated servicing rights capitalized 948  1,176  2,766  2,956 
Change in fair value (1,479) (5,378) (4,984) (4,995)
Sale of originated servicing rights (1) 61  —  (12,823) — 
Loss on sale of originated servicing rights (1) (61) —  (233) — 
Balance at end of period $ 31,522  $ 40,204  $ 31,522  $ 40,204 
(1)     On January 31, 2025 we sold $931.6 million of mortgage loan servicing rights (26.3% of total servicing portfolio) and transferred the servicing on March 3, 2025. This sale represented approximately $13.1 million (27.9%) of the total capitalized mortgage loan servicing right asset.
2

Mortgage Loan Activity

Three months ended Nine months ended
September 30, 2025 June 30, 2025 September 30, 2024 September 30,
2025 2024
(Dollars in thousands)
Mortgage loans originated $ 145,561 $ 147,844 $ 147,516 $ 401,184 $ 384,112
Mortgage loans sold 101,615 95,360 117,037 279,593 289,395
Net gains on mortgage loans 1,474 1,631 2,177 5,408 4,874
Net gains as a percent of mortgage loans sold  ("Loan Sales Margin") 1.45  % 1.71  % 1.86  % 1.93  % 1.68  %
Fair value adjustments included in the Loan Sales Margin 0.03  % 0.12  % 0.46  % 0.32  % 0.30  %

Non-Interest Expense

Three months ended Nine months ended
September 30, 2025 June 30, 2025 September 30, 2024 September 30,
2025 2024
(In thousands)
Compensation $ 13,916  $ 13,610  $ 13,264  $ 40,723  $ 39,931 
Performance-based compensation 2,900  3,638  3,426  9,979  10,787 
Payroll taxes and employee benefits 4,309  3,875  3,358  11,929  11,351 
Compensation and employee benefits 21,125  21,123  20,048  62,631  62,069 
Data processing 3,784  3,847  3,379  11,360  9,891 
Occupancy, net 2,127  2,046  1,893  6,396  5,853 
Interchange expense 1,180  1,177  1,149  3,476  3,373 
Furniture, fixtures and equipment 892  793  932  2,570  2,834 
Advertising 526  833  581  2,220  1,860 
Loan and collection 618  744  657  2,148  1,868 
FDIC deposit insurance 615  637  664  1,963  2,141 
Legal and professional 682  500  687  1,661  1,717 
Communications 465  470  519  1,526  1,633 
Taxes, licenses and fees
 335  290  347  951  891 
Director fees 265  276  235  773  709 
Amortization of intangible assets 121  122  129  365  387 
Provision (recovery) for loss reimbursement on sold loans (5) (6) 24  (22) 26 
Net (gains) losses on other real estate and repossessed assets 39  (50) 14  (77) (170)
Other 1,362  960  1,325  4,214  3,027 
Total non-interest expense $ 34,131  $ 33,762  $ 32,583  $ 102,155  $ 98,109 

3

Average Balances and Tax Equivalent Rates

Three Months Ended September 30,
2025 2024
Average
Balance		 Interest Rate (2) Average
Balance		 Interest Rate (2)
(Dollars in thousands)
Assets
Taxable loans $ 4,193,925  $ 61,250  5.81  % $ 3,901,370  $ 58,322  5.96  %
Tax-exempt loans (1) 7,632  95  4.95  8,584  111  5.14 
Taxable securities 573,333  3,660  2.55  665,974  4,502  2.70 
Tax-exempt securities (1) 253,029  3,190  5.04  267,776  3,539  5.29 
Interest bearing cash 113,660  1,261  4.40  126,039  1,717  5.42 
Other investments 18,102  277  6.12  16,099  301  7.48 
Interest Earning Assets 5,159,681  69,733  5.38  4,985,842  68,492  5.48 
Cash and due from banks 58,099  57,211 
Other assets, net 234,143  232,570 
Total Assets $ 5,451,923  $ 5,275,623 
Liabilities
Savings and interest-bearing checking 2,850,176  13,282  1.85  2,763,558  15,621  2.25 
Time deposits 930,358  8,690  3.71  804,944  8,841  4.37 
Other borrowings 81,490  1,957  9.57  121,182  2,018  6.64 
Interest Bearing Liabilities 3,862,024  23,929  2.46  % 3,689,684  26,480  2.86 
Non-interest bearing deposits 1,005,875  1,047,617 
Other liabilities 107,602  100,245 
Shareholders’ equity 476,422  438,077 
Total liabilities and shareholders’ equity $ 5,451,923  $ 5,275,623 
Net Interest Income $ 45,804  $ 42,012 
Net Interest Income as a Percent of Average Interest Earning Assets 3.54  % 3.37  %

