8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: October 24, 2023

INDEPENDENT BANK CORPORATION

(Exact name of registrant as specified in its charter)

Michigan	0-7818	38-2032782
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4200 East Beltline Grand Rapids, Michigan	49525
(Address of principal executive office)	(Zip Code)

Registrant’s telephone number,

including area code:

(616) 527-5820

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, no par value	IBCP	NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02.    Results of Operations and Financial Condition

On October 24, 2023, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended September 30, 2023. A copy of the press release is attached as Exhibit 99.1. Attached Exhibit 99.2 contains supplemental data to that press release and attached Exhibit 99.3 contains a slide presentation for our earnings conference call.

The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits

Exhibits.

99.1	Press release dated October 24, 2023.
99.2	Supplemental data to the Registrant’s press release dated October 24, 2023.
99.3	Earnings conference call presentation.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		INDEPENDENT BANK CORPORATION
		(Registrant)
Date	10/24/2023	By	s/Gavin A. Mohr
		Gavin A. Mohr, Principal Financial Officer

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EX-99.1

Exhibit 99.1

NEWS RELEASE

Independent Bank Corporation

4200 East Beltline

Grand Rapids, MI 49525

616.527.5820

For Release:	Immediately
Contact:	William B. Kessel, President and CEO, 616.447.3933 Gavin A. Mohr, Chief Financial Officer, 616.447.3929

INDEPENDENT BANK CORPORATION REPORTS 2023 THIRD QUARTER RESULTS

Third Quarter Highlights

Highlights for the third quarter of 2023 include:

•An increase in net interest income of $1.1 million (2.8%) over the second quarter of 2023;

•Net growth in core deposits of $112.6 million (or 10.5% annualized) from June 30, 2023;

•Net growth in loans of $110.4 million (or 12.1% annualized) from June 30, 2023; and

•The payment of a 23 cent per share dividend on common stock on August 14, 2023.

GRAND RAPIDS, Mich., October 24, 2023 - Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2023 net income of $17.5 million, or $0.83 per diluted share, versus net income of $17.3 million, or $0.81 per diluted share, in the prior-year period. For the nine months ended September 30, 2023, the Company reported net income of $45.3 million, or $2.14 per diluted share, compared to net income of $48.3 million, or $2.27 per diluted share, in the prior year period.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our team continued its positive momentum in the third quarter, achieving strong financial results with solid balance sheet growth, a stable net interest margin, disciplined expense management, and healthy asset quality. Capitalizing on the current operating environment, we gained new banking relationships with clients who appreciate our value proposition as a commercial bank with robust treasury management solutions, industry expertise, and client centric service. This success led to double-digit annualized growth in loans and deposits. Despite expecting lower loan growth in the fourth quarter due to seasonality, we have a solid pipeline of high-quality relationship opportunities.”

Significant items impacting comparable third quarter 2023 and 2022 results include the following:

•Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of  $1.6 million ($0.06 per diluted share, after taxes) for the three-month period ended September 30, 2023, as compared to $3.2 million ($0.12 per diluted share, after taxes) for the three-months ended September 30, 2022.

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•The provision for credit losses on loans was an expense of $1.4 million ($0.05 per diluted share, after taxes) in the third quarter ended September 30, 2023, as compared to an expense of $3.1 million ($0.12 per diluted share, after taxes) in the third quarter ended September 30, 2022.

Operating Results

The Company’s net interest income totaled $39.4 million during the third quarter of 2023, a decrease of $0.5 million, or 1.2% from the year-ago period, and an increase of $1.1 million, or 2.8%, from the second quarter of 2023. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.25% during the third quarter of 2023, compared to 3.49% in the year-ago period, and 3.26 in the second quarter of 2023. The year-over-year quarterly decrease in net interest income was due to a decrease in net interest margin that was partially offset by an increase in average interest-earning assets. The increase in net interest income compared to the linked quarter was due to an increase in average interest-earning assets that partially offset by a decrease in net interest margin. Average interest-earning assets were $4.89 billion in the third quarter of 2023, compared to $4.61 billion in the year ago quarter and $4.76 billion in the second quarter of 2023.

For the first nine months of 2023, net interest income totaled $116.2 million, an increase of $7.3 million, or 6.7% from the first nine months in 2022. The Company’s net interest margin for the first nine months of 2023 was 3.28% compared to 3.25% in 2022. The increase in net interest income for the first nine months of 2023 compared to 2022 reflects this improved margin as well as our increase in average interest- earning assets.

Non-interest income totaled $15.6 million and $41.6 million, respectively, for the third quarter and for the first nine months 2023, compared to $16.9 million and $50.4 million in the respective comparable prior year periods. These changes were primarily due to variances in mortgage banking related revenues.

Net gains on mortgage loans in the third quarters of 2023 and 2022, were approximately $2.1 million and $2.9 million, respectively. For the first nine months of 2023, net gains on mortgage loans totaled $5.5 million compared to $4.9 million in 2022. The comparative quarterly decrease in net gains on mortgage loans was primarily due to a decrease in the volume of mortgage loans sold that was partially offset by an increase in the gain on sale margin on mortgage loans sold.

Mortgage loan servicing, net, generated income of $2.7 million and $4.3 million in the third quarters of 2023 and 2022, respectively. For the first nine months of 2023 and 2022, mortgage loan servicing, net, generated income of $7.1 million and $18.1 million, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with the magnitude of changes in mortgage loan interest rates and expected future prepayment levels between periods. Mortgage loan servicing, net activity is summarized in the following table:

	Three months ended				Nine months ended
	9/30/2023		9/30/2022		9/30/2023		9/30/2022
	(In thousands)
Mortgage loan servicing, net:
Revenue, net	$	2,197	$	2,190	$	6,612	$	6,397
Fair value change due to price	1,556		3,203		3,364		14,775
Fair value change due to pay-downs	(1,085)		(1,110)		(2,908)		(3,086)
Total	$	2,668	$	4,283	$	7,068	$	18,086

Non-interest expenses totaled $32.0 million in the third quarter of 2023, compared to $32.4 million in the year-ago period. For the first nine months of 2023, non-interest expenses totaled $95.2 million versus $96.3 million in 2022.

The Company recorded income tax expense of $4.1 million and $10.4 million in the third quarter and first nine months of 2023, respectively. This compares to an income tax expense of $4.0 million and $10.9 million in the third quarter and first nine months of 2022. The changes in income tax expense principally reflect changes in pre-tax earnings in 2023 relative to 2022.

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Asset Quality

A breakdown of non-performing loans by loan type is as follows:

	9/30/2023			12/31/2022			9/30/2022
Loan Type	(Dollars in thousands)
Commercial	$	31		$	38		$	41
Mortgage	6,137			4,745			4,737
Installment	801			598			529
Sub total	6,969			5,381			5,307
Less - government guaranteed loans	2,254			1,660			1,491
Total non-performing loans	$	4,715		$	3,721		$	3,816
Ratio of non-performing loans to total portfolio loans	0.13		%	0.11		%	0.11		%
Ratio of non-performing assets to total assets	0.10		%	0.08		%	0.08		%
Ratio of allowance for credit losses to total non-performing loans	1176.99		%	1409.16		%	1340.20		%

The provision for credit losses on loans was an expense of $1.4 million and $3.1 million in the third quarters of 2023 and 2022, respectively. The provision for credit losses on loans was an expense of $3.8 million in both the first nine months of 2023 and 2022. The quarterly change in the provision for credit losses on loans in 2023 compared to 2022, is primarily the result of a decrease in pooled loan reserve loss rates on retail loans and a decline in loan growth. We recorded loan net charge offs (recoveries) of $(0.18) million and $(0.12) million in the third quarters of 2023 and 2022, respectively and $0.78 million and $(0.11) million during the first nine months of 2023 and 2022, respectively. At September 30, 2023, the allowance for credit losses for loans totaled $55.5 million, or 1.48% of total portfolio loans compared to $52.4 million, or 1.51% of total portfolio loans at December 31, 2022. The year-to-date increase in the provision for credit losses for securities HTM in 2023 compared to 2022, was the result of a loss incurred on a $3.0 million subordinated debt security that defaulted during the first quarter.

