ibcp-20250424

Exhibit 99.1

NEWS RELEASE

Independent Bank Corporation

4200 East Beltline

Grand Rapids, MI 49525

616.527.5820


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

INDEPENDENT BANK CORPORATION REPORTS 2025 FIRST QUARTER RESULTS

First Quarter Highlights

Highlights for the first quarter of 2025 include:

•Increase in net interest income of $0.8 million (or 1.9% ) over the fourth quarter of 2024;

•Increase in tangible book value per share of $2.43 (13.2%) from March 31, 2024;

•Net growth in core deposits of $9.1 million (or 0.8% annualized) from December 31, 2024;

•Net growth in loans of $33.9 million (or 3.4% annualized) from December 31, 2024; and

•The payment of a 26 cent per share dividend on common stock on February 14, 2025.

GRAND RAPIDS, Mich., April 24, 2025 - Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2025 net income of $15.6 million, or $0.74 per diluted share, versus net income of $16.0 million, or $0.76 per diluted share, in the prior-year period.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased to see us continue our positive trends with our first quarter 2025 results. Overall loans increased 3.4% (annualized), while core deposits are up 0.8% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis and produce four basis points in margin expansion. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. These fundamentals continue to drive positive growth in tangible book value per share (13.2%) compared to the prior year quarter. Our credit metrics continue to be very good, with a low level of watch credits, 14 basis points of non-performing assets to total assets, and 0.01% net charge-offs for the quarter to average loans annualized. The allowance for credit losses, factoring in the recent market uncertainty, was 1.47% of total loans. We are staying in close contact with our client base during this volatile period and keeping abreast of what they are experiencing and how they are adjusting if needed. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the ongoing strategic initiative to add talented bankers to our team, we continue to be focused on what we can control and optimistic on the long-term future of the IBC franchise.”

Significant items impacting comparable first quarter 2025 and 2024 results include the following:

•Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(1.5) million ($(0.06) per diluted share, after taxes) for the three-month period ended March 31, 2025, as compared to $1.3 million ($0.05 per diluted share, after taxes) for the three-months ended March 31, 2024.

Operating Results

The Company’s net interest income totaled $43.7 million during the first quarter of 2025, an increase of $3.5 million, or 8.7% from the year-ago period, and an increase of $0.8 million, or 1.9%, from the fourth quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.49% during the first quarter of 2025, compared to 3.30% in the year-ago period, and 3.45% in the fourth quarter of 2024. The year-over-year and linked quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. Average interest-earning assets were $5.08 billion in the first quarter of 2025, compared to $4.91 billion in the year ago quarter and $5.01 billion in the fourth quarter of 2024.

Non-interest income totaled $10.4 million for the first quarter of 2025, compared to $12.6 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.

Net gains on mortgage loans in the first quarters of 2025 and 2024 were approximately $2.3 million and $1.4 million, respectively. The comparative quarterly increase in net gains on mortgage loans was primarily due to an increase in both gain on sale margin on mortgage loans sold and an increase in the volume of mortgage loans sold.

Mortgage loan servicing, net, generated income (expense) of $(0.6) million and $2.7 million in the first quarters of 2025 and 2024, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. Capitalized mortgage loan servicing rights totaled $32.2 million and $47.8 million at March 31, 2025 and December 31, 2024, respectively. The decline during the first quarter was primarily attributed to aforementioned mortgage servicing right sale. This transaction was executed in part to reduce the amount of exposure the bank had to rate variances that may impact the mortgage servicing right asset valuation in future periods. While the magnitude of fair value adjustments would also be expected to decrease, those adjustments are dependent upon factors that are harder to predict.

Mortgage loan servicing, net activity is summarized in the following table:


	Three months ended
		3/31/2025		3/31/2024
		(In thousands)
Mortgage loan servicing, net:
Revenue, net		$	1,882	$	2,219
Fair value change due to price		(1,533)		1,265
Fair value change due to pay-downs		(891)		(759)
Loss on sale of originated servicing rights		(94)		—
Total		$	(636)	$	2,725

Non-interest expenses totaled $34.3 million in the first quarter of 2025, compared to $32.2 million in the year-ago period.

The Company recorded income tax expense of $3.5 million in the first quarter of 2025. This compares to an income tax expense of $3.8 million in the first quarter of 2024. The change in income tax expense principally reflects changes in pre-tax earnings in 2025 relative to 2024.

Asset Quality

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


	3/31/2025			12/31/2024			3/31/2024
Loan Type	(Dollars in thousands)
Commercial	$	127		$	54		$	25
Mortgage	8,080			7,005			4,620
Installment	819			733			710
Sub total	9,026			7,792			5,355
Less - government guaranteed loans	1,940			1,790			1,665
Total non-performing loans	$	7,086		$	6,002		$	3,690
Ratio of non-performing loans to total portfolio loans	0.17		%	0.15		%	0.10		%
Ratio of non-performing assets to total assets	0.14		%	0.13		%	0.09		%
Ratio of allowance for credit losses to total non-performing loans	847.23		%	989.32		%	1526.10		%

(1) Non performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest.

The provision for credit losses was an expense of $0.72 million and $0.74 million in the first quarters of 2025 and 2024, respectively. We recorded loan net charge offs of $0.07 million and $0.22 million in the first quarters of 2025 and 2024, respectively. At March 31, 2025, the allowance for credit losses for loans totaled $60.0 million, or 1.47% of total portfolio loans compared to $59.4 million, or 1.47% of total portfolio loans at December 31, 2024.

Balance Sheet, Capital and Liquidity

Total assets were $5.33 billion at March 31, 2025, a decrease of $9.7 million from December 31, 2024. Loans, excluding loans held for sale, were $4.07 billion at March 31, 2025, compared to $4.04 billion at December 31, 2024. Deposits totaled $4.63 billion at March 31, 2025, a decrease of $20.2 million from December 31, 2024. This decrease is primarily due to decreases in non-interest bearing deposits and brokered time deposits that were partially offset by increases in savings and interest-bearing checking, reciprocal and time deposits.

Cash and cash equivalents totaled $128.1 million at March 31, 2025, versus $119.9 million at December 31, 2024. Securities available for sale (“AFS”) totaled $529.7 million at March 31, 2025, versus $559.2 million at December 31, 2024.

Total shareholders’ equity was $467.3 million at March 31, 2025, or 8.77% of total assets compared to $454.7 million or 8.52% at December 31, 2024. Tangible common equity totaled $437.6 million at March 31, 2025, or $20.87 per share compared to $424.9 million or $20.33 per share at December 31, 2024. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decrease in accumulated other comprehensive loss.

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


Regulatory Capital Ratios	3/31/2025		12/31/2024		Well Capitalized Minimum

Tier 1 capital to average total assets	9.56	%	9.58	%	5.00	%
Tier 1 common equity to risk-weighted assets	11.93	%	11.74	%	6.50	%
Tier 1 capital to risk-weighted assets	11.93	%	11.74	%	8.00	%
Total capital to risk-weighted assets	13.19	%	12.99	%	10.00	%

At March 31, 2025, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.10 billion and $486.1 million, respectively. We also had approximately $501.0 million in fair value of unpledged securities AFS and HTM at March 31, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $469.7 million.

