ibcp-20221025

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 2022 THIRD QUARTER RESULTS

GRAND RAPIDS, Mich., October 25, 2022 - Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2022 net income of $17.3 million, or $0.81 per diluted share, versus net income of $16.0 million, or $0.73 per diluted share, in the prior-year period. For the nine months ended September 30, 2022, the Company reported net income of $48.3 million, or $2.27 per diluted share, compared to net income of $50.4 million, or $2.30 per diluted share, in the prior-year period.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our successful expansion into new markets and addition of new banking talent has enabled us to continue capitalizing on the significant business investment occurring throughout the state of Michigan. This led to strong core results in the third quarter of 2022 with $3.8 million growth in net interest income, a 23 basis point expansion of our net interest margin on a linked quarter basis, net growth in each category of loans and growth in total deposits. In addition, our asset quality metrics continue to be very good, with low levels of past due loans, commercial watch credits, and non-performing assets as well as net loan recoveries for the quarter. Our allowance for credit losses to total loans is 1.50%. As we head into the fourth quarter of 2022, our focus will continue to be on the rotation of our earning asset mix out of lower yielding investments into higher yielding loans, growing our deposit base while managing our cost of funds, and controlling our non-interest expenses. While there is increasing concern about a potential economic slowdown, at this point we continue to see healthy economic conditions and loan demand in Michigan and we are excited about the opportunities we have to continue our growth trends for the remainder of 2022 and into 2023.”

Highlights for the third quarter of 2022 include:

•Increases in net income and diluted earnings per share of 8.4% and 11.0%, respectively, over the third quarter of 2021;

•Net growth in portfolio loans of $151.0 million (or 18.4% annualized);

•Annualized return on average assets and average equity of 1.40% and 20.48%, respectively;

•An increase in net interest income of 18.0% over the third quarter of 2021; and

•The payment of a 22 cent per share dividend on common stock on August 16, 2022.

Highlights for the first nine months of 2022 include:

•Annualized return on average assets and average equity of 1.35% and 18.56%, respectively;

•An increase in net interest income of $13.5 million or 14.1% over the first nine months of 2021;

•Net growth in portfolio loans of $504.8 million (or 23.2% annualized); and

•Net growth in deposits, excluding brokered time deposits, of $144.7 million (or 4.7% annualized).

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

•Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $3.2 million ($0.12 per diluted share, after taxes) and $14.8 million ($0.55 per diluted share, after taxes) for the three- and nine-months ended September 30, 2022, respectively, as compared to $0.6 million ($0.02 per diluted share, after taxes) and $2.8 million ($0.10 per diluted share, after taxes) for the three- and nine-months ended September 30, 2021, respectively.

•Gain on sale of two branch facilities in other income of $1.0 million ($0.04 per diluted share, after taxes) during the nine- months ended September 30, 2022.

•The provision for credit losses was an expense of $3.1 million ($0.12 per diluted share, after taxes) in the third quarter of 2022 compared to a credit of $0.7 million ($0.02 per diluted share, after taxes) in the third quarter of 2021.

•Net gains on mortgage loans was $2.9 million ($0.11 per diluted share, after taxes) in the third quarter of 2022 compared to $8.4 million ($0.30 per diluted share, after taxes) in the third quarter of 2021.

Operating Results

The Company’s net interest income totaled $39.9 million during the third quarter of 2022, an increase of $6.1 million, or 18.0% from the year-ago period, and up $3.8 million, or 10.6%, from the second quarter of 2022. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.49% during the third quarter of 2022, compared to 3.18% in the year-ago period, and 3.26% in the second quarter of 2022. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets and an increase in the net interest margin. Average interest-earning assets were $4.61 billion in the third quarter of 2022, compared to $4.30 billion in the year ago quarter and $4.49 billion in the second quarter of 2022.

For the first nine months of 2022, net interest income totaled $109.0 million, an increase of $13.5 million, or 14.1% from the first nine months in 2021. The Company’s net interest margin for the first nine months of 2022 was 3.25% compared to 3.09% in 2021. The increase in net interest income for the first nine months of 2022 compared to 2021 was also due to an increase in average interest- earning assets and an increase in the net interest margin.

Non-interest income totaled $16.9 million and $50.4 million, respectively, for the third quarter and first nine months of 2022, compared to $19.7 million and $60.9 million in the respective comparable year ago periods. These changes were primarily due to variances in mortgage banking related revenues (net gains on mortgage loans and mortgage loan servicing, net).