Balance Sheet, Capital and Liquidity

Total assets were $5.20 billion at September 30, 2023, an increase of $200.2 million from December 31, 2022. Loans, excluding loans held for sale, were $3.74 billion at September 30, 2023, compared to $3.47 billion at December 31, 2022.  Deposits totaled $4.59 billion at September 30, 2023, an increase of $206.5 million from December 31, 2022. This increase is primarily due to growth in reciprocal, time and brokered time deposit account balances that were partially offset by decreases in non-interest bearing and in savings and interest-bearing checking deposit account balances.

Cash and cash equivalents totaled $127.5 million at September 30, 2023, versus $74.4 million at December 31, 2022. Securities available for sale (“AFS”) totaled $684.6 million at September 30, 2023, versus $779.3 million at December 31, 2022.

Total shareholders’ equity was $375.0 million at September 30, 2023, or 7.21% of total assets compared to $347.6 million or 6.95% at December 31, 2022. Tangible common equity totaled $344.6 million at September 30, 2023, or $16.53 per share compared to $316.7 million or $15.04 per share at December 31, 2022. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention.

The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

Regulatory Capital Ratios	9/30/2023		12/31/2022		Well Capitalized Minimum
Tier 1 capital to average total assets	8.71	%	8.56	%	5.00	%
Tier 1 common equity  to risk-weighted assets	11.09	%	10.97	%	6.50	%
Tier 1 capital to risk-weighted assets	11.09	%	10.97	%	8.00	%
Total capital to risk-weighted assets	12.34	%	12.22	%	10.00	%

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At September 30, 2023, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $989.9 million and $504.0 million, respectively. We also had approximately $812.3 million in fair value of unpledged securities AFS and HTM at September 30, 2023 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $749.4 million.

Share Repurchase Plan

On December 20, 2022, the Board of Directors of the Company authorized the 2023 share repurchase plan. Under the terms of the 2023 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2023. For the first nine months of 2023, the Company repurchased 288,401 shares of common stock, for an aggregate purchase price of $5.0 million.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 24, 2023.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 218288). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/796177293.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 103128). The replay will be available through October 31, 2023.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.2 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

For more information, please visit our Web site at: IndependentBank.com.

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 plans and prospects.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition

	September 30, 2023		December 31, 2022
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	58,567	$	70,180
Interest bearing deposits	68,894		4,191
Cash and Cash Equivalents	127,461		74,371
Securities available for sale	684,641		779,347
Securities held to maturity (fair value of $309,199 at September 30, 2023 and $335,418 at December 31, 2022)	358,899		374,818
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	16,821		17,653
Loans held for sale, carried at fair value	13,979		26,518
Loans held for sale, carried at lower of cost or fair value	—		20,367
Loans
Commercial	1,626,122		1,466,853
Mortgage	1,475,908		1,368,409
Installment	639,456		630,090
Total Loans	3,741,486		3,465,352
Allowance for credit losses	(55,495)		(52,435)
Net Loans	3,685,991		3,412,917
Other real estate and repossessed assets, net	443		455
Property and equipment, net	35,346		35,893
Bank-owned life insurance	54,631		55,204
Capitalized mortgage loan servicing rights, carried at fair value	46,057		42,489
Other intangibles	2,141		2,551
Goodwill	28,300		28,300
Accrued income and other assets	145,308		128,904
Total Assets	$	5,200,018	$	4,999,787
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	1,141,641	$	1,269,759
Savings and interest-bearing checking	1,929,947		1,973,308
Reciprocal	799,883		602,575
Time	477,928		321,492
Brokered time	236,213		211,935
Total Deposits	4,585,612		4,379,069
Other borrowings	50,014		86,006
Subordinated debt	39,491		39,433
Subordinated debentures	39,711		39,660
Accrued expenses and other liabilities	110,192		108,023
Total Liabilities	4,825,020		4,652,191
Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding	—		—
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,850,455 shares at September 30, 2023 and 21,063,971 shares at December 31, 2022	317,145		320,991
Retained earnings	150,157		119,368
Accumulated other comprehensive loss	(92,304)		(92,763)
Total Shareholders’ Equity	374,998		347,596
Total Liabilities and Shareholders’ Equity	$	5,200,018	$	4,999,787

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

	Three Months Ended						Nine Months Ended
	September 30, 2023		June 30, 2023		September 30, 2022		September 30,
							2023		2022
	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	51,419	$	47,679	$	37,092	$	143,392	$	96,964
Interest on securities
Taxable	5,865		5,919		5,329		17,668		14,831
Tax-exempt	3,409		3,283		2,284		9,775		5,584
Other investments	1,739		1,067		220		3,481		651
Total Interest Income	62,432		57,948		44,925		174,316		118,030
Interest Expense
Deposits	20,743		17,461		3,625		51,964		5,608
Other borrowings and subordinated debt and debentures	2,262		2,137		1,403		6,134		3,463
Total Interest Expense	23,005		19,598		5,028		58,098		9,071
Net Interest Income	39,427		38,350		39,897		116,218		108,959
Provision for credit losses	1,350		3,317		3,145		6,827		3,951
Net Interest Income After Provision for Credit Losses	38,077		35,033		36,752		109,391		105,008
Non-interest Income
Interchange income	4,100		3,355		4,049		10,660		10,553
Service charges on deposit accounts	3,309		3,134		3,082		9,300		9,135
Net gains (losses) on assets
Mortgage loans	2,099		2,120		2,857		5,475		4,945
Securities available for sale	—		—		—		(222)		(275)
Mortgage loan servicing, net	2,668		3,674		4,283		7,068		18,086
Other	3,435		3,134		2,590		9,298		7,997
Total Non-interest Income	15,611		15,417		16,861		41,579		50,441
Non-interest Expense
Compensation and employee benefits	19,975		20,602		20,601		59,916		60,613
Data processing	3,071		2,891		2,653		8,953		7,513
Occupancy, net	1,971		1,845		2,062		5,975		6,682
Interchange expense	1,119		1,054		927		3,222		3,200
Furniture, fixtures and equipment	927		929		987		2,782		3,074
FDIC deposit insurance	677		749		591		2,209		1,570
Communications	568		635		723		1,871		2,242
Loan and collection	520		620		772		1,718		1,978
Legal and professional	543		473		573		1,623		1,545
Advertising	360		431		345		1,286		1,585
Costs (recoveries) related to unfunded lending commitments	451		100		382		76		676
Other	1,854		1,919		1,750		5,610		5,572
Total Non-interest Expense	32,036		32,248		32,366		95,241		96,250
Income Before Income Tax	21,652		18,202		21,247		55,729		59,199
Income tax expense	4,109		3,412		3,950		10,405		10,934
Net Income	$	17,543	$	14,790	$	17,297	$	45,324	$	48,265
Net Income Per Common Share
Basic	$	0.84	$	0.70	$	0.82	$	2.16	$	2.29
Diluted	$	0.83	$	0.70	$	0.81	$	2.14	$	2.27

