Independent Bank Corporation · NASDAQ:IBCP

Independent Bank — Merger or Acquisition (March 2026)

14 slides from Independent Bank's merger presentation, Mar 18, 2026

  1. Slide 1: Michigan's Most People Focused Bank

    MICHIGAN’S MOST PEOPLE FOCUSED BANK March 18, 2026

  2. Slide 2: Disclosures: Forward Looking Statements

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Disclosures 2 Forward Looking Statements This presentation contains certain forward-looking statements about Independent Bank Corporation (“Independent”) and HCB Financial Corp. (“HCB”), such as statements about t

  3. Slide 3: Michigan's Most People Focused Bank: IBCP + HCB Financial Corp.

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Michigan’s Most People Focused Bank Independent Bank Corporation (IBCP) + HCB Financial Corp. (HCBN) Source: S&P Capital IQ Pro and FactSet. Financial data as of, or for the three months ended, 12/31/25 unless oth

  4. Slide 4: Overview of HCB Financial Corp.

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 4Overview of HCB Financial Corp. A High-Quality Community Bank with Excess Liquidity, Low-Cost Deposit Base & Strong Credit Key Financial Highlights(1) Source: S&P Capital IQ Pro. Data as of, or for the twelve mon

  5. Slide 5: Attractive Michigan Markets Enhancing IBCP's Existing Footprint In Central Michigan

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 5Attractive Michigan Markets Enhancing IBCP’s Existing Footprint In Central Michigan Source: S&P Capital IQ Pro. Deposit data per FDIC summary of deposits as of 6/30/25. Market rankings are pro forma for pending o

  6. Slide 6: Low-Cost Core Deposits & Strong Credit Quality

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 6Low-Cost Core Deposits & Strong Credit Quality Source: S&P Capital IQ Pro. Represents annual data. Note: Highpoint data represents bank-level financials. (1) Represents Michigan Banks aggregate as compiled by S&P

  7. Slide 7: Pro Forma Loan and Deposit Composition

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 CLD 6% Resi. 35% OO CRE 15% NOO CRE 15% Multifam. 3% C&I 13% Consumer 12% Other 1% CLD 6% Resi. 35% OO CRE 15% NOO CRE 15% Multifam. 3% C&I 14% Consumer 12% Other 0% CLD 1% Resi. 31% OO CRE 19% NOO CRE 28% Multifa

  8. Slide 8: Key Transaction Terms

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Key Transaction Terms (1) Based on IBCP’s closing price of $33.13 on 3/17/26. Assumes no adjustment to merger consideration. See definitive merger agreement for limited adjustment scenarios. Per the terms of the d

  9. Slide 9: Key Transaction Assumptions

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Key Transaction Assumptions 9 ▪ IBCP projections based on mean Wall Street consensus net income estimates ▪ HCBN projections based on IBCP management’s estimates following comprehensive due diligence Earnings ▪ Co

  10. Slide 10: Key Takeaways

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Key Takeaways 10 ✓ Enhances scale within existing geographic footprint ✓ Attractive financial returns with strong EPS accretion given transaction size and digestible tangible book value earnback ✓ Strong capital a

  11. Slide 11: Appendix

    11 INDEPENDENT | BANK Appendix

  12. Slide 12: Pro Forma Earnings Per Share Reconciliation

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Pro Forma Earnings Per Share Reconciliation 12 12 $ millions EPS Reconciliation Build 2027E IBCP full year net income consensus mean estimate $76.0 HCBN net income 5.4 After-tax transaction adjustments Cost saving

  13. Slide 13: Purchase Accounting Summary

    187 31 44 211 212 214 138 192 197 90 166 173 23 42 83 112 18 27 123 136 133 67 129 135 Purchase Accounting Summary 13 13 Goodwill & Other Intangible Asset Recognition $ millions Aggregate merger consideration $70 Standalone HCBN tangible book value at close 49 (-) Net Impact of fair value adjustment

  14. Slide 14: Independent Bank

    INDEPENDENT | BANK

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