Independent Bank Corporation · NASDAQ:IBCP
Independent Bank — April/May 2026 Investor Conference
52 slides from Independent Bank's conference presentation, Apr 29, 2026
Slide 1: April/May 2026 Investor Conference
(NASDAQ: IBCP) April/May 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 $5.6 B in total assets Over 160 Over 57 offices throughout Michigan’s lower peninsula IBCP is a Fed Member, State Chartered Financial Institution Regulatory Structure 62% of Grand Rapids Companies report increased sales in
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 being Michigan's most people-focused 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
9 Our Wingspan 57 Branches Over 800 Employees Over 200K Customers Top 10 Market share in 20 of 25 Counties of operation #1 deposit market share amongst banks headquartered in MI Over
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 12 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 3.31.26 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 March 31, 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: $423 million of indirect lending, $205 million of Ohio mortgage loans, $22 million of resort lo
Slide 13: Proven Track Record
13Proven Track Record EPS 5-year compounded growth rate 5.3% ROA 5-year average 1.28% ROE 5-year average 16.21 % DIVIDEND 5.4% 5-year compounded growth rate 1.3% 5-year compounded growth rate of pre- tax/pre-provision 13 Consecutive years of increased dividend 87.0$ 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 22.9% 65.9% 36.8% 147.4% KBW Regional Index 50 15.6% 50.2% 20.8% 117.0% $3.0B - $6.0B Nationally 57 24.9% 63.3% 43.5% 129.6% S&P 500 503 17.8% 65.6% 76.7% 275.9% IBCP 11.8% 109.4% 70.2% 223.1% 15 Total Return *Market Price at 3/3
Slide 16: Year-To-Date Valuation vs. Peers
16Year-To-Date Valuation vs. Peers 16
Slide 17: Years of Financial Independence
17 160 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
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 Great Place to Work 2023, 2024, 2025 Raymond James Community Bankers Cup 2024 Piper Sandler SM-All Star 2024 MSHDA Top 10 Lender Award 2017 MasterCard Community Ins
Slide 21: Net Promoter Score of 70.5
NET PROMOTER SCORE OF 70.5 100TH PERCENTILE IN THE BANKING INDUSTRY @ 62% INCREASE SINCE 2021 SPRING FALL SPRING FALL SPRING FALL SPRING FALL 2021 2022 2022 2023 2023 2024 2024 2025 2025 70.5 0 32.0 70.5 100 ° O e 3 Industry Average Independent Bank Source: Delighted by Qualtrics
Slide 22: Michigan at a Glance
22 Michigan at a Glance 10.1 Million Population Top 10 Research & Development ~5.4% Unemployment Over 890k Businesses in MI $706.6 Billion 2024 GDP Source: USAFacts $99.2 Billion Manufacturing share of GDP, 2024 Source: U.S. Bureau of Economic Analysis Source: Bureau of Labor Statistics Source: Will
Slide 23: Why Do Business In Michigan
23 #1 Ranking in Automotive Investment Business Facilities #1 State for fastest foreign direct investment job growth Global Business Alliance #1 State for energy-sector job growth U.S. Energy & Employment Jobs Report #8 Best state to start a career BestColleges Top 10 State for Business CNBC Top 10
Slide 24: Michigan banking market ranking
24 JPMorgan Chase & Co. NY 154 56,827,097 Comerica Inc. TX 137 37,633,212 Flagstar Financial Inc. NY 75 32,017,223 Huntington Bancshares Inc. OH 206 29,919,295 Bank of America Corp. NC 72 28,424,014 PNC Financial Services Group Inc. PA 96 18,078,812 Fifth Third Bancorp OH 126 16,524,410 Citizens Fin
Slide 25: Earnings Call: First Quarter 2026
Earnings Call: First Quarter 2026 April 23, 2026 (NASDAQ: IBCP)
Slide 26: 1Q'26 Overview
1Q'26 Overview • Total loans increased 3.0% annualized with commercial loan growth of $53.8 million or 9.9% annualized • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained sound with NPAs/Total Assets at 0.51% and NC
Slide 27: Low-Cost Deposit Franchise Focused on Core Deposit Growth
Non-interest Bearing 20% Savings and Interest-bearing Checking 44% Reciprocal 21% Time 14% Brokered 1% Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $4.17 billion of non-maturity deposit accounts (85.4% of total deposits). • Core deposit increase of $80.4 mil