Share Repurchase Plan

On December 17, 2024, the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 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, 2025. During the three month period ended March 31, 2025, there were 1,093 shares of common stock repurchased, for an aggregate purchase price of $0.03 million. Subsequent to quarter end, from April 3, 2025 through April 22, 2025, there were 249,482 additional shares of common stock repurchased, for an aggregate purchase price of $7.2 million.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 24, 2025.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 706949). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/106805636.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 746507). The replay will be available through May 1, 2025.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

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

Forward-Looking Statements

This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition


	March 31, 2025		December 31, 2024
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	60,566	$	56,984
Interest bearing deposits	67,579		62,898
Cash and Cash Equivalents	128,145		119,882
Securities available for sale	529,676		559,182
Securities held to maturity (fair value of $302,579 at March 31, 2025 and $301,860 at December 31, 2024)	336,928		339,436
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	15,587		16,099
Loans held for sale, carried at fair value	9,514		7,643

Loans
Commercial	1,992,187		1,937,364
Mortgage	1,512,807		1,516,726
Installment	567,697		584,735
Total Loans	4,072,691		4,038,825
Allowance for credit losses	(60,035)		(59,379)
Net Loans	4,012,656		3,979,446
Other real estate and repossessed assets, net	413		938
Property and equipment, net	37,369		37,492
Bank-owned life insurance	53,721		53,855
Capitalized mortgage loan servicing rights, carried at fair value	32,171		46,796
Other intangibles	1,366		1,488
Goodwill	28,300		28,300
Accrued income and other assets	142,582		147,547
Total Assets	$	5,328,428	$	5,338,104

Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	989,928	$	1,013,647
Savings and interest-bearing checking	2,017,800		1,995,314
Reciprocal	910,526		907,031
Time	635,172		628,285
Brokered time	80,505		109,811
Total Deposits	4,633,931		4,654,088
Other borrowings	45,014		45,009
Subordinated debt	39,605		39,586
Subordinated debentures	39,813		39,796
Accrued expenses and other liabilities	102,788		104,939
Total Liabilities	4,861,151		4,883,418

Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding	—		—
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,970,115 shares at March 31, 2025 and 20,895,714 shares at December 31, 2024	318,365		318,777
Retained earnings	215,995		205,853
Accumulated other comprehensive loss	(67,083)		(69,944)
Total Shareholders’ Equity	467,277		454,686
Total Liabilities and Shareholders’ Equity	$	5,328,428	$	5,338,104

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations


	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024

	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	57,768	$	58,346	$	55,043
Interest on securities
Taxable	4,036		4,417		5,251
Tax-exempt	2,770		2,905		3,391
Other investments	1,570		1,310		1,441
Total Interest Income	66,144		66,978		65,126
Interest Expense
Deposits	20,955		22,546		22,810
Other borrowings and subordinated debt and debentures	1,504		1,581		2,119
Total Interest Expense	22,459		24,127		24,929
Net Interest Income	43,685		42,851		40,197
Provision for credit losses	721		2,217		744
Net Interest Income After Provision for Credit Losses	42,964		40,634		39,453
Non-interest Income
Interchange income	3,127		3,294		3,151
Service charges on deposit accounts	2,814		2,976		2,872
Net gains (losses) on assets
Mortgage loans	2,303		1,705		1,364

Securities available for sale	(330)		(14)		(269)
Mortgage loan servicing, net	(636)		7,761		2,725
Other	3,146		3,399		2,718
Total Non-interest Income	10,424		19,121		12,561
Non-interest Expense
Compensation and employee benefits	20,383		22,886		20,770
Data processing	3,729		3,688		3,255
Occupancy, net	2,223		1,953		2,074
Interchange expense	1,119		1,131		1,097
Furniture, fixtures and equipment	885		928		954
Advertising	861		1,198		491
Loan and collection	786		606		512
FDIC deposit insurance	711		729		782
Communications	591		462		615
Legal and professional	479		849		486
Costs (recoveries) related to unfunded lending commitments	196		303		(652)
Other	2,299		2,254		1,809
Total Non-interest Expense	34,262		36,987		32,193
Income Before Income Tax	19,126		22,768		19,821
Income tax expense	3,536		4,307		3,830
Net Income	$	15,590	$	18,461	$	15,991
Net Income Per Common Share
Basic	$	0.74	$	0.88	$	0.77
Diluted	$	0.74	$	0.87	$	0.76

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	43,685		$	42,851		$	41,854		$	41,346		$	40,197
Provision for credit losses	721			2,217			1,488			19			744
Non-interest income	10,424			19,121			9,508			15,172			12,561
Non-interest expense	34,262			36,987			32,583			33,333			32,193
Income before income tax	19,126			22,768			17,291			23,166			19,821
Income tax expense	3,536			4,307			3,481			4,638			3,830
Net income	$	15,590		$	18,461		$	13,810		$	18,528		$	15,991

Basic earnings per share	$	0.74		$	0.88		$	0.66		$	0.89		$	0.77
Diluted earnings per share	0.74			0.87			0.65			0.88			0.76
Cash dividend per share	0.26			0.24			0.24			0.24			0.24

Average shares outstanding	20,943,094			20,893,820			20,896,019			20,901,741			20,877,067
Average diluted shares outstanding	21,150,550			21,122,096			21,115,273			21,105,387			21,079,607

Performance Ratios
Return on average assets	1.18		%	1.39		%	1.04		%	1.44		%	1.24		%
Return on average equity	13.71			16.31			12.54			17.98			15.95
Efficiency ratio (1)	62.20			59.09			62.82			61.49			60.26

As a Percent of Average Interest-Earning Assets (1)
Interest income	5.28		%	5.37		%	5.48		%	5.45		%	5.34		%
Interest expense	1.79			1.92			2.11			2.05			2.04
Net interest income	3.49			3.45			3.37			3.40			3.30

Average Balances
Loans	$	4,060,941		$	3,994,661		$	3,909,954		$	3,849,199		$	3,810,526
Securities	883,676			912,073			933,750			944,435			999,140
Total earning assets	5,078,596			5,007,566			4,985,842			4,893,367			4,910,669
Total assets	5,378,022			5,300,368			5,275,623			5,181,317			5,201,452
Deposits	4,715,331			4,655,091			4,616,119			4,531,917			4,561,645
Interest bearing liabilities	3,799,852			3,717,483			3,689,684			3,611,972			3,627,446
Shareholders' equity	461,291			450,214			438,077			414,549			403,225

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data (continued)


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio	8.26		%	8.00		%	8.08		%	7.63		%	7.41		%
Tangible common equity ratio excluding accumulated other comprehensive loss	9.31			9.10			8.99			8.76			8.57
Average equity to average assets	8.58			8.49			8.30			8.00			7.75
Total capital to risk-weighted assets (2)	14.51			14.22			14.25			14.21			13.85
Tier 1 capital to risk-weighted assets (2)	12.34			12.06			12.06			12.01			11.65
Common equity tier 1 capital to risk-weighted assets (2)	11.46			11.17			11.16			11.09			10.73
Tier 1 capital to average assets (2)	9.88			9.85			9.63			9.59			9.29
Common shareholders' equity per share of common stock	$	22.28		$	21.76		$	21.65		$	20.60		$	19.88
Tangible common equity per share of common stock	20.87			20.33			20.22			19.16			18.44
Total shares outstanding	20,970,115			20,895,714			20,893,800			20,899,358			20,903,677

Selected Balances
Loans	$	4,072,691		$	4,038,825		$	3,942,287		$	3,851,889		$	3,839,965
Securities	866,604			898,618			932,312			936,194			963,577
Total earning assets	5,031,975			5,024,083			4,964,784			4,979,555			4,949,496
Total assets	5,328,428			5,338,104			5,259,268			5,277,500			5,231,255
Deposits	4,633,931			4,654,088			4,626,875			4,614,328			4,582,414
Interest bearing liabilities	3,768,435			3,764,832			3,682,482			3,694,025			3,677,060
Shareholders' equity	467,277			454,686			452,369			430,459			415,570

(2)March 31, 2025 are Preliminary.

