Independent Bank Corporation · NASDAQ:IBCP
Independent Bank — November 2026 Investor Conference
49 slides from Independent Bank's conference presentation, Nov 4, 2026
Slide 1: November 2026 Investor Conference
(NASDAQ: IBCP) November 2026 Investor Conference
Slide 2: Cautionary note regarding forward-looking statements
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 plan
Slide 3: Independent Bank Corporation
Independent Bank Corporation 3 years of excellence. Founded in the year 1864 $6.3 B in total assets Over 160 Over 65 Locations throughout Michigan IBCP is a Fed Member, State Chartered Financial Institution Regulatory Structure #1 Best Managed City in 2026 Over $815M Market Cap (10/28/26 valuation)
Slide 4: IBC Board of Directors
4IBC Board of Directors • Director Since: 2013 • President & CEO of IBC and Independent Bank • Director Since: 2019 • Founder & CEO of OpTech, LLC and OpTech Solutions • Member of the Audit Committee • Director Since: 2016 • CEO and Chair of the Board of Directors of Cascade Engineering Family of Co
Slide 5: IBC Executive Management Team
5IBC Executive Management Team • CEO of IBC and Independent Bank since 2013 • Joined Independent Bank in 1994 • Began career with Crowe William B. Kessel President, CEO & Director • Joined Independent Bank in 2020 as EVP and Chief Financial Officer • Previously SVP, Chief Financial Officer of STAR F
Slide 6: CEO quote on Independent Bank
6 “"When I think of Independent Bank, I'm reminded of our dedication to inspiring financial independence and being Michigan's most people-focused bank, driven by teamwork, courage, and drive. Our future priorities include digital advancements and team investment for sustained growth. I am proud to B
Slide 7: Mission and Values
Mission Inspiring financial independence today, with tomorrow in mind. A future where people approach their finances with confidence, clarity, and the determination to succeed. Values Courage Drive Integrity People-Focus Teamwork Be Independent”
Slide 8: Franchise Overview and Growth Strategies
Franchise Overview and Growth Strategies
Slide 9: Our Wingspan Branch Locations
9 Our Wingspan 65 Branch Locations Over 800 Employees Over 200K Customers Top 10 Market share in 20 of 25 Counties of operation 160+ Years of banking, founded in 1864 Over Note: There are 11 ATM-only locations and 8 desk rentals not shown on the map
Slide 10: Franchise Highlights
10Franchise Highlights • Highly profitable franchise built upon the foundation of a low-cost deposit base and exceptional credit quality • Proven track record of strong performance has resulted in 13 consecutive years of dividend increases • Diverse revenue mix with non-interest income accounting fo
Slide 11: A Diverse Portfolio
11 A Diverse Portfolio $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2020 2021 2022 2023 2024 2025 9.30.26 Commercial Mortgage Consumer COMMERCIAL • Driving organic growth, capitalizing on market disruption, executing a highly successful multi-year talent a
Slide 12: Presence by Region
Data as of September 30, 2026. Note: Loan and deposit balances exclude the loans and deposits (such as brokered deposits) that are not clearly allocable to a certain market region. Loans specifically exclude: $417 million of indirect lending, $200 million of Ohio mortgage loans, $19 million of resor
Slide 13: Proven Track Record
13Proven Track Record EPS 5-year compounded growth rate 2.1% ROA 5-year average 1.24 % ROE 5-year average 15.54% DIVIDEND 5.8% 5-year compounded growth rate 3.4% 5-year compounded growth rate of pre- tax/pre-provision 13 Consecutive years of increased dividend 96.2$ returned to shareholders since 20
