# EDGAR Filing Document

**Accession Number:** 0000039311
**File Stem:** 0000039311-23-000018
**Filing Date:** 2023-1
**Character Count:** 90410
**Document Hash:** 95debc0dcf6ec06a3efafd190329c710
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000039311-23-000018.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000039311-23-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INDEPENDENT BANK CORP /MI/
- **CENTRAL INDEX KEY:** 0000039311
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 382032782
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-07818
- **FILM NUMBER:** 23554199

**BUSINESS ADDRESS:**
- **STREET 1:** 4200 E BELTLINE AVE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49525
- **BUSINESS PHONE:** 8003550641

**MAIL ADDRESS:**
- **STREET 1:** 4200 E BELTLINE AVE
- **CITY:** GRAND RAPIDS
- **STATE:** MI
- **ZIP:** 49525

?xml version="1.0" ? ibcp-20230126

**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 26, 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**<br>**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):

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

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

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

□ 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 <br> <u>Common stock, no par value</u> <u>IBCP</u> <u>NASDAQ Global Select Market</u>

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 □

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. □

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**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;<u>Results of Operations and Financial Condition</u>**

On January 26, 2023, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended December 31, 2022. 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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements and Exhibits</u>**

<u>Exhibits</u>.

---

| | |
|:---|:---|
| <u>[99.1](ibcp-2023126ex991.htm)</u> | Press release dated January 26, 2023. |
| <u>[99.2](ibcp-2023126ex992.htm)</u> | Supplemental data to the Registrant's press release dated January 26, 2023. |
| <u>[99.3](ibcp20224qearningsdeck-f.htm)</u> | 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 | INDEPENDENT BANK CORPORATION |
| | | (Registrant) | (Registrant) |
| Date | 1/26/2023 | By | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s/Gavin A. Mohr |
| | | Gavin A. Mohr, Principal Financial Officer | Gavin A. Mohr, Principal Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

![new.jpg](new.jpg)

**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<br>Gavin A. Mohr, Chief Financial Officer, 616.447.3929 |

---

**INDEPENDENT BANK CORPORATION REPORTS 2022 FOURTH QUARTER RESULTS**

<u>Fourth Quarter Highlights</u>

Highlights for the fourth quarter of 2022 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in net income and diluted earnings per share of 20.6% and 22.4%, respectively, over the fourth quarter of 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in book value and tangible book value per share of $0.72 and $0.74, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net growth in commercial loans of $58.6 million (or 16.5% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annualized return on average assets and average equity of 1.21% and 17.94%, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in net interest income of 18.4% over the fourth quarter of 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The payment of a 22 cent per share dividend on common stock on November 14, 2022.

**GRAND RAPIDS, Mich., January 26, 2023 -** Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2022 net income of $15.1 million, or $0.71 per diluted share, versus net income of $12.5 million, or $0.58 per diluted share, in the prior-year period. For the year ended December 31, 2022, the Company reported net income of $63.4 million, or $2.97 per diluted share, compared to net income of $62.9 million, or $2.88 per diluted share, in 2021.

William B. ("Brad") Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: "Our fourth quarter performance capped a very strong year as our entire organization executed extremely well despite a macroeconomic environment with many challenges and uncertainties. This past year with our successful expansion into new markets and addition of new banking talent, we were able to generate strong commercial loan growth and higher net interest income, which enabled us to offset a significant decline in mortgage banking revenue and deliver a higher level of earnings in 2022 than we did in 2021. These results generated a full year return on average assets and return on average equity of 1.31% and 18.41%, respectively. Importantly, we have generated significant growth in our loan portfolio while maintaining sound underwriting criteria, a low level of past dues and net recoveries credited to our allowance in 2022. We continued to see positive trends during the fourth quarter including double-digit annualized growth in our commercial loan portfolio and further expansion in our net interest margin. Given the health of our loan portfolio and our high level of liquidity and reserves, we believe we are well positioned to continue effectively managing through the challenging

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economic environment and delivering strong results for our shareholders as we continue to leverage the investments we have made in banking talent and technology over the past several years."

Significant items impacting comparable 2022 and 2021 results include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the fair value due to price of capitalized mortgage loan servicing rights (the "MSR Changes") of $(0.5) million ($(0.02) per diluted share, after taxes) and $14.3 million ($0.53 per diluted share, after taxes) for the three-month and full-year ended December 31, 2022, respectively, as compared to $0.6 million ($0.02 per diluted share, after taxes) and $3.4 million ($0.12 per diluted share, after taxes) for the three-months and full-year ended December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The provision for credit losses was an expense of $1.4 million ($0.05 per diluted share, after taxes) and $5.3 million ($0.20 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2022, respectively, as compared to an expense of $0.6 million ($0.02 per diluted share, after taxes) and credit of $1.9 million ($(0.07) per diluted share, after tax) in the fourth quarter and full year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net gain on mortgage loans was $1.5 million ($0.06 per diluted share, after taxes) and $6.4 million ($0.24 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2022, respectively, compared to $5.6 million ($0.21 per diluted share, after taxes) and $35.9 million ($1.30 per diluted share, after tax) in the fourth quarter and full year ending December 31, 2021.

**<u>Operating Results</u>**

The Company's net interest income totaled $40.6 million during the fourth quarter of 2022, an increase of $6.3 million, or 18.4% from the year-ago period, and up $0.7 million, or 1.8%, from the third quarter of 2022. The Company's tax equivalent net interest income as a percent of average interest-earning assets (the "net interest margin") was 3.52% during the fourth quarter of 2022, compared to 3.13% in the year-ago period, and 3.49% in the third quarter of 2022. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets as well as an increase in the net interest margin. Average interest-earning assets were $4.64 billion in the fourth quarter of 2022, compared to $4.43 billion in the year ago quarter and $4.61 billion in the third quarter of 2022.

Non-interest income totaled $11.5 million and $61.9 million, respectively, for the fourth quarter and full year of 2022, compared to $15.8 million and $76.6 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 and mortgage loan servicing, net).

Net gains on mortgage loans in the fourth quarters of 2022 and 2021, were approximately $1.5 million and $5.6 million, respectively. For the full year of 2022, net gains on mortgage loans totaled $6.4 million compared to $35.9 million in 2021. The decrease in net gains on mortgage loans was primarily due to a decrease in the volume of mortgage loans sold and lower profit margins on mortgage loan sales.

Mortgage loan servicing, net, generated income of $0.7 million and $1.3 million in the fourth quarters of 2022 and 2021, respectively. For the full year of 2022 and 2021, mortgage loan servicing, net, generated income of $18.8 million and $5.7 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 associated with changes in mortgage loan interest rates and expected future prepayment levels. Mortgage loan servicing, net activity is summarized in the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Twelve months ended | Twelve months ended |
| | 12/31/2022 | 12/31/2021 | 12/31/2022 | 12/31/2021 |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Mortgage loan servicing, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, net | $2180 | $2044 | $8577 | $7853 |
| &nbsp;&nbsp;&nbsp;Fair value change due to price | (503) | 567 | 14272 | 3380 |
| &nbsp;&nbsp;&nbsp;Fair value change due to pay-downs | (990) | (1342) | (4076) | (5488) |
| Total | $687 | $1269 | $18773 | $5745 |

---

Non-interest expenses totaled $32.1 million in the fourth quarter of 2022, compared to $34.0 million in the year-ago period. For the full year of 2022, non-interest expenses totaled $128.3 million versus $131.0 million in 2021. The decrease in costs related to unfunded lending commitments is attributed to decreases in both the volume of such commitments and

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expected loss rates. The decrease in other expense is attributed to lower fraud related losses as well as a contract termination cost incurred during the prior year quarter.

The Company recorded an income tax expense of $3.5 million and $14.4 million in the fourth quarter and full year of 2022, respectively. This compares to an income tax expense of $3.0 million and $14.4 million in the fourth quarter and full year of 2021, respectively. The changes in income tax expense principally reflect changes in pre-tax earnings in 2022 relative to 2021.