Slide 28: Historic Cost of Funds vs. Federal Funds Rate
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 .1 1 % 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 % 1 .6 7 % 1 .5 4 % 0 1
Slide 29: Diversified Loan Portfolio Focused on High Quality Growth
Commercial 52% Mortgage 35% Installment 12% Held for Sale 1% Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 1Q'26: − Commercial – increased $53.8 million. …Average new origination yield of 6.39% vs a 6.08% portfolio yield. − Mortgage – decreased $4.5 million. …
Slide 30: Concentrations within Commercial Loan Portfolio
8.76%, Commercial Industrial, $212 4.68%, Multifamily, $121 4.47%, Office, $103 4.17%, Retail, $101 3.37%, Construction, $58 2.20%, Special Purpose, $51 1.27%, 1-4 Family, $46 1.14%, Land, Vacant Land and Development, $26 $718MM 32% 8.42% $191 8.01% $182 7.37% $167 6.06% $137 5.27% $120 4.84% $110 4
Slide 31: Credit Quality Summary
$5.2 $6.0 $7.1 $8.2 $20.4 $23.1 $27.6 0.1% 0.1% 0.1% 0.2% 0.5% 0.5% 0.6% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2023 2024 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Non-performing Loans (NPLs) NPLs / Total Loans $5.2 $6.0 $7.1 $8.2 $20.4 $23.1 $27.6 $0.6 $0.9 $0.4 $0.4 $0.6 $0.9 $0.
Slide 32: Strong Capital Position
14.2 14.5 14.2 13.7 13.6 13.8 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1`26 11.2 11.4 11.4 11.6 11.5 11.7 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1`26 9.9 9.9 10.1 10.1 10.2 10.3 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1`26 8.0 8.3 8.2 8.4 8.7 8.7 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1`26 • Long-term capital Priorities: Capital rete
Slide 33: Net Interest Margin/Income
$ 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 $ 4 6 .4 $ 4 6 .9 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 Q4'25 Q1'26 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
Slide 34: 1Q'26 NIM Changes and Linked Quarter Analysis
4Q'25 3.62% Change in Earning Asset Yield/Mix -0.06% Change in interest bearing liability mix 0.01% Decrease in funding costs 0.10% Interest charge-off on commercial loan -0.02% 1Q'26 3.65% 1Q'26 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis 34 1Q
Slide 35: Interest Rate Risk Management
March 31, 2026 -200 -100 Base-rate 100 200 Net Interest Income $195,430 $197,693 $199,445 $201,943 $204,794 Change from Base -2.01% -0.88% 1.25% 2.68% December 31, 2025 -200 -100 Base-rate 100 200 Net Interest Income $191,340 $194,101 $196,298 $198,944 $202,205 Change from Base -2.53% -1.12% 1.35% 3
Slide 36: Strong Non-interest Income
Interchange income $3,234 Service Chg Dep $2,935 Gain (Loss)- Mortgage Sale $1,308 Gain (Loss)- Securities $(26) Mortgage loan servicing, net $1,646 Investment & insurance commissions $809 Bank owned life insurance $322 Other income $1,820 Strong Non-interest Income • The $2.3 million comparative qu
Slide 37: Focus on Improved Efficiency
5 9 .9 % 6 0 .7 % 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 % 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 4 Q '2 5 1 Q '2 6 $ 3 2 .2 $ 3 3 .3 $ 3 2 .6 $ 3 7 .0 $ 3 4 .3 $ 3 3 .8 $ 3 4 .1 $ 3 6 .1 $ 3 8 .3 $- $5.0 $10.0 $15.0 $
Slide 38: 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 39: Outlook for 2026
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 $45.6M • Expect mortgage loan origination volumes to be down 6.0% to 7.0% and net gain on sale to be down 14.0% to 16.0% compared to full year 2
Slide 40: Strategic Initiatives
Strategic Initiatives • Outside Sales - Relationship banking focus thru consistent calling on prospects and COI’s. • Inside Service/Sales – high retention + high cross sales, collaboration of strategic partners. • Digital Marketing - Leverage data insights, target strategically, elevate brand image,
Slide 41: Michigan's Most People Focused Bank
MICHIGAN’S MOST PEOPLE FOCUSED BANK Announced March 18, 2026
Slide 42: Independent Bank Corporation + HCB Financial Corp.