(1) Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
(2) Annualized


4

Average Balances and Tax Equivalent Rates
Nine Months Ended September 30,
2025 2024
Average
Balance		 Interest Rate Average
Balance		 Interest Rate (2)
(Dollars in thousands)
Assets
Taxable loans $ 4,123,797  $ 178,407  5.78  % $ 3,848,092  $ 169,974  5.90  %
Tax-exempt loans (1) 7,141  280  5.25  8,660  335  5.17 
Taxable securities 594,769  11,491  2.58  691,327  14,466  2.79 
Tax-exempt securities (1) 257,051  9,590  4.97  267,689  10,638  5.30 
Interest bearing cash 92,263  3,058  4.43  97,941  3,994  5.45 
Other investments 16,731  825  6.57  16,452  904  7.33 
Interest Earning Assets 5,091,752  203,651  5.34  4,930,161  200,311  5.42 
Cash and due from banks 56,073  54,481 
Other assets, net 237,413  235,026 
Total Assets $ 5,385,238  $ 5,219,668 
Liabilities
Savings and interest-bearing checking 2,827,773  38,731  1.83  2,690,359  43,178  2.14 
Time deposits 887,385  24,658  3.72  825,984  26,970  4.37 
Other borrowings 93,520  5,262  7.51  126,861  6,253  6.58 
Interest Bearing Liabilities 3,808,678  68,651  2.41  % 3,643,204  76,401  2.80 
Non-interest bearing deposits 1,001,228  1,053,719 
Other liabilities 108,799  104,057 
Shareholders’ equity 466,533  418,688 
Total liabilities and shareholders’ equity $ 5,385,238  $ 5,219,668 
Net Interest Income $ 135,000  $ 123,910 
Net Interest Income as a Percent of Average Interest Earning Assets 3.54  % 3.35  %

(1) Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
5

Commercial Loan Portfolio Analysis as of September 30, 2025

Total Commercial Loans
Watch Credits Percent of Loan Category in Watch Credit
Loan Category All Loans Performing Non-accrual Total
(Dollars in thousands)
Land $ 11,845  $ 16  $ —  $ 16  0.1  %
Land Development 19,877  —  —  —  — 
Construction 149,259  —  13,825  13,825  9.3 
Income Producing 738,924  39,522  —  39,522  5.3 
Owner Occupied 642,277  8,299  —  8,299  1.3 
Total Commercial Real Estate Loans $ 1,562,182  $ 47,837  $ 13,825  $ 61,662  3.9 
Other Commercial Loans $ 562,871  $ 21,100  —  $ 21,100  3.7 
Total non-performing commercial loans $ 13825 

Commercial Loan Portfolio Analysis as of December 31, 2024

Total Commercial Loans
Watch Credits Percent of Loan Category in Watch Credit
Loan Category All Loans Performing Non-accrual Total
(Dollars in thousands)
Land $ 8,734  $ —  $ —  $ —  0.0  %
Land Development 24,637  —  —  —  — 
Construction 201,474  16,589  —  16,589  8.2 
Income Producing 624,499  22,286  —  22,286  3.6 
Owner Occupied 544,829  18,396  47  18,443  3.4 
Total Commercial Real Estate Loans $ 1,404,173  $ 57,271  $ 47  $ 57,318  4.1 
Other Commercial Loans $ 533,190  $ 27,334  7  $ 27,341  5.1 
Total non-performing commercial loans $ 54 
6
EX-99.3 4 ibcp20253qearningsdeck-f.htm EX-99.3 ibcp20253qearningsdeck-f
Earnings Call: Third Quarter 2025 October 28, 2025 (NASDAQ: IBCP)

 
Cautionary note regarding forward-looking statements This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. 2 2

 
• Formal Remarks − William B. (Brad) Kessel President and Chief Executive Officer − Gavin A. Mohr Executive Vice President and Chief Financial Officer − Joel F. Rahn Executive Vice President – Commercial Banking • Question and Answer session • Closing Remarks Note: This presentation is available at www.IndependentBank.com in the Investor Relations area under the “Presentations” tab. Agenda 3

 
3Q'25 Overview • Total loans increased 3.2% annualized while maintaining a disciplined approach to new loan production • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained exceptional with NPAs/Total Assets at 0.38% and NCO of 0.07% of average loans in the quarter • Generated a ROAA and ROAE of 1.27% and 14.57%, respectively • Net interest margin of 3.54% compared to 3.37% in the prior year quarter • Commercial loan growth of 10.9% annualized • Efficiency ratio of 58.86% compared to 62.82% in the prior year quarter • Tangible book value per share increased 19.8% annualized from end of prior quarter • Redemption of $40 million of subordinated debt • Balance sheet liquidity remains strong with loan-to-deposit ratio of 86% • Net income of $17.5 million, or $0.84 per diluted share • Increase in net interest income of $3.5 million over the prior year quarter and $0.7 million over the second quarter of 2025 • Strong profitability and prudent balance sheet management results 10.2% growth in tangible book value per share compared to the prior year quarter. Healthy Capital & Liquidity Positions Positive Trends in Key Metrics Solid Loan Growth and Strong Asset Quality 3Q'25 Earnings 4 4