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data

	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	39,427		$	38,350		$	38,441		$	40,602		$	39,897
Provision for credit losses	1,350			3,317			2,160			1,390			3,145
Non-interest income	15,611			15,417			10,551			11,468			16,861
Non-interest expense	32,036			32,248			30,957			32,091			32,366
Income before income tax	21,652			18,202			15,875			18,589			21,247
Income tax expense	4,109			3,412			2,884			3,503			3,950
Net income	$	17,543		$	14,790		$	12,991		$	15,086		$	17,297
Basic earnings per share	$	0.84		$	0.70		$	0.62		$	0.72		$	0.82
Diluted earnings per share	0.83			0.70			0.61			0.71			0.81
Cash dividend per share	0.23			0.23			0.23			0.22			0.22
Average shares outstanding	20,922,431			21,040,349			21,103,831			21,064,556			21,057,673
Average diluted shares outstanding	21,114,445			21,222,535			21,296,980			21,266,876			21,251,933
Performance Ratios
Return on average assets	1.34		%	1.18		%	1.06		%	1.21		%	1.40		%
Return on average equity	18.68			16.29			14.77			17.94			20.48
Efficiency ratio (1)	57.52			59.26			62.07			60.82			56.26
As a Percent of Average Interest-Earning Assets (1)
Interest income	5.12		%	4.91		%	4.67		%	4.41		%	3.92		%
Interest expense	1.87			1.65			1.34			0.89			0.43
Net interest income	3.25			3.26			3.33			3.52			3.49
Average Balances
Loans	$	3,694,534		$	3,567,920		$	3,494,169		$	3,449,944		$	3,360,621
Securities	1,071,211			1,111,670			1,146,075			1,164,809			1,226,203
Total earning assets	4,892,208			4,763,295			4,696,786			4,637,475			4,610,307
Total assets	5,192,114			5,044,746			4,988,440			4,934,859			4,884,841
Deposits	4,577,796			4,447,843			4,417,106			4,350,748			4,326,958
Interest bearing liabilities	3,554,179			3,415,621			3,304,868			3,159,374			3,075,210
Shareholders' equity	372,667			364,143			356,720			333,610			335,120

(1)Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data (continued)

	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio	6.67		%	6.75		%	6.60		%	6.37		%	6.15		%
Tangible common equity ratio excluding accumulated other comprehensive loss	8.20			8.09			7.95			7.98			7.86
Average equity to average assets	7.18			7.22			7.15			6.76			6.86
Total capital to risk-weighted assets (2)	13.58			13.66			13.80			13.62			13.58
Tier 1 capital to risk-weighted assets (2)	11.36			11.42			11.53			11.36			11.29
Common equity tier 1 capital to risk-weighted assets (2)	10.44			10.46			10.55			10.38			10.29
Tier 1 capital to average assets (2)	8.93			8.97			8.92			8.86			8.77
Common shareholders' equity per share of common stock	$	17.99		$	17.91		$	17.40		$	16.50		$	15.78
Tangible common equity per share of common stock	16.53			16.45			15.94			15.04			14.30
Total shares outstanding	20,850,455			20,943,694			21,138,303			21,063,971			21,063,954
Selected Balances
Loans	$	3,741,486		$	3,631,114		$	3,509,809		$	3,465,352		$	3,409,858
Securities	1,043,540			1,092,703			1,137,103			1,154,165			1,183,701
Total earning assets	4,884,720			4,830,185			4,860,696			4,688,246			4,633,876
Total assets	5,200,018			5,135,564			5,138,934			4,999,787			4,931,377
Deposits	4,585,612			4,487,636			4,544,749			4,379,069			4,327,028
Interest bearing liabilities	3,573,187			3,501,280			3,481,511			3,274,409			3,116,027
Shareholders' equity	374,998			375,162			367,714			347,596			332,308

(2)September 30, 2023 are Preliminary.

7

Reconciliation of Non-GAAP Financial Measures

Independent Bank Corporation

Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")
Net interest income	$	39,427		$	39,897		$	116,218		$	108,959
Add:  taxable equivalent adjustment	422			462			1,284			1,425
Net interest income - taxable equivalent	$	39,849		$	40,359		$	117,502		$	110,384
Net interest margin (GAAP) (1)	3.21		%	3.45		%	3.25		%	3.21		%
Net interest margin (FTE) (1)	3.25		%	3.49		%	3.28		%	3.25		%

(1)Annualized.

8

Tangible Common Equity Ratio

	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	(Dollars in thousands)
Common shareholders' equity	$	374,998		$	375,162		$	367,714		$	347,596		$	332,308
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,141			2,278			2,415			2,551			2,697
Tangible common equity	344,557			344,584			336,999			316,745			301,311
Addition:
Accumulated other comprehensive loss for regulatory purposes	86,507			74,712			75,013			86,966			91,248
Tangible common equity excluding other comprehensive loss adjustments	$	431,064		$	419,296		$	412,012		$	403,711		$	392,559
Total assets	$	5,200,018		$	5,135,564		$	5,138,934		$	4,999,787		$	4,931,377
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,141			2,278			2,415			2,551			2,697
Tangible assets	5,169,577			5,104,986			5,108,219			4,968,936			4,900,380
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax	86,507			74,712			75,013			86,966			91,248
Tangible assets excluding other comprehensive loss adjustments	$	5,256,084		$	5,179,698		$	5,183,232		$	5,055,902		$	4,991,628
Common equity ratio	7.21		%	7.31		%	7.16		%	6.95		%	6.74		%
Tangible common equity ratio	6.67		%	6.75		%	6.60		%	6.37		%	6.15		%
Tangible common equity ratio excluding other comprehensive loss	8.20		%	8.09		%	7.95		%	7.98		%	7.86		%
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	374,998		$	375,162		$	367,714		$	347,596		$	332,308
Tangible common equity	$	344,557		$	344,584		$	336,999		$	316,745		$	301,311
Shares of common stock outstanding (in thousands)	20,850			20,944			21,138			21,064			21,064
Common shareholders' equity per share of common stock	$	17.99		$	17.91		$	17.40		$	16.50		$	15.78
Tangible common equity per share of common stock	$	16.53		$	16.45		$	15.94		$	15.04		$	14.30

The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

9

EX-99.2

Exhibit 99.2

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Supplemental Data

Non-performing assets

	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	(Dollars in thousands)
Non-accrual loans	$	6,969		$	6,876		$	6,216		$	5,381		$	5,307
Loans 90 days or more past due and still accruing interest	—			—			—			—			—
Subtotal	6,969			6,876			6,216			5,381			5,307
Less:  Government guaranteed loans	2,254			2,882			2,330			1,660			1,491
Total non-performing loans	4,715			3,994			3,886			3,721			3,816
Other real estate and repossessed assets	443			658			499			455			348
Total non-performing assets	$	5,158		$	4,652		$	4,385		$	4,176		$	4,164
As a percent of Portfolio Loans
Non-performing loans	0.13		%	0.11		%	0.11		%	0.11		%	0.11		%
Allowance for credit losses	1.48			1.49			1.44			1.51			1.50
Non-performing assets to total assets	0.10			0.09			0.09			0.08			0.08
Allowance for credit losses as a percent of non-performing loans	1,176.99			1,351.13			1,300.82			1,409.16			1,340.20

Allowance for credit losses

	Nine months ended September 30,
	2023							2022
	Loans			Securities		Unfunded Commitments		Loans			Securities		Unfunded Commitments
	(Dollars in thousands)
Balance at beginning of period	$	52,435		$	168	$	5,080	$	47,252		$	—	$	4,481
Additions (deductions)
Provision for credit losses	3,840			2,987		—		3,783			168		—
Recoveries credited to allowance	2,082			—		—		2,004			—		—
Assets charged against the allowance	(2,862)			(3,000)		—		(1,897)			—		—
Additions included in non-interest expense	—			—		76		—			—		676
Balance at end of period	$	55,495		$	155	$	5,156	$	51,142		$	168	$	5,157
Net loans charged (recovered) against the allowance to average Portfolio Loans	0.03		%					0.00		%

1

Capitalization

	September 30, 2023		December 31, 2022
	(In thousands)
Subordinated debt	$	39,491	$	39,433
Subordinated debentures	39,711		39,660
Amount not qualifying as regulatory capital	(715)		(657)
Amount qualifying as regulatory capital	78,487		78,436
Shareholders’ equity
Common stock	317,145		320,991
Retained earnings	150,157		119,368
Accumulated other comprehensive income (loss)	(92,304)		(92,763)
Total shareholders’ equity	374,998		347,596
Total capitalization	$	453,485	$	426,032