Slide 14: Track Record of Consistent Growth & Profitability
14Track Record of Consistent Growth & Profitability BALANCE SHEET 2020 2021 2022 2023 2024 2025 5-Year CAGR Total Assets $4,204 $4,705 $5,000 $5,264 $5,338 $5,506 5.5% Portfolio Loans $2,734 $2,905 $3,465 $3,791 $4,039 $4,276 9.4% Deposits $3,637 $4,117 $4,379 $4,623 $4,654 $4,762 5.5% Tangible Comm
Slide 15: Total Shareholder Return
15Total Shareholder Return Group # 1-Yr 3-Yr 5-Yr 10-Yr Proxy Peers 19 33.5% 102.3% 52.0% 139.8% KBW Regional Index 50 13.4% 67.6% 27.8% 106.9% $3.0B - $6.0B Nationally 59 29.7% 99.9% 59.2% 136.7% S&P 500 503 15.7% 85.6% 90.8% 316.4% IBCP 17.5% 112.6% 97.6% 197.1% 15 Total Return *Market Price at 9/
Slide 16: Year-To-Date Valuation vs. Peers
16Year-To-Date Valuation vs. Peers
Slide 17: Over Years of Financial Independence
17 Over 160 Years of Financial Independence
Slide 18: Formula for Success
18Formula for Success Financial Key Strategies, that will create value Drivers of Bank Stock Value (TSR): • Proactive investor relations program 1. EPS Growth • Stable, reoccurring, and growing revenue stream 2. TBV Growth • Above peer average 3. Dividend Growth • Consistent and reliable Drivers of
Slide 19: Formula for Success (Secondary)
19Formula for Success Financial Key Strategies, that will create value Secondary (Our Foundation): 7. Credit Quality • Proactive credit quality and problem resolution • Maintain strong reserve levels 8. Capital • Effective capital and IRR management 9. Liquidity • Remixing of asset base, running off
Slide 20: Recognized For Our Efforts
20Recognized For Our Efforts SM-All Star for 2024 Community Bankers Cup - 2024 - Forbes Best in-State Bank 2018, 2019, 2023, 2024, 2025, 2026 Great Place to Work 2023, 2024, 2025, 2026 Raymond James Community Bankers Cup 2024 Piper Sandler SM-All Star 2024 Most Affordable Housing Grants Approved in
Slide 21: Net Promoter Score: 67.4
NET PROMOTER SCORE: 67.4 | 55.7% INCREASE SINCE 2021 100“ Percentile IN THE BANKING INDUSTRY S N F SPRING FALL SPRING FALL SPRING FALL SPRING FALL SPRING 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 32.0 67.4 100 ° © Sc) ) Industry Average Independent Bank
Slide 22: Michigan at a Glance
22 Michigan at a Glance 10.1 Million Population, 2025 Top 10 Research & Development, 2024 5.0% Unemployment, Sep 2026 Over 983k Small Businesses in MI, 2025 $568.9 Billion 2025 GDP Source: USAFacts $100.1 Billion Manufacturing share of GDP, 2025 Source: USAFacts Source: Bureau of Labor Statistics So
Slide 23: Why Do Business In Michigan
23 #1 Automotive Manufacturing Strength Business Facilities, 2026, as reported by MEDC #3 Concentration of Jobs Supported by Foreign Investment Global Business Alliance, 2026 report using 2023 data #4 Cost of Doing Business #6 Access to Skilled Manufacturing Labor Area Development, 2026 #6 America’s
Slide 24: State of Michigan Deposit Share
24State of Michigan Deposit Share As of June 30, 2026 • Top 23 parent companies / institutions by Michigan deposits Parent Company / Institution Parent State / Country Michigan Offices 2026 Michigan Deposits 2026 ($000) JPMorgan Chase & Co. NY 172 64,440,134 Fifth Third Bancorp OH 308 56,296,166 Hun
Slide 25: Earnings Call: Third Quarter 2026
Earnings Call: Third Quarter 2026 October 27, 2026 (NASDAQ: IBCP)
Slide 26: 3Q'26 Overview
26 3Q'26 Overview • Total loans increased 10.5% annualized with commercial loan growth of 20.9% annualized, excluding Highpoint Community Bank loans. • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained sound with NP
Slide 27: Low-Cost Deposit Franchise Focused on Core Deposit Growth