**<u>Asset Quality</u>**

A breakdown of non-performing loans<sup>(1)</sup> by loan type is as follows:

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| | | | |
|:---|:---|:---|:---|
| | 12/31/2022 | 12/31/2021 | 12/31/2020 |
| Loan Type | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| &nbsp;&nbsp;&nbsp;Commercial | $38 | $62 | $1440 |
| &nbsp;&nbsp;&nbsp;Mortgage | 4745 | 4914 | 6353 |
| &nbsp;&nbsp;&nbsp;Installment | 598 | 569 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub total | 5381 | 5545 | 8312 |
| &nbsp;&nbsp;&nbsp;Less - government guaranteed loans | 1660 | 435 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing loans | $3721 | $5110 | $7873 |
| Ratio of non-performing loans to total portfolio loans | 0.11% | 0.18% | 0.29% |
| Ratio of non-performing assets to total assets | 0.08% | 0.11% | 0.21% |
| Ratio of allowance for credit losses to total non-performing loans | 1409.16% | 924.70% | 450.01% |

---

(1)Excludes loans that are classified as "troubled debt restructured" that are still performing.

The provision for credit losses was an expense of $1.4 million and $0.6 million in the fourth quarters of 2022 and 2021, respectively. The provision for credit losses was an expense of $5.3 million and a credit of $1.9 million in the full year of 2022 and 2021, respectively. The quarterly increase in the provision for credit losses in 2022 compared to 2021, was primarily the result of a change in allocation rates due to subjective factors (prior year allocation rates were decreased while current year rates increased during each respective quarter). The Company recorded loan net recoveries of $0.1 million and net charge-offs of $0.2 million in the fourth quarters of 2022 and 2021, respectively. At December 31, 2022, the allowance for credit losses totaled $52.4 million, or 1.51% of total portfolio loans compared to $47.3 million, or 1.63% of total portfolio loans at December 31, 2021.

**<u>Balance Sheet, Liquidity and Capital</u>**

Total assets were $5.00 billion at December 31, 2022, an increase of $295.0 million from December 31, 2021. Loans, excluding loans held for sale, were $3.47 billion at December 31, 2022, compared to $2.91 billion at December 31, 2021. Deposits totaled $4.38 billion at December 31, 2022, an increase of $262.0 million from December 31, 2021. This increase is primarily due to growth in savings and interest-bearing checking, reciprocal, time and brokered time deposit account balances that were partially offset by non-interest bearing deposit account balances.

Cash and cash equivalents totaled $74.4 million at December 31, 2022, versus $109.5 million at December 31, 2021. Securities available for sale ("AFS") totaled $779.3 million at December 31, 2022, versus $1.41 billion at December 31, 2021. The decrease in securities AFS is primarily due to the transfer of $391.6 million of securities AFS to held to maturity on April 1, 2022.

Accrued income and other assets were $128.9 million at December 31, 2022, an increase of $62.8 million from December 31, 2021. The increase is primarily due to the increases in the fair value of certain pay-fixed derivative instruments due to an increase in interest rates and deferred tax assets related to unrealized losses on securities available for sale.

Accrued expenses and other liabilities totaled $108.0 million at December 31, 2022, versus $80.2 million at December 31, 2021. The increase is primarily due to a decrease in the fair value of certain receive-fixed derivative instruments due to an increase in interest rates and an increase in income taxes payable.

Total shareholders' equity was $347.6 million at December 31, 2022, or 6.95% of total assets compared to $398.5 million or 8.47% at December 31, 2021. Tangible common equity totaled $316.7 million at December 31, 2022, or $15.04 per share compared to $366.8 million or $17.33 per share at December 31, 2021. The decrease in shareholder equity as well as tangible common equity are primarily the result of a decline in accumulated other comprehensive income (loss) related to

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unrealized losses on securities available for sale due to a rise in interest rates. The Company's wholly owned subsidiary, Independent Bank, remains significantly above "well capitalized" for regulatory purposes with the following ratios:

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| | | | |
|:---|:---|:---|:---|
| Regulatory Capital Ratios | 12/31/2022 | 12/31/2021 | Well<br>Capitalized<br>Minimum |
| Tier 1 capital to average total assets | 8.56% | 8.57% | 5.00% |
| Tier 1 common equity to risk-weighted assets | 10.97% | 11.80% | 6.50% |
| Tier 1 capital to risk-weighted assets | 10.97% | 11.80% | 8.00% |
| Total capital to risk-weighted assets | 12.22% | 13.05% | 10.00% |

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**<u>Share Repurchase Plan</u>**

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 full year of 2022, the Company repurchased 181,586 shares at a weighted average price of $22.08 per share.

**<u>Earnings Conference Call</u>**

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 26, 2023.

To participate in the live conference call, please dial 1-844-200-6205 (Access Code # 132616). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: <u>https://events.q4inc.com/attendee/209715358</u>.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 314361). The replay will be available through February 2, 2023.

**<u>About Independent Bank Corporation</u>**

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.0 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: <u>IndependentBank.com</u>.

***<u>Forward-Looking Statements</u>***

*This press release contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of Independent Bank Corporation. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. The COVID-19 pandemic is adversely affecting Independent Bank Corporation, its customers, counterparties, employees, and second-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect Independent Bank Corporation's revenues and the values of its assets and liabilities, reduce the availability of funding from certain financial institutions, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices could affect Independent Bank Corporation in substantial and unpredictable ways. Independent Bank Corporation's results could also be adversely affected by changes in interest rates; further increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes* 

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*in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management's ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk.*

*Certain risks and important factors that could affect Independent Bank Corporation's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the SEC, including among other things under the heading "Risk Factors" in such Annual Report on Form 10-K. Any forward- looking statement speaks only as of the date on which it is made, and Independent Bank Corporation undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances, after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.*

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

<u>Consolidated Statements of Financial Condition</u>

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| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2022 | 2021 |
| | (unaudited) | (unaudited) |
| | (In thousands, except share<br>amounts) | (In thousands, except share<br>amounts) |
| Assets |  |  |
| Cash and due from banks | $70180 | $51069 |
| Interest bearing deposits | 4191 | 58404 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 74371 | 109473 |
| Securities available for sale | 779347 | 1412830 |
| Securities held to maturity (fair value of $335,418 at December 31, 2022 and $0 at December 31, 2021) | 374818 |  |
| Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 17653 | 18427 |
| Loans held for sale, carried at fair value | 26518 | 55470 |
| Loans held for sale, carried at lower of cost or fair value | 20367 | 34811 |
| Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 1466853 | 1203581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage | 1368409 | 1139659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment | 630090 | 561805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Loans | 3465352 | 2905045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (52435) | (47252) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Loans | 3412917 | 2857793 |
| Other real estate and repossessed assets, net | 455 | 245 |
| Property and equipment, net | 35893 | 36404 |
| Bank-owned life insurance | 55204 | 55279 |
| Capitalized mortgage loan servicing rights, carried at fair value | 42489 | 26232 |
| Other intangibles | 2551 | 3336 |
| Goodwill | 28300 | 28300 |
| Accrued income and other assets | 128904 | 66140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $4999787 | $4704740 |
| Liabilities and Shareholders' Equity |  |  |
| Deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing | $1269759 | $1321601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings and interest-bearing checking | 1973308 | 1897487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reciprocal | 602575 | 586626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Time | 321492 | 308438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered time | 211935 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Deposits | 4379069 | 4117090 |
| Other borrowings | 86006 | 30009 |
| Subordinated debt | 39433 | 39357 |
| Subordinated debentures | 39660 | 39592 |
| Accrued expenses and other liabilities | 108023 | 80208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 4652191 | 4306256 |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,063,971 shares at December 31, 2022 and 21,171,036 shares at December 31, 2021 | 320991 | 323401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 119368 | 74582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (92763) | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | 347596 | 398484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Shareholders' Equity | $4999787 | $4704740 |

---

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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