Non-Interest Income

	Three months ended						Nine months ended
	September 30, 2023		June 30, 2023		September 30, 2022		September 30,
							2023		2022
	(In thousands)
Interchange income	$	4,100	$	3,355	$	4,049	$	10,660	$	10,553
Service charges on deposit accounts	3,309		3,134		3,082		9,300		9,135
Net gains (losses) on assets
Mortgage loans	2,099		2,120		2,857		5,475		4,945
Securities	—		—		—		(222)		(275)
Mortgage loan servicing, net	2,668		3,674		4,283		7,068		18,086
Investment and insurance commissions	875		744		750		2,446		2,170
Bank owned life insurance	124		98		59		333		302
Other	2,436		2,292		1,781		6,519		5,525
Total non-interest income	$	15,611	$	15,417	$	16,861	$	41,579	$	50,441

Capitalized Mortgage Loan Servicing Rights

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(In thousands)
Balance at beginning of period	$	44,427	$	39,477	$	42,489	$	26,232
Originated servicing rights capitalized	1,159		1,588		3,112		5,237
Change in fair value	471		2,093		456		11,689
Balance at end of period	$	46,057	$	43,158	$	46,057	$	43,158

2

Mortgage Loan Activity

	Three months ended									Nine months ended
	September 30, 2023			June 30, 2023			September 30, 2022			September 30,
										2023			2022
	(Dollars in thousands)
Mortgage loans originated	$	172,914		$	160,515		$	209,041		$	446,450		$	796,918
Mortgage loans sold	115,269			99,025			157,511			321,140			522,213
Net gains on mortgage loans	2,099			2,120			2,857			5,475			4,945
Net gains as a percent of mortgage loans sold  ("Loan Sales Margin")	1.82		%	2.14		%	1.81		%	1.70		%	0.95		%
Fair value adjustments included in the Loan Sales Margin	(0.32)		%	1.03		%	0.25		%	0.60		%	(0.54)		%

Non-Interest Expense

	Three months ended						Nine months ended
	September 30, 2023		June 30, 2023		September 30, 2022		September 30,
							2023		2022
	(In thousands)
Compensation	$	13,054	$	13,523	$	12,839	$	39,846	$	37,807
Performance-based compensation	2,955		3,220		4,290		8,420		11,728
Payroll taxes and employee benefits	3,966		3,859		3,472		11,650		11,078
Compensation and employee benefits	19,975		20,602		20,601		59,916		60,613
Data processing	3,071		2,891		2,653		8,953		7,513
Occupancy, net	1,971		1,845		2,062		5,975		6,682
Interchange expense	1,119		1,054		927		3,222		3,200
Furniture, fixtures and equipment	927		929		987		2,782		3,074
FDIC deposit insurance	677		749		591		2,209		1,570
Communications	568		635		723		1,871		2,242
Loan and collection	520		473		772		1,718		1,978
Legal and professional	543		620		573		1,623		1,545
Advertising	360		431		345		1,286		1,585
Amortization of intangible assets	136		137		174		410		639
Supplies	135		122		147		363		431
Correspondent bank service fees	56		59		75		178		232
Costs related to unfunded lending commitments	451		100		382		76		676
Provision for loss reimbursement on sold loans	7		4		12		21		57
Net (gains) losses on other real estate and repossessed assets	1		63		(18)		18		(214)
Other	1,519		1,534		1,360		4,620		4,427
Total non-interest expense	$	32,036	$	32,248	$	32,366	$	95,241	$	96,250

3

Average Balances and Tax Equivalent Rates

	Three Months Ended September 30,
	2023						2022
	Average Balance		Interest		Rate (2)		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,687,637	$	51,352	5.54	%	$	3,353,102	$	37,019	4.39	%
Tax-exempt loans (1)	6,897		85		4.89		7,519		92		4.85
Taxable securities	755,054		5,865		3.11		891,677		5,329		2.39
Tax-exempt securities (1)	316,157		3,813		4.82		334,526		2,727		3.26
Interest bearing cash	108,389		1,468		5.37		5,830		28		1.91
Other investments	18,074		271		5.95		17,653		192		4.32
Interest Earning Assets	4,892,208		62,854		5.12		4,610,307		45,387		3.92
Cash and due from banks	61,094						62,340
Other assets, net	238,812						212,194
Total Assets	$	5,192,114					$	4,884,841
Liabilities
Savings and interest-bearing checking	2,598,170		12,272		1.87		2,548,213		2,803		0.44
Time deposits	816,810		8,471		4.11		402,466		822		0.81
Other borrowings	139,199		2,262		6.45		124,531		1,403		4.47
Interest Bearing Liabilities	3,554,179		23,005		2.57	%	3,075,210		5,028		0.65
Non-interest bearing deposits	1,162,816						1,376,279
Other liabilities	102,452						98,232
Shareholders’ equity	372,667						335,120
Total liabilities and shareholders’ equity	$	5,192,114					$	4,884,841
Net Interest Income			$	39,849					$	40,359
Net Interest Income as a Percent of Average Interest Earning Assets					3.25	%					3.49	%

(1)	Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
(2)	Annualized

4

Average Balances and Tax Equivalent Rates

	Nine Months Ended September 30,
	2023						2022
	Average Balance		Interest		Rate		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,579,569	$	143,203	5.34	%	$	3,155,410	$	96,742	4.09	%
Tax-exempt loans (1)	6,705		239		4.77		7,922		281		4.74
Taxable securities	788,654		17,668		2.99		978,668		14,831		2.02
Tax-exempt securities (1)	320,724		11,009		4.58		336,123		6,950		2.76
Interest bearing cash	71,355		2,769		5.19		36,761		94		0.34
Other investments	17,805		712		5.35		17,806		557		4.18
Interest Earning Assets	4,784,812		175,600		4.90		4,532,690		119,455		3.52
Cash and due from banks	59,163						59,851
Other assets, net	231,872						196,406
Total Assets	$	5,075,847					$	4,788,947
Liabilities
Savings and interest-bearing checking	2,550,973		31,644		1.66		2,528,655		4,232		0.22
Time deposits	745,983		20,320		3.64		365,245		1,376		0.50
Other borrowings	128,846		6,134		6.37		116,774		3,463		3.96
Interest Bearing Liabilities	3,425,802		58,098		2.27	%	3,010,674		9,071		0.40
Non-interest bearing deposits	1,184,548						1,342,228
Other liabilities	100,929						88,281
Shareholders’ equity	364,568						347,764
Total liabilities and shareholders’ equity	$	5,075,847					$	4,788,947
Net Interest Income			$	117,502					$	110,384
Net Interest Income as a Percent of Average Interest Earning Assets					3.28	%					3.25	%

(1) Interest on tax-exempt loans and securities is presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

5

Commercial Loan Portfolio Analysis as of September 30, 2023

	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	10,101	$	9	$	—	$	9	0.1	%
Land Development	17,268		—		—		—		—
Construction	117,206		—		—		—		—
Income Producing	581,938		21,439		—		21,439		3.7
Owner Occupied	452,772		20,506		—		20,506		4.5
Total Commercial Real Estate Loans	$	1,179,285	$	41,954	$	—	$	41,954	3.6
Other Commercial Loans	$	446,836	$	19,388	31		$	19,419	4.3
Total non-performing commercial loans					$	31

Commercial Loan Portfolio Analysis as of December 31, 2022

	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	9,285	$	180	$	—	$	180	1.9	%
Land Development	16,220		—		—		—		—
Construction	114,277		—		—		—		—
Income Producing	469,696		6,177		—		6,177		1.3
Owner Occupied	426,404		16,525		—		16,525		3.9
Total Commercial Real Estate Loans	$	1,035,882	$	22,882	$	—	$	22,882	2.2
Other Commercial Loans	$	430,971	$	9,157	38		$	9,195	2.1
Total non-performing commercial loans					$	38