27 $ 4 .6 $ 4 .6 $ 4 .7 $ 4 .6 $ 4 .7 $ 4 .9 $ 4 .8 $ 4 .9 $ 4 .9 $ 5 .5 2 .0 3 % 2 .1 1 % 1 .9 3 % 1 .8 0 % 1 .7 7 % 1 .8 2 % 1 .6 7 % 1 .5 4 % 1 .5 3 % 1 .5 5 % Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Q 4 '2 5 Q 1 '2 6 Q 2 '2 6 Q 3 '2 6 Total Deposits Cost Of Deposits Non-interest Be
Slide 28: Historic Cost of Funds vs. Federal Funds Rate
28 Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate (with Deposit Balances) D e p o s it B a la n c e s ( $ i n t h o u s a n d s ) F e d e ra l F u n d s R a te Account Type Cycle Beta Sav & Int-bearing chking 72.0% Reciprocal 80.4% Time 42.5% Total int-bearing Dep (excl b
Slide 29: Diversified Loan Portfolio Focused on High Quality Growth
29 Commercial 56% Mortgage 33% Installment 11% Held for Sale 0% Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 3Q'26: − Commercial – increased $403.2 million. …Average new origination yield of 6.36% vs a 6.22% portfolio yield. − Mortgage – increased $79.0 milli
Slide 30: Concentrations within Commercial Loan Portfolio
8.03% $222 7.25% $200 6.16% $170 5.27% $146 4.92% $136 4.14% $114 4.14% $114 4.19% $116 3.17% $88 $72 2.60% $71 2.56% $68 2.46% 62 2.24% 61 2.20% $192 6.95% Manufacturing Construction Health Care and Social Assistance Real Estate Rental and Leasing Retail Dealership Financing Other Services (except
Slide 31: Credit Quality
$7.1 $8.2 $20.4 $23.1 $27.6 $32.8 $39.2 $0.4 $0.4 $0.6 $0.9 $0.8 $0.7 $0.8 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Non-performing Loans 90+ Days PD ORE/ORA $3.9 $6.6 $5.1 $7.8 $8.2 $5.6 $6.1 0.1% 0.2% 0.1% 0.2% 0.2% 0.1% 0.1% 0.0% 0.2% 0.4% 0.6% 0
Slide 32: Strong Capital Position
14.2 13.7 13.6 13.8 13.8 13.1 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 11.4 11.6 11.5 11.7 11.7 11.1 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 10.1 10.1 10.2 10.3 10.5 9.9 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 8.2 8.4 8.7 8.7 8.9 8.2 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 • Long-term capital priorities: Capital ret
Slide 33: Net Interest Margin/Income
$ 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 $ 4 6 .4 $ 4 6 .9 $ 4 7 .9 $ 5 5 .3 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 3.62 3.65
Slide 34: Average Balances, Income/Expense and Yields
3Q26 2Q26 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Cash $145,970 $1,349 3.67% $57,067 $531 3.73% $88,903 $818 -0.06% Investments 833,418 7,421 3.56% 793,997 6,540 3.29% 39,421 882 0.27% Commercial loans 2,687,946 41,931 6.19% 2,312,336 35,307 6.12% 375,609 6,624 0.06%
Slide 35: Contractual Loan & Security Repricing
Contractual Loan & Security Repricing 35 The table below shows the contractual fixed rate maturities and exit yield of securities and loans. 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 Securities Maturing cash flows $46.7 $38.9 $34.0 $32.1 $20.8 $24.9 Yield 3.17% 3.46% 3.05% 2.75% 2.21% 1.62% Loans Maturing cash
Slide 36: Interest Rate Risk Management
September 30, 2026 -200 -100 Base-rate 100 200 Net Interest Income $230,400 $232,300 $233,800 $238,400 $242,500 Change from Base -1.45% -0.64% 1.97% 3.72% June 30, 2026 -200 -100 Base-rate 100 200 Net Interest Income $200,307 $202,593 $204,221 $206,787 $209,565 Change from Base -1.92% -0.80% 1.26% 2
Slide 37: Strong Non-interest Income
$ 1 5 .2 $ 9 .5 $ 1 9 .1 $ 1 0 .4 $ 1 1 .3 $ 1 1 .9 $ 1 2 .0 $ 1 2 .0 $ 1 5 .3 $ 1 5 .8 1 8 .6 % 1 2 .2 % 2 2 .2 % 1 3 .6 % 1 4 .5 % 1 4 .7 % 1 5 .1 % 1 5 .4 % 1 8 .6 % 1 7 .0 % -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 4 Q 3 '2 4 Q 4 '2 4 Q
Slide 38: Focus on Improved Efficiency
6 0 .3 % 6 0 .9 % 6 2 .2 % 6 0 .9 % 6 1 .4 % 6 0 .9 % 6 0 .0 % 6 0 .5 % 6 1 .0 % 6 1 .3 % 6 1 .9 % 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 4 Q '2 5 1 Q '2 6 2 Q '2 6 3 Q '2 6 $ 3 2 .6 $ 3 7 .0 $ 3 4 .3 $ 3 3 .8 $ 3 4 .1 $ 3 6 .1 $ 3 8 .3 $ 3 7 .8 $ 4 4 .8 $- $5.0 $10.0 $15.0 $
