Independent Bank Corporation · NASDAQ:IBCP
Independent Bank — Shareholder Meeting (April 2020)
22 slides from Independent Bank's shareholder meeting presentation, Apr 21, 2020
Slide 1: 2020 Annual Shareholders Meeting
INDEPENDENT BANKCORPORATION2020 Annual Shareholders MeetingApril 21, 2020
Slide 2: Forward-looking statements
This presentation may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements that are not historical facts, including statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives, or as
Slide 3: Today's Agenda
Welcome and Call to Order – IBC ChairmanVoting upon matters listed in the Company’s 2020 Proxy Statement – IBC ChairmanBusiness Update by IBC President & CEOQuestion and answer session – IBC President & CEO and IBC EVP & CFOAdjournment 3 Today’s Agenda
Slide 4: IBC Board of Directors
IBC Board of Directors 4 Michael M. Magee Jr.Chairman of the Board Terance L. “Terry” BeiaDirector Michael J. CokDirector Joan A. BuddenDirector William J. “Bill” BoerLead Director Stephen L. Gulis Jr.Director Director Since: 2005Former CEO of IBCP and Independent Bank Director Since: 2018Former Dir
Slide 5: IBC Board of Directors Cont.
IBC Board of Directors Cont. 5 Christina L. KellerDirector Matthew J. MissadDirector Ronia F. KruseDirector William B. “Brad” KesselDirector Director Since: 2016President & CEO of Cascade Engineering Director Since: 2014CEO of UFP Industries, Inc. (NASDAQ: UFPI) Director Since: 2019Founder & CEO of
Slide 6: IBC Executive Management Team
IBC Executive Management Team 6 EVP and Chief Risk Officer since 2012Joined the Company in April 2007 as EVP – Commercial Previous experience with Comerica for 25 years EVP – Commercial Lending since 2012Joined the Company in May 2009 as SVP – Credit AdministrationPrevious experience with Comerica f
Slide 7: 2020 Annual Meeting of Shareholders
2020 Annual Meeting of Shareholders Secretary for the meeting (Steve Erickson)Record date: February 21, 2020Approximate distribution date of Proxy Statement: March 9, 2020Shares entitled to vote: 22,416,412Determination of quorumVoting on proposals 7
Slide 8: Proposal #1 - Election of Directors
Proposal #1 - Election of Directors Terance L. Beia Stephen L. Gulis, Jr. William B. Kessel 8
Slide 9: Proposal #2 - Ratification of Appointment of Independent Auditors
Proposal #2 - Ratification of Appointment of Independent Auditors Crowe LLP has served as IBC’s independent registered public accounting firm since 2005Crowe LLP was founded in 1942 and is one of the 10 largest accounting and consulting firms in the U.S.IBC is served primarily by Crowe’s Grand Rapid
Slide 10: Proposal #3 - Advisory Vote on Executive Compensation
Proposal #3 - Advisory Vote on Executive Compensation The Board has solicited a non-binding advisory vote from our shareholders to approve the compensation of our executives as described in our proxy materials. 10
Slide 11: Proposal #4 - Advisory Vote on Frequency of Executive Compensation Vote
Proposal #4 - Advisory Vote on the Frequency of the Shareholder Advisory Vote on Executive Compensation The Board has solicited a non-binding advisory vote from our shareholders on how often we include the Advisory Vote on Executive Compensation (Proposal # 3). Options are:Every yearEvery two yearsE
Slide 12: Business Update
12 INDEPENDENT BANKCORPORATION2020 Annual Shareholders Meeting Business Update Brad Kessel, President & CEO
Slide 13: Business Continuity Plan Update - COVID-19 Update
Business Continuity Plan Update 13 COVID-19 UpdateWhen it became apparent that the threat from Coronavirus (COVID-19) could pose a threat to our people and business, we activated our Business Continuity and Crisis Communication Core Teams to take early and decisive action.Key actions taken by our te
Slide 14: 2019 Highlights
2019 Highlights Committed more than $1.7 billion in financing in our marketsInvested nearly $750,000 in sponsorships and donationsOur associates volunteered nearly 20,000 hours of time through individual efforts as well as corporate initiatives like our fifth annual “Making a Difference Day”Recogniz
Slide 15: Strong Performance & Returns
5 Strong Performance & Returns 15 ROA(1) (%) ROE(1) (%) Total Shareholder Return Excluding the impact of the $5.96 million remeasurement of net deferred tax assets in 2017, diluted EPS was $1.22; net income is $26.440 million, ROA is 1.00%; and ROE is 10.10%.
Slide 16: Track Record of Consistent Growth & Profitability
Track Record of Consistent Growth & Profitability 16 2019 net income and diluted EPS increased 16.6% and 19.0%, respectively, compared to 2018.2019 dividends increased 20% over 2018.Continued improvements in ROAA and ROAE.2019 mortgage loan originations topped $1 billion for only the second time in
Slide 17: 2019 Full Year Financial Highlights
6 2019 Full Year Financial Highlights Income Statement16.6% and 19.0% increases in net income and diluted earnings per share (EPS), respectively, in 2019 compared to 2018. Net interest income of $122.6 million, up $9.3 million, or 8.2%, from 2018.Net gain on mortgage loans of $20.0 million, up $9.4
Slide 18: Marketplace – Accelerating Rate of Change
Marketplace – Accelerating Rate of Change Increasing Competition – Traditional and FintechGlobal markets offer opportunities and challengesSome regulatory relief, but still costly and complexImproving the customer experience with digital solutions:Person to person payments through ZelleOnline chat f
Slide 19: 2020 Vision – Blending People With Technology
2020 Vision – Blending People With Technology 19 Improve net interest income via balanced loan growth, disciplined risk adjusted loan pricing and active management of deposit pricing. Innovative and targeted customer acquisition, retention and cross sales strategies leveraging data analytics, inside
Slide 20: Question and Answer Session
20 Question and Answer Session Brad Kessel, President & CEO Steve Erickson, Chief Financial Officer INDEPENDENT BANKCORPORATION2020 Annual Shareholders Meeting
Slide 21: 2020 Annual Shareholders Meeting Voting Results
Independent Bank Corporation2020 Annual Shareholders Meeting Voting ResultsShares entitled to vote: 22,416,412Proposal #1 – Election of DirectorsProposal #2 – Ratification of AuditorsProposal #3 – Advisory (Non-Binding) Vote on Executive CompensationProposal #4 – Advisory (Non-Binding) Vote on Frequ
Slide 22: Closing Remarks
Closing RemarksThank you for attending!NASDAQ: IBCP 22 Independent Bank Corporation2020 Annual Shareholders Meeting