6

EX-99.3

Earnings Call: Third Quarter 2023 October 24, 2023 (NASDAQ: IBCP)

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 plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. 2 2

• Formal Remarks − William B. (Brad) Kessel President and Chief Executive Officer − Gavin A. Mohr Executive Vice President and Chief Financial Officer − Joel Rahn Executive Vice President – Commercial Banking • Question and Answer session • Closing Remarks Note: This presentation is available at www.IndependentBank.com in the Investor Relations area under the “Presentations” tab. Agenda 3

3Q23 Overview • Total deposits increased at a 10.5% annualized rate • Total loans increased 12% annualized while maintaining disciplined approach to new loan production • New loan production largely focused on new commercial clients that bring deposits to the bank • Asset quality remained exceptional with NPAs/Total Assets at 0.10% and net recoveries in the quarter • Continued rotation into higher yielding assets helped to offset an increase in deposit costs and keep net interest margin relatively stable at 3.25% compared to 3.26% in 2Q’23. • Disciplined expense control results in efficiency ratio improving to 57.5% from 59.3% in 3Q23 • ROAA improved to 1.34% from 1.18% in prior quarter, while ROAE improved to 18.7% from 16.3% • Total Capital Ratio of 13.6% • Strong capital position enabled company to be opportunistic and repurchase 88,401 shares at an average price per share of $19.15. • Balance sheet liquidity remains high with loan-to-deposit ratio of 82% • Net income of $17.5 million, or $0.83 per diluted share, compared to $17.3 million, or $0.81 per diluted share, in 3Q22 • Pre-tax, pre-provision income of $23.0 million, an increase of 7% from $21.5 million in 2Q23 • Increases in both net interest income and non-interest income compared to 2Q23 • Strong profitability and prudent balance sheet management results in further growth in tangible book value per share Healthy Capital & Liquidity Positions Positive Trends in Key Metrics Strong Balance Sheet Supports Continued Loan Growth 3Q’23 Earnings 4

Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $3.87 billion of non-maturity deposit accounts (84.4% of total deposits). • Core deposit increase of $112.6 million (10.5% annualized) in 3Q’23. • Total deposits increased $206.5 million (6.3% annualized) since 12/31/22 with non-interest bearing down $128.1 million, savings and interest- bearing checking down $43.4 million, reciprocal up $197.3 million, time up $156.4 million and brokered time up $24.3 million. • Deposits by Customer Type: − Retail – 48.3% − Commercial – 35.3% − Municipal – 16.4% Deposit Composition 9/30/23 Cost of Deposits (%)/Total Deposits ($B) Core Deposits: 84.4% Non-interest Bearing 25% Savings and Interest- bearing Checking 42% Reciprocal 17% Time 10% Brokered 5% 5 $ 3 .9 $ 4 .1 $ 4 .1 $ 4 .2 $ 4 .3 $ 4 .3 $ 4 .4 $ 4 .5 $ 4 .5 $ 4 .6 0 .1 2 % 0 .1 1 % 0 .0 9 % 0 .0 7 % 0 .1 1 % 0 .3 3 % 0 .7 8 % 1 .2 6 % 1 .5 7 % 1 .8 0 % Q 2 '2 1 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Total Deposits Cost Of Deposits $4.6B

Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate (with Deposit Balances) D e p o s it B a la n c e s ( $ i n t h o u s a n d s ) 6 0 .2 7 % 0 .2 7 % 0 .2 8 % 0 .3 3 % 0 .3 6 % 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 % 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% D e c -1 6 M a r- 1 7 J u n -1 7 S e p -1 7 D e c -1 7 M a r- 1 8 J u n -1 8 S e p -1 8 D e c -1 8 M a r- 1 9 J u n -1 9 S e p -1 9 D e c -1 9 M a r- 2 0 J u n -2 0 S e p -2 0 D e c -2 0 M a r- 2 1 J u n -2 1 S e p -2 1 D e c -2 1 M a r- 2 2 J u n -2 2 S e p -2 2 D e c -2 2 M a r- 2 3 J u n -2 3 S e p -2 3 IB COF Fed Funds Spot Fed Effective Total Deposits F e d e ra l F u n d s R a te Cumulative Cycle Beta = 32.6%

Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 3Q’23: − Commercial – increased $88.0 million. …Average new origination yield of 7.52% vs a 6.72% portfolio yield. − Mortgage – increased $34.5 million. …Average new origination yield of 7.17% vs a 4.57% portfolio yield. − Installment – decreased $12.1 million. …Average new origination yield of 8.23% vs a 5.40% portfolio yield. • Mortgage loan portfolio weighted average FICO of 754 and average balance of $181,980. • Installment weighted average FICO of 758 and average balance of $26,052. • Commercial loan rate mix: − 49% fixed / 51% variable. − Indices – 56% tied to Prime, 1% tied to a US Treasury rate and 43% tied to SOFR. • Mortgage loan (including HELOC) rate mix: − 62% fixed / 38% adjustable or variable. − 22% tied to Prime, 10% tied to a US Treasury rate and 69% tied to SOFR. Note: Portfolio loans exclude loans HFS. Loan Composition 9/30/23 Yield on Loans (%)/ Total Portfolio Loans ($B) Commercial 43% Mortgage 39% Installment 17% Held for Sale 0% 7 $2.8 $2.9 $2.9 $3.0 $3.3 $3.4 $3.4 $3.5 $3.6 $3.7 3 .9 5 % 4 .1 3 % 4 .0 8 % 3 .8 2 % 4 .0 1 % 4 .3 9 % 4 .9 0 % 5 .0 7 % 5 .3 6 % 5 .5 3 % Q 2 '2 1 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 3 Q '2 2 4 Q '2 2 1 Q '2 3 2 Q '2 3 3 Q '2 3 Total Portfolio Loans Yield on Loans $3.7B

9% $149 9% $147 6% $99 6% $90 5% $73 4% $71 3% $54 3% $51 3% $43 $40 $40 $40 $35 $30 $73 Manufacturing Construction Health Care and Social Assistance Retail Hotel and Accomodations Real Estate Rental and Leasing Transportation Other Services (except Public Administration) Wholesale Professional, Scientific, and Technical Services Arts, Entertainment, and Recreation Food Service Finance and Insurance Assisted Living Concentrations within $1.6B Commercial Loan Portfolio Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) Note: $1.03 billion, or 63.6% of the commercial loan portfolio is C&I or owner occupied, while $592 million, or 36.4% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $1.63 billion as of September 30, 2023 8 $1.03B 10.18%, Commercial Industrial, $157 8.87%, Retail, $136 6.08%, Office, $93 5.23%, Construction, $80 3.23%, Multifamily, $50 2.50%, 1-4 Family, $38 1.75%, Land, Vacant Land and Development, $27 0.68%, Special Purpose, $10 $592MM

$5.0 $1.6 $1.3 $1.9 $0.8 $0.2 $0.5 $0.5 $0.7 $0.4 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 2016 2017 2018 2019 2020 2021 2022 Q1'23 Q2'23 Q3'23 Note 1: Non-performing loans and non-performing assets exclude troubled debt restructurings that are performing. Note 2: 12/31/16 30 to 89 days delinquent data excludes $1.63 million of payment plan receivables that were held for sale. 9 Credit Quality Summary Non-performing Loans ($ in Millions) ORE/ORA ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) Non-performing Assets ($ in Millions) 9 $13.4 $8.2 $8.6 $9.5 $7.9 $5.1 $3.7 $3.9 $4.0 $4.7 0.4% 0.3% 0.3% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2016 2017 2018 2019 2020 2021 2022 Q1'23 Q2'23 Q3'23 Non-performing Loans (NPLs) NPLs / Total Loans $13.4 $8.2 $9.0 $9.5 $7.9 $5.1 $3.7 $3.9 $4.0 5.2 $5.0 $1.6 $1.3 $1.9 $0.8 $0.2 $0.5 $0.5 $0.7 0.4 $- $5.0 $10.0 $15.0 $20.0 2016 2017 2018 2019 2020 2021 2022 Q1'23 Q2'23 Q3'23 Non-performing Loans 90+ Days PD ORE/ORA $5.3 $4.8 $4.4 $7.2 $13.2 $2.3 $3.1 $1.9 $4.4 $4.9 0.3% 0.2% 0.2% 0.3% 0.5% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2016 2017 2018 2019 2020 2021 2022 Q1'23 Q2'23 Q3'23 30-89 Days PD 30-89 Days PD / Total Loans

