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: January 25, 2024

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 January 25, 2024, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended December 31, 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 January 25, 2024.
99.2	Supplemental data to the Registrant’s press release dated January 25, 2024.
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	January 25, 2024	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 FOURTH QUARTER RESULTS

Fourth Quarter Highlights

Highlights for the fourth quarter of 2023 include:

•An increase in net interest income of $0.7 million (1.7%) over the third quarter of 2023;

•An increase in book value and tangible book value per share of $1.42 and $1.43 respectively;

•Net growth in loans of $49.4 million (or 5.2% annualized) from September 30, 2023; and

•The payment of a 23 cent per share dividend on common stock on November 13, 2023.

GRAND RAPIDS, Mich., January 25, 2024 - Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2023 net income of $13.7 million, or $0.65 per diluted share, versus net income of $15.1 million, or $0.71 per diluted share, in the prior-year period. For the year ended December 31, 2023, the Company reported net income of $59.1 million, or $2.79 per diluted share, compared to net income of $63.4 million, or $2.97 per diluted share, in 2022.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “'Our fourth quarter performance capped off another remarkably strong year, with our organization performing exceptionally well despite continued challenges in the macroeconomic environment. For the fourth quarter of 2023, I am particularly pleased with the double digit annualized growth in our commercial loan portfolio, the year over year 4.1% growth in our core deposit base, the linked quarter growth in our net interest income and our strong asset quality metrics which enabled us to release a small amount of loan loss reserves. Significantly impacting our quarterly results was the change in price of the fair value of our capitalized mortgage servicing rights of $3.6 million ($0.14 per diluted share, after tax). Adding back this non-cash adjustment, our fourth quarter 2023 annualized return on assets was 1.26% versus 1.24% for the three months ended December 31, 2022. During 2023, we continued to make investments in talent and technology which we believe will enable us to consistently add new customers, grow our market share, generate profitable growth, and further increase the value of our franchise in 2024 and beyond.”

Significant items impacting comparable 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  $(3.6) million ($(0.14) per diluted share, after taxes) and $(0.3) million ($(0.01) per diluted share, after taxes)

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for the three-month and full-year ended December 31, 2023, respectively, as compared to $(0.5) million ($(0.02) per diluted share, after taxes) and $14.3 million ($0.53 per diluted share, after taxes) for the three-months and full-year ended December 31, 2022, respectively.

•The provision for credit losses was a credit of $0.6 million ($0.02 per diluted share, after taxes) and expense of $6.2 million ($0.23 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2023, respectively, as compared to an expense of $1.4 million ($0.05 per diluted share, after taxes) and expense of $5.3 million ($0.20 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2022, respectively.

Operating Results

The Company’s net interest income totaled $40.1 million during the fourth quarter of 2023, a decrease of $0.5 million, or 1.2% from the year-ago period, and up $0.7 million, or 1.7%, from the third quarter of 2023. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.26% during the fourth quarter of 2023, compared to 3.52% in the year-ago period, and 3.23% in the third quarter of 2023. The year-over-year quarterly decrease in net interest income was due to a decrease in the net interest margin that was partially offset by an increase in average earnings assets. Average interest-earning assets were $4.93 billion in the fourth quarter of 2023, compared to $4.64 billion in the year ago quarter and $4.89 billion in the third quarter of 2023.

For the year ended December 31, 2023, net interest income totaled $156.3 million, an increase of $6.8 million, or 4.5% from the prior year ended December 31, 2022. The Company’s net interest margin for the year ended December 31, 2023 was 3.26% compared to 3.32% in 2022. The increase in net interest income for the year ended December 31, 2023 compared to 2022 reflects an increase in average interest- earning assets that was partially offset by a decrease in the net interest margin.

Non-interest income totaled $9.1 million and $50.7 million, respectively, for the fourth quarter and full year of 2023, compared to $11.5 million and $61.9 million in the respective, comparable year ago periods. These changes were primarily due to variances in mortgage banking related revenues.

Net gains on mortgage loans in the fourth quarters of 2023 and 2022, were approximately $2.0 million and $1.5 million, respectively. For the full year of 2023, net gains on mortgage loans totaled $7.4 million compared to $6.4 million in 2022. The increase in net gains on mortgage loans was due to a combination of higher profit margins on mortgage loan sales and an increase in the volume of mortgage loans sold.

Mortgage loan servicing, net, generated a loss of $2.4 million and a gain of $0.7 million in the fourth quarters of 2023 and 2022, respectively. For the full year of 2023 and 2022, mortgage loan servicing, net, generated income of $4.6 million and $18.8 million, respectively. The significant variances in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights attributed to a decrease in interest rates that resulted in a lower earnings rate on escrow deposits and an increase in prepayment speeds. Mortgage loan servicing, net activity is summarized in the following table:

	Three months ended				Twelve months ended
	12/31/2023		12/31/2022		12/31/2023		12/31/2022
	(In thousands)
Mortgage loan servicing, net:
Revenue, net	$	2,216	$	2,180	$	8,828	$	8,577
Fair value change due to price	(3,644)		(503)		(280)		14,272
Fair value change due to pay-downs	(1,014)		(990)		(3,922)		(4,076)
Total	$	(2,442)	$	687	$	4,626	$	18,773

Non-interest expenses totaled $31.9 million in the fourth quarter of 2023, compared to $32.1 million in the year-ago period. For the full year of 2023, non-interest expenses totaled $127.1 million versus $128.3 million in 2022.

The Company recorded an income tax expense of $4.2 million and $14.6 million in the fourth quarter and full year of 2023, respectively. This compares to an income tax expense of $3.5 million and $14.4 million in the fourth quarter and full year of 2022, respectively.

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Asset Quality

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

	12/31/2023			12/31/2022			12/31/2021
Loan Type	(Dollars in thousands)
Commercial	$	28		$	38		$	62
Mortgage	6,425			4,745			4,914
Installment	970			598			569
Sub total	7,423			5,381			5,545
Less - government guaranteed loans	2,191			1,660			435
Total non-performing loans	$	5,232		$	3,721		$	5,110
Ratio of non-performing loans to total portfolio loans	0.14		%	0.11		%	0.18		%
Ratio of non-performing assets to total assets	0.11		%	0.08		%	0.11		%
Ratio of allowance for credit losses to total non-performing loans	1044.69		%	1409.16		%	924.70		%

The provision for credit losses was credit of $0.6 million and an expense of $1.4 million in the fourth quarters of 2023 and 2022, respectively. The provision for credit losses was an expense of $6.2 million and $5.3 million in the full year of 2023 and 2022, respectively. The quarterly decrease in the provision for credit losses in 2023 compared to 2022, was primarily the result of a change in allocation rates due to subjective factors (prior year allocation rates were increased while current year rates decreased). The Company recorded loan net charge-offs of $0.2 million and $0.1 million in the fourth quarters of 2023 and 2022, respectively. At December 31, 2023, the allowance for credit losses totaled $54.7 million, or 1.44% of total portfolio loans compared to $52.4 million, or 1.51% of total portfolio loans at December 31, 2022.

Balance Sheet, Liquidity and Capital

Total assets were $5.26 billion at December 31, 2023, an increase of $263.9 million from December 31, 2022. Loans, excluding loans held for sale, were $3.79 billion at December 31, 2023, compared to $3.47 billion at December 31, 2022.  Deposits totaled $4.62 billion at December 31, 2023, an increase of $243.8 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 savings and interest-bearing checking deposit account balances.