 
Non-interest Bearing 21% Savings and Interest- bearing Checking 42% Reciprocal 20% Time 14% Brokered 4% $4 .5 $4 .6 $4 .6 $4 .6 $4 .6 $4 .6 $4 .7 $4 .6 $4 .7 $4 .9 1. 5 7 % 1. 8 0 % 1. 9 9% 2. 0 1% 2. 0 3% 2. 11 % 1. 9 3% 1. 8 0% 1. 7 7% 1. 8 2% Q 2' 23 Q 3' 23 Q 4' 23 Q 1' 24 Q 2' 24 Q 3' 24 Q 4' 24 Q 1' 25 Q 2' 25 Q 3' 25 Total Deposits Cost Of Deposits Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $4.03 billion of non-maturity deposit accounts (82.8% of total deposits). • Core deposit increase of $148.2 million (13.0% annualized) in 3Q'25. • Time deposit increase of $32.8million (20.7% annualized) in 3Q'25. • Total deposits increased $205.1 million (4.4%) since 12/31/24 with non-interest bearing down $10.1 million, savings and interest- bearing checking up $45.1 million, reciprocal up $74.1 million, time up $32.5 million and brokered time up $63.4 million. • Deposits by Customer Type: − Retail – 46% − Commercial – 37% − Municipal – 17% Deposit Composition 9/30/25 Cost of Deposits (%)/Total Deposits ($B) 5 Core Deposits: 82.8% $4.9B

 
0. 2 5% 0. 2 7% 0. 2 7% 0. 2 8% 0. 3 3% 0. 3 6% 0. 4 2% 0. 5 1% 0. 6 0% 0. 7 3% 0. 8 2% 0. 8 5% 0. 8 5% 0. 7 4% 0. 6 3% 0. 3 0% 0. 2 3% 0. 3 9% 0. 1 4% 0. 1 2% 0. 11 % 0. 1 0% 0. 1 0% 0. 1 2% 0. 3 3% 0. 7 9% 1. 2 5% 1. 5 7% 1. 8 0% 1. 9 9% 2. 0 1% 2. 0 2% 2. 1 0% 1. 9 2% 1. 8 0% 1. 7 6% 1. 8 2% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% S e p -1 6 D ec -1 6 M a r- 1 7 J u n -1 7 S e p -1 7 D ec -1 7 M a r- 1 8 J u n -1 8 S e p -1 8 D ec -1 8 M a r- 1 9 J u n -1 9 S e p -1 9 D ec -1 9 M a r- 2 0 J u n -2 0 S e p -2 0 D ec -2 0 M a r- 2 1 J u n -2 1 S e p -2 1 D ec -2 1 M a r- 2 2 J u n -2 2 S e p -2 2 D ec -2 2 M a r- 2 3 J u n -2 3 S e p -2 3 D ec -2 3 M a r- 2 4 J u n -2 4 S e p -2 4 D ec -2 4 M a r- 2 5 J u n -2 5 S e p -2 5 Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate (with Deposit Balances) D e po si t B a la nc es ( $ in th o us an ds ) 6 F e de ra l F un ds R at e Account Type Cycle Beta Sav & Int-bearing chking 20.1% Reciprocal 69.3% Time 53.9% Total int-bearing Dep (excl brokered) 40.5% Total COF IBC (excl Sub Debt) 28.2% IBC COF Fed Funds Spot Fed Effective Total Deposits

 
Commercial 50% Mortgage 36% Installment 13% Held for Sale 1% $3 .6 $3 .7 $3 .8 $3 .8 $3 .9 $3 .9 $4 .0 $4 .1 $4 .2 $4 .2 5. 36 % 5. 53 % 5. 73 % 5. 80 % 5. 93 % 5. 96 % 5. 83 % 5. 74 % 5. 76 % 5. 81 % 2 Q '2 3 3 Q '2 3 4 Q '2 3 1 Q '2 4 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 2 Q '2 5 3 Q '2 5 Total Portfolio Loans Yield on Loans Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 3Q'25: − Commercial – increased $57.0 million. …Average new origination yield of 6.88% vs a 6.39% portfolio yield. − Mortgage – decreased $10.7 million. …Average new origination yield of 6.65% vs a 4.89% portfolio yield. − Installment – decreased $12.4 million. …Average new origination yield of 7.22% vs a 5.18% portfolio yield. • Mortgage loan portfolio weighted average FICO of 752 and average balance of $186,217. • Installment weighted average FICO of 756 and average balance of $25,856. • Commercial loan rate mix: − 39% fixed / 61% variable. − Indices – 38% tied to Prime and 62% tied to SOFR. • Mortgage loan (including HELOC) rate mix: − 61% fixed / 39% adjustable or variable. − 8% tied to a US Treasury rate and 92% tied to SOFR.Note: Portfolio loans exclude loans HFS. Loan Composition 9/30/25 Yield on Loans (%)/ Total Portfolio Loans ($B) 7 $4.2B

 
8.76%, Commercial Industrial, $186 4.68%, Retail, $100 4.47%, Office, $95 4.17%, Constructi on, $89 3.37%, Multifamily, $72 2.20%, 1-4 Family, $47 1.27%, Land, Vacant Land and Development, $27 1.14%, Special Purpose, $24 Concentrations within $2.1B Commercial Loan Portfolio C&I or Owner Occupied Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) Note: $1.486 billion, or 69.9% of the commercial loan portfolio is C&I or owner occupied, while $639 million, or 30.1% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $2.1 billion as of September 30, 2025 8 $639MM 30% 8.97% 191 8.77% 186 8.36% 178 7.74% 1646.05% 128 4.97% 106 4.61% 98 3.49% 74 2.92% 62 53 49 197 $1,486MM 70% Retail Construction Manufacturing Health Care and Social Assistance Real Estate Rental and Leasing Hotel and Accomodations Other Services (except Public Administration) Wholesale Finance and Insurance Transportation Professional, Scientific, and Technical Services Misc 2.34% 9.35% 2.94%