<u>Consolidated Statements of Operations</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | December 31,<br>2022 | September 30,<br>2022 | December 31,<br>2021 | December 31, | December 31, |
| | December 31,<br>2022 | September 30,<br>2022 | December 31,<br>2021 | 2022 | 2021 |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| INTEREST INCOME | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loans | $42093 | $37092 | $30316 | $139057 | $116644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 5845 | 5329 | 4114 | 20676 | 14488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 2807 | 2284 | 1577 | 8391 | 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 233 | 220 | 217 | 884 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Income | 50978 | 44925 | 36224 | 169008 | 138080 |
| INTEREST EXPENSE |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 8543 | 3625 | 977 | 14151 | 4465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings and subordinated debt and debentures | 1833 | 1403 | 962 | 5296 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest Expense | 10376 | 5028 | 1939 | 19447 | 8315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income | 40602 | 39897 | 34285 | 149561 | 129765 |
| Provision for credit losses | 1390 | 3145 | 630 | 5341 | (1928) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Interest Income After Provision for Credit Losses | 39212 | 36752 | 33655 | 144220 | 131693 |
| NON-INTEREST INCOME |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange income | 3402 | 4049 | 3306 | 13955 | 14045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3153 | 3082 | 2992 | 12288 | 10170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gains (losses) on assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 1486 | 2857 | 5600 | 6431 | 35880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale |  |  | (10) | (275) | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loan servicing, net | 687 | 4283 | 1269 | 18773 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2740 | 2590 | 2614 | 10737 | 9392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-interest Income | 11468 | 16861 | 15771 | 61909 | 76643 |
| NON-INTEREST EXPENSE |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and employee benefits | 20394 | 20601 | 19905 | 81007 | 79969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 2670 | 2653 | 2851 | 10183 | 10823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy, net | 2225 | 2062 | 2216 | 8907 | 8794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange expense | 1042 | 927 | 1083 | 4242 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, fixtures and equipment | 933 | 987 | 1060 | 4007 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communications | 629 | 723 | 739 | 2871 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan and collection | 679 | 772 | 819 | 2657 | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC deposit insurance | 572 | 591 | 413 | 2142 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and professional | 588 | 573 | 534 | 2133 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 489 | 345 | 599 | 2074 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion related expense |  |  | 191 | 50 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs (recoveries) related to unfunded lending commitments | (77) | 382 | 844 | 599 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1947 | 1750 | 2700 | 7469 | 8163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Non-interest Expense | 32091 | 32366 | 33954 | 128341 | 131023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Before Income Tax | 18589 | 21247 | 15472 | 77788 | 77313 |
| Income tax expense | 3503 | 3950 | 2964 | 14437 | 14418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $15086 | $17297 | $12508 | $63351 | $62895 |
| Net income per common share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.72 | $0.82 | $0.59 | $3.00 | $2.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.71 | $0.81 | $0.58 | $2.97 | $2.88 |

---

------

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

<u>Selected Financial Data</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31,<br>2022** | **September 30, 2022** | **June 30, 2022** | **March 31, 2022** | **December 31, 2021** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **(Dollars in thousands except per share data)** | **(Dollars in thousands except per share data)** | **(Dollars in thousands except per share data)** | **(Dollars in thousands except per share data)** | **(Dollars in thousands except per share data)** |
| **Three Months Ended** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | $40602 | $39897 | $36061 | $33001 | $34285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1390 | 3145 | 2379 | (1573) | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | 11468 | 16861 | 14632 | 18948 | 15771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest expense | 32091 | 32366 | 32434 | 31450 | 33954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax | 18589 | 21247 | 15880 | 22072 | 15472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 3503 | 3950 | 2879 | 4105 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $15086 | $17297 | $13001 | $17967 | $12508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $0.72 | $0.82 | $0.62 | $0.85 | $0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | 0.71 | 0.81 | 0.61 | 0.84 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividend per share | 0.22 | 0.22 | 0.22 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average shares outstanding | 21064556 | 21057673 | 21070266 | 21191860 | 21256367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average diluted shares outstanding | 21266876 | 21251933 | 21266476 | 21398128 | 21473963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Ratios |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average assets | 1.21% | 1.40% | 1.10% | 1.54% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on average equity | 17.94 | 20.48 | 15.68 | 19.38 | 12.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio (1) | 60.82 | 56.26 | 62.50 | 59.62 | 66.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;As a Percent of Average Interest-Earning Assets (1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4.41% | 3.92% | 3.47% | 3.16% | 3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 0.89 | 0.43 | 0.21 | 0.16 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 3.52 | 3.49 | 3.26 | 3.00 | 3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Balances |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | $3449944 | $3360621 | $3145095 | $2980098 | $2957985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 1164809 | 1226203 | 1312934 | 1407225 | 1367038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 4637475 | 4610307 | 4493714 | 4492757 | 4433400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4934859 | 4884841 | 4758960 | 4721205 | 4654491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 4350748 | 4326958 | 4221047 | 4158528 | 4069901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing liabilities | 3159374 | 3075210 | 3005103 | 2950337 | 2863057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | 333610 | 335120 | 332610 | 376010 | 393477 |
| **End of Period** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity ratio | 6.37% | 6.15% | 6.26% | 6.85% | 7.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average equity to average assets | 6.76 | 6.86 | 6.99 | 7.96 | 8.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shareholders' equity per share of common stock | $16.50 | $15.78 | $15.73 | $16.79 | $18.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity per share of common stock | 15.04 | 14.30 | 14.25 | 15.31 | 17.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shares outstanding | 21063971 | 21063954 | 21049218 | 21168230 | 21171036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selected Balances |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | $3465352 | $3409858 | $3258850 | $3004065 | $2905045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 1154165 | 1183701 | 1241312 | 1400137 | 1412830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total earning assets | 4688246 | 4633876 | 4552185 | 4514590 | 4484987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 4999787 | 4931377 | 4826209 | 4761983 | 4704740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | 4379069 | 4327028 | 4290574 | 4205498 | 4117090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest bearing liabilities | 3274409 | 3116027 | 3037278 | 2996112 | 2904447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity | 347596 | 332308 | 331134 | 355449 | 398484 |

---

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

------

**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, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| **Net Interest Margin, Fully Taxable Equivalent ("FTE")** |  |  |  |  |
| Net interest income | $40602 | $34285 | $149561 | $129765 |
| &nbsp;&nbsp;&nbsp;Add: taxable equivalent adjustment | 453 | 492 | 1878 | 1866 |
| Net interest income - taxable equivalent | $41055 | $34777 | $151439 | $131631 |
| Net interest margin (GAAP) (1) | 3.48% | 3.08% | 3.28% | 3.06% |
| Net interest margin (FTE) (1) | 3.52% | 3.13% | 3.32% | 3.10% |

---

(1)Annualized.

------

**Tangible Common Equity Ratio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31,<br>2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Common shareholders' equity | $347596 | $332308 | $331134 | $355449 | $398484 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 28300 | 28300 | 28300 | 28300 | 28300 |
| &nbsp;&nbsp;&nbsp;Other intangibles | 2551 | 2697 | 2871 | 3104 | 3336 |
| Tangible common equity | $316745 | $301311 | $299963 | $324045 | $366848 |
| Total assets | $4999787 | $4931377 | $4826209 | $4761983 | $4704740 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 28300 | 28300 | 28300 | 28300 | 28300 |
| &nbsp;&nbsp;&nbsp;Other intangibles | 2551 | 2697 | 2871 | 3104 | 3336 |
| Tangible assets | $4968936 | $4900380 | $4795038 | $4730579 | $4673104 |
| Common equity ratio | 6.95% | 6.74% | 6.86% | 7.46% | 8.47% |
| Tangible common equity ratio | 6.37% | 6.15% | 6.26% | 6.85% | 7.85% |
| **Tangible Common Equity per Share of Common Stock:** | **Tangible Common Equity per Share of Common Stock:** | **Tangible Common Equity per Share of Common Stock:** | **Tangible Common Equity per Share of Common Stock:** | **Tangible Common Equity per Share of Common Stock:** | **Tangible Common Equity per Share of Common Stock:** |
| Common shareholders' equity | $347596 | $332308 | $331134 | $355449 | $398484 |
| Tangible common equity | $316745 | $301311 | $299963 | $324045 | $366848 |
| Shares of common stock outstanding (in thousands) | 21064 | 21064 | 21049 | 21168 | 21171 |
| Common shareholders' equity per share of common stock | $16.50 | $15.78 | $15.73 | $16.79 | $18.82 |
| Tangible common equity per share of common stock | $15.04 | $14.30 | $14.25 | $15.31 | $17.33 |

---

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.

## Exhibit 99.2

Exhibit 99.2

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Supplemental Data

**Non-performing assets** <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Non-accrual loans | $5381 | $5307 | $5859 | $5893 | $5545 |
| Loans 90 days or more past due and still accruing interest |  |  |  |  |  |
| Subtotal | 5381 | 5307 | 5859 | 5893 | 5545 |
| Less: Government guaranteed loans | 1660 | 1491 | 1360 | 859 | 435 |
| &nbsp;&nbsp;&nbsp;Total non-performing loans | 3721 | 3816 | 4499 | 5034 | 5110 |
| Other real estate and repossessed assets | 455 | 348 | 508 | 438 | 245 |
| &nbsp;&nbsp;&nbsp;Total non-performing assets | $4176 | $4164 | $5007 | $5472 | $5355 |
| As a percent of Portfolio Loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-performing loans | 0.11% | 0.11% | 0.14% | 0.17% | 0.18% |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | 1.51 | 1.50 | 1.47 | 1.52 | 1.63 |
| Non-performing assets to total assets | 0.08 | 0.08 | 0.10 | 0.11 | 0.11 |
| Allowance for credit losses as a percent of non-performing loans | 1409.16 | 1340.20 | 1064.30 | 906.38 | 924.70 |

---

<sup>(1)</sup>  Excludes loans classified as "trouble debt restructured" that are not past due.