Cash and cash equivalents totaled $169.8 million at December 31, 2023, versus $74.4 million at December 31, 2022. Securities available for sale (“AFS”) totaled $679.4 million at December 31, 2023, versus $779.35 million at December 31, 2022.

Total shareholders’ equity was $404.4 million at December 31, 2023, or 7.68% of total assets compared to $347.6 million or 6.95% at December 31, 2022. Tangible common equity totaled $374.1 million at December 31, 2023, or $17.96 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 and a decline in accumulated other comprehensive loss related to unrealized losses on securities available for sale.

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

Regulatory Capital Ratios	12/31/2023		12/31/2022		Well Capitalized Minimum
Tier 1 capital to average total assets	8.80	%	8.56	%	5.00	%
Tier 1 common equity  to risk-weighted assets	11.21	%	10.97	%	6.50	%
Tier 1 capital to risk-weighted assets	11.21	%	10.97	%	8.00	%
Total capital to risk-weighted assets	12.46	%	12.22	%	10.00	%

At December 31, 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 $1.0 billion and $515.4 million, respectively. We also had approximately $813.8 million in fair value of unpledged securities AFS and HTM at December 31, 2023 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $754.6 million.

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Share Repurchase Plan

On December 19, 2023, the Board of Directors of the Company authorized the 2024 share repurchase plan. Under the terms of the 2024 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, 2024. For the full year of 2023, the Company repurchased 298,601 shares at a weighted average price of $17.27 per share.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin A. 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 Thursday, January 25, 2024.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 216359). 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/712732859.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 634318). The replay will be available through February 1, 2024.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 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, 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

	December 31,
	2023		2022
	(unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	68,208	$	70,180
Interest bearing deposits	101,573		4,191
Cash and Cash Equivalents	169,781		74,371
Securities available for sale	679,350		779,347
Securities held to maturity (fair value of $318,606 at December 31, 2023 and $335,418 at December 31, 2022)	353,988		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	12,063		26,518
Loans held for sale, carried at lower of cost or fair value	—		20,367
Loans
Commercial	1,679,731		1,466,853
Mortgage	1,485,872		1,368,409
Installment	625,298		630,090
Total Loans	3,790,901		3,465,352
Allowance for credit losses	(54,658)		(52,435)
Net Loans	3,736,243		3,412,917
Other real estate and repossessed assets, net	569		455
Property and equipment, net	35,523		35,893
Bank-owned life insurance	54,341		55,204
Capitalized mortgage loan servicing rights, carried at fair value	42,243		42,489
Other intangibles	2,004		2,551
Goodwill	28,300		28,300
Accrued income and other assets	132,500		128,904
Total Assets	$	5,263,726	$	4,999,787
Liabilities and Shareholders’ Equity
Deposits
Non-interest bearing	$	1,076,093	$	1,269,759
Savings and interest-bearing checking	1,905,701		1,973,308
Reciprocal	832,020		602,575
Time	524,325		321,492
Brokered time	284,740		211,935
Total Deposits	4,622,879		4,379,069
Other borrowings	50,026		86,006
Subordinated debt	39,510		39,433
Subordinated debentures	39,728		39,660
Accrued expenses and other liabilities	107,134		108,023
Total Liabilities	4,859,277		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: 20,835,633 shares at December 31, 2023 and 21,063,971 shares at December 31, 2022	317,483		320,991
Retained earnings	159,108		119,368
Accumulated other comprehensive loss	(72,142)		(92,763)
Total Shareholders’ Equity	404,449		347,596
Total Liabilities and Shareholders’ Equity	$	5,263,726	$	4,999,787

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

	Three Months Ended						Twelve Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31,
							2023		2022
	(unaudited)
INTEREST INCOME	(In thousands, except per share amounts)
Interest and fees on loans	$	54,333	$	51,419	$	42,093	$	197,725	$	139,057
Interest on securities
Taxable	5,646		5,865		5,845		23,314		20,676
Tax-exempt	3,434		3,409		2,807		13,209		8,391
Other investments	1,948		1,739		233		5,429		884
Total Interest Income	65,361		62,432		50,978		239,677		169,008
INTEREST EXPENSE
Deposits	23,111		20,743		8,543		75,075		14,151
Other borrowings and subordinated debt and debentures	2,139		2,262		1,833		8,273		5,296
Total Interest Expense	25,250		23,005		10,376		83,348		19,447
Net Interest Income	40,111		39,427		40,602		156,329		149,561
Provision for credit losses	(617)		1,350		1,390		6,210		5,341
Net Interest Income After Provision for Credit Losses	40,728		38,077		39,212		150,119		144,220
NON-INTEREST INCOME
Interchange income	3,336		4,100		3,402		13,996		13,955
Service charges on deposit accounts	3,061		3,309		3,153		12,361		12,288
Net gains (losses) on assets
Mortgage loans	1,961		2,099		1,486		7,436		6,431
Securities available for sale	—		—		—		(222)		(275)
Mortgage loan servicing, net	(2,442)		2,668		687		4,626		18,773
Other	3,181		3,435		2,740		12,479		10,737
Total Non-interest Income	9,097		15,611		11,468		50,676		61,909
NON-INTEREST EXPENSE
Compensation and employee benefits	19,049		19,975		20,394		78,965		81,007
Data processing	2,909		3,071		2,670		11,862		10,183
Occupancy, net	1,933		1,971		2,225		7,908		8,907
Interchange expense	1,110		1,119		1,042		4,332		4,242
Furniture, fixtures and equipment	974		927		933		3,756		4,007
FDIC deposit insurance	796		677		572		3,005		2,142
Communications	535		568		629		2,406		2,871
Legal and professional	585		543		588		2,208		2,133
Loan and collection	456		520		679		2,174		2,657
Advertising	879		360		489		2,165		2,074
Conversion related expense	—		—		—		—		50
Costs (recoveries) related to unfunded lending commitments	348		451		(77)		424		599
Other	2,304		1,854		1,947		7,914		7,469
Total Non-interest Expense	31,878		32,036		32,091		127,119		128,341
Income Before Income Tax	17,947		21,652		18,589		73,676		77,788
Income tax expense	4,204		4,109		3,503		14,609		14,437
Net Income	$	13,743	$	17,543	$	15,086	$	59,067	$	63,351
Net income per common share
Basic	$	0.66	$	0.84	$	0.72	$	2.82	$	3.00
Diluted	$	0.65	$	0.83	$	0.71	$	2.79	$	2.97