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 March 31,
		2025			2024
		(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")

Net interest income		$	43,685		$	40,197
Add: taxable equivalent adjustment		452			180
Net interest income - taxable equivalent		$	44,137		$	40,377
Net interest margin (GAAP) (1)		3.46		%	3.28		%
Net interest margin (FTE) (1)		3.49		%	3.30		%

(1)Annualized.

Tangible Common Equity Ratio


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in thousands)
Common shareholders' equity	$	467,277		$	454,686		$	452,369		$	430,459		$	415,570
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	1,366			1,488			1,617			1,746			1,875
Tangible common equity	437,611			424,898			422,452			400,413			385,395
Addition:
Accumulated other comprehensive loss for regulatory purposes	61,285			64,146			52,454			65,030			65,831
Tangible common equity excluding accumulated other comprehensive loss adjustments	$	498,896		$	489,044		$	474,906		$	465,443		$	451,226

Total assets	$	5,328,428		$	5,338,104		$	5,259,268		$	5,277,500		$	5,231,255
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	1,366			1,488			1,617			1,746			1,875
Tangible assets	5,298,762			5,308,316			5,229,351			5,247,454			5,201,080
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax	61,285			64,146			52,454			65,030			65,831
Tangible assets excluding accumulated other comprehensive loss adjustments	$	5,360,047		$	5,372,462		$	5,281,805		$	5,312,484		$	5,266,911

Common equity ratio	8.77		%	8.52		%	8.60		%	8.16		%	7.94		%
Tangible common equity ratio	8.26		%	8.00		%	8.08		%	7.63		%	7.41		%
Tangible common equity ratio excluding accumulated other comprehensive loss	9.31		%	9.10		%	8.99		%	8.76		%	8.57		%

Tangible Common Equity per Share of Common Stock:

Common shareholders' equity	$	467,277		$	454,686		$	452,369		$	430,459		$	415,570
Tangible common equity	$	437,611		$	424,898		$	422,452		$	400,413		$	385,395
Shares of common stock outstanding (in thousands)	20,970			20,896			20,894			20,899			20,904

Common shareholders' equity per share of common stock	$	22.28		$	21.76		$	21.65		$	20.60		$	19.88
Tangible common equity per share of common stock	$	20.87		$	20.33		$	20.22		$	19.16		$	18.44

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Supplemental Data

Non-performing assets


	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in thousands)
Non-accrual loans	$	9,026		$	7,792		$	7,250		$	5,974		$	5,355
Loans 90 days or more past due and still accruing interest	—			—			—			—			—
Subtotal	9,026			7,792			7,250			5,974			5,355
Less: Government guaranteed loans	1,940			1,790			2,102			1,489			1,665
Total non-performing loans	7,086			6,002			5,148			4,485			3,690
Other real estate and repossessed assets	413			938			781			945			1,059
Total non-performing assets	$	7,499		$	6,940		$	5,929		$	5,430		$	4,749

As a percent of Portfolio Loans
Non-performing loans	0.17		%	0.15		%	0.13		%	0.12		%	0.10		%
Allowance for credit losses	1.47			1.47			1.46			1.46			1.47
Non-performing assets to total assets	0.14			0.13			0.11			0.10			0.09
Allowance for credit losses as a percent of non-performing loans	847.23			989.32			1,115.85			1,253.98			1,526.10

Allowance for credit losses


	Three months ended March 31,
	2025							2024
	Loans			Securities		Unfunded Commitments		Loans			Securities		Unfunded Commitments
	(Dollars in thousands)
Balance at beginning of period	$	59,379		$	132	$	5,131	$	54,658		$	157	$	5,504
Additions (deductions)
Provision for credit losses	724			(3)		—		1,871			(1,127)		—
Recoveries credited to allowance	550			—		—		596			1,125		—
Assets charged against the allowance	(618)			—		—		(812)			—		—
Additions included in non-interest expense	—			—		196		—			—		(652)
Balance at end of period	$	60,035		$	129	$	5,327	$	56,313		$	155	$	4,852

Net loans charged (recovered) against the allowance to average Portfolio Loans	0.01		%					0.02		%


1

Capitalization


	March 31, 2025		December 31, 2024
	(In thousands)
Subordinated debt	$	39,605	$	39,586
Subordinated debentures	39,813		39,796
Amount not qualifying as regulatory capital	(829)		(810)
Amount qualifying as regulatory capital	78,589		78,572
Shareholders’ equity
Common stock	318,365		318,777
Retained earnings	215,995		205,853
Accumulated other comprehensive income (loss)	(67,083)		(69,944)
Total shareholders’ equity	467,277		454,686
Total capitalization	$	545,866	$	533,258

Non-Interest Income


	Three months ended
	March 31, 2025		December 31, 2024		March 31, 2024

	(In thousands)
Interchange income	$	3,127	$	3,294	$	3,151
Service charges on deposit accounts	2,814		2,976		2,872
Net gains (losses) on assets
Mortgage loans	2,303		1,705		1,364
Equity securities at fair value	—		—		—
Securities	(330)		(14)		(269)
Mortgage loan servicing, net	(636)		7,761		2,725
Investment and insurance commissions	754		744		804
Bank owned life insurance	297		268		181
Other	2,095		2,387		1,733
Total non-interest income	$	10,424	$	19,121	$	12,561

Capitalized Mortgage Loan Servicing Rights


	Three months ended March 31,
		2025		2024
		(In thousands)
Balance at beginning of period		$	46,796	$	42,243
Originated servicing rights capitalized		855		828
Change in fair value		(2,424)		506
Sale of originated servicing rights (1)		(12,962)		—
Loss on sale of originated servicing rights (1)		(94)		—
Balance at end of period		$	32,171	$	43,577

(1) On January 31, 2025 we sold $931.6 million of mortgage loan servicing rights (26.3% of total servicing portfolio) and transferred the servicing on March 3, 2025. This sale represented approximately $13.1 million (27.9%) of the total capitalized mortgage loan servicing right asset.