• Long-term capital Priorities: Capital retention to support organic growth, acquisitions and return of capital through strong and consistent dividends and share repurchases. • Well capitalized in all regulatory capital measurements. • Tangible common equity ratio excluding the impact of unrealized losses on securities AFS and HTM is 8.2% Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) 10 6.3 6.2 6.4 6.6 6.7 6.7 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 8.7 8.8 8.9 8.9 8.9 8.9 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 10.3 10.3 10.4 10.6 10.4 10.4 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 13.7 13.5 13.6 13.8 13.6 13.6 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23

$30.2 $30.5 $32.0 $31.0 $30.3 $31.4 $33.8 $34.3 $33.0 $36.1 $39.9 $40.6 $38.4 $38.4 $39.4 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 3.63 3.36 3.31 3.12 3.05 3.02 3.18 3.13 3.00 3.26 3.49 3.52 3.33 3.26 3.25 1.26 0.06 0.09 0.09 0.08 0.07 0.08 0.08 0.12 0.77 2.18 3.65 4.38 4.99 5.26 0.63 0.30 0.23 0.39 .14 .12 .11 .10 . 0 0.12 0.45 0.92 1.39 1.72 1.93 0 1 2 3 4 5 6 Q 1 '2 0 Q 2 '2 0 Q 3 '2 0 Q 4 '2 0 Q 1 '2 1 Q 2 '2 1 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds Net Interest Margin/Income • Net interest income was $39.4 million in 3Q’23 compared to $39.9 million in the prior year quarter. A decrease in the net interest margin was partially offset by an increase in average earnings assets. • Net interest margin was 3.25% during the third quarter of 2023, compared to 3.49% in the year- ago quarter and 3.26% in the second quarter of 2023. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) 11

3Q’23 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis Q2'23 3.26% Change in earning asset mix 0.05% Increase in loan and investment yield 0.16% Change in funding mix -0.03% Increase in funding costs -0.19% Q3'23 3.25% 3Q23 2Q23 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Cash $108,389 $1,468 5.37% $66,023 $837 5.08% $42,366 $631 0.29% Investments 1,089,285 9,949 3.65% 1,129,352 9,839 3.49% (40,067) 110 0.17% Commercial loans 1,566,874 26,804 6.79% 1,483,042 24,616 6.66% 83,832 2,188 0.14% Mortgage loans 1,479,029 16,941 4.58% 1,442,710 16,049 4.45% 36,319 892 0.14% Consumer loans 648,631 7,692 4.70% 642,168 7,030 4.39% 6,463 662 0.31% Earning assets $4,892,208 $62,854 5.12% $4,763,295 $58,371 4.91% $128,913 $4,483 0.21% Nonmaturity deposits $2,598,170 $12,272 1.87% $2,519,009 $10,515 1.67% $79,161 1,757 0.21% CDARS deposits 96,409 989 4.07% 84,466 806 3.83% 11,943 183 0.24% Retail Time deposits 452,585 3,970 3.48% 417,281 2,989 2.87% 35,304 981 0.61% Brokered deposits 267,816 3,512 5.20% 259,958 3,151 4.86% 7,858 361 0.34% Bank borrowings 60,017 794 5.25% 55,762 728 5.24% 4,255 66 0.01% IBC debt 79,182 1,468 7.36% 79,145 1,409 7.14% 37 59 0.21% Cost of funds $3,554,179 $23,005 2.57% $3,415,621 $19,598 2.30% $138,558 $3,407 0.27% Free funds $1,338,029 $1,347,674 ($9,645) Net interest income $39,849 $38,773 $1,076 Net interest margin 3.25% 3.26% -0.01% 12

Interest Rate Risk Management • The increase in the base case modeled NII is due to an improvement in asset mix with an increase in loans and a decline in investments along with a slight benefit from higher rates. These improvements were partially offset by an adverse shift in the funding mix. • The NII sensitivity profile is largely unchanged during the quarter for smaller rate changes of +/- 100 basis points. The exposure to rising rates decreased modestly for larger rate increases. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 38.9% of assets and other non-maturity deposits fund another 20.2% of assets. Moderate wholesale funding of just 7.0% of assets. • 32.0% of assets reprice in 1 month and 44.2% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging as well as product pricing and structure. Changes in Net Interest Income (Dollars in 000’s) Simulation analyses calculate the change in net interest income over the next twelve months, under immediate parallel shifts in interest rates, based upon a static statement of financial condition, which includes derivative instruments, and does not consider loan fees. 13 September 30, 2023 -200 -100 Base-rate 100 200 Net Interest Income $169,475 $171,069 $172,118 $171,200 $169,245 Change from Base -1.54% -0.61% -0.53% -1.67% June 30, 2023 -200 -100 Base-rate 100 200 Net Interest Income $163,427 $164,904 $165,282 $164,068 $161,807 Change from Base -1.12% -0.23% -0.73% -2.10%

$19.7 $15.8 $18.9 $14.6 $16.9 $11.5 $10.5 $15.4 $15.6 3 6 .8 % 3 0 .3 % 3 5 .4 % 2 7 .6 % 2 7 .3 % 1 8 .4 % 1 6 .4 % 1 8 .4 % 2 0 .0 % -5.0 5.0 15.0 25.0 35.0 45.0 55.0 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Non-interest Income Non-interest Inc/Operating Rev (%) Strong Non-interest Income • The $1.6 million comparative quarterly decrease in mortgage loan servicing; net is primarily attributed to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in mortgage loan interest rates and expected future prepayment levels. • Mortgage banking: − $2.1 million in net gains on mortgage loans in 3Q’23 vs. $2.9 million in the year ago quarter. The decrease is primarily due to lower mortgage loan sales volume that was partially offset by increased profit margins and fair value adjustments. − $172.9 million in mortgage loan originations in 3Q’23 vs. $209.0 million in 3Q’22 and $160.5 million in 2Q’23. − 3Q’23 mortgage loan servicing includes a $1.6 million ($0.06 per diluted share, after tax) increase in fair value adjustment due to price compared to an increase of $3.2 million ($0.12 per diluted share, after tax) in the year ago quarter. Source: Company documents. 3Q23 Non-interest Income (thousands) Non-interest Income Trends ($M) Interchange income $4,100 Service Chg Dep $3,309 Gain (Loss)- Mortgage Sale $2,099 Gain (Loss)- Securities $- Mortgage loan servicing, net $2,668 Investment & insurance commissions $875 Bank owned life insurance $124 Other income $2,436 14 $15.6M

Focus on Improved Efficiency • 3Q’23 efficiency ratio of 57.5%. • Compensation and employee benefits expense of $20.0 million, an decrease of $0.6 million from the prior year quarter. • Compensation (salaries and wages) increased $0.2 million due to raises that were generally effective at the start of the year, a decreased level of compensation that was deferred in the third quarter of 2023 as direct origination costs (lower mortgage loan origination volume). • $1.3 million decrease in performance-based compensation expense. • Payroll taxes and employee benefits increased $0.5 million primarily due to a higher healthcare related costs. • Data processing costs increased by $0.4 million primarily to core data processor annual asset growth and CPI related cost increases and lower net mortgage processing relating cost deferrals due to lower mortgage loan volume as well as the purchase of a new lending solution software. • Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. Non-interest Expense ($M) Efficiency Ratio (4 quarter rolling average) Source: Company documents. 15 $ 3 4 .5 $ 3 4 .0 $ 3 1 .5 $ 3 2 .4 $ 3 2 .4 $ 3 2 .1 $ 3 1 .0 $ 3 2 .2 $ 3 2 .0 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other 61.7% 63.2% 64.8% 63.1% 61.3% 59.8% 60.4% 59.6% 59.9% Q 3 '2 1 Q 4 '2 1 1 Q '2 2 2 Q '2 2 3 Q '2 2 4 Q '2 2 1 Q '2 3 2 Q '2 3 3 Q '2 3