Net gains on mortgage loans in the third quarters of 2022 and 2021, were approximately $2.9 million and $8.4 million, respectively. For the first nine months of 2022, net gains on mortgage loans totaled $4.9 million compared to $30.3 million in 2021. The decrease in net gains on mortgage loans was primarily due to lower profit margins on mortgage loan sales, a decrease in the volume of mortgage loans sold and fair value adjustments on the mortgage loan pipeline.

Mortgage loan servicing, net, generated income of $4.3 million and $1.3 million in the third quarters of 2022 and 2021, respectively. For the first nine months of 2022 and 2021, mortgage loan servicing, net, generated income of $18.1 million and $4.5 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:


	Three months ended				Nine months ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021
	(In thousands)
Mortgage loan servicing, net:
Revenue, net	$	2,190	$	2,023	$	6,397	$	5,809
Fair value change due to price	3,203		599		14,775		2,813
Fair value change due to pay-downs	(1,110)		(1,351)		(3,086)		(4,146)
Total	$	4,283	$	1,271	$	18,086	$	4,476

Other income in the third quarters of 2022 and 2021, was $2.6 million and $2.9 million, respectively. The decrease in other income was primarily attributed to a prior year relationship credit from our core data processing provider.

Non-interest expenses totaled $32.4 million in the third quarter of 2022, compared to $34.5 million in the year-ago period. For the first nine months of 2022, non-interest expenses totaled $96.3 million versus $97.1 million in 2021. The year-to-date decreases in non-interest expense are primarily due to decreases in data processing, loan and collection and conversion related expenses that were partially offset by an increase in compensation and employee benefits, FDIC deposit insurance, advertising expense and costs related to unfunded lending commitments. The increase in compensation and employee benefits in 2022 is due to several factors including, wage increases that were generally effective at the start of the year, a decreased level of compensation that was deferred as direct origination costs (due to lower mortgage loan origination volume), an increase in commercial lending personnel and higher health care insurance costs.

The Company recorded an income tax expense of $4.0 million and $10.9 million in the third quarter and first nine months of 2022, respectively. This compares to an income tax expense of $3.7 million and $11.5 million in the third quarter and first nine months of 2021, respectively. The changes in income tax expense principally reflect changes in pre-tax earnings in 2022 relative to 2021.

Asset Quality

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


	9/30/2022			12/31/2021			9/30/2021
Loan Type	(Dollars in thousands)
Commercial	$	41		$	62		$	242
Mortgage	4,737			4,914			5,160
Installment	529			569			515
Sub total	5,307			5,545			5,917
Less - government guaranteed loans	1,491			435			327
Total non-performing loans	$	3,816		$	5,110		$	5,590
Ratio of non-performing loans to total portfolio loans	0.11		%	0.18		%	0.19		%
Ratio of non-performing assets to total assets	0.08		%	0.11		%	0.13		%
Ratio of allowance for credit losses to total non-performing loans	1340.20		%	924.70		%	837.19		%

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

The provision for credit losses was an expense of $3.1 million and a credit of $0.7 million in the third quarters of 2022 and 2021, respectively. The provision for credit losses was an expense of $4.0 million and a credit of $2.6 million in the first nine months of 2022 and 2021, respectively. The quarterly increase in the provision for credit losses in 2022 compared to 2021, was the result of lower recoveries on loans previously charged off, a change in allocation rates due to subjective factors (prior year allocation rates were decreased while current year rates were unchanged during each respective quarter)

and increases in pooled reserve allocations due in part to loan portfolio growth and portfolio mix. The year-to-date increase in the provision for credit losses in 2022 compared to 2021, was primarily the result of an increase in the adjustment to allocations based on the pooled reserves due in part to loan growth and lower recoveries on loans previously charged off. . The Company recorded loan net recoveries of $0.1 million and $1.5 million in the third quarters of 2022 and 2021, respectively. At September 30, 2022, the allowance for credit losses totaled $51.1 million, or 1.50% of total portfolio loans compared to $47.3 million, or 1.63% of total portfolio loans at December 31, 2021.

Balance Sheet, Liquidity and Capital

Total assets were $4.93 billion at September 30, 2022, an increase of $226.6 million from December 31, 2021. Loans, excluding loans held for sale, were $3.41 billion at September 30, 2022, compared to $2.91 billion at December 31, 2021. Deposits totaled $4.33 billion at September 30, 2022, an increase of $209.9 million from December 31, 2021. This increase is primarily due to growth in non-interest bearing, interest-bearing checking, reciprocal and brokered time deposit account balances.