 
$5.1 $3.7 $5.2 $5.1 $6.0 $7.1 $8.2 $20.4 $0.2 $0.5 $0.6 $0.8 $0.9 $0.4 $0.4 $0.6 $- $5.0 $10.0 $15.0 $20.0 $25.0 2021 2022 2023 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Non-performing Loans 90+ Days PD ORE/ORA $2.3 $3.1 $3.3 $4.8 $7.0 $3.9 $6.6 $5.1 0.1% 0.1% 0.1% 0.1% 0.2% 0.1% 0.2% 0.1% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2021 2022 2023 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 30-89 Days PD 30-89 Days PD / Total Loans $0.2 $0.5 $0.6 $0.8 $0.9 $0.4 $0.4 $0.6 $- $0.2 $0.4 $0.6 $0.8 $1.0 2021 2022 2023 Q3'24 4Q'24 1Q'25 2Q'25 3Q'25 $5.1 $3.7 $5.2 $5.1 $6.0 $7.1 $8.2 $20.4 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.5% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% $- $5.0 $10.0 $15.0 $20.0 $25.0 2021 2022 2023 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Non-performing Loans (NPLs) NPLs / Total Loans Note 1: Non-performing loans and non-performing assets exclude troubled debt restructurings that are performing. Credit Quality Summary Non-performing Loans ($ in Millions) ORE/ORA ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) Non-performing Assets ($ in Millions) 9

 
14.2 14.3 14.2 14.5 14.2 13.7 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 11.1 11.2 11.2 11.4 11.4 11.6 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 9.6 9.6 9.9 9.9 10.1 10.1 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 7.6 8.1 8.0 8.3 8.2 8.4 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 • Long-term capital Priorities: Capital retention to support organic growth, acquisitions and return of capital through strong and consistent dividends and share repurchases. • Well capitalized in all regulatory capital measurements. • Tangible common equity ratio excluding the impact of unrealized losses on securities AFS and HTM is 9.4% • The reduction in Total RBC in 3Q’25 was due primarily to the redemption of $40 million in subordinated debt on August 31, 2025. Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) 10

 
$3 3 .0 $3 6 .1 $3 9 .9 $4 0 .6 $3 8 .4 $3 8 .4 $3 9 .4 $4 0 .1 $4 0 .2 $4 1 .3 $4 1 .9 $4 2 .9 $4 3 .7 $4 4 .6 $4 5 .4 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 3.18 3.13 3.00 3.26 3.49 3.52 3.33 3.26 3.23 3.26 3.30 3.40 3.37 3.45 3.49 3.58 3.54 0.08 0.08 0.12 0.77 2.18 3.65 4.38 4.99 5.26 5.33 5.33 5.33 5.16 4.66 4.33 4.33 4.30 0.11 0.10 0.10 0.12 0.45 0.92 1.39 1.72 1.93 2.11 2.14 2.16 2.22 2.02 1.86 1.86 1.95 0 1 2 3 4 5 6 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds Net Interest Margin/Income • Net interest income was $45.4 million in 3Q'25 compared to $41.9 million in the prior year quarter. The change is due to an increase in average earning assets and the net interest margin compared to the year- ago quarter. • Net interest margin was 3.54% during the third quarter of 2025, compared to 3.37% in the year- ago quarter and 3.58% in the second quarter of 2025. • 9th consecutive quarter of increasing net interest income. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) 11

 
3.58%2Q'25 0.02%Change in Earning Asset Yield/Mix 0.01%Increase in Earnings Asset Yield -0.04%Increase in funding costs -0.03%Deferred Cost on Sub Debt Payoff 3.54%3Q'25 Change2Q253Q25 YieldInc/ExpAvg BalYieldInc/ExpAvg BalYieldInc/ExpAvg Bal -0.05%$756 $68,192 4.45%$505 $45,468 4.40%$1,261 $113,660 Cash 0.00%(138)(17,387)3.37%7,265 861,851 3.38%7,127 844,464 Investments -0.04%1,337 71,871 6.60%33,446 2,031,778 6.56%34,783 2,103,649 Commercial loans 0.07%324 4,089 4.92%18,809 1,530,281 4.99%19,133 1,534,370 Mortgage loans 0.12%132 (3,174)5.15%7,297 566,712 5.27%7,429 563,538 Consumer loans 0.03%$2,411 $123,591 5.35%$67,322 $5,036,090 5.38%$69,733 $5,159,681 Earning assets 0.04%673 $53,475 1.81%$12,609 $2,796,701 1.85%$13,282 $2,850,176 Nonmaturity deposits 0.12%91 5,413 3.49%898 103,154 3.61%989 108,567 CDARS deposits 0.00%177 13,726 3.56%5,597 629,910 3.56%5,774 643,636 Retail Time deposits -0.01%570 51,446 4.30%1,358 126,709 4.29%1,928 178,155 Brokered deposits -0.61%(164)(13,065)4.41%303 27,566 3.80%139 14,501 Bank borrowings 3.26%319 (12,448)7.55%1,498 79,437 10.81%1,817 66,989 IBC debt 0.09%$1,666 $98,547 2.37%$22,263 $3,763,477 2.46%$23,929 $3,862,024 Cost of funds $25,044 $1,272,613 $1,297,657 Free funds $745 $45,059 $45,804 Net interest income -0.04%3.58%3.54%Net interest margin 3Q'25 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis 12