2

Mortgage Loan Activity


	Three months ended
	March 31, 2025			December 31, 2024			March 31, 2024

	(Dollars in thousands)
Mortgage loans originated	$	107,779		$	134,144		$	93,994
Mortgage loans sold	82,618			106,222			80,818
Net gains on mortgage loans	2,303			1,705			1,364
Net gains as a percent of mortgage loans sold ("Loan Sales Margin")	2.79		%	1.61		%	1.69		%
Fair value adjustments included in the Loan Sales Margin	0.88		%	(0.32)		%	0.48		%

Non-Interest Expense


	Three months ended
	March 31, 2025		December 31, 2024		March 31, 2024

	(In thousands)
Compensation	$	13,197	$	13,458	$	13,277
Performance-based compensation	3,441		5,351		3,476
Payroll taxes and employee benefits	3,745		4,077		4,017
Compensation and employee benefits	20,383		22,886		20,770
Data processing	3,729		3,688		3,255
Occupancy, net	2,223		1,953		2,074
Interchange expense	1,119		1,131		1,097
Furniture, fixtures and equipment	885		928		954
Advertising	861		1,198		491
Loan and collection	786		606		512
FDIC deposit insurance	711		729		782
Communications	591		462		615
Legal and professional	479		849		486
Taxes, licenses and fees	326		311		261
Director fees	232		240		237
Costs (recoveries) related to unfunded lending commitments	196		303		(652)
Amortization of intangible assets	122		129		129
Provision for loss reimbursement on sold loans	(11)		2		3
Net (gains) losses on other real estate and repossessed assets	(66)		—		(76)
Other	1,696		1,572		1,255
Total non-interest expense	$	34,262	$	36,987	$	32,193


3

Average Balances and Tax Equivalent Rates


	Three Months Ended March 31,
	2025						2024
	Average Balance		Interest		Rate (2)		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	4,053,593	$	57,685	5.74	%	$	3,801,985	$	54,955	5.80	%
Tax-exempt loans (1)	7,348		105		5.78		8,541		111		5.23
Taxable securities	619,764		4,036		2.60		680,133		5,251		3.09
Tax-exempt securities (1)	263,912		3,200		4.85		319,007		3,548		4.45
Interest bearing cash	117,706		1,291		4.45		84,182		1,143		5.46
Other investments	16,273		279		6.85		16,821		298		7.13
Interest Earning Assets	5,078,596		66,596		5.28		4,910,669		65,306		5.34
Cash and due from banks	57,464						55,550
Other assets, net	241,962						235,233
Total Assets	$	5,378,022					$	5,201,452

Liabilities
Savings and interest-bearing checking	2,836,290		12,840		1.84		2,633,519		13,367		2.04
Time deposits	871,377		8,115		3.78		864,672		9,443		4.39
Other borrowings	92,185		1,504		6.58		129,255		2,119		6.59
Interest Bearing Liabilities	3,799,852		22,459		2.40	%	3,627,446		24,929		2.76
Non-interest bearing deposits	1,007,665						1,063,454
Other liabilities	109,214						107,327
Shareholders’ equity	461,291						403,225

Total liabilities and shareholders’ equity	$	5,378,022					$	5,201,452

Net Interest Income			$	44,137					$	40,377

Net Interest Income as a Percent of Average Interest Earning Assets					3.49	%					3.30	%



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


4

Commercial Loan Portfolio Analysis as of March 31, 2025


	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	9,259	$	—	$	—	$	—	—	%
Land Development	23,303		—		—		—		—
Construction	135,788		16,903		—		16,903		12.4
Income Producing	688,915		24,038		—		24,038		3.5
Owner Occupied	590,885		10,220		46		10,266		1.7
Total Commercial Real Estate Loans	$	1,448,150	$	51,161	$	46	$	51,207	3.5

Other Commercial Loans	$	544,037	$	32,042	81		$	32,123	5.9
Total non-performing commercial loans					$	127

Commercial Loan Portfolio Analysis as of December 31, 2024


	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	8,734	$	—	$	—	$	—	0.0	%
Land Development	24,637		—		—		—		—
Construction	201,474		16,589		—		16,589		8.2
Income Producing	624,499		22,286		—		22,286		3.6
Owner Occupied	544,829		18,396		47		18,443		3.4
Total Commercial Real Estate Loans	$	1,404,173	$	57,271	$	47	$	57,318	4.1

Other Commercial Loans	$	533,190	$	27,334	7		$	27,341	5.1
Total non-performing commercial loans					$	54


5

Earnings Call: First Quarter 2025 April 24, 2025 (NASDAQ: IBCP)

Cautionary note regarding forward-looking statements This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. 2 2

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

1Q'25 Overview • Total loans increased 3.4% annualized while maintaining a disciplined approach to new loan production • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained exceptional with NPAs/Total Assets at 0.14% and NCO of 0.01% of average loans in the quarter • Total core deposit (excluding brokered time) growth of $9.1 million • Generated a ROAA and ROAE of 1.18% and 13.71%, respectively • Net interest margin of 3.49% compared to 3.45% in the linked quarter • Commercial loan growth of 11.5% annualized • Tangible book value per share increased 2.7% from end of prior quarter • An increase in all regulatory capital ratios compared to the prior year quarter as well as the linked quarter • Balance sheet liquidity remains strong with loan-to-deposit ratio of 88% • Net income of $15.6 million, or $0.74 per diluted share • Increase in net interest income of $3.5 million over the prior year quarter and $0.8 million over the fourth quarter of 2024 • Strong profitability and prudent balance sheet management results 13.2% growth in tangible book value per share compared to the prior year quarter. Healthy Capital & Liquidity Positions Positive Trends in Key Metrics Solid Loan Growth and Strong Asset Quality 1Q'25 Earnings 4 4

Non-interest Bearing 21% Savings and Interest- bearing Checking 44% Reciprocal 20% Time 14% Brokered 2% $ 4 .4 $ 4 .5 $ 4 .5 $ 4 .6 $ 4 .6 $ 4 .6 $ 4 .6 $ 4 .6 $ 4 .7 $ 4 .6 0 .7 8 % 1 .2 6 % 1 .5 7 % 1 .8 0 % 1 .9 9 % 2 .0 1 % 2 .0 3 % 2 .1 1 % 1 .9 3 % 1 .8 0 % Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Total Deposits Cost Of Deposits Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $3.92 billion of non-maturity deposit accounts (84.6% of total deposits). • Core deposit increase of $9.1 million (0.8% annualized) in 1Q'25. • Time deposit increase of $6.9 (4.4% annualized) million in 1Q'25. • Total deposits decreased $20.2 million (1.8%) since 12/31/24 with non-interest bearing down $23.7 million, savings and interest- bearing checking up $22.5 million, reciprocal up $3.5 million, time up $6.9 million and brokered time down $29.3 million. • Deposits by Customer Type: − Retail – 48.0% − Commercial – 35.4% − Municipal – 16.6% Deposit Composition 3/31/25 Cost of Deposits (%)/Total Deposits ($B) 5 Core Deposits: 84.6% $4.6B