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	40,111		$	39,427		$	38,350		$	38,441		$	40,602
Provision for credit losses	(617)			1,350			3,317			2,160			1,390
Non-interest income	9,097			15,611			15,417			10,551			11,468
Non-interest expense	31,878			32,036			32,248			30,957			32,091
Income before income tax	17,947			21,652			18,202			15,875			18,589
Income tax expense	4,204			4,109			3,412			2,884			3,503
Net income	$	13,743		$	17,543		$	14,790		$	12,991		$	15,086
Basic earnings per share	$	0.66		$	0.84		$	0.70		$	0.62		$	0.72
Diluted earnings per share	0.65			0.83			0.70			0.61			0.71
Cash dividend per share	0.23			0.23			0.23			0.23			0.22
Average shares outstanding	20,840,680			20,922,431			21,040,349			21,103,831			21,064,556
Average diluted shares outstanding	21,049,030			21,114,445			21,222,535			21,296,980			21,266,876
Performance Ratios
Return on average assets	1.04		%	1.34		%	1.18		%	1.06		%	1.21		%
Return on average equity	14.36			18.68			16.29			14.77			17.94
Efficiency ratio (1)	64.27			57.52			59.26			62.07			60.82
As a Percent of Average Interest-Earning Assets (1)
Interest income	5.29		%	5.10		%	4.89		%	4.66		%	4.41		%
Interest expense	2.03			1.87			1.65			1.34			0.89
Net interest income	3.26			3.23			3.24			3.32			3.52
Average Balances
Loans	$	3,764,752		$	3,694,534		$	3,567,920		$	3,494,169		$	3,449,944
Securities	1,027,240			1,071,211			1,111,670			1,146,075			1,164,809
Total earning assets	4,928,697			4,892,208			4,763,295			4,696,786			4,637,475
Total assets	5,233,666			5,192,114			5,044,746			4,988,440			4,934,859
Deposits	4,612,797			4,577,796			4,447,843			4,417,106			4,350,748
Interest bearing liabilities	3,635,771			3,554,179			3,415,621			3,304,868			3,159,374
Shareholders' equity	379,614			372,667			364,143			356,720			333,610

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data (continued)

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio	7.15		%	6.67		%	6.75		%	6.60		%	6.37		%
Tangible common equity ratio excluding accumulated other comprehensive loss	8.31			8.20			8.09			7.95			7.98
Average equity to average assets	7.20			7.18			7.22			7.15			6.76
Total capital to risk-weighted assets (2)	13.71			13.58			13.66			13.80			13.62
Tier 1 capital to risk-weighted assets (2)	11.50			11.37			11.42			11.53			11.36
Common equity tier 1 capital to risk-weighted assets (2)	10.58			10.44			10.46			10.55			10.38
Tier 1 capital to average assets (2)	9.04			8.94			8.97			8.92			8.86
Common shareholders' equity per share of common stock	$	19.41		$	17.99		$	17.91		$	17.40		$	16.50
Tangible common equity per share of common stock	17.96			16.53			16.45			15.94			15.04
Total shares outstanding	20,835,633			20,850,455			20,943,694			21,138,303			21,063,971
Selected Balances
Loans	$	3,790,901		$	3,741,486		$	3,631,114		$	3,509,809		$	3,465,352
Securities	1,033,338			1,043,540			1,092,703			1,137,103			1,154,165
Total earning assets	4,954,696			4,884,720			4,830,185			4,860,696			4,688,246
Total assets	5,263,726			5,200,018			5,135,564			5,138,934			4,999,787
Deposits	4,622,879			4,585,612			4,487,636			4,544,749			4,379,069
Interest bearing liabilities	3,676,050			3,573,187			3,501,280			3,481,511			3,274,409
Shareholders' equity	404,449			374,998			375,162			367,714			347,596

(2)December 31, 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 December 31,						Twelve Months Ended December 31,
	2023			2022			2023			2022
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")
Net interest income	$	40,111		$	40,602		$	156,329		$	149,561
Add:  taxable equivalent adjustment	178			453			900			1,878
Net interest income - taxable equivalent	$	40,289		$	41,055		$	157,229		$	151,439
Net interest margin (GAAP) (1)	3.25		%	3.48		%	3.24		%	3.28		%
Net interest margin (FTE) (1) (2)	3.26		%	3.52		%	3.26		%	3.32		%
Adjusted Return on Average Assets
Net income	$	13,743		$	15,086
Add: change in price of capitalized mortgage servicing rights, net of tax	2,879			397
Adjusted net income	$	16,622		$	15,483
Average assets	$	5,233,666		$	4,934,859
Adjusted return on average assets (1)	1.26		%	1.24		%

(1)Quarter to date are Annualized.

(2)2023 taxable equivalent adjustments have been updated.

8

Tangible Common Equity Ratio

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
	(Dollars in thousands)
Common shareholders' equity	$	404,449		$	374,998		$	375,162		$	367,714		$	347,596
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,004			2,141			2,278			2,415			2,551
Tangible common equity	374,145			344,557			344,584			336,999			316,745
Addition:
Accumulated other comprehensive loss for regulatory purposes	66,344			86,507			74,712			75,013			86,966
Tangible common equity excluding other comprehensive loss adjustments	$	440,489		$	431,064		$	419,296		$	412,012		$	403,711
Total assets	$	5,263,726		$	5,200,018		$	5,135,564		$	5,138,934		$	4,999,787
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,004			2,141			2,278			2,415			2,551
Tangible assets	5,233,422			5,169,577			5,104,986			5,108,219			4,968,936
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax	66,344			86,507			74,712			75,013			86,966
Tangible assets excluding other comprehensive loss adjustments	$	5,299,766		$	5,256,084		$	5,179,698		$	5,183,232		$	5,055,902
Common equity ratio	7.68		%	7.21		%	7.31		%	7.16		%	6.95		%
Tangible common equity ratio	7.15		%	6.67		%	6.75		%	6.60		%	6.37		%
Tangible common equity ratio excluding other comprehensive loss	8.31		%	8.20		%	8.09		%	7.95		%	7.98		%
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	404,449		$	374,998		$	375,162		$	367,714		$	347,596
Tangible common equity	$	374,145		$	344,557		$	344,584		$	336,999		$	316,745
Shares of common stock outstanding (in thousands)	20,836			20,850			20,944			21,138			21,064
Common shareholders' equity per share of common stock	$	19.41		$	17.99		$	17.91		$	17.40		$	16.50
Tangible common equity per share of common stock	$	17.96		$	16.53		$	16.45		$	15.94		$	15.04

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

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
	(Dollars in thousands)
Non-accrual loans	$	6,991		$	6,969		$	6,876		$	6,216		$	5,381
Loans 90 days or more past due and still accruing interest	432			—			—			—			—
Subtotal	7,423			6,969			6,876			6,216			5,381
Less:  Government guaranteed loans	2,191			2,254			2,882			2,330			1,660
Total non-performing loans	5,232			4,715			3,994			3,886			3,721
Other real estate and repossessed assets	569			443			658			499			455
Total non-performing assets	$	5,801		$	5,158		$	4,652		$	4,385		$	4,176
As a percent of Portfolio Loans
Non-performing loans	0.14		%	0.13		%	0.11		%	0.11		%	0.11		%
Allowance for credit losses	1.44			1.48			1.49			1.44			1.51
Non-performing assets to total assets	0.11			0.10			0.09			0.09			0.08
Allowance for credit losses as a percent of non-performing loans	1,044.69			1,176.99			1,351.13			1,300.82			1,409.16

Allowance for credit losses

	Twelve months ended December 31,
	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	3,221			2,989		—		5,173			168		—
Recoveries credited to allowance	2,798			—		—		2,496			—		—
Charges against the allowance	(3,796)			(3,000)		—		(2,486)			—		—
Costs included in non-interest expense	—			—		424		—			—		599
Balance at end of period	$	54,658		$	157	$	5,504	$	52,435		$	168	$	5,080
Net loans charged (recovered) against the allowance to average Portfolio Loans	0.03		%					0.00		%