Category Outlook Outlook for 2023 *as of January, 2023 • IBCP forecast of low double digit (approximately 10%-12%) overall loan growth is based on increases in commercial loans and mortgage loans with installment loans remaining flat. Expect much of this growth to occur in the last three quarters of 2023. • This growth forecast also assumes a stable Michigan economy. • IBCP forecast of high single digit (7%-9%) growth is primarily supported by an increase in earning assets and a favorable shift in the earning asset base. Expect net interest margin (NIM) to be stable to slightly higher (0.05% - 0.10%) in 2023 compared to full-year 2022. • Primary driver is an increase in earing asset yield. The forecast assumes a 0.50% Fed rate increase in February, a 0.25% increase in March and a 0.25% decrease in September and December in the federal funds rate while long-term interest rates decline slightly over year-end 2022 levels. • Very difficult area to forecast. Future provision levels under CECL will be particularly sensitive to loan growth and mix, projected economic conditions, watch credit levels and loan default volumes. • The allowance as a percentage of total loans was at 1.51% at 12/31/22. • A full year 2023. provision (expense) for credit losses of approximately 0.25% to 0.35% of average total portfolio loans would not be unreasonable. 3Q’23 Update • Total portfolio loans increased $110.4 million (12.1% annualized) in 3Q’23 which is higher than our forecasted range. • Commercial and mortgage loans had positive growth in the third quarter. • 3Q’23 net interest income was $0.5 million (1.2%) lower than the prior year quarter. The net interest margin was 3.25% for the current quarter and 3.49 for the prior year quarter and down 0.01% from the linked quarter. • The 1.2% decrease in net interest income is due to a 0.24% decrease in net interest margin that was partially offset by a $281.0 million increase in average earning assets. • The provision for credit losses was an expense of $1.4 million (0.15% annualized) The 3Q’23 provision expense was primarily the result of loan growth and a decrease in prepayment speeds primarily related to jumbo mortgages. LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 16

Category Outlook Outlook • IBCP forecasted 2023 quarterly range of $11M to $13M with the total for the year down 20% to 25% from 2022 actual of $61.9M • Expect mortgage loan origination volumes in 2023 to be down by approximately 20%, a decline in mortgage loan servicing net of approximately 80%, interchange income in 2023 to increase approximately 2.0% to 3.0% as compared to 2022 and service charges on deposits to be collectively comparable to 2022 (a decline in NSF fees to be largely offset by an increase in treasury management related service charges). • IBCP forecasted 2023 quarterly range of $32.0M to $33.5M with the total for the year up 1.5% to 2.5% from the 2022 actual of $128.3M. • The primary driver is an increase in data processing and FDIC deposit insurance premiums. • Approximately an 18.8% effective income tax rate in 2023. This assumes a 21% statutory federal corporate income tax rate during 2023. • 2023 share repurchase authorization at approximately 5% (1.1 million) of outstanding shares. • Share repurchases will be dependent on capital levels, capital allocation options and share price trends. We are not modeling any share repurchases in 2023. 3Q’23 Update • Non-interest income totaled $15.6 million in 3Q’23, which was higher than the forecasted range. 3Q’23 mortgage loan originations, sales and gains totaled $172.9 million, $115.3 million and $2.1 million, respectively. • Mortgage loan servicing generated a gain of $2.7 million in 3Q’23. • Total non-interest expense was $32.0 million in the third quarter of 2023, which is within our forecasted range. • The comparative quarterly decrease is primarily due to declines in compensation and employee benefits, occupancy, net, and communications expense that were partially offset by increases in data processing, interchange expense and FDIC insurance expense. The decrease in compensation and employee benefits is primarily related to a lower expected level of incentive compensation. • 3Q’23 Update: Actual effective income tax rate of 19.0% for the 3Q’23. • 88,401 shares were repurchased in the third quarter of 2023 at a average share price of $19.15. 288,401 shares at an average share price of 17.21 have been repurchased in the first nine months of 2023. NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 17

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, personalize the customer experience. • Leverage Referral Network – Fintech (ReferLive); • New Products – SMB deposit product, Business digital pmts. • Market Expansion – Through existing indirect dealer network. • Selective and opportunistic bank and branch acquisitions. • Process Automation – leverage core investments + Fintech partnerships: (Blend) mortgage; (Numerated) Commercial; • Branch Optimization - including assessing existing locations, new locations, service hours, staffing, & workflow and leveraging technology. • Promotion of Self-Serve Channels - (One Wallet, Treasury One, etc.) • Leverage Banker Capacity – including on-line appointment setting. • Leverage Middleware + API’s – expediate new technology implementation. • Optimize Office Space Utilization • Invest in our Team – competitive C&B offering, skill training, leadership development, etc. • High Employee Engagement – thru fostering a culture of purpose, opportunity, continuous learning, diversity, reward + recognition. • Promote Teamwork + Alignment across all business units. • Invest in technology - to enhance the employee experience + customer experience. • Client Service Model – well defined and applied. • Utilize three layers of defense (business unit, risk management and internal audit). Independent & collaborative approach. • Consistent earnings + maintain strong capital levels. • Proactive credit quality monitoring and problem resolution. • Manage Liquidity and IRR. • Manage Operational risk, emphasizing cyber security, fraud prevention, and regulatory compliance. • Effective relationships with regulators & other outside oversight parties. Proactive, transparent and good communication. PROCESS IMPROVEMENT & COST CONTROLS RISK MANAGEMENT GROWTH TALENT MANAGEMENT 18

Question and Answer Session Closing Remarks NASDAQ: IBCP Thank you for attending 19

Appendix Additional Financial Data and Non-GAAP Reconciliations 20

87% 80% 80% 98% 85% 73% 219% 203% 218% 237% 240% 222% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 On-balance sheet / Uninsured Deposits Available Sources / Uninsured Deposits Note: Portfolio loans exclude loans HFS. Liquidity / Uninsured Deposits Strong Liquidity Position • Significant liquidity position to manage the current environment. • Total available liquidity significantly exceeds (210%) estimated uninsured deposit balances. • Established access and tested the BTFP, no borrowings at 9/30/23. • Attractive loan to deposit ratio of 81.6%. • Uninsured deposit to total deposits of approximately 23.2%, excluding brokered time deposits. Sources of Liquidity 21 Sources of Liquidity 3Q 2023 Current On-balance sheet Excess reserves at the Fed $ 68.9 Unpledged AFS Securities $ 666.3 Total On-balance sheet $ 735.2 On balance sheet liquidity to total deposits 16% Available Sources of Liquidity Unused FHLB & FRB (including BTFP) $ 1,377.3 Borrow capacity on unpledged bonds $ 749.4 Total Available Sources $ 2,126.7 Sources of Liquidity to total deposits 46%

$1,925 $927 $487 $236 $202 $573 $236 $2,127 $1,500 $723 $236 Consumer Commercial Public Funds Brokered Insured Deposits Uninsured Deposits $3,216 $3,297 $3,300 $3,403 $3,580 $3,570 $3,575 $989 $994 $1,027 $976 $965 $918 $1,011 $4,205 $4,291 $4,327 $4,379 $4,545 $4,488 $4,586 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Insured Deposits Uninsured Deposits Granular Deposit Base • Average deposit account balance of approximately $20,422. • Average deposit balance excluding reciprocal deposit of $16,736. • Average Commercial deposit balance of $91,586. • Average retail deposit balance of $11,002. • 10 largest deposit accounts total $295,8 million or 6.45% of total deposits. − $204.6 million in ICS with FDIC coverage. • 100 largest deposit accounts total $915.6 million or 19.97% of total deposits. − $531.2 million in ICS with FDIC coverage. Note: Uninsured deposit calculation is an approximation. Uninsured Deposit by Segment (9/30/23) Uninsured Deposit Trend ($MM) 21%22%23%24% 24% 21% 37% 10% 29% 22