 
September 30, 2025 200100Base-rate -100-200 $198,049 $195,562 $192,535 $190,263 $188,085 Net Interest Income 2.86%1.57%-1.18%-2.31%Change from Base June 30, 2025 200100Base-rate -100-200 $192,391 $190,443 $187,528 $185,650 $184,556 Net Interest Income 2.59%1.55%-1.00%-1.58%Change from Base Interest Rate Risk Management • The base case modeled NII is slightly higher during the quarter given earning asset growth and slight margin expansion. Asset yields were augmented by a shift in asset mix with commercial loan growth largely funded by runoff of lower yielding investments, mortgages and consumer loans. An increase in overnight liquidity offset some of this mix benefit. Funding costs benefited from the retirement of the holding company subordinated debt issue. • The NII sensitivity position shows slightly more exposure to a declining rate environment. Asset repricing increased due to growth in variable rate commercial loans HELOCs and overnight liquidity. Some of the increase in asset repricing was offset by purchased floor. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 37.6% of assets and other non- maturity deposits fund another 17.8% of assets. Low wholesale funding of just 3.9% of assets. • 38.4% of assets reprice in 1 month and 49.8% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging, funding strategies as well as product pricing and structure. Changes in Net Interest Income (Dollars in 000’s) Simulation analyses calculate the change in net interest income over the next twelve months, under immediate parallel shifts in interest rates, based upon a static statement of financial condition, which includes derivative instruments, and does not consider loan fees. 13

 
Interchange income $4,157 Service Chg Dep $3,131 Gain (Loss)- Mortgage Sale $1,474 Equity Securities at Fair Value $- Gain (Loss)- Securities $(36) Mortgage loan servicing, net $74 Investment & insurance commissions $940 Bank owned life insurance $288 Other income $1,909 Strong Non-interest Income • The $3.2 million comparative quarterly increase in mortgage loan servicing, net is primarily attributed to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in mortgage loan interest rates and expected future prepayment levels. The decrease in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. • Mortgage banking: − $1.5 million in net gains on mortgage loans in 3Q'25 vs. $2.2 million in the year ago quarter. The decrease is primarily due to lower profit margins on mortgage loan sales as well as lower loan sales volume. − $145.6 million in mortgage loan originations in 3Q'25 vs. $147.5 million in 3Q’24 and $147.8 million in 2Q'25. − 3Q'25 mortgage loan servicing includes a $0.6 million ($0.02) per diluted share, after tax) decrease in fair value adjustment due to price compared to a decrease of $4.2 million ($0.16 per diluted share, after tax) in the year ago quarter. Source: Company documents. 3Q'25 Non-interest Income (thousands) Non-interest Income Trends ($M) 14 $11.9MM $1 5. 4 $1 5. 6 $9 .1 $1 2. 6 $1 5. 2 $9 .5 $1 9. 1 $1 0. 4 $1 1. 3 $1 1. 9 18 .6 % 20 .0 % 12 .2 % 16 .2 % 18 .6 % 12 .2 % 22 .2 % 13 .6 % 14 .5 % 14 .7 % -5.0 5.0 15.0 25.0 35.0 45.0 55.0 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Non-interest Income Non-interest Inc/Operating Rev (%)

 
60 .4 % 59 .6 % 59 .9 % 60 .7 % 60 .3 % 60 .9 % 62 .2 % 60 .9 % 61 .4 % 60 .9 % 60 .0 % 1 Q '2 3 2 Q '2 3 3 Q '2 3 4 Q '2 3 1 Q '2 4 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 2 Q '2 5 3 Q '2 5 $3 2. 0 $3 1. 9 $3 2. 2 $3 3. 3 $3 2. 6 $3 4. 3 $3 3. 8 $3 4. 1 $— $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Focus on Improved Efficiency • 3Q'25 efficiency ratio of 58.9%. • Compensation and employee benefits expense of $21.1 million, an increase of $1.1 million from the prior year quarter. • Performance-based compensation was $0.5 million lower than the prior year quarter. • Payroll taxes and employee benefits increased $1.0 million primarily due to higher healthcare related costs. • Data processing costs increased by $0.4 million primarily due to core data processor annual asset growth and CPI related cost increases as well as price increases in other software solutions. • Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. Non-interest Expense ($M) Efficiency Ratio (4 quarter rolling average) Source: Company documents. 15 $3 7. 0