1

Capitalization

	December 31,
	2023		2022
	(In thousands)
Subordinated debt	$	39,510	$	39,433
Subordinated debentures	39,728		39,660
Amount not qualifying as regulatory capital	(734)		(657)
Amount qualifying as regulatory capital	78,504		78,436
Shareholders’ equity
Common stock	317,483		320,991
Retained earnings	159,108		119,368
Accumulated other comprehensive income	(72,142)		(92,763)
Total shareholders’ equity	404,449		347,596
Total capitalization	$	482,953	$	426,032

Non-Interest Income

	Three months ended						Twelve months ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31,
							2023		2022
	(In thousands)
Interchange income	$	3,336	$	4,100	$	3,402	$	13,996	$	13,955
Service charges on deposit accounts	3,061		3,309		3,153		12,361		12,288
Net gains (losses) on assets
Mortgage loans	1,961		2,099		1,486		7,436		6,431
Securities	—		—		—		(222)		(275)
Mortgage loan servicing, net	(2,442)		2,668		687		4,626		18,773
Investment and insurance commissions	1,010		875		728		3,456		2,898
Bank owned life insurance	141		124		58		474		360
Other	2,030		2,436		1,954		8,549		7,479
Total non-interest income	$	9,097	$	15,611	$	11,468	$	50,676	$	61,909

Capitalized Mortgage Loan Servicing Rights

	Three months ended December 31,				Twelve months ended December 31,
	2023		2022		2023		2022
	(In thousands)
Balance at beginning of period	$	46,057	$	43,158	$	42,489	$	26,232
Originated servicing rights capitalized	844		824		3,956		6,061
Change in fair value	(4,658)		(1,493)		(4,202)		10,196
Balance at end of period	$	42,243	$	42,489	$	42,243	$	42,489

2

Mortgage Loan Activity

	Three months ended									Twelve months ended
	December 31, 2023			September 30, 2023			December 31, 2022			December 31,
										2023			2022
	(Dollars in thousands)
Mortgage loans originated	$	108,011		$	172,914		$	138,889		$	554,461		$	935,807
Mortgage loans sold	86,473			115,269			80,584			407,613			602,797
Net gains on mortgage loans	1,961			2,099			1,486			7,436			6,431
Net gains as a percent of mortgage loans sold  ("Loan Sales Margin")	2.27		%	1.82		%	1.84		%	1.82		%	1.07		%
Fair value adjustments included in the Loan Sales Margin	0.69		%	(0.32)		%	0.19		%	0.62		%	(1.12)		%

Non-Interest Expense

	Three months ended						Twelve months ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31,
							2023		2022
	(In thousands)
Compensation	$	12,656	$	13,054	$	12,728	$	52,502	$	50,535
Performance-based compensation	2,644		2,955		4,147		11,064		15,875
Payroll taxes and employee benefits	3,749		3,966		3,519		15,399		14,597
Compensation and employee benefits	19,049		19,975		20,394		78,965		81,007
Data processing	2,909		3,071		2,670		11,862		10,183
Occupancy, net	1,933		1,971		2,225		7,908		8,907
Interchange expense	1,110		1,119		1,042		4,332		4,242
Furniture, fixtures and equipment	974		927		933		3,756		4,007
FDIC deposit insurance	796		677		572		3,005		2,142
Communications	535		568		629		2,406		2,871
Legal and professional	585		543		588		2,208		2,133
Loan and collection	456		520		679		2,174		2,657
Advertising	879		360		489		2,165		2,074
Amortization of intangible assets	137		136		146		547		785
Supplies	138		135		125		501		556
Costs (recoveries) related to unfunded lending commitments	348		451		(77)		424		599
Correspondent bank service fees	55		56		67		233		299
Provision for loss reimbursement on sold loans	(1)		7		—		20		57
Conversion related expenses	—		—		—		—		50
Net losses (gains) on other real estate and repossessed assets	1		1		—		19		(214)
Other	1,974		1,519		1,609		6,594		5,986
Total non-interest expense	$	31,878	$	32,036	$	32,091	$	127,119	$	128,341

3

Average Balances and Tax Equivalent Rates

	Three Months Ended December 31,
	2023						2022
	Average Balance		Interest		Rate (2)		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,757,453	$	54,259	5.74	%	$	3,442,621	$	42,023	4.86	%
Tax-exempt loans (1)	7,299		94		5.11		7,323		89		4.82
Taxable securities	719,093		5,646		3.14		847,735		5,845		2.76
Tax-exempt securities (1)	308,147		3,592		4.66		317,074		3,241		4.09
Interest bearing cash	119,884		1,647		5.45		5,069		48		3.76
Other investments	16,821		301		7.10		17,653		185		4.16
Interest Earning Assets	4,928,697		65,539		5.29		4,637,475		51,431		4.41
Cash and due from banks	56,423						58,485
Other assets, net	248,546						238,899
Total Assets	$	5,233,666					$	4,934,859
Liabilities
Savings and interest-bearing checking	2,603,044		13,084		1.99		2,519,294		6,046		0.95
Time deposits	903,491		10,027		4.40		503,081		2,497		1.97
Other borrowings	129,236		2,139		6.57		136,999		1,833		5.31
Interest Bearing Liabilities	3,635,771		25,250		2.76	%	3,159,374		10,376		1.30
Non-interest bearing deposits	1,106,262						1,328,373
Other liabilities	112,019						113,502
Shareholders’ equity	$	379,614					$	333,610
Total liabilities and shareholders’ equity	$	5,233,666					$	4,934,859
Net Interest Income			$	40,289					$	41,055
Net Interest Income as a Percent of Average Interest Earning Assets					3.26	%					3.52	%

(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

	Twelve Months Ended December 31,
	2023						2022
	Average Balance		Interest		Rate		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,624,406	$	197,462	5.45	%	$	3,227,803	$	138,765	4.30	%
Tax-exempt loans (1)	6,855		333		4.86		7,771		370		4.76
Taxable securities	771,121		23,314		3.02		945,665		20,676		2.19
Tax-exempt securities (1)	317,553		14,039		4.42		331,322		10,191		3.08
Interest bearing cash	83,587		4,416		5.28		28,773		142		0.49
Other investments	17,557		1,013		5.77		17,768		742		4.18
Interest Earning Assets	4,821,079		240,577		4.99		4,559,102		170,886		3.75
Cash and due from banks	58,473						59,507
Other assets, net	236,072						207,114
Total Assets	$	5,115,624					$	4,825,723
Liabilities
Savings and interest-bearing checking	2,564,097		44,728		1.74		2,526,296		10,278		0.41
Time deposits	785,684		30,347		3.86		399,987		3,873		0.97
Other borrowings	128,945		8,273		6.42		121,871		5,296		4.35
Interest Bearing Liabilities	3,478,726		83,348		2.40	%	3,048,154		19,447		0.64
Non-interest bearing deposits	1,164,816						1,338,736
Other liabilities	103,721						94,638
Shareholders’ equity	$	368,361					$	344,195
Total liabilities and shareholders’ equity	$	5,115,624					$	4,825,723
Net Interest Income			$	157,229					$	151,439
Net Interest Income as a Percent of Average Interest Earning Assets					3.26	%					3.32	%