Michigan’s Most People Focused Bank Independent Bank Corporation (IBCP) + HCB Financial Corp. (HCBN) Source: S&P Capital IQ Pro and FactSet. Financial data as of, or for the three months ended, 12/31/25 unless otherwise noted. (1) Pro forma impact is presented for illustrative purposes only and is s
Slide 43: Overview of HCB Financial Corp.
43Overview of HCB Financial Corp. A High-Quality Community Bank with Excess Liquidity, Low-Cost Deposit Base & Strong Credit Key Financial Highlights(1) Source: S&P Capital IQ Pro. Data as of, or for the twelve months ended, 12/31/25 unless otherwise noted. (1) Represents bank-level data. (2) Includ
Slide 44: Key Takeaways
Key Takeaways 44 ✓ Enhances scale within existing geographic footprint ✓ Attractive financial returns with strong EPS accretion given transaction size and digestible tangible book value earn back ✓ Strong capital and liquidity position at closing ✓ Clean credit profile across multiple cycles ✓ Oppor
Slide 45: Appendix: Additional Financial Data and Non-GAAP Reconciliations
Appendix Additional Financial Data and Non-GAAP Reconciliations 45
Slide 46: Quarterly financial summary
here Year Ended December 31, Quarter Ended, ($M except per share data) 2022 2023 2024 2025 3/31/25 6/1/25 9/30/25 12/31/25 3/31/26 Balance Sheet: Total Assets $5,000 $5,264 $5,338 $5,506 $5,328 $5,419 $5,493 $5,506 $5,558 Portfolio Loans $3,465 $3,791 $4,039 $4,276 $4,073 $4,164 $4,198 $4,276 $4,308
Slide 47: Historic Financial Performance
47 Historic Financial Performance Year Ended December 31, ($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 48: Sources of Liquidity
Sources of Liquidity 1Q 2026 Current On-balance sheet Excess reserves at the Fed $ 121.4 Unpledged AFS Securities $ 476.4 Total On-balance sheet $ 597.8 On balance sheet liquidity to total deposits 11% Available Sources of Liquidity Unused FHLB & FRB (including BTFP) $ 2,142.3 Borrow capacity on unp
Slide 49: Granular Deposit Base
$ 3 ,5 7 0 $ 3 ,5 9 4 $ 3 ,5 8 6 $ 3 ,6 3 7 $ 3 ,7 2 0 $ 3 ,5 8 6 $ 3 ,7 2 8 $1,057 $1,060 $1,048 $1,022 $1,139 $1,176 $1,153 $4,627 $4,654 $4,634 $4,659 $4,859 $4,762 $4,881 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Insured Deposits Uninsured Deposits Granular Deposit Base • Average deposit account balanc
Slide 50: Non-GAAP to GAAP Reconciliation
Non-GAAP to GAAP Reconciliation 50 March 31, December 31, September 30, June 30, March 31, 2025 2024 2023 2022 2026 2025 2025 2025 2025 Net interest income $180,015 $166,248 $156,329 $149,561 $46,855 $46,354 $45,361 $44,615 $43,685 Non-interest income 45,644 56,362 50,676 61,909 12,048 11,958 11,937
Slide 51: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 51 Reconciliation of Non-GAAP Financial Measures 2026 2025 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 46,855$ 43,685$ Add: taxable equivalent adjustment 445 452 Net interest income - taxable equivalent 47,300$ 44,137$ Net i
Slide 52: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures (continued) 52 Reconciliation of Non-GAAP Financial Measures (continued) Independent Bank Corporation Tangible Common Equity Ratio March 31, December 31, Sepetmber 30, June 30, March 31, 2025 2024 2023 2022 2026 2025 2025 2025 2025 Common shareholders' e
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