 
Outlook for 2025 • Very difficult area to forecast. Future provision levels under CECL will be particularly sensitive to loan growth and mix, projected economic conditions, watch credit levels and loan default volumes. • The allowance as a percentage of total loans was at 1.47% at 12/31/24 • A full year 2025 provision (expense) for credit losses of approximately 0.15%-0.20% of average total portfolio loans would not be unreasonable. • The forecast assumes 0.25% Fed rate cuts in March and August in the federal funds rate while long-term interest rates increase slightly over year-end 2024 levels. • IBCP forecast of high-single digit (8%-9%) growth is primarily supported by an increase in earning assets and a favorable shift in the earning asset base. Expect the net interest margin (NIM) to increase (0.20% - 0.25%) in 2025 compared to full-year 2024. Primary driver is a decrease in yield on interest bearing liabilities that is partially offset by a decrease in earning asset yield. • IBCP forecast of mid-single digit (approximately 5%-6%) overall loan growth is based on increases in commercial loans (9%-10%) and mortgage loans (2%-3%) with installment loans declining (2%-3%). • This growth forecast also assumes a stable Michigan economy. Outlook for 2025 *as of January, 2025 • The provision for credit losses was an expense of $2.0 million (0.19% annualized) for the third quarter within the forecasted range. • 3Q'25 net interest income was $3.5 million (8.4%) higher than the prior year quarter which is within the forecasted range. The net interest margin was 3.54% for the current quarter and 3.37% for the prior year quarter and down 0.04% from the linked quarter. • Total portfolio loans increased $33.9 million (3.2% annualized) in 3Q'25 which is below our forecasted range. Commercial loan growth of $57.0 million (10.9% annualized), mortgage loan decrease of $10.7 million (-2.8% annualized) and installment loan decrease of $12.4 million (-8.6% annualized). YTD loan growth of $159.5 million (5.3% annualized) which is within our forecasted range. 3Q’25 Update LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 16

 
Outlook for 2025 • 2025 share repurchase authorization at approximately 5% (1.1 million) of outstanding shares. • Share repurchases will be dependent on capital levels, capital allocation options and share price trends. We are not modeling any share repurchases in 2025. • Approximately a 19% effective income tax rate in 2025 This assumes a 21% statutory federal corporate income tax rate during 2025. • IBCP forecasts 2025 quarterly range of $34.5M to $35.5M with the total for the year up 3.0% to 4.0% from the 2024 actual of $135.1M. • The primary driver is an increase in compensation and employee benefits, data processing and occupancy. • Q1/Q2 quarterly 2025 forecasted range of $11.0M to $12.0M and Q3/Q4 forecast of $12.0M to $13M. Full year down 14.0% to 14.5% from 2024 actual of $56.4M • Expect mortgage loan origination volumes and net gain on sale to be similar to 2024. Assumes mortgage loan servicing net of approximately $0.75M per quarter in 2025. Outlook for 2025 *as of January, 2025 Repurchased 13,732 shares for an aggregate purchase price of $0.41 million in the third quarter of 2025. Actual effective income tax rate of 17.3% for the third quarter of 2025. • Total non-interest expense was $34.1 million in the 3Q'25, which was lower than our forecasted range. • Non-interest income totaled $11.9 million in 3Q'25, which is below the forecasted range. Mortgage loan servicing net, generated a gain of $0.1 million in 3Q'25. 3Q’25 Update NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 17

 
Strategic Initiatives • Outside Sales - Relationship banking focus thru consistent calling on prospects and COI’s. • Inside Service/Sales – high retention + high cross sales, collaboration of strategic partners. • Digital Marketing - Leverage data insights, target strategically, elevate brand image, personalize the customer experience. • Leverage Referral Network – Fintech (ReferLive); • New Products – SMB deposit product, Business digital pmts. • Market Expansion – Through existing indirect dealer network. • Selective and opportunistic bank and branch acquisitions. • Process Automation – leverage core investments + Fintech partnerships: (Blend) mortgage; (Numerated) Commercial; • Branch Optimization - including assessing existing locations, new locations, service hours, staffing, & workflow and leveraging technology. • Promotion of Self-Serve Channels - (One Wallet, Treasury One, etc.) • Leverage Banker Capacity – including on-line appointment setting. • Leverage Middleware + API’s – expediate new technology implementation. • Optimize Office Space Utilization • Invest in our Team – competitive C&B offering, skill training, leadership development, etc. • High Employee Engagement – thru fostering a culture of purpose, opportunity, continuous learning, diversity, reward + recognition. • Promote Teamwork + Alignment across all business units. • Invest in technology - to enhance the employee experience + customer experience. • Client Service Model – well defined and applied. • Utilize three layers of defense (business unit, risk management and internal audit). Independent & collaborative approach. • Consistent earnings + maintain strong capital levels. • Proactive credit quality monitoring and problem resolution. • Manage Liquidity and IRR. • Manage Operational risk, emphasizing cyber security, fraud prevention, and regulatory compliance. • Effective relationships with regulators & other outside oversight parties. Proactive, transparent and good communication. PROCESS IMPROVEMENT & COST CONTROLS RISK MANAGEMENT GROWTH TALENT MANAGEMENT 18

 
Question and Answer Session Closing Remarks NASDAQ: IBCP Thank you for attending 19