(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 December 31, 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	$	10,620	$	1	$	—	$	1	—	%
Land Development	17,966		—		—		—		—
Construction	101,178		—		—		—		—
Income Producing	625,927		4,177		—		4,177		0.7
Owner Occupied	449,287		15,165		—		15,165		3.4
Total Commercial Real Estate Loans	$	1,204,978	$	19,343	$	—	$	19,343	1.6
Other Commercial Loans	$	474,753	$	16,537	28		$	16,565	3.5
Total non-performing commercial loans					$	28

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: Fourth Quarter 2023 January 25, 2024 (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

4Q23 Overview • Total loans increased 5.2% annualized while maintaining conservative approach to new loan production • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained exceptional with NPAs/Total Assets at 0.11% and NCO of $0.2 million in the quarter • Total watch credits of $35.1 million • Deposit base remains stable with short-term brokered deposits added to fund new loan production • Continued rotation into higher yielding assets contributed to net interest margin increasing to 3.26% • Disciplined expense control results in decline in non-interest expense from 3Q23 • Continued high level of profitability with core ROAA of 1.26% (excluding impact of fair value adjustment in MSRs) • Total Capital Ratio increased 13 bps to 13.71% • Tangible book value per share increased 8.7% from end of prior quarter • Balance sheet liquidity remains strong with loan-to-deposit ratio of 82% • Net income of $13.7 million, or $0.65 per diluted share • Decline in net income from prior quarter driven by unfavorable fair value adjustment in mortgage loan servicing • Strong profitability, prudent balance sheet management, and AOCI recapture results in further growth in tangible book value per share Healthy Capital & Liquidity Positions Positive Trends in Key Metrics Solid Loan Growth and Strong Asset Quality 4Q’23 Earnings 4 4

$ 4 .1 $ 4 .1 $ 4 .2 $ 4 .3 $ 4 .3 $ 4 .4 $ 4 .5 $ 4 .5 $ 4 .6 $ 4 .6 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 % 2 .1 7 % 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 Q 4 '2 3 Total Deposits Cost Of Deposits Non-interest Bearing 23% Savings and Interest- bearing Checking 41% Reciprocal 18% Time 11% Brokered 6% Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $3.81 billion of non-maturity deposit accounts (82.5% of total deposits). • Core deposit decrease of $11.3 million (1.0% annualized) in 4Q'23. • Time deposit increase of $46.4 (38.5% annualized) million in 4Q’23. • Total deposits increased $243.8 million (5.6%) since 12/31/22 with non-interest bearing down $193.7 million, savings and interest- bearing checking down $67.6 million, reciprocal up $229.4 million, time up $202.8 million and brokered time up $72.8 million. • Deposits by Customer Type: − Retail – 48.9% − Commercial – 35.5% − Municipal – 15.6% Deposit Composition 12/31/23 Cost of Deposits (%)/Total Deposits ($B) Core Deposits: 82.5% 5 $4.6B

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 % 1 .9 9 % 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 D e c -2 3 IB COF Fed Funds Spot Fed Effective Total Deposits 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 F e d e ra l F u n d s R a te Cumulative Cycle Beta = 36.0%

Commercial 44% Mortgage 39% Installment 16% Held for Sale 0% $ 2 .9 $ 2 .9 $ 3 .0 $ 3 .3 $ 3 .4 $ 3 .4 $ 3 .5 $ 3 .6 $ 3 .7 $ 3 .8 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 % 5 .7 3 % 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 4 Q '2 3 Total Portfolio Loans Yield on Loans Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 4Q'23: − Commercial – increased $53.6 million. …Average new origination yield of 7.72% vs a 6.77% portfolio yield. − Mortgage – increased $10.0 million. …Average new origination yield of 7.68% vs a 4.64% portfolio yield. − Installment – decreased $14.2 million. …Average new origination yield of 8.68% vs a 5.44% portfolio yield. • Mortgage loan portfolio weighted average FICO of 746 and average balance of $183,419. • Installment weighted average FICO of 754 and average balance of $25,758. • Commercial loan rate mix: − 50% fixed / 50% variable. − Indices – 51% tied to Prime, 1% tied to a US Treasury rate and 48% tied to SOFR. • Mortgage loan (including HELOC) rate mix: − 61% fixed / 39% adjustable or variable. − 21% tied to Prime, 9% tied to a US Treasury rate and 70% tied to SOFR. Note: Portfolio loans exclude loans HFS. Loan Composition 12/31/23 Yield on Loans (%)/ Total Portfolio Loans ($B) 7 $3.8B

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 9% $149 9% $147 6% $99 6% $90 5% $73 4% $71 3% $54 3% $51 3% $43 $40 $40 $40 $35 $30 $73 $1,141MM 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 Other Services Concentrations within $1.7B Commercial Loan Portfolio C&I or Owner Occupied Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) Note: $1.1 billion, or 67.8% of the commercial loan portfolio is C&I or owner occupied, while $541 million, or 32.2% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $1.7 billion as of December 31, 2023 8 $541MM

$5.3 $4.8 $4.4 $7.2 $13.2 $2.3 $3.1 $1.9 $4.4 $4.9 $3.3 0.3% 0.2% 0.2% 0.3% 0.5% 0.1% 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 Q4'23 30-89 Days PD 30-89 Days PD / Total Loans $13.4 $8.2 $8.6 $9.5 $7.9 $5.1 $3.7 $3.9 $4.0 $5.2 $5.2 $5.0 $1.6 $1.3 $1.9 $0.8 $0.2 $0.5 $0.5 $0.7 $0.4 $0.6 $- $5.0 $10.0 $15.0 $20.0 2016 2017 2018 2019 2020 2021 2022 Q1'23 Q2'23 Q3'23 Q4'23 Non-performing Loans 90+ Days PD ORE/ORA $5.0 $1.6 $1.3 $1.9 $0.8 $0.2 $0.5 $0.5 $0.7 $0.4 $0.6 $- $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 Q4'23 $13.4 $8.2 $8.6 $9.5 $7.9 $5.1 $3.7 $3.9 $4.0 $4.7 $5.2 0.4% 0.3% 0.3% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 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 Q4'23 Non-performing Loans (NPLs) NPLs / Total Loans 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 $1.63 million of payment plan receivables that were held for sale. Credit Quality Summary Non-performing Loans ($ in Millions) ORE/ORA ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) Non-performing Assets ($ in Millions) 9

10.3 10.4 10.6 10.4 10.4 10.6 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 8.8 8.9 8.9 8.9 8.9 9.0 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 6.2 6.4 6.6 6.7 6.7 7.2 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 • 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 8.3% Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) 10 13.5 13.6 13.8 13.6 13.6 13.7 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23

$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 $40.1 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 Q4'23 3.36 3.31 3.12 3.05 3.02 3.18 3.13 3.00 3.26 3.49 3.52 3.32 3.24 3.23 3.26 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 5.33 0.30 0.23 0.39 0.14 0.12 0.11 0.10 0.10 0.12 0.45 0.92 1.39 1.72 1.93 2.11 0 1 2 3 4 5 6 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 Q 4 '2 3 Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds Net Interest Margin/Income • Net interest income was $40.1 million in 4Q'23 compared to $40.6 million in the prior year quarter. A decrease in the net interest margin was partially offset by an increase in average earnings assets. • Net interest margin was 3.26% during the fourth quarter of 2023, compared to 3.52% in the year-ago quarter and 3.23% in the third quarter of 2023. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) 11