Cash and cash equivalents totaled $70.6 million at September 30, 2022, versus $109.5 million at December 31, 2021. Securities available for sale (“AFS”) totaled $804.3 million at September 30, 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 $126.2 million at September 30, 2022, an increase of $60.1 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 $106.3 million at September 30, 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 $332.3 million at September 30, 2022, or 6.74% of total assets compared to $398.5 million or 8.47% at December 31, 2021. Tangible common equity totaled $301.3 million at September 30, 2022, or $14.30 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 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:


Regulatory Capital Ratios	9/30/2022		12/31/2021		Well Capitalized Minimum

Tier 1 capital to average total assets	8.47	%	8.57	%	5.00	%
Tier 1 common equity to risk-weighted assets	10.92	%	11.80	%	6.50	%
Tier 1 capital to risk-weighted assets	10.92	%	11.80	%	8.00	%
Total capital to risk-weighted assets	12.17	%	13.05	%	10.00	%

Share Repurchase Plan

On December 18, 2021, the Board of Directors of the Company authorized the 2022 share repurchase plan. Under the terms of the 2022 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, 2022. For the first nine months of 2022, the Company repurchased 181,586 shares at a weighted average price of $22.08 per share.

Earnings Conference Call

Brad Kessel, President and CEO, Gavin A. Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 25, 2022.

To participate in the live conference call, please dial 1-844-200-6205 (Access Code # 933129). 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/213775426

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 219918). The replay will be available through November 1, 2022.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $4.9 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

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

Forward-Looking Statements

This 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 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.

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Financial Condition


	September 30, 2022		December 31, 2021
	(unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	57,059	$	51,069
Interest bearing deposits	13,573		58,404
Cash and Cash Equivalents	70,632		109,473
Securities available for sale	804,272		1,412,830
Securities held to maturity (fair value of $341,129 at September 30, 2022 and zero at December 31, 2021)	379,429		—
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	17,653		18,427
Loans held for sale, carried at fair value	9,091		55,470
Loans held for sale, carried at lower of cost or fair value	—		34,811
Loans
Commercial	1,408,230		1,203,581
Mortgage	1,354,879		1,139,659
Installment	646,749		561,805
Total Loans	3,409,858		2,905,045
Allowance for credit losses	(51,142)		(47,252)
Net Loans	3,358,716		2,857,793
Other real estate and repossessed assets	348		245
Property and equipment, net	35,711		36,404
Bank-owned life insurance	55,146		55,279
Capitalized mortgage loan servicing rights, carried at fair value	43,158		26,232
Other intangibles	2,697		3,336
Goodwill	28,300		28,300
Accrued income and other assets	126,224		66,140
Total Assets	$	4,931,377	$	4,704,740

Liabilities and Shareholders' Equity
Deposits
Non-interest bearing	$	1,376,765	$	1,321,601
Savings and interest-bearing checking	1,957,421		1,897,487
Reciprocal	616,435		586,626
Time	308,262		308,438
Brokered time	68,145		2,938
Total Deposits	4,327,028		4,117,090
Other borrowings	86,707		30,009
Subordinated debt	39,414		39,357
Subordinated debentures	39,643		39,592
Accrued expenses and other liabilities	106,277		80,208
Total Liabilities	4,599,069		4,306,256

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: 21,063,954 shares at September 30, 2022 and 21,171,036 shares at December 31, 2021	320,437		323,401
Retained earnings	108,916		74,582
Accumulated other comprehensive income (loss)	(97,045)		501
Total Shareholders’ Equity	332,308		398,484
Total Liabilities and Shareholders’ Equity	$	4,931,377	$	4,704,740