0 .2 5 % 0 .2 7 % 0 .2 7 % 0 .2 8 % 0 .3 3 % 0 .3 6 % 0 .4 2 % 0 .5 1 % 0 .6 0 % 0 .7 3 % 0 .8 2 % 0 .8 5 % 0 .8 5 % 0 .7 4 % 0 .6 3 % 0 .3 0 % 0 .2 3 % 0 .3 9 % 0 .1 4 % 0 .1 2 % 0 .1 1 % 0 .1 0 % 0 .1 0 % 0 .1 2 % 0 .3 3 % 0 .7 9 % 1 .2 5 % 1 .5 7 % 1 .8 0 % 1 .9 9 % 2 .0 1 % 2 .0 2 % 2 .1 0 % 1 .9 2 % 1 .8 0 % 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% S e p -1 6 D e c -1 6 M a r- 1 7 J u n -1 7 S e p -1 7 D e c -1 7 M a r- 1 8 J u n -1 8 S e p -1 8 D e c -1 8 M a r- 1 9 J u n -1 9 S e p -1 9 D e c -1 9 M a r- 2 0 J u n -2 0 S e p -2 0 D e c -2 0 M a r- 2 1 J u n -2 1 S e p -2 1 D e c -2 1 M a r- 2 2 J u n -2 2 S e p -2 2 D e c -2 2 M a r- 2 3 J u n -2 3 S e p -2 3 D e c -2 3 M a r- 2 4 J u n -2 4 S e p -2 4 D e c -2 4 M a r- 2 5 Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate (with Deposit Balances) D e p o s it B a la n c e s ( $ i n t h o u s a n d s ) 6 F e d e ra l F u n d s R a te Account Type Cut Cycle Beta Sav & Int-bearing chking 27.0% Reciprocal 77.8% Time 61.4% Total int-bearing Dep (excl brokered) 50.5% Total COF IBC (excl Sub Debt) 37.7% IBC COF Fed Funds Spot Fed Effective Total Deposits

$ 3 .4 $ 3 .5 $ 3 .6 $ 3 .7 $ 3 .8 $ 3 .8 $ 3 .9 $ 3 .9 $ 4 .0 $ 4 .1 4 .9 0 % 5 .0 7 % 5 .3 6 % 5 .5 3 % 5 .7 3 % 5 .8 0 % 5 .9 3 % 5 .9 6 % 5 .8 3 % 5 .7 4 % 4 Q '2 2 1 Q '2 3 2 Q '2 3 3 Q '2 3 4 Q '2 3 1 Q '2 4 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 Total Portfolio Loans Yield on Loans Commercial 49% Mortgage 37% Installment 14% Held for Sale 0% Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 1Q'25: − Commercial – increased $54.8 million. …Average new origination yield of 6.97% vs a 6.55% portfolio yield. − Mortgage – decreased $3.9 million. …Average new origination yield of 7.02% vs a 4.85% portfolio yield. − Installment – decreased $17.0 million. …Average new origination yield of 7.52% vs a 5.03% portfolio yield. • Mortgage loan portfolio weighted average FICO of 751 and average balance of $186,239. • Installment weighted average FICO of 755 and average balance of $25,390. • Commercial loan rate mix: − 42% fixed / 58% variable. − Indices – 40% tied to Prime, 1% tied to a US Treasury rate and 59% tied to SOFR. • Mortgage loan (including HELOC) rate mix: − 62% fixed / 38% adjustable or variable. − 9% tied to a US Treasury rate and 91% tied to SOFR. Note: Portfolio loans exclude loans HFS. Loan Composition 03/31/25 Yield on Loans (%)/ Total Portfolio Loans ($B) 7 $4.1B

8.36%, Commercial Industrial, $167 6.22%, Construction, $124 5.70%, Retail, $114 3.91%, Office, $78 3.00%, Multifamily, $60 2.08%, 1-4 Family, $42 1.34%, Land, Vacant Land and Development, $27 0.78%, Special Purpose, $16 Concentrations within $2.0B Commercial Loan Portfolio C&I or Owner Occupied Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) Note: $1.367 billion, or 68.6% of the commercial loan portfolio is C&I or owner occupied, while $625 million, or 31.4% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $2.0 billion as of March 31, 2025 8 $625MM 9.18% 183 8.44% 168 7.95% 158 7.38% 1475.63% 112 4.85% 97 4.62% 92 3.57% 71 2.79% 56 50 47 186 $1,367MM Manufacturing Retail Construction Health Care and Social Assistance Real Estate Rental and Leasing Hotel and Accomodations Other Services (except Public Administration) Wholesale Transportation Arts, Entertainment, and Recreation Professional, Scientific, and Technical Services Misc 2.34% 9.35% 2.94%

$ 7 .9 $ 5 .1 $ 3 .7 $ 5 .2 $ 3 .7 $ 4 .5 $ 5 .1 $ 6 .0 $ 7 .1 $0.8 $0.2 $0.5 $0.6 $1.1 $0.9 $0.8 $0.9 $0.4 $- $2.0 $4.0 $6.0 $8.0 $10.0 2020 2021 2022 2023 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Non-performing Loans 90+ Days PD ORE/ORA $13.2 $2.3 $3.1 $3.3 $7.1 $5.3 $4.8 $7.0 $3.9 0.5% 0.1% 0.1% 0.1% 0.2% 0.1% 0.1% 0.2% 0.1% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2020 2021 2022 2023 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 30-89 Days PD 30-89 Days PD / Total Loans $0.8 $0.2 $0.5 $0.6 $1.1 $0.9 $0.8 $0.9 $0.4 $- $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 2020 2021 2022 2023 Q1'24 Q2'24 Q3'24 4Q'24 1Q'25 $7.9 $5.1 $3.7 $5.2 $3.7 $4.5 $5.1 $6.0 $7.1 0 .3 % 0 .2 % 0 .1 % 0 .1 % 0 .1 % 0 .1 % 0 .1 % 0 .1 % 0 .1 % -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 2020 2021 2022 2023 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Non-performing Loans (NPLs) NPLs / Total Loans Note 1: Non-performing loans and non-performing assets exclude troubled debt restructurings that are performing. Credit Quality Summary Non-performing Loans ($ in Millions) ORE/ORA ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) Non-performing Assets ($ in Millions) 9

13.7 13.9 14.2 14.3 14.2 14.5 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 10.6 10.7 11.1 11.2 11.2 11.4 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 9.0 9.3 9.6 9.6 9.9 9.9 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 7.1 7.4 7.6 8.1 8.0 8.3 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 • Long-term capital Priorities: Capital retention to support organic growth, acquisitions and return of capital through strong and consistent dividends and share repurchases. • Well capitalized in all regulatory capital measurements. • Tangible common equity ratio excluding the impact of unrealized losses on securities AFS and HTM is 9.3% Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) 10

$ 3 3 .8 $ 3 4 .3 $ 3 3 .0 $ 3 6 .1 $ 3 9 .9 $ 4 0 .6 $ 3 8 .4 $ 3 8 .4 $ 3 9 .4 $ 4 0 .1 $ 4 0 .2 $ 4 1 .3 $ 4 1 .9 $ 4 2 .9 $ 4 3 .7 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 3.05 3.02 3.18 3.13 3.00 3.26 3.49 3.52 3.33 3.26 3.23 3.26 3.30 3.40 3.37 3.45 3.49 0.08 0.07 0.08 0.08 0.12 0.77 2.18 3.65 4.38 4.99 5.26 5.33 5.33 5.33 5.16 4.66 4.33 0.14 0.12 0.11 0.10 0.10 0.12 0.45 0.92 1.39 1.72 1.93 2.11 2.14 2.16 2.22 2.02 1.86 0 1 2 3 4 5 6 Q 1 '2 1 Q 2 '2 1 Q 3 '2 1 Q 4 '2 1 Q 1 '2 2 Q 2 '2 2 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds Net Interest Margin/Income • Net interest income was $43.7 million in 1Q'25 compared to $42.9 million in the prior year quarter. The change is due to an increase in average earning assets and the net interest margin compared to the year- ago quarter. • Net interest margin was 3.49% during the first quarter of 2025, compared to 3.30% in the year- ago quarter and 3.45% in the fourth quarter of 2024. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) 11