CRE – Office Metrics • 25.3% of portfolio is medical office buildings. • 92% of portfolio are located in suburban geographies. • 68.6% of CRE – Office mature after 2026. • Average loan size of $1.3 million. Maturing Exposure (millions) CRE - Office Fixed vs. Variable Geographic Location (millions) 23 $14.8 $4.8 $9.8 $64.1 M a tu ri n g 2 0 2 4 M a tu ri n g 2 0 2 5 M a tu ri n g 2 0 2 6 M a tu ri n g 2 0 2 7 & A ft e r 17% 83% $7 $86 Urban Suburban Fixed Variable

Historical Financial Data 24 here Year Ended December 31, Quarter Ended, ($M except per share data) 2019 2020 2021 2022 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 Balance Sheet: Total Assets $3,565 $4,204 $4,705 $5,000 $4,931 $5,000 $5,139 $5,136 $5,200 Portfolio Loans $2,725 $2,734 $2,905 $3,465 $3,410 $3,465 $3,510 $3,631 $3,741 Deposits $3,037 $3,637 $4,117 $4,379 $4,327 $4,379 $4,545 $4,488 $4,586 Tangible Common Equity $317 $357 $367 $317 $301 $317 $317 $345 $345 Profitability: Pre-Tax, Pre-Provision Income $58.6 $81.9 $75.4 $83.7 $24.4 $19.9 $18.0 $21.5 $23.0 Pre-Tax, Pre-Prov / Avg. Assets 1.70% 2.08% 1.62% 1.74% 1.98% 1.61% 1.43% 1.71% 1.77% Net Income(1) $46.4 $56.2 $62.9 $63.8 $17.3 $15.1 $13.0 $14.8 $17.5 Diluted EPS $2.00 $2.53 $2.88 $3.00 $0.81 $0.71 $0.61 $0.70 $0.83 Return on Average Assets(1) 1.35% 1.43% 1.41% 1.32% 1.40% 1.21% 1.06% 1.18% 1.34% Return on Average Equity(1) 13.6% 15.7% 16.1% 18.5% 20.5% 17.9% 14.8% 16.3% 18.7% Net Interest Margin (FTE) 3.80% 3.34% 3.10% 3.32% 3.49% 3.52% 3.33% 3.26% 3.25% Efficiency Ratio 64.9% 59.2% 62.9% 59.4% 56.3% 60.8% 62.1% 59.3% 57.5% Asset Quality: NPAs / Assets 0.32% 0.21% 0.11% 0.08% 0.08% 0.08% 0.09% 0.09% 0.10% NPAs / Loans + OREO 0.42% 0.32% 0.18% 0.12% 0.12% 0.12% 0.12% 0.13% 0.14% ACL / Total Portfolio Loans 0.96% 1.30% 1.63% 1.51% 1.50% 1.51% 1.44% 1.49% 1.48% NCOs / Avg. Loans (0.02%) 0.11% (0.07%) 0.00% 0.00% 0.00% 0.12% (0.00%) 0.00% Capital Ratios: TCE Ratio 9.0% 8.6% 7.9% 6.4% 6.2% 6.4% 6.6% 6.8% 6.7% Leverage Ratio 10.1% 9.2% 8.8% 8.8% 8.8% 8.8% 8.9% 9.0% 8.9% Tier 1 Capital Ratio 12.7% 13.3% 12.1% 11.4% 11.3% 11.4% 11.5% 11.4% 11.4% Total Capital Ratio 13.7% 16.0% 14.5% 13.7% 13.5% 13.7% 13.8% 13.7% 13.7%

Non-GAAP to GAAP Reconciliation 25 September 30, June 30, March 31, December 31, September 30, 2022 2021 2020 2019 2023 2023 2023 2022 2022 Net interest income $ 149,561 $ 129,765 $ 123,612 $ 122,581 $ 39,427 $ 38,350 $ 38,441 $ 40,602 $ 39,897 Non-interest income 61,909 76,643 80,745 47,736 15,611 15,417 10,551 11,468 16,861 Non-interest expense 128,341 131,023 122,413 111,733 32,036 32,248 30,957 32,091 32,366 Pre-Tax, Pre-Provision Income 83,129 75,385 81,944 58,584 23,002 21,519 18,035 19,979 24,392 Provision for credit losses 5,341 (1,928) 12,463 824 1,350 3,317 2,160 1,390 3,145 Income tax expense 14,437 14,418 13,329 11,325 4,109 3,412 2,884 3,503 3,950 Net income $ 63,351 $ 62,895 $ 56,152 $ 46,435 $ 17,543 $ 14,790 $ 12,991 $ 15,086 $ 17,297 Average total assets 4,825,723$ 4,465,577$ 3,933,655$ 3,440,232$ 5,192,114$ 5,044,746$ 4,988,440$ 4,934,859$ 4,884,841$ Performance Ratios Return on average assets 1.31% 1.41% 1.43% 1.35% 1.34% 1.18% 1.06% 1.21% 1.40% Pre-tax, Provision return on average assets 1.72% 1.69% 2.08% 1.70% 1.76% 1.71% 1.47% 1.61% 1.98% Year Ended December 31, Quarter Ended (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures 26 2023 2022 2023 2022 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 39,427$ 39,897$ 116,218$ 108,959$ Add: taxable equivalent adjustment 422 462 1,284 1,425 Net interest income - taxable equivalent 39,849$ 40,359$ 117,502$ 110,384$ Net interest margin (GAAP) (1) 3.21% 3.45% 3.25% 3.21% Net interest margin (FTE) (1) 3.25% 3.49% 3.28% 3.25% (1) Annualized. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures (continued) 27 Tangible Common Equity Ratio September 30, June 30, March 31, December 31, September 30, 2022 2021 2020 2019 2023 2023 2022 2022 2022 Common shareholders' equity 347,596$ 398,484$ 389,522$ 350,169$ 374,998$ 375,162$ 367,714$ 347,596$ 332,308$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 2,551 3,336 4,306 5,326 2,141 2,278 2,415 2,551 2,697 Tangible common equity 316,745$ 366,848$ 356,916$ 316,543$ 344,557$ 344,584$ 336,999$ 316,745$ 301,311$ Total assets $4,999,787 $4,704,740 $4,204,013 $3,564,694 $ 5,200,018 $5,135,564 $ 5,138,934 $ 4,999,787 $ 4,931,377 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 2,551 3,336 4,306 5,326 2,141 2,278 2,415 2,551 2,697 Tangible assets $4,968,936 $4,673,104 $4,171,407 $3,531,068 $ 5,169,577 $5,104,986 $ 5,108,219 $ 4,968,936 $ 4,900,380 Common equity ratio 6.95% 8.47% 9.27% 9.82% 7.21% 7.31% 7.16% 6.95% 6.74% Tangible common equity ratio 6.37% 7.85% 8.56% 8.96% 6.67% 6.75% 6.60% 6.37% 6.15% Year Ended December 31, Quarter Ended (Dollars in thousands)

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Cover	Oct. 24, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 2023
Entity Registrant Name	INDEPENDENT BANK CORPORATION
Entity Incorporation, State or Country Code	MI
Entity File Number	0-7818
Entity Tax Identification Number	38-2032782
Entity Address, Address Line One	4200 East Beltline
Entity Address, City or Town	Grand Rapids
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49525
City Area Code	616
Local Phone Number	527-5820
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	IBCP
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000039311