Independent Bank Corporation · NASDAQ:IBCP
Independent Bank — Shareholder Meeting (April 2015)
22 slides from Independent Bank's shareholder meeting presentation, Apr 21, 2015
Slide 1: Independent Bank Corporation 2015 Annual Shareholders Meeting
INDEPENDENT BANK CORPORATION2015 ANNUAL SHAREHOLDERS MEETING April 21, 2015
Slide 2: Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements of goals, intentions, and expectations as to future trends, plans, events, or results of Indepen
Slide 3: Today's Agenda
Today’s Agenda Welcome and Call to Order – IBC ChairmanVirtual Annual Shareholder Meeting Process and Instructions – IBC ChairmanVoting upon matters listed in the Company’s 2015 Proxy Statement – IBC ChairmanBusiness Update by IBC President & CEOQuestion and answer session – IBC President & CEO and
Slide 4: IBC Board of Directors and Executive Officers
IBC Board of Directors IBC Executive Officers William J. Boer Stephen L. Gulis Jr. Terry L. HaskeRobert L. HetzlerWilliam B. KesselMichael M. Magee Jr., ChairmanJames E. McCarty, Lead Outside DirectorMatthew J. MissadCharles A. PalmerCharles C. Van Loan William B. Kessel – President and Chief Execut
Slide 5: 2015 Annual Meeting of Shareholders
2015 Annual Meeting of Shareholders Secretary for the meeting (Robert Shuster)Record date: February 20, 2015Approximate distribution date of Proxy Statement: March 9, 2015Shares entitled to vote: 23,139,779Determination of quorumVoting on proposals 5
Slide 6: Proposal #1 Election of Directors
Proposal #1Election of Directors 6 Robert L. Hetzler Michael M. Magee James E. McCarty Matthew J. Missad
Slide 7: Proposal #2 Ratification of Appointment of Independent Auditors
Proposal #2Ratification of Appointment of Independent Auditors Crowe Horwath LLP has served as IBC’s independent registered public accounting firm since 2005Crowe Horwath 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 Horw
Slide 8: Proposal #3 Advisory Vote on Executive Compensation
Proposal #3Advisory 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. 8
Slide 9: Business Update by Brad Kessel, President & CEO
INDEPENDENT BANK CORPORATIONBusiness Update by Brad Kessel, President & CEO 9
Slide 10: The IBC Brand
The IBC Brand Exceptional Service: We aim to impress every customer every day, every time.Community Focused: Active members of and serving our communities through lending, investing and giving our time and talent.Trusted Partners: Supportive, knowledgeable, solution oriented, do what is right.High P
Slide 11: 2014 Financial Summary
2014 Financial Summary 2014 2013 2012 Diluted EPS $ 0.77 $ 3.55 $ 0.80 Income before income taxes 25,216 22,658 26,198 Net income 18,021 77,509 26,198 NI available to common 18,021 82,062 21,851 Total assets 2,248,730 2,209,943 2,023,867 Total loans 1,409,962 1,374,570 1,419,139 Total deposits 1,924
Slide 12: 2014 Financial Highlights
2014 Financial Highlights Income Statement Net income of $18.0 million, or $0.77 per diluted share.Pretax earnings increased by $2.6 million, or 11.3%, year-over-year.Improved asset quality metrics led to $3.1 million credit loan loss provision. Loan net charge-offs declined by 59.8% year-over year.
Slide 13: Completed Initiatives in 2014
Completed Initiatives in 2014 Reinstatement of common stock dividendNew product offerings and servicesWebsite redesignPerson to person payments (PeoplePay)Mobile check capture (SnapCheck)Online consumer origination (uOpen)New merchant card processing platformNew Debit card (MasterCard)Online Student
Slide 14: IBC, Community Banking and the Michigan Market
IBC, Community Banking and the Michigan Market Ranked 15th in deposit market share within the State of Michigan with 1.10% in 2014;Ranked 5th largest bank headquartered in the State of Michigan;70 locations in 22 counties, we hold the number one or two community bank market share position in the fol
Slide 15: 1Q'15 Financial Summary
1Q’15 Financial Summary 1Q’15 4Q’14 3Q’14 2Q’14 1Q’14 Diluted EPS $ 0.16 $ 0.17 $ 0.21 $ 0.26 $ 0.13 Income before taxes 5,561 5,438 7,274 7,899 4,605 Net income 3,781 3,902 4,929 6,052 3,138 Total assets 2,329,296 2,248,730 2,239,857 2,249,864 2,259,639 Total portfolio loans 1,422,959 1,409,962 1,3
Slide 16: 1Q'15 Financial Highlights
1Q’15 Financial Highlights Income Statement Net income of $3.8 million, or $0.16 per diluted share, up 20.5% over 2014.Improved asset quality metrics led to $0.7 million credit loan loss provision.Gains on mortgage loans increased $1.0 million, or 87.0%.Impairment charge on MSR’s of $0.7 million ($0
Slide 17: 2015 and Beyond
2015 and Beyond Consistent and predictable earnings;Low cost, core-funded deposit franchise;Tangible book value per share growth;Long term view with well balanced risk/return profile;Making it easier to bank with us and for our associates to service our customers; andCommitment to continuous improve
Slide 18: 2015 and Beyond - continued
2015 and Beyond - continued Continuous improvement initiatives:Branch optimization;New consumer payment offering (Apple Pay);New mortgage loan origination platform (Ellie Mae’s Encompass);Electronic signatures in branch network;New enhancement to core systems to streamline workflow, improve customer
Slide 19: Strategic Initiatives
Strategic Initiatives Balance SheetGenerate quality loan growth with continued focus on commercial and consumer installment lending as well as salable mortgage loans.Remain asset sensitive and positioned to benefit from higher interest rates (short duration investment portfolio, large variable rate
Slide 20: Question and Answer Session
Independent Bank Corporation2015 Annual Shareholders Meeting Question and Answer SessionBrad Kessel, President & CEORob Shuster, Chief Financial Officer 20
Slide 21: 2015 Annual Shareholders Meeting Voting Results
Independent Bank Corporation2015 Annual Shareholders Meeting Voting ResultsShares entitled to vote: 23,139,779Proposal #1 – Election of DirectorsProposal #2 – Ratification of AuditorsProposal #3 – Advisory (Non-Binding) Vote on Executive Compensation 21
Slide 22: Closing Remarks
Independent Bank Corporation2015 Annual Shareholders Meeting Closing RemarksThank you for attending!NASDAQ: IBCP 22