1Q25 4Q24 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Cash $117,706 $1,291 4.45% $84,733 $1,019 4.78% $32,973 $272 -0.34% Investments 899,949 7,515 3.34% 928,172 7,977 3.44% (28,223) (462) -0.10% Commercial loans 1,962,046 31,710 6.55% 1,875,634 31,725 6.73% 86,412 (15) -0.17% Mortgage loans 1,524,051 18,617 4.89% 1,523,276 18,758 4.93% 775 (141) -0.04% Consumer loans 574,844 7,463 5.19% 595,751 7,888 5.30% (20,907) (425) -0.10% Earning assets $5,078,596 $66,596 5.28% $5,007,566 $67,367 5.37% $71,030 ($771) -0.09% Nonmaturity deposits $2,836,290 $12,840 1.84% $2,835,507 $14,393 2.02% $783 (1,553) -0.18% CDARS deposits 107,920 957 3.60% 116,153 1,156 3.96% (8,233) (199) -0.36% Retail Time deposits 624,255 5,689 3.70% 623,996 6,312 4.02% 259 (623) -0.33% Brokered deposits 139,202 1,469 4.28% 49,092 685 5.55% 90,110 784 -1.27% Bank borrowings 12,784 143 4.54% 13,370 160 4.76% (586) (17) -0.22% IBC debt 79,401 1,361 6.91% 79,365 1,421 7.14% 36 (60) -0.23% Cost of funds $3,799,852 $22,459 2.40% $3,717,483 $24,127 2.58% $82,369 ($1,668) -0.19% Free funds $1,278,744 $1,290,083 ($11,339) Net interest income $44,137 $43,240 $897 Net interest margin 3.49% 3.45% 0.04% 4Q'24 3.45% Decrease in Earning Asset Yield -0.12% Decrease in funding costs 0.18% Change in funding mix -0.05% Change in earning asset mix 0.03% 1Q'25 3.49% 1Q'25 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis 12

March 31, 2025 -200 -100 Base-rate 100 200 Net Interest Income $182,199 $182,549 $183,705 $185,907 $187,279 Change from Base -0.82% -0.63% 1.20% 1.95% December 31, 2024 -200 -100 Base-rate 100 200 Net Interest Income $181,603 $181,769 $182,518 $184,427 $185,494 Change from Base -0.50% -0.41% 1.05% 1.63% Interest Rate Risk Management • The base case modeled NII is modestly higher during the quarter as asset yields were augmented by a shift in asset mix with strong commercial loan growth largely funded by runoff of lower yielding retail loans and the investment portfolio. This benefit were partially offset by an adverse shift in funding mix. • The NII sensitivity position shows slightly more exposure to a declining rate environment due to faster asset repricing. During the quarter, the bank had solid growth in variable rate commercial loans and HELOCs. An increase in liability sensitivity to lower rates offset some of the asset sensitivity increase. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 37.4% of assets and other non-maturity deposits fund another 19.0% of assets. Low wholesale funding of just 3.8% of assets. • 35.5% of assets reprice in 1 month and 47.4% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging as well as product pricing and structure. Changes in Net Interest Income (Dollars in 000’s) Simulation analyses calculate the change in net interest income over the next twelve months, under immediate parallel shifts in interest rates, based upon a static statement of financial condition, which includes derivative instruments, and does not consider loan fees. 13

Interchange income $3,127 Service Chg Dep $2,814 Gain (Loss)- Mortgage Sale $2,303 Equity Securities at Fair Value $- Gain (Loss)- Securities $(330) Mortgage loan servicing, net $(636) Investment & insurance commissions $754 Bank owned life insurance $297 Other income $2,095 $ 1 1 .5 $ 1 0 .5 $ 1 5 .4 $ 1 5 .6 $ 9 .1 $ 1 2 .6 $ 1 5 .2 $ 9 .5 $ 1 9 .1 $ 1 0 .4 1 8 .4 % 1 6 .4 % 1 8 .6 % 2 0 .0 % 1 2 .2 % 1 6 .2 % 1 8 .6 % 1 2 .2 % 2 2 .2 % 1 3 .6 % -5.0 5.0 15.0 25.0 35.0 45.0 55.0 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Non-interest Income Non-interest Inc/Operating Rev (%) Strong Non-interest Income • The $8.4 million comparative quarterly decrease in mortgage loan servicing, net is primarily attributed to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in mortgage loan interest rates and expected future prepayment levels. The decrease in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. • Mortgage banking: − $2.3 million in net gains on mortgage loans in 1Q'25 vs. $1.4 million in the year ago quarter. The increase is primarily due to higher profit margins on mortgage loan sales as well as higher loan sales volume. − $107.8 million in mortgage loan originations in 1Q'25 vs. $94.0 million in 1Q’24 and $134.1 million in 4Q'24. − 1Q'25 mortgage loan servicing includes a $1.5 million ($(0.06) per diluted share, after tax) decrease in fair value adjustment due to price compared to an increase of $1.3 million ($0.05 per diluted share, after tax) in the year ago quarter. Source: Company documents. 1Q'25 Non-interest Income (thousands) Non-interest Income Trends ($M) 14 $10.4MM

6 1 .3 % 5 9 .8 % 6 0 .4 % 5 9 .6 % 5 9 .9 % 6 0 .7 % 6 0 .3 % 6 0 .9 % 6 2 .2 % 6 0 .9 % 6 1 .4 % 3 Q '2 2 4 Q '2 2 1 Q '2 3 2 Q '2 3 3 Q '2 3 4 Q '2 3 1 Q '2 4 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 $ 3 1 .0 $ 3 2 .2 $ 3 2 .0 $ 3 1 .9 $ 3 2 .2 $ 3 3 .3 $ 3 2 .6 $ 3 4 .3 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Focus on Improved Efficiency • 1Q'25 efficiency ratio of 62.2%. • Compensation and employee benefits expense of $20.4 million, a decrease of $0.4 million from the prior year quarter. • Performance-based compensation was approximately the same as the prior year quarter. • Payroll taxes and employee benefits decreased $0.3 million primarily due to lower healthcare related costs. • Data processing costs increased by $0.5 million primarily due to core data processor annual asset growth and CPI related cost increases as well as price increases in other software solutions. • Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. Non-interest Expense ($M) Efficiency Ratio (4 quarter rolling average) Source: Company documents. 15 $ 3 7 .0