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations


	Three Months Ended						Nine Months Ended
	September 30, 2022		June 30, 2022		September 30, 2021		September 30,
							2022		2021
	(unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	37,092	$	31,454	$	30,132	$	96,964	$	86,328
Interest on securities
Taxable	5,329		4,950		3,922		14,831		10,374
Tax-exempt	2,284		1,746		1,597		5,584		4,525
Other investments	220		214		204		651		629
Total Interest Income	44,925		38,364		35,855		118,030		101,856
Interest Expense
Deposits	3,625		1,216		1,090		5,608		3,488
Other borrowings and subordinated debt and debentures	1,403		1,087		962		3,463		2,888
Total Interest Expense	5,028		2,303		2,052		9,071		6,376
Net Interest Income	39,897		36,061		33,803		108,959		95,480
Provision for credit losses	3,145		2,379		(659)		3,951		(2,558)
Net Interest Income After Provision for Credit Losses	36,752		33,682		34,462		105,008		98,038
Non-interest Income
Interchange income	4,049		3,422		4,237		10,553		10,739
Service charges on deposit accounts	3,082		3,096		2,944		9,135		7,178
Net gains (losses) on assets
Mortgage loans	2,857		1,253		8,361		4,945		30,280
Securities available for sale	—		(345)		5		(275)		1,421
Mortgage loan servicing, net	4,283		4,162		1,271		18,086		4,476
Other	2,590		3,044		2,877		7,997		6,778
Total Non-interest Income	16,861		14,632		19,695		50,441		60,872
Non-interest Expense
Compensation and employee benefits	20,601		19,882		21,659		60,613		60,064
Data processing	2,653		2,644		3,022		7,513		7,972
Occupancy, net	2,062		2,077		2,082		6,682		6,578
Interchange expense	927		1,262		1,202		3,200		3,351
Furniture, fixtures and equipment	987		1,042		1,075		3,074		3,112
Communications	723		762		683		2,242		2,341
Loan and collection	772		647		735		1,978		2,353
Advertising	345		560		666		1,585		1,319
FDIC deposit insurance	591		457		346		1,570		983
Legal and professional	573		479		513		1,545		1,534
Costs related to unfunded lending commitments	382		649		369		676		363
Conversion related expenses	—		6		275		50		1,636
Net gains on other real estate and repossessed assets	(18)		(141)		(28)		(214)		(202)
Other	1,768		2,108		1,913		5,736		5,665
Total Non-interest Expense	32,366		32,434		34,512		96,250		97,069
Income Before Income Tax	21,247		15,880		19,645		59,199		61,841
Income tax expense	3,950		2,879		3,683		10,934		11,454
Net Income	$	17,297	$	13,001	$	15,962	$	48,265	$	50,387
Net Income Per Common Share
Basic	$	0.82	$	0.62	$	0.74	$	2.29	$	2.32
Diluted	$	0.81	$	0.61	$	0.73	$	2.27	$	2.30

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES

Selected Financial Data


	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	39,897		$	36,061		$	33,001		$	34,285		$	33,803
Provision for credit losses	3,145			2,379			(1,573)			630			(659)
Non-interest income	16,861			14,632			18,948			15,771			19,695
Non-interest expense	32,366			32,434			31,450			33,954			34,512
Income before income tax	21,247			15,880			22,072			15,472			19,645
Income tax expense	3,950			2,879			4,105			2,964			3,683
Net income	$	17,297		$	13,001		$	17,967		$	12,508		$	15,962

Basic earnings per share	$	0.82		$	0.62		$	0.85		$	0.59		$	0.74
Diluted earnings per share	0.81			0.61			0.84			0.58			0.73
Cash dividend per share	0.22			0.22			0.22			0.21			0.21

Average shares outstanding	21,057,673			21,070,266			21,191,860			21,256,367			21,515,669
Average diluted shares outstanding	21,251,933			21,266,476			21,398,128			21,473,963			21,726,346

Performance Ratios
Return on average assets	1.40		%	1.10		%	1.54		%	1.07		%	1.40		%
Return on average equity	20.48			15.68			19.38			12.61			15.93
Efficiency ratio (1)	56.26			62.50			59.62			66.68			63.47

As a Percent of Average Interest-Earning Assets (1)
Interest income	3.92		%	3.47		%	3.16		%	3.30		%	3.37		%
Interest expense	0.43			0.21			0.16			0.17			0.19
Net interest income	3.49			3.26			3.00			3.13			3.18

Average Balances
Loans	$	3,360,621		$	3,145,095		$	2,980,098		$	2,957,985		$	2,903,700
Securities	1,226,203			1,312,934			1,407,225			1,367,038			1,317,382
Total earning assets	4,610,307			4,493,714			4,492,757			4,433,400			4,296,662
Total assets	4,884,841			4,758,960			4,721,205			4,654,491			4,513,774
Deposits	4,326,958			4,221,047			4,158,528			4,069,901			3,934,937
Interest bearing liabilities	3,075,210			3,005,103			2,950,337			2,863,057			2,740,444
Shareholders' equity	335,120			332,610			376,010			393,477			397,542