Slide 39: Outlook for 2026
Outlook for 2026 Outlook for 2026 *as of January, 2026 • IBCP forecast of approximately 4.5%-5.5% overall loan growth is based on an increase in commercial loans (11%-12%) with mortgage loans (0%-1%) and installment loans declining (5.0%-5.5%). • This growth forecast also assumes a stable Michigan e
Slide 40: Outlook for 2026 (continued)
Outlook for 2026 Outlook for 2026 *as of January, 2026 • Quarterly 2026 forecasted range of $11.3M to $12.3M. Full year up 3.0% to 4.0% from 2025 actual of $45.6M • Expect mortgage loan origination volumes to be down 6.0% to 7.0% and net gain on sale to be down 14.0% to 16.0% compared to full year 2
Slide 41: Appendix: Additional Financial Data and Non-GAAP Reconciliations
Appendix Additional Financial Data and Non-GAAP Reconciliations 41
Slide 42: Historical Financial Data
Historical Financial Data 42 here Year Ended December 31, Quarter Ended, ($M except per share data) 2022 2023 2024 2025 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Balance Sheet: Total Assets $5,000 $5,264 $5,338 $5,506 $5,493 $5,506 $5,558 $5,664 $6,264 Portfolio Loans $3,465 $3,791 $4,039 $4,276 $4,1
Slide 43: Historic Financial Performance
43 Historic Financial Performance Year Ended December 31, ($M except per share data) 2020 2021 2022 2023 2024 2025 5 Year CAGR Balance Sheet: Total Assets $4,204 $4,705 $5,000 $5,264 $5,338 $5,506 5.5% Portfolio Loans $2,734 $2,905 $3,465 $3,791 $4,039 $4,276 9.4% Deposits $3,637 $4,117 $4,379 $4,62
Slide 44: Strong Liquidity Position
5 6 % 5 6 % 5 7 % 4 9 .0 % 5 1 .8 % 5 1 .0 % 4 1 .9 % 1 9 6 % 1 9 1 .8 % 1 8 0 .7 % 2 0 7 .0 % 2 2 1 .5 % 1 9 8 .0 % 1 6 1 .9 % 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 On-balance sheet / Uninsured Deposits Available Sources / Uninsured Deposits Sources of Liquidity 3Q 2026 Current On-balance sheet Excess
Slide 45: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation 45 September 30, June 30, March 31, December 31, September 30, 2025 2024 2023 2022 2026 2026 2026 2025 2025 Net interest income $180,015 $166,248 $156,329 $149,561 $55,257 $47,902 $46,855 $46,354 $45,361 Non-interest income 45,644 56,362 50,676 61,909 15,808 15,334 12
Slide 46: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 46 Reconciliation of Non-GAAP Financial Measures 2026 2025 2026 2025 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 55,257$ 45,361$ 150,014$ 133,661$ Add: taxable equivalent adjustment 564 443 1,449 1,339 Net interest income -
Slide 47: Reconciliation: Tangible Common Equity Ratio
Reconciliation of Non-GAAP Financial Measures (continued) 47 Tangible Common Equity Ratio September 30, June 30, March 31, December 31, September 30, 2025 2024 2023 2022 2026 2026 2026 2025 2025 Common shareholders' equity 502,951$ 454,686$ 404,449$ 347,596$ 577,296$ 528,413$ 510,553$ 502,951$ 490,7
Slide 48: Reconciliation: Return on Average Assets and Equity
Reconciliation of Non-GAAP Financial Measures (continued) Return on Average Assets and Return on Average Equity September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net income (GAAP) $17,850 $18,805 $16,875 $18,572 $17,502 Add: after-tax merger-related expenses 2,799
Slide 49: Reconciliation: Net Interest Income Excluding Acquisition Accretion
Reconciliation of Non-GAAP Financial Measures (continued) Net Interest Income and Net Interest Margin Excluding Acquisition Accretion Taxable-equivalent adjustments assume a 21% tax rate. September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net interest income (GAAP)