**Troubled debt restructurings ("TDR")**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
| | Commercial | Retail (1) | | Total |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Performing TDR's | $3155 | $26000 |  | $29155 |
| Non-performing TDR's (2) |  | 1034 | <sup>(3)</sup> | 1034 |
| &nbsp;&nbsp;&nbsp;Total | $3155 | $27034 |  | $30189 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| | Commercial | Retail (1) | | Total |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Performing TDR's | $4481 | $31589 |  | $36070 |
| Non-performing TDR's (2) |  | 1016 | <sup>(3)</sup> | 1016 |
| &nbsp;&nbsp;&nbsp;Total | $4481 | $32605 |  | $37086 |

---

(1) Retail loans include mortgage and installment loan segments.

(2) Included in non-performing assets table above.

(3) Also includes loans on non-accrual at the time of modification until six payments are received on a timely basis.

<u>1</u>

------

**Allowance for credit losses**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
| | Loans | Securities | Unfunded<br>Commitments | Loans | Securities | Unfunded<br>Commitments |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Balance at beginning of period | $47252 | $— | $4481 | $35429 | $— | $1805 |
| Additions (deductions) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impact of adoption of ASC 326 |  |  |  | 11574 |  | 1469 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 5173 | 168 |  | (1928) |  |  |
| &nbsp;&nbsp;&nbsp;Initial allowance on loans purchased with credit deterioration |  |  |  | 134 |  |  |
| &nbsp;&nbsp;&nbsp;Recoveries credited to allowance | 2496 |  |  | 4477 |  |  |
| &nbsp;&nbsp;&nbsp;Loans charged against the allowance | (2486) |  |  | (2434) |  |  |
| Recoveries included in non-interest expense |  |  | 599 |  |  | 1207 |
| Balance at end of period | $52435 | $168 | $5080 | $47252 | $— | $4481 |
| Net loans charged (recovered) against the allowance to average Portfolio Loans | 0.00% |  |  | (0.07)% |  |  |

---

**Capitalization**

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2022 | 2021 |
| | (In thousands) | (In thousands) |
| Subordinated debt | $39433 | $39357 |
| Subordinated debentures | 39660 | 39592 |
| Amount not qualifying as regulatory capital | (657) | (581) |
| &nbsp;&nbsp;&nbsp;Amount qualifying as regulatory capital | 78436 | 78368 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 320991 | 323401 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 119368 | 74582 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (92763) | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 347596 | 398484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization | $426032 | $476852 |

---

<u>2</u>

------

**Non-Interest Income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Twelve months ended | Twelve months ended |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, | December 31, |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | 2022 | 2021 |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Interchange income | $3402 | $4049 | $3306 | $13955 | $14045 |
| Service charges on deposit accounts | 3153 | 3082 | 2992 | 12288 | 10170 |
| Net gains (losses) on assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 1486 | 2857 | 5600 | 6431 | 35880 |
| &nbsp;&nbsp;&nbsp;Securities |  |  | (10) | (275) | 1411 |
| Mortgage loan servicing, net | 687 | 4283 | 1269 | 18773 | 5745 |
| Investment and insurance commissions | 728 | 750 | 708 | 2898 | 2603 |
| Bank owned life insurance | 58 | 59 | 156 | 360 | 567 |
| Other | 1954 | 1781 | 1750 | 7479 | 6222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | $11468 | $16861 | $15771 | $61909 | $76643 |

---

**Capitalized Mortgage Loan Servicing Rights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended December 31, | Three months ended December 31, | Twelve months ended December 31, | Twelve months ended December 31, |
| | 2022 | 2021 | 2022 | 2021 |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Balance at beginning of period | $43158 | $24208 | $26232 | $16904 |
| &nbsp;&nbsp;&nbsp;Originated servicing rights capitalized | 824 | 2799 | 6061 | 11436 |
| &nbsp;&nbsp;&nbsp;Change in fair value | (1493) | (775) | 10196 | (2108) |
| Balance at end of period | $42489 | $26232 | $42489 | $26232 |

---

**Mortgage Loan Activity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Twelve months ended | Twelve months ended |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, | December 31, |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | 2022 | 2021 |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Mortgage loans originated | $138889 | $209041 | $424563 | $935807 | $1861060 |
| Mortgage loans sold | 80584 | 157511 | 291196 | 602797 | 1254638 |
| Net gains on mortgage loans | 1486 | 2857 | 5600 | 6431 | 35880 |
| Net gains as a percent of mortgage loans sold ("Loan Sales Margin") | 1.84% | 1.81% | 1.92% | 1.07% | 2.86% |
| Fair value adjustments included in the Loan Sales Margin | 0.19% | 0.25% | (0.90)% | (1.12)% | (0.52)% |

---

<u>3</u>

------

**Non-Interest Expense**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Twelve months ended | Twelve months ended |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, | December 31, |
| | December 31, 2022 | September 30, 2022 | December 31, 2021 | 2022 | 2021 |
| | (In thousands) | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Compensation | $12728 | $12839 | $11462 | $50535 | $44226 |
| Performance-based compensation | 4147 | 4290 | 4473 | 15875 | 19800 |
| Payroll taxes and employee benefits | 3519 | 3472 | 3970 | 14597 | 15943 |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 20394 | 20601 | 19905 | 81007 | 79969 |
| Data processing | 2670 | 2653 | 2851 | 10183 | 10823 |
| Occupancy, net | 2225 | 2062 | 2216 | 8907 | 8794 |
| Interchange expense | 1042 | 927 | 1083 | 4242 | 4434 |
| Furniture, fixtures and equipment | 933 | 987 | 1060 | 4007 | 4172 |
| Communications | 629 | 723 | 739 | 2871 | 3080 |
| Loan and collection | 679 | 772 | 819 | 2657 | 3172 |
| FDIC deposit insurance | 572 | 591 | 413 | 2142 | 1396 |
| Legal and professional | 588 | 573 | 534 | 2133 | 2068 |
| Advertising | 489 | 345 | 599 | 2074 | 1918 |
| Amortization of intangible assets | 146 | 174 | 243 | 785 | 970 |
| Supplies | 125 | 147 | 151 | 556 | 611 |
| Correspondent bank service fees | 67 | 75 | 90 | 299 | 382 |
| Provision for loss reimbursement on sold loans |  | 12 | 38 | 57 | 133 |
| Conversion related expenses |  |  | 191 | 50 | 1827 |
| Costs (recoveries) related to unfunded lending commitments | (77) | 382 | 844 | 599 | 1207 |
| Net gains on other real estate and repossessed assets |  | (18) | (28) | (214) | (230) |
| Other | 1609 | 1360 | 2206 | 5986 | 6297 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | $32091 | $32366 | $33954 | $128341 | $131023 |

---

<u>4</u>

------

**Average Balances and Tax Equivalent Rates**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
| | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
| | Average<br>Balance | Interest | Rate (2) | Average<br>Balance | Interest | Rate (2) |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Assets |  |  |  |  |  |  |
| Taxable loans | $3442621 | $42023 | 4.86% | $2949441 | $30232 | 4.08% |
| Tax-exempt loans (1) | 7323 | 89 | 4.82 | 8544 | 106 | 4.92 |
| Taxable securities | 847735 | 5845 | 2.76 | 1017291 | 4114 | 1.62 |
| Tax-exempt securities (1) | 317074 | 3241 | 4.09 | 349747 | 2047 | 2.34 |
| Interest bearing cash | 5069 | 48 | 3.76 | 89950 | 38 | 0.17 |
| Other investments | 17653 | 185 | 4.16 | 18427 | 179 | 3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Earning Assets | 4637475 | 51431 | 4.41 | 4433400 | 36716 | 3.30 |
| Cash and due from banks | 58485 |  |  | 58232 |  |  |
| Other assets, net | 238899 |  |  | 162859 |  |  |
| Total Assets | $4934859 |  |  | $4654491 |  |  |
| Liabilities |  |  |  |  |  |  |
| Savings and interest-bearing checking | 2519294 | 6046 | 0.95 | 2409373 | 634 | 0.10 |
| Time deposits | 503081 | 2497 | 1.97 | 344744 | 343 | 0.39 |
| Other borrowings | 136999 | 1833 | 5.31 | 108940 | 962 | 3.50 |
| Interest Bearing Liabilities | 3159374 | 10376 | 1.30% | 2863057 | 1939 | 0.27 |
| Non-interest bearing deposits | 1328373 |  |  | 1315784 |  |  |
| Other liabilities | 113502 |  |  | 82173 |  |  |
| Shareholders' equity | $333610 |  |  | $393477 |  |  |
| Total liabilities and shareholders' equity | $4934859 |  |  | $4654491 |  |  |
| Net Interest Income |  | $41055 |  |  | $34777 |  |
| Net Interest Income as a Percent of Average Interest Earning Assets |  |  | 3.52% |  |  | 3.13% |