End of Period
Capital
Tangible common equity ratio	6.15		%	6.26		%	6.85		%	7.85		%	8.02		%
Average equity to average assets	6.86			6.99			7.96			8.45			8.81
Common shareholders' equity per share of common stock	$	15.78		$	15.73		$	16.79		$	18.82		$	18.76
Tangible common equity per share of common stock	14.30			14.25			15.31			17.33			17.27
Total shares outstanding	21,063,954			21,049,218			21,168,230			21,171,036			21,321,092

Selected Balances
Loans	$	3,409,858		$	3,258,850		$	3,004,065		$	2,905,045		$	2,883,978
Securities	1,183,701			1,241,312			1,400,137			1,412,830			1,348,378
Total earning assets	4,254,447			4,170,577			4,514,590			4,484,987			4,405,189
Total assets	4,931,377			4,826,209			4,761,983			4,704,740			4,622,340
Deposits	4,327,028			4,290,574			4,205,498			4,117,090			4,012,068
Interest bearing liabilities	3,076,613			2,997,883			2,956,736			2,865,090			2,784,554
Shareholders' equity	332,308			331,134			355,449			398,484			400,031

(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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent ("FTE")

Net interest income	$	39,897		$	33,803		$	108,959		$	95,480
Add: taxable equivalent adjustment	462			492			1,425			1,374
Net interest income - taxable equivalent	$	40,359		$	34,295		$	110,384		$	96,854
Net interest margin (GAAP) (1)	3.45		%	3.13		%	3.21		%	3.04		%
Net interest margin (FTE) (1)	3.49		%	3.18		%	3.25		%	3.09		%

(1)Annualized.

Tangible Common Equity Ratio


	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
	(Dollars in thousands)
Common shareholders' equity	$	332,308		$	331,134		$	355,449		$	398,484		$	400,031
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,697			2,871			3,104			3,336			3,579
Tangible common equity	$	301,311		$	299,963		$	324,045		$	366,848		$	368,152

Total assets	$	4,931,377		$	4,826,209		$	4,761,983		$	4,704,740		$	4,622,340
Less:
Goodwill	28,300			28,300			28,300			28,300			28,300
Other intangibles	2,697			2,871			3,104			3,336			3,579
Tangible assets	$	4,900,380		$	4,795,038		$	4,730,579		$	4,673,104		$	4,590,461

Common equity ratio	6.74		%	6.86		%	7.46		%	8.47		%	8.65		%
Tangible common equity ratio	6.15		%	6.26		%	6.85		%	7.85		%	8.02		%

Tangible Common Equity per Share of Common Stock:

Common shareholders' equity	$	332,308		$	331,134		$	355,449		$	398,484		$	400,031
Tangible common equity	$	301,311		$	299,963		$	324,045		$	366,848		$	368,152
Shares of common stock outstanding (in thousands)	21,064			21,049			21,168			21,171			21,321

Common shareholders' equity per share of common stock	$	15.78		$	15.73		$	16.79		$	18.82		$	18.76
Tangible common equity per share of common stock	$	14.30		$	14.25		$	15.31		$	17.33		$	17.27

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 (1)


	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
	(Dollars in thousands)
Non-accrual loans	$	5,307		$	5,859		$	5,893		$	5,545		$	5,917
Loans 90 days or more past due and still accruing interest	—			—			—			—			—
Subtotal	5,307			5,859			5,893			5,545			5,917
Less: Government guaranteed loans	1,491			1,360			859			435			327
Total non-performing loans	3,816			4,499			5,034			5,110			5,590
Other real estate and repossessed assets	348			508			438			245			224
Total non-performing assets	$	4,164		$	5,007		$	5,472		$	5,355		$	5,814

As a percent of Portfolio Loans
Non-performing loans	0.11		%	0.14		%	0.17		%	0.18		%	0.19		%
Allowance for credit losses	1.50			1.47			1.52			1.63			1.62
Non-performing assets to total assets	0.08			0.10			0.11			0.11			0.13
Allowance for credit losses as a percent of non-performing loans	1,340.20			1,064.30			906.38			924.70			837.19


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

Troubled debt restructurings ("TDR")


	September 30, 2022
	Commercial		Retail (1)			Total
	(In thousands)
Performing TDR's	$	3,210	$	28,071		$	31,281
Non-performing TDR's (2)	—		1,063		(3)	1,063
Total	$	3,210	$	29,134		$	32,344


	December 31, 2021
	Commercial		Retail (1)			Total
	(In thousands)
Performing TDR's	$	4,481	$	31,589		$	36,070
Non-performing TDR's (2)	—		1,016		(3)	1,016
Total	$	4,481	$	32,605		$	37,086


(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.