4Q23 3Q23 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Cash $119,884 $1,647 5.45% $108,389 $1,468 5.37% $11,495 $179 0.08% Investments 1,044,061 9,539 3.65% 1,089,285 9,729 3.57% (45,224) (190) 0.08% Commercial loans 1,642,191 28,544 6.90% 1,566,874 26,804 6.79% 75,317 1,740 0.12% Mortgage loans 1,491,933 17,759 4.76% 1,479,029 16,941 4.58% 12,904 818 0.19% Consumer loans 630,628 8,050 5.06% 648,631 7,692 4.70% (18,003) 358 0.36% Earning assets $4,928,697 $65,539 5.29% $4,892,208 $62,634 5.10% $36,489 $2,905 0.20% Nonmaturity deposits $2,603,044 $13,084 1.99% $2,598,170 $12,272 1.87% $4,874 812 0.13% CDARS deposits 97,709 1,065 4.32% 96,409 989 4.07% 1,300 76 0.25% Retail Time deposits 506,534 4,880 3.82% 452,585 3,970 3.48% 53,949 910 0.34% Brokered deposits 299,248 4,082 5.41% 267,816 3,512 5.20% 31,432 570 0.21% Bank borrowings 50,018 659 5.23% 60,017 794 5.25% (9,999) (135) -0.02% IBC debt 79,218 1,480 7.41% 79,182 1,468 7.36% 36 12 0.06% Cost of funds $3,635,771 $25,250 2.76% $3,554,179 $23,005 2.57% $81,592 $2,245 0.19% Free funds $1,292,926 $1,338,029 ($45,103) Net interest income $40,289 $39,629 $660 Net interest margin 3.26% 3.23% 0.03% Q3'23 3.23% Change in earning asset mix 0.04% Increase in loan & investment yield 0.16% Change in funding mix -0.05% Increase in funding costs -0.12% Q4'23 3.26% 4Q'23 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis 12

Interest Rate Risk Management • The decrease in the base case modeled NII is due to an adverse shift in the funding mix and the change in rates during the quarter which caused the yield curve to invert further. These changes were partially offset by improvement in asset mix with an increase in loans and a decline in investments and earning asset growth. • The NII sensitivity profile is largely unchanged during the quarter for smaller rate changes of +/- 100 basis points. The exposure to rising rates increased modestly for larger rate increases. asset and liability duration both moved lower but liability duration declined more caused by the adverse shift in the funding mix. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 37.8% of assets and other non-maturity deposits fund another 18.8% of assets. Moderate wholesale funding of just 7.9% of assets. • 33.0% of assets reprice in 1 month and 45.9% 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 December 31, 2023 -200 -100 Base-rate 100 200 Net Interest Income $167,785 $168,952 $169,495 $168,321 $165,965 Change from Base -1.01% -0.32% -0.69% -2.08% 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%

Interchange income $3,336 Service Chg Dep $3,061 Gain (Loss)- Mortgage Sale $1,961 Gain (Loss)- Securities $- Mortgage loan servicing, net $(2,442) Investment & insurance commissions $1,010 Bank owned life insurance $141 Other income $2,030 $ 1 5 .8 $ 1 8 .9 $ 1 4 .6 $ 1 6 .9 $ 1 1 .5 $ 1 0 .5 $ 1 5 .4 $ 1 5 .6 $ 9 .1 3 0 .3 % 3 5 .4 % 2 7 .6 % 2 7 .3 % 1 8 .4 % 1 6 .4 % 1 8 .4 % 2 0 .0 % 1 2 .2 % -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 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 Q 4 '2 3 Non-interest Income Non-interest Inc/Operating Rev (%) Strong Non-interest Income • The $3.1 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: − $2.0 million in net gains on mortgage loans in 4Q'23 vs. $1.5 million in the year ago quarter. The increase is primarily due to higher mortgage loan sales as well as increased profit margins and fair value adjustments. − $108.0 million in mortgage loan originations in 4Q'23 vs. $138.9 million in 4Q’22 and $172.9 million in 3Q’23. − 4Q'23 mortgage loan servicing includes a $3.6 million ($0.14 per diluted share, after tax) decrease in fair value adjustment due to price compared to a decrease of $0.5 million ($0.02 per diluted share, after tax) in the year ago quarter. Source: Company documents. 4Q23 Non-interest Income (thousands) Non-interest Income Trends ($M) 14 $9.3M

61.7% 63.2% 64.8% 63.1% 61.3% 59.8% 60.4% 59.6% 59.9% 60.8% 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 4 Q '2 3 $ 3 4 .0 $ 3 1 .5 $ 3 2 .4 $ 3 2 .4 $ 3 2 .1 $ 3 1 .0 $ 3 2 .2 $ 3 2 .0 $ 3 1 .9 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 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 Q 4 '2 3 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Focus on Improved Efficiency • 4Q'23 efficiency ratio of 64.3%. • Compensation and employee benefits expense of $19.0 million, a decrease of $1.3 million from the prior year quarter. • Compensation (salaries and wages) decreased $0.1 million due primarily to decreases in mortgage/retail operations and branch personnel, vacation accrual true up and lower severance that were partially offset by raises. • $1.5 million decrease in performance-based compensation expense. • Payroll taxes and employee benefits increased $0.2 million primarily due to a higher healthcare related costs. • Data processing costs increased by $0.2 million primarily to core data processor annual asset growth and CPI related cost increases as well as the purchase of a new lending solution software. • Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. Non-interest Expense ($M) Efficiency Ratio (4 quarter rolling average) Source: Company documents. 15

Look-Back on 2023 Forecast 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 earning 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. 4Q'23 Update • Total portfolio loans increased $49.4 million (5.2% annualized) in 4Q’23 and $325.5 million (9.4%) for the full year 2023 which is slightly lower than our forecasted range. • Commercial and mortgage loans had positive growth for the fourth quarter and full year in 2023. • 4Q'23 net interest income was $0.5 million (4.8% annualized) lower than the prior year quarter. The net interest margin was 3.26% for the current quarter and 3.52 for the prior year quarter and up 0.03% from the linked quarter. • The $0.5 million decrease in net interest income is due to a 0.26% decrease in net interest margin that was partially offset by a $291.2 million increase in average earning assets. Full year 2023 increase of $6.8 million or 4.5%. • The provision for credit losses was a credit of $0.6 million (0.07% annualized). The 4Q'23 provision credit was primarily the result of a change in allocation rates due to subjective factors and the payoff of one problem credit ($1.0 million). Full year 2023 provision expense was $6.2 million or 0.17% of average total loans for the year. LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 16

