Independent Bank Corporation · NASDAQ:IBCP
Independent Bank — Shareholder Meeting (April 2019)
20 slides from Independent Bank's shareholder meeting presentation, Apr 23, 2019
Slide 1: Independent Bank Corporation 2019 Annual Shareholders Meeting
INDEPENDENT BANK CORPORATION2019 Annual Shareholders meeting April 23, 2019
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding 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,
Slide 3: Today's Agenda
Today’s Agenda Welcome and Call to Order – IBC ChairmanVoting upon matters listed in the Company’s 2019 Proxy Statement – IBC ChairmanBusiness Update by IBC President & CEOQuestion and answer session – IBC President & CEO and IBC EVP & CFOAdjournment 3
Slide 4: IBC Board of Directors and Executive Officers
IBC Board of Directors IBC Executive Officers Terance L. BeiaWilliam J. Boer, Lead Director Joan A. BuddenMichael J. Cok Stephen L. Gulis Jr. Terry L. HaskeChristina L. KellerWilliam B. KesselMichael M. Magee Jr., ChairmanMatthew J. Missad William B. Kessel – President and Chief Executive OfficerRob
Slide 5: 2019 Annual Meeting of Shareholders
2019 Annual Meeting of Shareholders Secretary for the meeting (Robert Shuster)Record date: February 22, 2019Approximate distribution date of Proxy Statement: March 8, 2019Shares entitled to vote: 23,737,017Determination of quorumVoting on proposals 5
Slide 6: Proposal #1 Election of Directors
Proposal #1Election of Directors 6 William J. Boer Joan A. Budden Michael J. Cok
Slide 7: Proposal #2 Ratification of Appointment of Independent Auditors
Proposal #2Ratification 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 Rapids,
Slide 8: Proposal #3 Advisory Vote on Executive Compensation
Proposal #3Advisory Vote on Executive Compensation 8 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.
Slide 9: Business Update by Brad Kessel, President & CEO
INDEPENDENT BANK CORPORATIONBusiness Update by Brad Kessel, President & CEO 9
Slide 10: 2018 Financial Summary
2018 Financial Summary 2018 2017 2016 Diluted EPS (1) $ 1.68 $ 0.95 $ 1.05 Cash dividends paid 0.60 0.42 0.34 Income before income taxes 49,133 38,438 32,901 Net income (1) 39,839 20,475 22,766 Total assets 3,353,281 2,789,355 2,548,950 Total loans 2,582,520 2,018,817 1,608,248 Total deposits 2,913,
Slide 11: 2018 Full Year Financial Highlights
6 2018 Full Year Financial Highlights Income Statement94.6% and 76.8% increases in net income and diluted earnings per share (EPS), respectively, in 2018 compared to 2017. These increases are 56.6% and 42.7%, respectively, when excluding the impact of fair value changes due to price on capitalized m
Slide 12: Return on Equity/Return on Assets
5 Return on Equity/Return on Assets 12 Note: ROA and ROE represent a four quarter rolling average. Note: Q4’17 ROA and ROE calculations exclude the impact of the $5.96 million revaluation of net deferred tax assets.
Slide 13: Total Shareholder Return
5 Total Shareholder Return 13 Period: 01/01/2014 - 12/31/2018
Slide 14: Other Highlights and Initiatives
Other Highlights and Initiatives Continuous focus on customer serviceRegular customer surveys across all business lines.Forbes “Best in Banks and Credit Unions” Survey (published in June 2018) ranked Independent Bank second in the State of Michigan (and #1 for banks headquartered in Michigan) in cus
Slide 15: 1Q'19 Financial Summary
4 1Q’19 Financial Summary 1Q’19 4Q’18 3Q’18 2Q’18 1Q’18 Diluted EPS $ 0.39 $ 0.41 $ 0.49 $ 0.36 $ 0.42 Income before taxes $ 11,548 $ 12,204 $ 14,846 $ 10,884 $ 11,199 Net income $ 9,381 $ 9,936 $ 11,925 $ 8,817 $ 9,161 Return on average assets 1.13% 1.18% 1.46% 1.12% 1.34% Return on average equity
Slide 16: 1Q'19 Financial Highlights
5 1Q’19 Financial Highlights Income StatementNet income of $9.4 million, or $0.39 per diluted share. Return on average assets of 1.13% and return on average equity of 11.14%. These ratios increase to 1.34% and 13.20%, respectively, when excluding the after tax impact of the decline in the fair value
Slide 17: Strategic Initiatives
Strategic Initiatives Growth1. Improve net interest income via balanced loan growth, disciplined risk adjusted loan pricing and active management of deposit pricing. 2. Innovative and targeted customer acquisition, retention and cross sales strategies leveraging data analytics, inside sales staff, a
Slide 18: Question and Answer Session
Independent Bank Corporation2019 Annual Shareholders Meeting Question and Answer SessionBrad Kessel, President & CEORob Shuster, Chief Financial Officer 18
Slide 19: Voting Results
Independent Bank Corporation2019 Annual Shareholders Meeting Voting ResultsShares entitled to vote: 23,737,017Proposal #1 – Election of DirectorsProposal #2 – Ratification of AuditorsProposal #3 – Advisory (Non-Binding) Vote on Executive Compensation 19
Slide 20: Closing Remarks
Independent Bank Corporation2019 Annual Shareholders Meeting Closing RemarksThank you for attending!NASDAQ: IBCP 20