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(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

<u>5</u>

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**Average Balances and Tax Equivalent Rates**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
| | Average<br>Balance | Interest | Rate | Average<br>Balance | Interest | Rate (2) |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Assets |  |  |  |  |  |  |
| Taxable loans | $3227803 | $138765 | 4.30% | $2881950 | $116358 | 4.04% |
| Tax-exempt loans (1) | 7771 | 370 | 4.76 | 7240 | 362 | 5.00 |
| Taxable securities | 945665 | 20676 | 2.19 | 915701 | 14488 | 1.58 |
| Tax-exempt securities (1) | 331322 | 10191 | 3.08 | 348346 | 7892 | 2.27 |
| Interest bearing cash | 28773 | 142 | 0.49 | 79915 | 112 | 0.14 |
| Other investments | 17768 | 742 | 4.18 | 18427 | 734 | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Earning Assets | 4559102 | 170886 | 3.75 | 4251579 | 139946 | 3.30 |
| Cash and due from banks | 59507 |  |  | 56474 |  |  |
| Other assets, net | 207114 |  |  | 157524 |  |  |
| Total Assets | $4825723 |  |  | $4465577 |  |  |
| Liabilities |  |  |  |  |  |  |
| Savings and interest-bearing checking | 2526296 | 10278 | 0.41 | 2282607 | 2693 | 0.12 |
| Time deposits | 399987 | 3873 | 0.97 | 326081 | 1772 | 0.54 |
| Other borrowings | 121871 | 5296 | 4.35 | 108884 | 3850 | 3.54 |
| Interest Bearing Liabilities | 3048154 | 19447 | 0.64% | 2717572 | 8315 | 0.31 |
| Non-interest bearing deposits | 1338736 |  |  | 1288276 |  |  |
| Other liabilities | 94638 |  |  | 69694 |  |  |
| Shareholders' equity | $344195 |  |  | $390035 |  |  |
| Total liabilities and shareholders' equity | $4825723 |  |  | $4465577 |  |  |
| Net Interest Income |  | $151439 |  |  | $131631 |  |
| Net Interest Income as a Percent of Average Interest Earning Assets |  |  | 3.32% |  |  | 3.10% |

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

<u>6</u>

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**Commercial Loan Portfolio Analysis as of December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans |
| | | Watch Credits | Watch Credits | Watch Credits | Percent of Loan Category in Watch Credit |
| Loan Category | All Loans | Performing | Non-accrual | Total | Percent of Loan Category in Watch Credit |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Land | $9285 | $180 | $— | $180 | 1.9% |
| Land Development | 16220 |  |  |  |  |
| Construction | 114277 |  |  |  |  |
| Income Producing | 469696 | 6177 |  | 6177 | 1.3 |
| Owner Occupied | 426404 | 16525 |  | 16525 | 3.9 |
| Total Commercial Real Estate Loans | $1035882 | $22882 | $— | $22882 | 2.2 |
| Other Commercial Loans | $430971 | $9157 | 38 | $9195 | 2.1 |
| Total non-performing commercial loans |  |  | $38 |  |  |

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**Commercial Loan Portfolio Analysis as of December 31, 2021**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans | Total Commercial Loans |
| | | Watch Credits | Watch Credits | Watch Credits | Percent of Loan Category in Watch Credit |
| Loan Category | All Loans | Performing | Non-accrual | Total | Percent of Loan Category in Watch Credit |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Land | $13621 | $114 | $— | $114 | 0.8% |
| Land Development | 14854 | 32 |  | 32 | 0.2 |
| Construction | 67663 |  |  |  |  |
| Income Producing | 402936 | 2215 |  | 2215 | 0.5 |
| Owner Occupied | 360614 | 21960 |  | 21960 | 6.1 |
| Total Commercial Real Estate Loans | $859688 | $24321 | $— | $24321 | 2.8 |
| Other Commercial Loans | $343893 | $12546 | 62 | $12608 | 3.7 |
| Total non-performing commercial loans |  |  | $62 |  |  |

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<u>7</u>

## Exhibit 99.3

![](ibcp20224qearningsdeck-f001.jpg)

Independent Bank Corporation Earnings Call Fourth Quarter 2022 January 26, 2023 (NASDAQ: IBCP)

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![](ibcp20224qearningsdeck-f002.jpg)

Cautionary note regarding forward-looking statements This presentation contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of Independent Bank Corporation. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. The COVID-19 pandemic is adversely affecting Independent Bank Corporation, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect Independent Bank Corporation's revenues and the values of its assets and liabilities, reduce the availability of funding from certain financial institutions, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices could affect Independent Bank Corporation in substantial and unpredictable ways. Independent Bank Corporation's results could also be adversely affected by changes in interest rates; further increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management's ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk. Certain risks and important factors that could affect Independent Bank Corporation's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the SEC, including among other things under the heading "Risk Factors" in such Annual Report on Form 10-K. Any forward-looking statement speaks only as of the date on which it is made, and Independent Bank Corporation undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise. 2

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![](ibcp20224qearningsdeck-f003.jpg)

Agenda  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. 3

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![](ibcp20224qearningsdeck-f004.jpg)

4Q22 Overview 4 4Q22 Earnings • Net income of $15.1 million, or $0.71 per diluted share, compared to $12.5 million, or $0.58 per diluted share, in 4Q21 • Pre-tax, pre-provision income of $20.0 million, an increase of 24% from $16.1 million in 4Q21 • Growth in net interest income offset lower net gain on sale of mortgage loans • Strong profitability results in 5.2% increase in tangible book value per share from end of prior quarter Commercial Banking Continues to Generate Solid Loan Growth • 6.6% annualized growth in total loans primarily driven by increase in commercial portfolio • 16.5% annualized growth in commercial portfolio with good diversification across sectors and markets • Expansion into new markets and impact of commercial banker additions generating larger volume of opportunities and resulting in strong commercial loan growth while being selective in new loan production Positive Trends in Key Metrics • Net interest margin increased 3 bps to 3.52% • Asset quality remained exceptional with NPAs/Total Assets stable at 0.08% and net loan recoveries in the quarter, with delinquencies in installment portfolio remaining stable and at low levels • Capital ratios strengthened with bank level Total Capital to Total Risk-weighted Assets Ratio increasing 5 bps to 12.22% Conservative Balance Sheet Management • No shares repurchased during 4Q22 in order to preserve capital to build TCE and support strong organic loan growth • Loan-to-deposit ratio of 79% provides significant liquidity to continue funding loan growth • While asset quality remains excellent, IBCP is well reserved ahead of potential economic weakness with ACL/Total Loans increasing to 1.51%

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![](ibcp20224qearningsdeck-f005.jpg)

Low Cost Deposit Franchise Focused on Core Deposit Growth 5  Substantial core funding – $3.85 billion of non-maturity deposit accounts (87.8% of total deposits).  Total deposits increased $262.0 million (6.4%) since 12/31/21 with non-interest bearing down $51.8 million, savings and interest- bearing checking up $75.8 million, reciprocal up $15.9 million and time up $13.1 million.  Deposits by Customer Type: - Retail – 52.8% - Commercial – 33.3% - Municipal – 13.9% Deposit Composition – 12/31/22 Deposit Highlights Michigan Deposit Market Share $4.4B Core Deposits: 87.8% Cost of Deposits (%)/Total Deposits ($B) Note: Core deposits defined as total deposits less maturity deposits. Source: S&P Global deposit market share data based on FDIC Summary of Deposits Annual Survey as of June 30, 2022. Rank 2022 Institution Deposits in Market ($M) Mkt. Share (%) 1 JPMorgan Chase & Co. 69,955 26.4% 2 Huntington Bancshares Inc. 36,160 13.7% 3 Comerica Inc. 33,063 12.5% 4 Bank of America Corp. 30,306 11.5% 5 The PNC Financial Services Group Inc. 21,228 8.0% 6 Fifth Third Bancorp 16,829 6.4% 7 New York Community Bancorp Inc. 13,896 5.3% 8 Citizens Financial Group Inc. 6,830 2.6% 9 Independent Bank Corp. 4,359 1.6% 10 Mercantile Bank Corp. 2,528 1.0% Data: S&P Global Total for Institutions in Market $264,589 Non-interest Bearing 29% Savings and Interest- bearing Checking 45% Reciprocal 14% Time 7% Brokered 5% $3.6 $3.6 $3.9 $3.9 $4.1 $4.1 $4.2 $4.3 $4.3 $4.4 0.23% 0.39% 0.14% 0.12% 0.11% 0.09% 0.07% 0.11% 0.33% 0.77% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Total Deposits Cost Of Deposits