Outlook for 2025 Outlook for 2025 *as of January, 2025 • IBCP forecast of mid-single digit (approximately 5%-6%) overall loan growth is based on increases in commercial loans (9%-10%) and mortgage loans (2%-3%) with installment loans declining (2%-3%). • This growth forecast also assumes a stable Michigan economy. • The forecast assumes 0.25% Fed rate cuts in March and August in the federal funds rate while long-term interest rates increase slightly over year-end 2024 levels. • IBCP forecast of high-single digit (8%-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 increase (0.20% - 0.25%) in 2025 compared to full-year 2024. Primary driver is a decrease in yield on interest bearing liabilities that is partially offset by a decrease in earning asset yield. • 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 1.47% at 12/31/24 • A full year 2025 provision (expense) for credit losses of approximately 0.15%-0.20% of average total portfolio loans would not be unreasonable. 1Q’25 Update • Total portfolio loans increased $33.9 million (3.4% annualized) in 1Q'25 which is below our forecasted range. Commercial loan growth of $54.8 million (11.5% annualized) that was partially offset by a decrease of $3.9 million (1.0% annualized) in mortgage loans and a $17.0 (11.8% annualized) in installment loans. • 1Q'25 net interest income was $3.5 million (8.7%) higher than the prior year quarter which is within the forecasted range. The net interest margin was 3.49% for the current quarter and 3.30% for the prior year quarter and up 0.04% from the linked quarter. • The provision for credit losses was an expense of $0.7 million for the first quarter below the forecasted range. LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 16

Outlook for 2025 Outlook for 2025 *as of January, 2025 • Q1/Q2 quarterly 2025 forecasted range of $11.0M to $12.0M and Q3/Q4 forecast of $12.0M to $13M. Full year down 14.0% to 14.5% from 2024 actual of $56.4M • Expect mortgage loan origination volumes and net gain on sale to be similar to 2024. Assumes mortgage loan servicing net of approximately $0.75M per quarter in 2025. • IBCP forecasts 2025 quarterly range of $34.5M to $35.5M with the total for the year up 3.0% to 4.0% from the 2024 actual of $135.1M. • The primary driver is an increase in compensation and employee benefits, data processing and occupancy. • Approximately a 19% effective income tax rate in 2025 This assumes a 21% statutory federal corporate income tax rate during 2025. • 2025 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 2025. 1Q’25 Update • Non-interest income totaled $10.4 million in 1Q'25, which is lower than the forecasted range. Mortgage loan servicing net, generated a loss of $0.6 million in 1Q'25. • Total non-interest expense was $34.3 million in the 1Q'25, which was lower than our forecasted range. Actual effective income tax rate of 18.5% for the first quarter of 2025. Repurchased 1,093 shares for an aggregate purchase price of $0.03 million in the first quarter of 2025. NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 17

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

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

Appendix Additional Financial Data and Non-GAAP Reconciliations 20

Historical Financial Data 21 here Year Ended December 31, Quarter Ended, ($M except per share data) 2021 2022 2023 2024 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Balance Sheet: Total Assets $4,705 $5,000 $5,264 $5,338 $5,231 $5,278 $5,259 $5,338 $5,328 Portfolio Loans $2,905 $3,465 $3,791 $4,039 $3,840 $3,852 $3,942 $4,039 $4,073 Deposits $4,117 $4,379 $4,622 $4,654 $4,582 $4,614 $4,627 $4,654 $4,634 Tangible Common Equity $367 $317 $374 $425 $385 $400 $422 $425 $438 Profitability: Pre-Tax, Pre-Provision Income $75.4 $83.7 $79.9 $87.5 $20.6 $23.2 $18.8 $25.0 $19.8 Pre-Tax, Pre-Prov / Avg. Assets 1.69% 1.72% 1.56% 1.77% 1.59% 1.80% 1.43% 1.88% 1.46% Net Income(1) $62.9 $63.8 $59.1 $66.8 $16.0 $18.5 $13.8 $18.5 $15.6 Diluted EPS $2.88 $2.97 $2.79 $3.16 $0.76 $0.88 $0.65 $0.87 $0.74 Return on Average Assets(1) 1.41% 1.32% 1.15% 1.27% 1.24% 1.44% 1.04% 1.39% 1.18% Return on Average Equity(1) 16.1% 18.5% 16.0% 15.7% 16.0% 18.0% 12.5% 16.3% 13.7% Net Interest Margin (FTE) 3.10% 3.32% 3.26% 3.38% 3.30% 3.40% 3.37% 3.45% 3.49% Efficiency Ratio 62.9% 59.4% 60.8% 60.8% 60.3% 61.5% 62.8% 59.1% 62.2% Asset Quality: NPAs / Assets 0.11% 0.08% 0.11% 0.13% 0.09% 0.10% 0.11% 0.13% 0.14% NPAs / Loans + OREO 0.18% 0.12% 0.15% 0.17% 0.12% 0.14% 0.15% 0.17% 0.17% ACL / Total Portfolio Loans 1.63% 1.51% 1.44% 1.47% 1.47% 1.46% 1.46% 1.47% 1.47% NCOs / Avg. Loans (0.07%) 0.00% 0.01% 0.02% 0.02% 0.02% 0.00% 0.01% 0.01% Capital Ratios: TCE Ratio 7.9% 6.4% 7.2% 8.0% 7.4% 7.6% 8.1% 8.0% 8.3% Leverage Ratio 8.8% 8.8% 9.0% 9.9% 9.3% 9.5% 9.6% 9.9% 9.9% Tier 1 Capital Ratio 12.1% 11.4% 11.5% 12.1% 11.7% 12.0% 12.1% 12.1% 12.3% Total Capital Ratio 14.5% 13.7% 13.7% 14.2% 13.9% 14.2% 14.2% 14.2% 14.5%

22 Historic Financial Performance Year Ended December 31, ($M except per share data) 2019 2020 2021 2022 2023 2024 5 Year CAGR Balance Sheet: Total Assets $3,565 $4,204 $4,705 $5,000 $5,264 $5,338 8.4% Portfolio Loans $2,725 $2,734 $2,905 $3,465 $3,791 $4,039 8.2% Deposits $3,037 $3,637 $4,117 $4,379 $4,623 $4,654 8.9% Tangible Common Equity $317 $357 $367 $317 $374 $425 6.1% Profitability: Pre-Tax, Pre-Provision Income $58.6 $81.9 $75.4 $83.1 $79.9 $87.5 8.4% Pre-Tax, Pre-Prov / Avg. Assets 1.70% 2.08% 1.62% 1.68% 1.56% 1.77% - Net Income(1) $46.4 $56.2 $62.9 $63.4 $59.1 $66.8 7.5% Diluted EPS $2.00 $2.53 $2.88 $2.97 $2.79 $3.16 9.6% Return on Average Assets(1) 1.35% 1.43% 1.41% 1.31% 1.15% 1.27% - Return on Average Equity(1) 13.63% 15.68% 16.13% 18.41% 16.04% 15.70% - Net Interest Margin (FTE) 3.80% 3.34% 3.10% 3.32% 3.26% 3.38% - Efficiency Ratio 64.90% 59.24% 62.87% 59.71% 60.76% 60.80% - Asset Quality: NPAs / Assets 0.32% 0.21% 0.11% 0.08% 0.11% 0.13% - NPAs / Loans + OREO 0.42% 0.32% 0.18% 0.12% 0.15% 0.17% - Reserves / Total Loans 0.96% 1.30% 1.63% 1.51% 1.44% 1.47% - NCOs / Avg. Loans (0.02%) 0.11% (0.07%) 0.00% 0.01% 0.02% - Capital Ratios: TCE Ratio 9.0% 8.6% 7.9% 6.4% 7.2% 8.0% - Leverage Ratio 10.1% 9.2% 8.8% 8.8% 9.1% 9.9% - Tier 1 Capital Ratio 12.7% 13.3% 12.2% 11.4% 11.6% 12.1% - Total Capital Ratio 13.7% 16.0% 14.5% 13.7% 13.7% 14.2% - Shareholder Value: TBV/Share $ 14.08 $ 16.33 $ 17.33 $ 15.04 $ 17.96 $ 20.33 7.6% Dividends Paid per Share $ 0.72 $ 0.80 $ 0.84 $ 0.88 $ 0.92 $ 0.96 5.9% Value of Shares Repurchased $ 26.3 $ 14.2 $ 17.3 $ 4.0 $ 5.2 $ - -