 
Appendix Additional Financial Data and Non-GAAP Reconciliations 20

 
Quarter Ended,Year Ended December 31,here 9/30/256/30/253/31/2512/31/249/30/242024202320222021($M except per share data) Balance Sheet: $5,493 $5,419 $5,328 $5,338 $5,259 $5,338 $5,264 $5,000 $4,705 Total Assets $4,198 $4,164 $4,073 $4,039 $3,942 $4,039 $3,791 $3,465 $2,905 Portfolio Loans $4,859 $4,659 $4,634 $4,654 $4,627 $4,654 $4,622 $4,379 $4,117 Deposits $461 $440 $438 $425 $422 $425 $374 $317 $367 Tangible Common Equity Profitability: $23.2 $22.2 $19.8 $25.0 $18.8 $87.5 $79.9 $83.7 $75.4 Pre-Tax, Pre-Provision Income 1.69%1.67%1.48%1.88%1.43%1.77%1.56%1.72%1.69%Pre-Tax, Pre-Prov / Avg. Assets $17.5 $16.9 $15.6 $18.5 $13.8 $66.8 $59.1 $63.8 $62.9 Net Income(1) $0.84 $0.81 $0.74 $0.87 $0.65 $3.16 $2.79 $2.97 $2.88 Diluted EPS 1.27%1.27%1.18%1.39%1.04%1.27%1.15%1.32%1.41%Return on Average Assets(1) 14.6%14.7%13.7%16.3%12.5%15.7%16.0%18.5%16.1%Return on Average Equity(1) 3.54%3.58%3.49%3.45%3.37%3.38%3.26%3.32%3.10%Net Interest Margin (FTE) 58.9%59.7%62.2%59.1%62.8%60.8%60.8%59.4%62.9%Efficiency Ratio Asset Quality: 0.38%0.16%0.14%0.13%0.11%0.13%0.11%0.08%0.11%NPAs / Assets 0.50%0.21%0.18%0.17%0.15%0.17%0.15%0.12%0.18%NPAs / Loans + OREO 1.49%1.47%1.47%1.47%1.46%1.47%1.44%1.51%1.63%ACL / Total Portfolio Loans 0.07%0.02%0.01%0.01%0.00%0.02%0.01%0.00%(0.07%)NCOs / Avg. Loans Capital Ratios: 8.4%8.2%8.3%8.0%8.1%8.0%7.2%6.4%7.9%TCE Ratio 10.1%10.0%9.9%9.9%9.6%9.9%9.0%8.8%8.8%Leverage Ratio 12.4%12.2%12.3%12.1%12.1%12.1%11.5%11.4%12.1%Tier 1 Capital Ratio 13.7%14.2%14.5%14.2%14.2%14.2%13.7%13.7%14.5%Total Capital Ratio Historical Financial Data 21

 
22 Historic Financial Performance Year Ended December 31, 5 Year CAGR202420232022202120202019($M except per share data) Balance Sheet: 8.4%$5,338 $5,264 $5,000 $4,705 $4,204 $3,565 Total Assets 8.2%$4,039 $3,791 $3,465 $2,905 $2,734 $2,725 Portfolio Loans 8.9%$4,654 $4,623 $4,379 $4,117 $3,637 $3,037 Deposits 6.1%$425 $374 $317 $367 $357 $317 Tangible Common Equity Profitability: 8.4%$87.5 $79.9 $83.1 $75.4 $81.9 $58.6 Pre-Tax, Pre-Provision Income -1.77%1.56%1.68%1.62%2.08%1.70%Pre-Tax, Pre-Prov / Avg. Assets 7.5%$66.8 $59.1 $63.4 $62.9 $56.2 $46.4 Net Income(1) 9.6%$3.16 $2.79 $2.97 $2.88 $2.53 $2.00 Diluted EPS -1.27%1.15%1.31%1.41%1.43%1.35%Return on Average Assets(1) -15.70%16.04%18.41%16.13%15.68%13.63%Return on Average Equity(1) -3.38%3.26%3.32%3.10%3.34%3.80%Net Interest Margin (FTE) -60.80%60.76%59.71%62.87%59.24%64.90%Efficiency Ratio Asset Quality: -0.13%0.11%0.08%0.11%0.21%0.32%NPAs / Assets -0.17%0.15%0.12%0.18%0.32%0.42%NPAs / Loans + OREO -1.47%1.44%1.51%1.63%1.30%0.96%Reserves / Total Loans -0.02%0.01%0.00%(0.07%)0.11%(0.02%)NCOs / Avg. Loans Capital Ratios: -8.0%7.2%6.4%7.9%8.6%9.0%TCE Ratio -9.9%9.1%8.8%8.8%9.2%10.1%Leverage Ratio -12.1%11.6%11.4%12.2%13.3%12.7%Tier 1 Capital Ratio -14.2%13.7%13.7%14.5%16.0%13.7%Total Capital Ratio Shareholder Value: 7.6%$ 20.33 $ 17.96 $ 15.04 $ 17.33 $ 16.33 $ 14.08 TBV/Share 5.9%$ 0.96 $ 0.92 $ 0.88 $ 0.84 $ 0.80 $ 0.72 Dividends Paid per Share -$ -$ 5.2 $ 4.0 $ 17.3 $ 14.2 $ 26.3 Value of Shares Repurchased

 
Sources of Liquidity 3Q 2025 Current On-balance sheet $ 152.3 Excess reserves at the Fed $ 496.5 Unpledged AFS Securities $ 648.8 Total On-balance sheet 13%On balance sheet liquidity to total deposits Available Sources of Liquidity $ 1,620.9 Unused FHLB & FRB (including BTFP) $ 437.3 Borrow capacity on unpledged bonds $ 2,058.2 Total Available Sources 42%Sources of Liquidity to total deposits 74% 76% 60% 58% 56% 56% 57% 23 8% 22 2% 21 8% 19 5% 19 6% 19 1. 8% 18 0. 7% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 On-balance sheet / Uninsured Deposits Available Sources / Uninsured Deposits Note: Portfolio loans exclude loans HFS. Liquidity / Uninsured Deposits Strong Liquidity Position • Significant liquidity position to manage the current environment. • Total available liquidity significantly exceeds (192%) estimated uninsured deposit balances. • Attractive loan to deposit ratio of 86.4%. • Uninsured deposit to total deposits of approximately 24.3%, excluding brokered time deposits. Sources of Liquidity 23