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![](ibcp20224qearningsdeck-f006.jpg)

Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate 6 Cumulative Cycle Beta = 16.2%

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![](ibcp20224qearningsdeck-f007.jpg)

Diversified Loan Portfolio Focused on High Quality Growth 7 Lending Highlights Note: Portfolio loans exclude loans HFS.  Portfolio loan changes in 4Q'22: - Commercial – increased $58.6 million. - Average new origination yield of 6.39%. - Mortgage – increased $13.5 million. - Average new origination yield of 6.02%. - Installment – decreased $16.7 million. - Average new origination yield of 6.81%.  Mortgage loan portfolio weighted average FICO of 753 and average balance of $172,605.  Installment weighted average FICO of 758 and average balance of $25,227.  Commercial loan rate mix: - 50% fixed / 50% variable. - Indices – 63% tied to Prime, 3% tied to LIBOR, 1% tied to a US Treasury rate and 33% tied to SOFR.  Mortgage loan (including HECL) rate mix: - 65% fixed / 35% adjustable or variable. - 24% tied to Prime, 33% tied to LIBOR, 13% tied to a US Treasury rate and 30% tied to SOFR. Loan Composition – 12/31/22 $3.5B Yield on Loans (%)/Total Portfolio Loans ($B) $2.9 $2.7 $2.8 $2.8 $2.9 $2.9 $3.0 $3.3 $3.4 $3.4 4.14% 4.31% 4.01% 3.95% 4.13% 4.08% 3.82% 4.01% 4.39% 4.90% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 3Q'22 4Q'22 Total Portfolio Loans Yield on Loans Commercial 42% Mortgage 39% Installment 18% Held for Sale 1%

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![](ibcp20224qearningsdeck-f008.jpg)

Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) 8 Concentrations within $1.47B Commercial Loan Portfolio 8 Note: $937 million, or 63.9% of the commercial loan portfolio is C&I or owner occupied, while $530 million, or 36.1% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $1.467 billion as of December 31, 2022

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![](ibcp20224qearningsdeck-f009.jpg)

Credit Quality Summary 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 $1.63 million of payment plan receivables that were held for sale. Non-performing Assets ($ in Millions) ORE/ORA ($ in Millions)Non-performing Loans ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) 9 $13.4 $8.2 $8.6 $9.5 $7.9 $7.1 $5.1 $5.6 $5.1 $5.0 $4.5 $3.8 $3.7 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 Non-performing Loans (NPLs) NPLs / Total Loans 1.1% $5.0 $1.6 $1.3 $1.9 $0.8 $0.3 $0.3 $0.2 $0.2 $0.4 $0.5 $0.3 $0.5 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4'21 Q1 Q2 Q3 Q4'22 $5.3 $4.8 $4.4 $7.2 $13.2 $3.9 $3.5 $2.4 $2.3 $2.7 $3.7 $2.3 $3.1 0.3% 0.2% 0.2% 0.3% 0.5% 0.1% 0.1% 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% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 30-89 Days PD 30-89 Days PD / Loans $18.4 $9.8 $9.9 $11.4 $8.6 $7.4 $5.4 $5.8 $5.3 $5.4 $5.0 $4.2 $4.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 Non-performing Loans 90+ Days PD ORE/ORA

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![](ibcp20224qearningsdeck-f010.jpg)

Strong Capital Position 10 TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) Strong Capital Position • 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. • 2022 Share Repurchases: • 181,586 shares • $22.08 avg price per share • Tangible common equity ratio excluding the impact of unrealized losses on securities AFS and HTM is 7.93% 8.6 8.2 8.0 7.9 6.9 6.3 6.2 6.4 0 5 10 15 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 12.0 11.7 11.3 11.1 10.7 10.3 10.3 10.4 0 5 10 15 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 9.2 9.0 9.0 8.8 8.8 8.7 8.8 8.9 0 5 10 15 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 16.0 15.5 14.9 14.7 14.2 13.7 13.5 13.6 0 2 4 6 8 10 12 14 16 18 20 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22

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![](ibcp20224qearningsdeck-f011.jpg)

Highlights  Net interest income increased $0.7 million in 4Q'22 vs. 3Q'22 due to an increase in average earning assets and an increase in the net interest margin.  Net interest margin was 3.52% during the fourth quarter of 2022, compared to 3.13% in the year-ago quarter and 3.49% in the third quarter of 2022. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) Net Interest Margin/Income 11 3.62 3.57 3.27 3.22 3.37 3.30 3.16 3.47 3.92 4.41 3.31 3.12 3.05 3.02 3.18 3.13 3.00 3.26 3.49 3.52 0.09 0.09 0.08 0.07 0.08 0.08 0.12 0.77 2.18 3.65 0.23 0.39 0.14 0.12 0.11 0.10 0.10 0.12 0.45 0.92 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Earning Asset Yield Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds $32.0 $31.0 $30.3 $31.4 $33.8 $34.3 $33.0 $36.1 $39.9 $40.6 $25.0 $27.0 $29.0 $31.0 $33.0 $35.0 $37.0 $39.0 $41.0 $43.0 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22

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![](ibcp20224qearningsdeck-f012.jpg)

Linked Quarter Analysis 12 4Q'22 NIM Changes Linked Quarter Average Balances and FTE Rates 4Q22 3Q22 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield ($ in thousands) Cash $5,069 $48 3.76% $5,830 $28 1.91% ($761) $20 1.85% Investments 1,182,462 9,271 3.14% 1,243,856 8,248 2.65% (61,394) 1,023 0.48% Commercial loans 1,420,148 20,837 5.82% 1,369,513 17,245 5.00% 50,635 3,592 0.83% Mortgage loans 1,392,198 14,499 4.17% 1,338,283 13,268 3.97% 53,915 1,231 0.20% Consumer loans 637,598 6,776 4.22% 652,825 6,598 4.01% (15,227) 178 0.21% Earning assets $4,637,475 $51,431 4.41% $4,610,307 $45,387 3.92% $27,168 $6,044 0.49% Nonmaturity deposits $2,519,294 $6,046 0.95% $2,548,213 $2,803 0.44% ($28,919) 3,243 0.52% CDARS deposits 34,442 160 1.84% 31,653 30 0.38% 2,789 130 1.47% Retail Time deposits 303,103 891 1.17% 318,731 547 0.68% (15,628) 344 0.49% Brokered deposits 165,536 1,446 3.47% 52,082 245 1.87% 113,454 1,201 1.60% Bank borrowings 57,925 553 3.79% 45,494 282 0.62% 12,431 271 3.17% IBC debt 79,074 1,280 6.42% 79,037 1,121 5.63% 37 159 0.80% Cost of funds $3,159,374 $10,376 1.30% $3,075,210 $5,028 0.65% $84,164 $5,348 0.65% Free funds $1,478,101 $1,535,097 ($56,996) Net interest income $41,055 $40,359 $696 Net interest margin 3.52% 3.49% 0.03% Q3'22 3.49% Increase in investment yield 0.13% Change in loan yield and mix 0.36% Change in funding mix -0.01% Increase in funding costs -0.45% Q4'22 3.52%

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![](ibcp20224qearningsdeck-f013.jpg)

• The decrease in the base case modeled NII is due to an adverse shift in the funding mix and higher than modeled betas on interest bearing deposits during the quarter. These changes were partially offset by earning asset growth and a favorable change in earning asset composition. • There was a modest increase in the sensitivity to rising rates during 4Q22. The change in sensitivity is primarily due to a shift in the funding mix with a decline in DDA and savings accounts and an increase in wholesale funding. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 42.3% of assets and other non-maturity deposits fund another 22.6% of assets. Moderate wholesale funding of just 7.5% of assets. • 28.0% of assets reprice in 1 month and 41.3% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging as well as product pricing and structure. 13Interest Rate Risk Management Changes in Net Interest Income 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. -200 -100 Base-rate +100 +200 Net Interest Income 163,958$166,618$167,349$166,977$165,771$ Change from Base -2.03% -0.44% - -0.22% -0.94% -200 -100 Base-rate +100 +200 Net Interest Income 164,135$167,764$169,963$170,676$170,446$ Change from Base -3.43% -1.29% - 0.42% 0.28% (Dollars in 000's) December 31, 2022 September 30, 2022 (Dollars in 000's)