Sources of Liquidity 1Q 2025 Current On-balance sheet Excess reserves at the Fed $ 67.6 Unpledged AFS Securities $ 523.7 Total On-balance sheet $ 591.3 On balance sheet liquidity to total deposits 13% Available Sources of Liquidity Unused FHLB & FRB (including BTFP) $ 1,587.2 Borrow capacity on unpledged bonds $ 469.7 Total Available Sources $ 2,056.9 Sources of Liquidity to total deposits 44% 73% 79% 74% 76% 60% 58% 56% 2 2 2 % 2 3 7 % 2 3 8 % 2 2 2 % 2 1 8 % 1 9 5 % 1 9 6 % 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 On-balance sheet / Uninsured Deposits Available Sources / Uninsured Deposits Note: Portfolio loans exclude loans HFS. Liquidity / Uninsured Deposits Strong Liquidity Position • Significant liquidity position to manage the current environment. • Total available liquidity significantly exceeds (196%) estimated uninsured deposit balances. • Attractive loan to deposit ratio of 87.9%. • Uninsured deposit to total deposits of approximately 23.0%, excluding brokered time deposits. Sources of Liquidity 23

$1,969 $1,074 $465 $81 $243 $502 $300 $2,212 $1,576 $765 $81 Consumer Commercial Public Funds Brokered Insured Deposits Uninsured Deposits $ 3 ,5 7 5 $ 3 ,6 6 1 $ 3 ,6 0 5 $ 3 ,6 3 6 $ 3 ,5 7 0 $ 3 ,5 9 4 $ 3 ,5 8 6 $1,011 $962 $977 $978 $1,057 $1,060 $1,048 $4,586 $4,623 $4,582 $4,614 $4,627 $4,654 $4,634 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Insured Deposits Uninsured Deposits Granular Deposit Base • Average deposit account balance of approximately $21,067. • Average deposit balance excluding reciprocal deposit of $16,930. • Average Commercial deposit balance of $94,432. • Average retail deposit balance of $11,308. • 10 largest deposit accounts total $377.4 million or 8.15% of total deposits. − $235.7 million in ICS with FDIC coverage. • 100 largest deposit accounts total $1.07 billion or 23.09% of total deposits. − $645.3 million in ICS with FDIC coverage. Note: Uninsured deposit calculation is an approximation. Uninsured Deposit by Segment (3/31/25) Uninsured Deposit Trend ($MM) 24

CRE – Office Metrics • 19.1% of portfolio is medical office buildings. • 77% of portfolio is in suburban geographies. • 61.6% of CRE – Office mature after 2028. • Average loan size of $1.2 million. Maturing Exposure (millions) CRE - Office Fixed vs. Variable Geographic Location (millions) 25 Urban Suburban Fixed Variable 21% 79% $18 $60 $3.5 $5.1 $21.3 $48.0 M a tu ri n g 2 0 2 5 M a tu ri n g 2 0 2 6 M a tu ri n g 2 0 2 7 M a tu ri n g 2 0 2 8 & A ft e r

Non-GAAP to GAAP Reconciliation 26 March 31, December 31, September 30, June 30, March 31, 2024 2023 2022 2021 2025 2024 2024 2024 2024 Net interest income $166,248 $156,329 $149,561 $129,765 $43,685 $42,851 $41,854 $41,346 $40,197 Non-interest income 56,362 50,676 61,909 76,643 10,424 19,121 9,508 15,172 12,561 Non-interest expense 135,096 127,119 128,341 131,023 34,262 36,987 32,583 33,333 32,193 Pre-Tax, Pre-Provision Income 87,514 79,886 83,129 75,385 $19,847 $24,985 $18,779 $23,185 20,565 Provision for credit losses 4,468 6,210 5,341 (1,928) 721 2,217 1,488 19 744 Income tax expense 16,256 14,609 14,437 14,418 3,536 4,307 3,481 4,638 3,830 Net income $66,790 $59,067 $63,351 $62,895 $15,590 $18,461 $13,810 $18,528 $15,991 Average total assets $5,239,952 $5,115,624 $4,825,723 $4,465,577 $5,378,022 $5,300,368 $5,275,623 $5,181,317 $5,201,452 Performance Ratios Return on average assets 1.27% 1.15% 1.31% 1.41% 1.18% 1.39% 1.04% 1.44% 1.24% Pre-tax, Provision return on average assets 1.67% 1.56% 1.72% 1.69% 1.50% 1.88% 1.42% 1.80% 1.59% Year Ended December 31, Quarter Ended (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures 27 Reconciliation of Non-GAAP Financial Measures 2025 2024 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 43,685$ 40,197$ Add: taxable equivalent adjustment 452 180 Net interest income - taxable equivalent 44,137$ 40,377$ Net interest margin (GAAP) (1) 3.46% 3.28% Net interest margin (FTE) (1) 3.49% 3.30% (1) Annualized. Three Months Ended March 31, (Dollars in thousands)

Reconciliation of Non-GAAP Financial Measures (continued) 28 Tangible Common Equity Ratio March 31, December 31, September 30, June 30, March 31, 2024 2023 2022 2021 2025 2024 2024 2024 2024 Common shareholders' equity 454,686$ 404,449$ 347,596$ 398,484$ 467,277$ 454,686$ 452,369$ 430,459$ 415,570$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 2,004 2,551 3,336 1,366 1,488 1,617 1,746 1,875 Tangible common equity 424,898$ 374,145$ 316,745$ 366,848$ 437,611$ 424,898$ 422,452$ 400,413$ 385,395$ Total assets $ 5,338,104 $ 5,263,726 $ 4,999,787 $ 4,704,740 $ 5,328,428 $ 5,338,104 $ 5,259,268 $ 5,277,500 $ 5,231,255 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 2,004 2,551 3,336 1,366 1,488 1,617 1,746 1,875 Tangible assets $ 5,308,316 $ 5,233,422 $ 4,968,936 $ 4,673,104 $ 5,298,762 $ 5,308,316 $ 5,229,351 $ 5,247,454 $ 5,201,080 Common equity ratio 8.52% 7.68% 6.95% 8.47% 8.77% 8.52% 8.60% 8.16% 7.94% Tangible common equity ratio 8.00% 7.15% 6.37% 7.85% 8.26% 8.00% 8.08% 7.63% 7.41% Year Ended December 31, Quarter Ended (Dollars in thousands)


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


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


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

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

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

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


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


99.1			Press release dated April 24, 2025.

99.2			Supplemental data to the Registrant’s press release dated April 24, 2025.

99.3			Earnings conference call presentation.