 
$1,949 $1,133 $465 $173 $242 $578 $319 $2,191 $1,711 $784 $173 Consumer Commercial Public Funds Brokered Insured Deposits Uninsured Deposits $3 ,6 05 $3 ,6 36 $3 ,5 70 $3 ,5 94 $3 ,5 86 $3 ,6 37 $3 ,7 20 $977 $978 $1,057 $1,060 $1,048 $1,022 $1,139 $4,582 $4,614 $4,627 $4,654 $4,634 $4,659 $4,859 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Insured Deposits Uninsured Deposits Granular Deposit Base • Average deposit account balance of approximately $22,202. • Average deposit balance excluding reciprocal deposit of $17,632. • Average Commercial deposit balance of $101,322. • Average retail deposit balance of $11,357. • 10 largest deposit accounts total $388.8 million or 8.00% of total deposits. − $234.9 million in ICS with FDIC coverage. • 100 largest deposit accounts total $1.15 billion or 23.66% of total deposits. − $695.4 million in ICS with FDIC coverage. Note: Uninsured deposit calculation is an approximation. Uninsured Deposit by Segment (9/30/25) Uninsured Deposit Trend ($MM) 24

 
Non-GAAP to GAAP Reconciliation 25 September 30, June 30, March 31, December 31, September 30, 2024 2023 2022 2021 2025 2025 2025 2024 2024 Net interest income $166,248 $156,329 $149,561 $129,765 $45,361 $44,615 $43,685 $42,851 $41,854 Non-interest income 56,362 50,676 61,909 76,643 11,937 11,325 10,424 19,121 9,508 Non-interest expense 135,096 127,119 128,341 131,023 34,131 33,762 34,262 36,987 32,583 Pre-Tax, Pre-Provision Income 87,514 79,886 83,129 75,385 $23,167 $22,178 $19,847 $24,985 $18,779 Provision for credit losses 4,468 6,210 5,341 (1,928) 1,991 1,500 721 2,217 1,488 Income tax expense 16,256 14,609 14,437 14,418 3,674 3,801 3,536 4,307 3,481 Net income $66,790 $59,067 $63,351 $62,895 $17,502 $16,877 $15,590 $18,461 $13,810 Average total assets $5,239,952 $5,115,624 $4,825,723 $4,465,577 $5,451,922 $5,324,959 $5,378,022 $5,300,368 $5,275,623 Performance Ratios Return on average assets 1.27% 1.15% 1.31% 1.41% 1.27% 1.27% 1.18% 1.39% 1.04% Pre-tax, Provision return on average assets 1.67% 1.56% 1.72% 1.69% 1.70% 1.67% 1.50% 1.88% 1.42% Year Ended December 31, Quarter Ended (Dollars in thousands)

 
Reconciliation of Non-GAAP Financial Measures 26 Reconciliation of Non-GAAP Financial Measures 2025 2024 2025 2024 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 45,361$ 41,854$ 133,661$ 123,397$ Add: taxable equivalent adjustment 443 158 1,339 513 Net interest income - taxable equivalent 45,804$ 42,012$ 135,000$ 123,910$ Net interest margin (GAAP) (1) 3.51% 3.35% 3.50% 3.34% Net interest margin (FTE) (1) 3.54% 3.37% 3.54% 3.35% (1) Annualized. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands)

 
Reconciliation of Non-GAAP Financial Measures (continued) 27 Reconciliation of Non-GAAP Financial Measures (continued) Independent Bank Corporation Tangible Common Equity Ratio Sepetmber 30, June 30, March 31, December 31,September 30, 2024 2023 2022 2021 2025 2025 2025 2024 2024 Common shareholders' equity 454,686$ 404,449$ 347,596$ 398,484$ 490,742$ 469,250$ 467,277$ 454,686$ 452,369$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 2,004 2,551 3,336 1,123 1,244 1,366 1,488 1,617 Tangible common equity 424,898$ 374,145$ 316,745$ 366,848$ 461,319$ 439,706$ 437,611$ 424,898$ 422,452$ Total assets $ 5,338,104 $ 5,263,726 $ 4,999,787 $ 4,704,740 $ 5,493,113 $ 5,418,519 $ 5,328,428 $ 5,338,104 $ 5,259,268 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 2,004 2,551 3,336 1,123 1,244 1,366 1,488 1,617 Tangible assets $ 5,308,316 $ 5,233,422 $ 4,968,936 $ 4,673,104 $ 5,463,690 $ 5,388,975 $ 5,298,762 $ 5,308,316 $ 5,229,351 Common equity ratio 8.52% 7.68% 6.95% 8.47% 8.93% 8.66% 8.77% 8.52% 8.60% Tangible common equity ratio 8.00% 7.15% 6.37% 7.85% 8.44% 8.16% 8.26% 8.00% 8.08% Year Ended December 31, Quarter Ended (Dollars in thousands)