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![](ibcp20224qearningsdeck-f014.jpg)

Strong Non-interest Income 14  Diverse sources of non-interest income, representing 18.4% of operating revenue in 4Q'22.  The $0.2 million comparative quarterly increase in service charges on deposit accounts is primarily attributed to fees related to Treasury Management.  Mortgage banking: - $1.5 million in net gains on mortgage loans in 4Q'22 vs. $5.6 million in the year ago quarter. A combination of lower mortgage loan sales volume, reduced profit margins and fair value adjustments led to this decrease. - $138.9 million in mortgage loan originations in 4Q'22 vs. $424.6 million in 4Q'21 and $209.0 million in 3Q'22. - 4Q'22 mortgage loan servicing includes a $0.5 million ($0.02 per diluted share, after tax) decrease in fair value adjustment due to price compared to an increase of $0.6 million ($0.02 per diluted share, after tax) in the year ago quarter.Source: Company documents. $61.9M 2022 YTD Non-interest Income (thousands) Non-interest Income Trends ($M) Highlights Interchange income, $13,955 Service Chg Dep, $12,288 Gain (Loss)- Mortgage Sale, $6,431 Gain (Loss)- Securities, $(275) Mortgage loan servicing, net, $18,773 Investment and insurance commissions, $2,898 Bank owned life insurance, $360 Other income, $7,479 $27.0 $22.4 $26.4 $14.8 $19.7 $15.8 $18.9 $14.6 $16.9 $11.5 45.8% 41.9% 46.6% 32.0% 36.8% 30.3% 35.4% 27.6% 27.3% 18.4% 0.0 10.0 20.0 30.0 40.0 50.0 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Non-interest Income Non-interest Inc/Operating Rev (%)

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![](ibcp20224qearningsdeck-f015.jpg)

Focus on Improved Efficiency 15 Source: Company documents. Non-interest Expense ($M) Highlights Efficiency Ratio (4 quarter rolling average)  4Q'22 efficiency ratio of 60.8%.  Compensation and employee benefits expense of $20.4 million, an increase of $0.5 million from the prior year quarter.  Compensation (salaries and wages) increased $1.3 million due to raises that were generally effective at the start of the year, a decreased level of compensation that was deferred in the fourth quarter of 2022 as direct origination costs (lower mortgage loan origination volume), and an increase in lending personnel.  $0.3 million decrease in performance based compensation expense accrual.  Payroll taxes and employee benefits decreased $0.5 million due to lower payroll taxes, health care costs and lower mortgage incentives.  Data processing costs decreased by $0.2 million primarily due to lower debit card production costs and lower net mortgage processing costs.  Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. $33.6 $32.7 $30.0 $32.5 $34.5 $34.0 $31.5 $32.4 $32.4 $32.1 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Total 59.8% 55.9% 59.9% 61.7% 63.2% 64.8% 63.1% 61.3% 59.8% Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 1Q'22 2Q'22 3Q'22 4Q'22

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![](ibcp20224qearningsdeck-f016.jpg)

2022 Outlook Update Category Outlook Lending Continued growth IBCP goal of low double digit (approximately 10%) overall loan growth is based on increases in commercial loans, mortgage loans and consumer loans. Expect much of this growth to occur in the last three quarters of 2022. This growth forecast also assumes an improving Michigan economy. Q4 Update: Total portfolio loans increased $55.5 million (6.5% annualized) in 4Q'22 and $560.3 million (19.3% annualized) for full year 2022 which is higher than our forecasted range. Commercial and mortgage loans had positive growth in the fourth quarter while installment loans decreased. Net Interest Income Growth driven primarily by higher average earning assets The elimination of accelerated fee accretion ($8.9 million in 2021) related to Paycheck Protection Program will make net interest income (NII) growth challenging in 2022. IBCP goal low single digit (1%-3%) growth is primarily supported by an increase in earning assets. Expect the net interest margin (NIM) to trend lower (0.10% - 0.15%) in 2022 compared to full-year 2021. Primary driver is a reduction in earing asset yield. The forecast assumes a 0.25% increase in June and September in the federal funds rate and long-term interest rates up slightly over year end 2021 levels. Q4 Update: 4Q'22 net interest income was $6.3 million (18.4%) higher than the prior year quarter. The net interest margin was 3.52% for the quarter, up 0.03% from the linked quarter and up 0.39% from the prior year quarter. The 18.4% increase in net interest income is due to an increase in average interest-earning assets as well as an increase in net interest margin. Provision for Credit Losses Steady asset quality metrics 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 1.63% at 12/31/21. A full year 2022 provision (expense) for credit losses of approximately 0.15% to 0.20% of average total portfolio loans would not be unreasonable. Q4 Update: The provision for credit losses was an expense of $1.4 million (0.16% annualized) in 4Q'22 which was within our forecasted range of an expense of 0.15% to 0.20% of average portfolio loans. The year-to-date provision for credit losses was an expense of $5.3 (0.15%) which is within our forecasted range. The 4Q'22 provision expense was primarily the result of an increase in subjective allocations primarily related to general economic conditions and loan growth. Non-interest Income IBCP forecasted 2022 quarterly range of $13 million to $17 million with the total for the year down 20% to 25% from 2021 actual of $76.6 million Expect mortgage loan origination volumes in 2022 to be down by approximately 21%, interchange income in 2022 to increase approximately 5% as compared to 2021 and service charges on deposits to be collectively comparable to 2021 (a decline in NSF fees to be largely offset by an increase in treasury management related service charges). Q4 Update: Non-interest income totaled $11.5 million in 4Q'22, which was below the forecasted range. 4Q'22 mortgage loan originations, sales and gains totaled $138.9 million, $80.6 million and $1.5 million, respectively. The decrease in net gains on mortgage loans sold was primarily due to lower sales volume and decreased profit margin on mortgage loan sales. Mortgage loan servicing generated a gain of $0.6 million in 4Q'22 due primarily to a an increase in mortgage loan servicing revenue. The $1.3 million (14.3%) comparative year-to-date increase in other income is primarily attributed to a gain on sale ($1.0 million) of two bank owned properties. Non-interest Expenses IBCP forecasted 2022 quarterly range of $30.5 million to $32.5 million with the total for the year down (3%-5%) from the 2021 actual of $131.0 million. The primary driver is a decrease in total compensation and employee benefits due primarily to a reduction in incentive compensation, conversion related expense and costs(recoveries) related to unfunded lending commitments. Q4 Update: : Total non-interest expense was $32.1 million in the fourth quarter of 2022, within our forecasted range. The $0.5 million comparative quarterly increase in compensation and employee benefits was primarily due to lower incentive compensation. The $0.4 million comparative quarterly decrease in data processing expense is primarily related to lower debit card production costs and lower net mortgage processing costs. Income Taxes Approximately an 18.5% effective income tax rate in 2022. This assumes a 21% statutory federal corporate income tax rate during 2022. Q4 Update: Actual effective income tax rate of 18.8 for the 4Q'22 and 18.6% for the full year 2022. Share Repurchases 2022 share repurchase authorization at approximately 5% (1.1 million) of outstanding shares. Expect total share repurchases in 2022 at the mid-point of this authorization. Q4 Update: There were no share repurchases in 4Q'22. The Company repurchased 181,586 (16.5% of repurchase authorization) shares at an average price of $22.08 for the full year of 2022. 16

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2023 Outlook Category Outlook Lending Continued growth IBCP goal 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. Net Interest Income Growth driven primarily by higher average earning assets IBCP goal 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 the 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. Provision for Credit Losses Steady asset quality metrics 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 2022 provision (expense) for credit losses of approximately 0.25% to 0.35% of average total portfolio loans would not be unreasonable. Non-interest Income IBCP forecasted 2023 quarterly range of $11 million to $13 million with the total for the year down 20% to 25% from 2022 actual of $61.9 million 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 2022 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). Non-interest Expenses IBCP forecasted 2023 quarterly range of $32.0 million to $33.5 million with the total for the year up 1.5% to 2.5% from the 2022 actual of $127.7 million. The primary driver is an increase in data processing and FDIC deposit insurance premiums. Income Taxes Approximately an 18.8% effective income tax rate in 2023. This assumes a 21% statutory federal corporate income tax rate during 2023. Share Repurchases 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. 17