Look-Back on 2023 Forecast Outlook for 2023 *as of January, 2023 • 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. 4Q'23 Update • Non-interest income totaled $9.1 million in 4Q'23, which was below the forecasted range. 4Q'23 mortgage loan originations, sales and gains totaled $108.0 million, $86.5 million and $2.0 million, respectively. • Mortgage loan servicing net, generated a loss of $2.4 million in 4Q'23. • Full year 2023 mortgage originations decreased $381.3 million (40.8%). • Full year 2023 quarterly average of $13.4 million which is above our original forecast. • Total non-interest expense was $31.9 million in the 4Q’23, which was below our forecasted range. • The comparative quarterly decrease is primarily due to declines in compensation and employee benefits, occupancy, net, communications expense and loan and collection expense that were partially offset by increases in data processing, FDIC insurance expense, advertising and costs related to unfunded lending commitments. The decrease in compensation and employee benefits is primarily related to a lower expected level of incentive compensation. Full year 2023 quarterly average of $31.8 million. • Actual effective income tax rate of 23.4% and 19.8% for the 4Q’23 and full year, respectively. • 10,200 shares were repurchased in the fourth quarter of 2023 at a average share price of $19.08. 298,601 shares at an average share price of 17.27 have been repurchased for the full year of 2023. NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 17

Outlook for 2024 Outlook for 2024 *as of January, 2024 • IBCP forecast of mid-single digit (approximately 6%-8%) 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 first three quarters of 2024. • This growth forecast also assumes a stable Michigan economy. • The forecast assumes 0.25% Fed rate cuts in May, June, August and October in the federal funds rate while long-term interest rates decline slightly over year-end 2023 levels. • IBCP forecast of mid-single digit (6%-8%) growth is primarily supported by an increase in earning assets and a favorable shift in the earning asset base. Expect the net interest margin (NIM) to increase (0.10% - 0.15%) in 2024 compared to full-year 2023. Primary driver is an increase in earning asset yield that is partially offset by an increase in yield on interest bearing liabilities. • 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 1.44% at 12/31/23 • A full year 2024 provision (expense) for credit losses of approximately 0.15%-0.25% of average total portfolio loans would not be unreasonable. LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 18

Outlook for 2024 Outlook for 2024 *as of January, 2024 • IBCP forecasts 2024 quarterly range of $11.5M to $13.0M with the total for the year down 0.5% to 1.0% from 2023 actual of $50.7M • Expect mortgage loan origination volumes in 2024 to increase by approximately 7%, a decline in mortgage loan servicing net of approximately 19%, interchange income in 2024 to increase approximately 1.5% to 2.5% as compared to 2023, service charges on deposits to be collectively comparable to 2023 and other income to decline approximately 5%comparable to 2023 actuals. • IBCP forecasts 2024 quarterly range of $32.5M to $33.5M with the total for the year up 3.5% to 4.25% from the 2023 actual of $127.1M. • The primary driver is an increase in compensation and employee benefits, data processing, loan and collection and advertising. • Approximately a 20% effective income tax rate in 2024 This assumes a 21% statutory federal corporate income tax rate during 2024. • 2024 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 2024. NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 19

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 20

Question and Answer Session Closing Remarks NASDAQ: IBCP Thank you for attending 21

Appendix Additional Financial Data and Non-GAAP Reconciliations 22

Historical Financial Data 23 here Year Ended December 31, Quarter Ended, ($M except per share data) 2020 2021 2022 2023 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 Balance Sheet: Total Assets $4,204 $4,705 $5,000 $5,264 $5,000 $5,139 $5,136 $5,200 $5,264 Portfolio Loans $2,734 $2,905 $3,465 $3,791 $3,465 $3,510 $3,631 $3,741 $3,791 Deposits $3,637 $4,117 $4,379 $4,622 $4,379 $4,545 $4,488 $4,586 $4,622 Tangible Common Equity $357 $367 $317 $374 $317 $317 $345 $345 $374 Profitability: Pre-Tax, Pre-Provision Income $81.9 $75.4 $83.7 $79.9 $19.9 $18.0 $21.5 $23.0 $17.3 Pre-Tax, Pre-Prov / Avg. Assets 2.08% 1.62% 1.74% 1.56% 1.61% 1.43% 1.71% 1.77% 1.32% Net Income(1) $56.2 $62.9 $63.8 $59.1 $15.1 $13.0 $14.8 $17.5 $13.7 Diluted EPS $2.53 $2.88 $2.97 $2.79 $0.71 $0.61 $0.70 $0.83 $0.65 Return on Average Assets(1) 1.43% 1.41% 1.32% 1.15% 1.21% 1.06% 1.18% 1.34% 1.04% Return on Average Equity(1) 15.7% 16.1% 18.5% 16.0% 17.9% 14.8% 16.3% 18.7% 14.4% Net Interest Margin (FTE) 3.34% 3.10% 3.32% 3.26% 3.52% 3.33% 3.26% 3.25% 3.26% Efficiency Ratio 59.2% 62.9% 59.4% 60.8% 60.8% 62.1% 59.3% 57.5% 64.3% Asset Quality: NPAs / Assets 0.21% 0.11% 0.08% 0.11% 0.08% 0.09% 0.09% 0.10% 0.11% NPAs / Loans + OREO 0.32% 0.18% 0.12% 0.15% 0.12% 0.12% 0.13% 0.14% 0.15% ACL / Total Portfolio Loans 1.30% 1.63% 1.51% 1.44% 1.51% 1.44% 1.49% 1.48% 1.44% NCOs / Avg. Loans 0.11% (0.07%) 0.00% 0.01% 0.00% 0.12% 0.00% 0.00% 0.01% Capital Ratios: TCE Ratio 8.6% 7.9% 6.4% 7.2% 6.4% 6.6% 0.1% 6.7% 7.2% Leverage Ratio 9.2% 8.8% 8.8% 9.0% 8.8% 8.9% 0.1% 8.9% 9.0% Tier 1 Capital Ratio 13.3% 12.1% 11.4% 11.5% 11.4% 11.5% 0.1% 11.4% 11.5% Total Capital Ratio 16.0% 14.5% 13.7% 13.7% 13.7% 13.8% 0.1% 13.7% 13.7%

Year Ended December 31, ($M except per share data) 2018 2019 2020 2021 2022 2023 5 Year CAGR Balance Sheet: Total Assets $3,353 $3,565 $4,204 $4,705 $5,000 $5,264 9.4% Portfolio Loans $2,583 $2,725 $2,734 $2,905 $3,465 $3,791 8.0% Deposits $2,913 $3,037 $3,637 $4,117 $4,379 $4,623 9.7% Tangible Common Equity $304 $317 $357 $367 $317 $374 4.2% Profitability: Pre-Tax, Pre-Provision Income $50.6 $58.6 $81.9 $75.4 $83.1 $79.9 9.6% Pre-Tax, Pre-Prov / Avg. Assets 1.62% 1.70% 2.08% 1.62% 1.68% 1.56% - Net Income(1) $39.8 $46.4 $56.2 $62.9 $63.4 $59.1 8.2% Diluted EPS $1.68 $2.00 $2.53 $2.88 $2.97 $2.79 10.7% Return on Average Assets(1) 1.27% 1.35% 1.43% 1.41% 1.31% 1.15% - Return on Average Equity(1) 12.38% 13.63% 15.68% 16.13% 18.41% 16.04% - Net Interest Margin (FTE) 3.88% 3.80% 3.34% 3.10% 3.32% 3.26% - Efficiency Ratio 67.20% 64.90% 59.24% 62.87% 59.71% 60.76% - Asset Quality: NPAs / Assets 0.29% 0.32% 0.21% 0.11% 0.08% 0.11% - NPAs / Loans + OREO 0.38% 0.42% 0.32% 0.18% 0.12% 0.15% - Reserves / Total Loans 0.96% 0.96% 1.30% 1.63% 1.51% 1.44% - NCOs / Avg. Loans (0.03%) (0.02%) 0.11% (0.07%) 0.00% 0.01% - Capital Ratios: TCE Ratio 9.2% 9.0% 8.6% 7.9% 6.4% 7.2% - Leverage Ratio 10.5% 10.1% 9.2% 8.8% 8.8% 9.1% - Tier 1 Capital Ratio 13.3% 12.7% 13.3% 12.2% 11.4% 11.6% - Total Capital Ratio 14.3% 13.7% 16.0% 14.7% 13.7% 13.8% - Shareholder Value: TBV/Share $ 12.90 $ 14.08 $ 16.33 $ 17.33 $ 15.04 $ 17.90 6.8% Dividends Paid per Share $ 0.60 $ 0.72 $ 0.80 $ 0.84 $ 0.88 $ 0.92 8.9% Value of Shares Repurchased $ 12.68 $ 26.3 $ 14.2 $ 17.3 $ 4.0 $ 5.2 - 24 Historic Financial Performance