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Strategic Initiatives 18 • Organic growth through servicing businesses and consumers in our Markets in an inclusive way to include straight forward marketing, improved brand awareness and enhanced outreach efforts that foster strong customer relationships and engagement. • Improve net interest income via balanced loan growth, disciplined risk adjusted loan pricing and active management of deposit pricing. • Add new customers and grow revenue by leveraging new LPO's and talented sales staff & outbound calling efforts. • Leverage data analytics for innovative targeted customer acquisitions, retention and cross sales strategies, inside sales efforts and referrals with strategic business unit partners. • Supplement our organic growth initiatives via selective and opportunistic bank acquisitions and branch acquisitions. Growth • Enhance process improvement expertise, enabling all business lines and departments to streamline/automate operating processes and workflows. • Leverage technology, capitalizing upon core conversion new capabilities, streamline and improve bank processes. • Leverage virtual capabilities to make more effective meetings, training and customer engagement. • Optimize branch delivery channel including assessing existing locations, new locations, service hours, staffing, & workflow and leveraging our existing technology. • Expand Digital Branch (call center) services. Process Improvement & Cost Controls • Sustain and enhance a constructive culture, supported by a highly engaged workforce that embraces and encourages a diverse, equitable, inclusive and flexible work environment. • Retain and attract top talent. • Align learning and development initiatives in support of bank priorities and employees' continued growth. • Demonstrate that we are committed to the well-being of our team members who ensure our success. This entails recognizing and rewarding contributions, developing new talent via internships, providing coaching and development, and planning for succession and new opportunities. Talent Management • Produce strong and consistent earnings and capital levels. • Maintain good credit quality aided by strong proactive asset quality monitoring and problem resolution. • Practice sound risk management with effective reporting to include fair banking and scenario planning. • Actively manage and monitor liquidity and interest rate risk. • Promote strong, independent & collaborative risk management, utilizing three layers of defense (business unit, risk management and internal audit). • Ensure effective operational controls with special emphasis on cyber security, fraud prevention, core system conversion and regulatory compliance. • Maintain effective relationships with regulators & other outside oversight parties. Provide effective ESG (Environmental, Social and Governance) disclosures for investors and other interested parties. Risk Management

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Q&A and Closing Remarks Question and Answer Session Closing Remarks Thank you for attending! NASDAQ: IBCP 19

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Appendix 20 Additional Financial Data and Non-GAAP Reconciliations

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Historical Financial Data 21 Year Ended December 31, ($M except per share data) 2017 2018 2019 2020 2021 2022 5 Year CAGR Balance Sheet: Total Assets $2,789 $3,353 $3,565 $4,204 $4,705 $5,000 12.4% Portfolio Loans $2,019 $2,583 $2,725 $2,734 $2,905 $3,465 11.4% Deposits $2,401 $2,913 $3,037 $3,637 $4,117 $4,379 12.8% Tangible Common Equity $263 $304 $317 $357 $367 $317 3.8% Profitability: Pre-Tax, Pre-Provision Income $39.6 $50.6 $58.6 $81.9 $75.4 $83.1 16.0% Pre-Tax, Pre-Prov / Avg. Assets 1.50% 1.62% 1.70% 2.08% 1.62% 1.68% - Net Income(1) $20.5 $39.8 $46.4 $56.2 $62.9 $63.4 25.4% Diluted EPS $0.95 $1.68 $2.00 $2.53 $2.88 $2.97 25.6% Return on Average Assets(1) 0.77% 1.27% 1.35% 1.43% 1.41% 1.31% - Return on Average Equity(1) 7.82% 12.38% 13.63% 15.68% 16.13% 18.41% - Net Interest Margin (FTE) 3.65% 3.88% 3.80% 3.34% 3.10% 3.32% - Efficiency Ratio 69.20% 67.20% 64.90% 59.24% 62.87% 59.71% - Asset Quality: NPAs / Assets 0.35% 0.29% 0.32% 0.21% 0.11% 0.08% - NPAs / Loans + OREO 0.49% 0.38% 0.42% 0.32% 0.18% 0.12% - Reserves / Total Loans 1.12% 0.96% 0.96% 1.30% 1.63% 1.51% - NCOs / Avg. Loans (0.06%) (0.03%) (0.02%) 0.11% (0.07%) 0.00% - Capital Ratios: TCE Ratio 9.4% 9.2% 9.0% 8.6% 7.9% 6.4% - Leverage Ratio 10.6% 10.5% 10.1% 9.2% 8.8% 8.8% - Tier 1 Capital Ratio 14.0% 13.3% 12.7% 13.3% 12.2% 11.4% - Total Capital Ratio 15.2% 14.3% 13.7% 16.0% 14.7% 13.7% - Shareholder Value: TBV/Share 12.34$12.90$14.08$16.33$17.33$15.04$4.0% Dividends Paid per Share 0.42$0.60$0.72$0.80$0.84$0.88$15.9% Value of Shares Repurchased -$12.7$26.3$14.2$17.3$4.0$-

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22Non-GAAP to GAAP Reconciliation December 31, September 30, June 30, March 31, December 31, 2022 2021 2020 2019 2022 2022 2022 2022 2021 Net interest income $149,561 $129,765 $123,612 $122,581 $40,602 $39,897 $36,061 $33,001 $34,285 Non-interest income 61,909 76,643 80,745 47,736 11,468 16,861 14,632 18,948 15,771 Non-interest expense 128,341 131,023 122,413 111,733 32,091 32,366 32,434 31,450 33,954 Pre-Tax, Pre-Provision Income 83,129 75,385 81,944 58,584 19,979 24,392 18,259 20,499 16,102 Provision for credit losses 5,341 (1,928) 12,463 824 1,390 3,145 2,379 (1,573) 630 Income tax expense 14,437 14,418 13,329 11,325 3,503 3,950 2,879 4,105 2,964 Net income $63,351 $62,895 $56,152 $46,435 $15,086 $17,297 $13,001 $17,967 $12,508 Average total assets 4,825,723$4,465,577$3,933,655$3,440,232$4,934,859$4,884,841$4,758,960$4,721,205$4,654,491$ Performance Ratios Return on average assets 1.31% 1.41% 1.43% 1.35% 1.21% 1.40% 1.10% 1.54% 1.07% Pre-tax, Provision return on average assets 1.72% 1.69% 2.08% 1.70% 1.61% 1.98% 1.54% 1.76% 1.37% Year Ended December 31, Quarter Ended (Dollars in thousands)

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23 Reconciliation of Non-GAAP Financial Measures 2022 2021 2022 2021 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 40,602$34,285$149,561$129,765$ Add: taxable equivalent adjustment 453 492 1,878 1,866 Net interest income - taxable equivalent 41,055$34,777$151,439$131,631$ Net interest margin (GAAP) (1) 3.48% 3.08% 3.28% 3.06% Net interest margin (FTE) (1) 3.52% 3.13% 3.32% 3.10% (1) Annualized. Three Months Ended Year Ended December 31, December 31, (Dollars in thousands)

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24 Reconciliation of Non-GAAP Financial Measures (continued) Independent Bank Corporation Tangible Common Equity Ratio December 31, September 30, June 30, March 31, December 31, 2022 2021 2020 2019 2022 2022 2022 2022 2021 Common shareholders' equity 347,596$398,484$389,522$350,169$347,596$332,308$331,134$355,449$398,484$ 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 2,551 2,697 2,871 3,104 3,336 Tangible common equity 316,745$366,848$356,916$316,543$316,745$301,311$299,963$324,045$366,848$ Total assets $4,999,787 $4,704,740 $4,204,013 $3,564,694 $4,999,787 $4,931,377 $4,826,209 $4,761,983 $4,704,740 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 2,551 2,697 2,871 3,104 3,336 Tangible assets $4,968,936 $4,673,104 $4,171,407 $3,531,068 $4,968,936 $4,900,380 $4,795,038 $4,730,579 $4,673,104 Common equity ratio 6.95% 8.47% 9.27% 9.82% 6.95% 6.74% 6.86% 7.46% 8.47% Tangible common equity ratio 6.37% 7.85% 8.56% 8.96% 6.37% 6.15% 6.26% 6.85% 7.85% Year Ended December 31, Quarter Ended (Dollars in thousands)

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