Sources of Liquidity 4Q 2023 Current On-balance sheet Excess reserves at the Fed $ 101.6 Unpledged AFS Securities $ 660.8 Total On-balance sheet $ 762.4 On balance sheet liquidity to total deposits 15% Available Sources of Liquidity Unused FHLB & FRB (including BTFP) $ 1,529.8 Borrow capacity on unpledged bonds $ 754.6 Total Available Sources $ 2,284.4 Sources of Liquidity to total deposits 49% 80% 80% 98% 85% 73% 79.2% 203% 218% 237% 240% 222% 237% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 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 (237%) estimated uninsured deposit balances. • Established access and tested the BTFP, no borrowings at 12/31/23. • Attractive loan to deposit ratio of 81.5%. • Uninsured deposit to total deposits of approximately 20.8%, excluding brokered time deposits. Sources of Liquidity 25

$1,937 $963 $476 $285 $208 $543 $211 $2,145 $1,506 $687 $285 Consumer Commercial Public Funds Brokered Insured Deposits Uninsured Deposits $ 3 ,2 1 6 $ 3 ,2 9 7 $ 3 ,3 0 0 $ 3 ,4 0 3 $ 3 ,5 8 0 $ 3 ,5 7 0 $ 3 ,5 7 5 $ 3 ,6 6 1 $989 $994 $1,027 $976 $965 $918 $1,011 $962 $4,205 $4,291 $4,327 $4,379 $4,545 $4,488 $4,586 $4,623 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q'23 Insured Deposits Uninsured Deposits Granular Deposit Base • Average deposit account balance of approximately $20,375. • Average deposit balance excluding reciprocal deposit of $16,541. • Average Commercial deposit balance of $90,935. • Average retail deposit balance of $10,962. • 10 largest deposit accounts total $288.9 million or 6.25% of total deposits. − $245.0 million in ICS with FDIC coverage. • 100 largest deposit accounts total $890.3 million or 19.26% of total deposits. − $559.2 million in ICS with FDIC coverage. Note: Uninsured deposit calculation is an approximation. Uninsured Deposit by Segment (12/31/23) Uninsured Deposit Trend ($MM) 26

$19 $78 $12.5 $4.8 $9.6 $70.1 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 23% 77% CRE – Office Metrics • 25.3% of portfolio is medical office buildings. • 92% of portfolio are located in suburban geographies. • 72.3% of CRE – Office mature after 2026. • Average loan size of $1.3 million. Maturing Exposure (millions) CRE - Office Fixed vs. Variable Geographic Location (millions) 27 Urban Suburban Fixed Variable

Non-GAAP to GAAP Reconciliation 28 December 31, September 30, June 30, March 31, December 31, 2023 2022 2021 2020 2023 2023 2023 2023 2022 Net interest income $ 156,329 $ 149,561 $ 129,765 $ 123,612 $ 40,111 $ 39,427 $ 38,350 $ 38,441 $ 40,602 Non-interest income 50,676 61,909 76,643 80,745 9,097 15,611 15,417 10,551 11,468 Non-interest expense 127,119 128,341 131,023 122,413 31,878 32,036 32,248 30,957 32,091 Pre-Tax, Pre-Provision Income 79,886 83,129 75,385 81,944 17,330 23,002 21,519 18,035 19,979 Provision for credit losses 6,210 5,341 (1,928) 12,463 (617) 1,350 3,317 2,160 1,390 Income tax expense 14,609 14,437 14,418 13,329 4,204 4,109 3,412 2,884 3,503 Net income $ 59,067 $ 63,351 $ 62,895 $ 56,152 $ 13,743 $ 17,543 $ 14,790 $ 12,991 $ 15,086 Average total assets 5,115,624$ 4,825,723$ 4,465,577$ 3,933,655$ 5,233,666$ 5,192,114$ 5,044,746$ 4,988,440$ 4,934,859$ Performance Ratios Return on average assets 1.15% 1.31% 1.41% 1.43% 1.04% 1.34% 1.18% 1.06% 1.21% Pre-tax, Provision return on average assets 1.56% 1.72% 1.69% 2.08% 1.31% 1.76% 1.71% 1.47% 1.61% Year Ended December 31, Quarter Ended (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures 29 Reconciliation of Non-GAAP Financial Measures 2023 2022 2023 2022 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 40,111$ 40,602$ 156,329$ 149,561$ Add: taxable equivalent adjustment 178 453 900 1,878 Net interest income - taxable equivalent 40,289$ 41,055$ 157,229$ 151,439$ Net interest margin (GAAP) (1) 3.25% 3.48% 3.24% 3.28% Net interest margin (FTE) (1) (2) 3.26% 3.52% 3.26% 3.32% (1) Quarter to date are annualized. (2) 2023 taxable equivalent adjustments have been updated Three Months Ended Twelve Months Ended December 31, December 31, (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures (continued) 30 Tangible Common Equity Ratio December 31, September 30, June 30, March 31, December 31, 2023 2022 2021 2020 2023 2023 2023 2023 2022 Common shareholders' equity 404,449$ 347,596$ 398,484$ 389,522$ 404,449$ 374,998$ 375,162$ 367,714$ 347,596$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 2,004 2,551 3,336 4,306 2,004 2,141 2,278 2,415 2,551 Tangible common equity 374,145$ 316,745$ 366,848$ 356,916$ 374,145$ 344,557$ 344,584$ 336,999$ 316,745$ Total assets $ 5,263,726 $ 4,999,787 $ 4,704,740 $ 4,204,013 $ 5,263,726 $ 5,200,018 $ 5,135,564 $ 5,138,934 $ 4,999,787 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 2,004 2,551 3,336 4,306 2,004 2,141 2,278 2,415 2,551 Tangible assets $ 5,233,422 $ 4,968,936 $ 4,673,104 $ 4,171,407 $ 5,233,422 $ 5,169,577 $ 5,104,986 $ 5,108,219 $ 4,968,936 Common equity ratio 7.68% 6.95% 8.47% 9.27% 7.68% 7.21% 7.31% 7.16% 6.95% Tangible common equity ratio 7.15% 6.37% 7.85% 8.56% 7.15% 6.67% 6.75% 6.60% 6.37% Year Ended December 31, Quarter Ended (Dollars in thousands)

XML

Cover	Jan. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 25, 2024
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