1

Allowance for credit losses


	Nine months ended September 30,
	2022							2021
	Loans			Securities		Unfunded Commitments		Loans			Securities		Unfunded Commitments
	(Dollars in thousands)
Balance at beginning of period	$	47,252		$	—	$	4,481	$	35,429		$	—	$	1,805
Additions (deductions)
Impact of adoption of ASC 326	—			—		—		11,574			—		1,469
Provision for credit losses	3,783			168		—		(2,558)			—		—
Initial allowance on loans purchased with credit deterioration	—			—		—		134			—		—
Recoveries credited to allowance	2,004			—		—		3,918			—		—
Loans charged against the allowance	(1,897)			—		—		(1,698)			—		—
Recoveries included in non-interest expense	—			—		676		—			—		363
Balance at end of period	$	51,142		$	168	$	5,157	$	46,799		$	—	$	3,637

Net loans charged (recovered) against the allowance to average Portfolio Loans	0.00		%					(0.11)		%

Capitalization


	September 30, 2022		December 31, 2021
	(In thousands)
Subordinated debt	$	39,414	$	39,357
Subordinated debentures	39,643		39,592
Amount not qualifying as regulatory capital	(638)		(581)
Amount qualifying as regulatory capital	78,419		78,368
Shareholders’ equity
Common stock	320,437		323,401
Retained earnings	108,916		74,582
Accumulated other comprehensive income (loss)	(97,045)		501
Total shareholders’ equity	332,308		398,484
Total capitalization	$	410,727	$	476,852


2

Non-Interest Income


	Three months ended						Nine months ended
	September 30, 2022		June 30, 2022		September 30, 2021		September 30,
							2022		2021
	(In thousands)
Interchange income	$	4,049	$	3,422	$	4,237	$	10,553	$	10,739
Service charges on deposit accounts	3,082		3,096		2,944		9,135		7,178
Net gains (losses) on assets
Mortgage loans	2,857		1,253		8,361		4,945		30,280
Securities	—		(345)		5		(275)		1,421
Mortgage loan servicing, net	4,283		4,162		1,271		18,086		4,476
Investment and insurance commissions	750		682		678		2,170		1,895
Bank owned life insurance	59		105		145		302		411
Other	1,781		2,257		2,054		5,525		4,472
Total non-interest income	$	16,861	$	14,632	$	19,695	$	50,441	$	60,872

Capitalized Mortgage Loan Servicing Rights


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(In thousands)
Balance at beginning of period	$	39,477	$	22,431	$	26,232	$	16,904
Originated servicing rights capitalized	1,588		2,529		5,237		8,637
Change in fair value	2,093		(752)		11,689		(1,333)
Balance at end of period	$	43,158	$	24,208	$	43,158	$	24,208

Mortgage Loan Activity


	Three months ended									Nine months ended
	September 30, 2022			June 30, 2022			September 30, 2021			September 30,
										2022			2021
	(Dollars in thousands)
Mortgage loans originated	$	209,041		$	317,683		$	453,752		$	796,918		$	1,436,497
Mortgage loans sold	157,511			142,977			279,235			522,213			963,442
Net gains on mortgage loans	2,857			1,253			8,361			4,945			30,280
Net gains as a percent of mortgage loans sold ("Loan Sales Margin")	1.81		%	0.88		%	2.99		%	0.95		%	3.14		%
Fair value adjustments included in the Loan Sales Margin	0.25		%	(0.27)		%	0.04		%	(0.54)		%	(0.40)		%


3

Non-Interest Expense


	Three months ended						Nine months ended
	September 30, 2022		June 30, 2022		September 30, 2021		September 30,
							2022		2021
	(In thousands)
Compensation	$	12,839	$	12,533	$	11,507	$	37,807	$	32,764
Performance-based compensation	4,290		3,776		6,252		11,728		15,327
Payroll taxes and employee benefits	3,472		3,573		3,900		11,078		11,973
Compensation and employee benefits	20,601		19,882		21,659		60,613		60,064
Data processing	2,653		2,644		3,022		7,513		7,972
Occupancy, net	2,062		2,077		2,082		6,682		6,578
Interchange expense	927		1,262		1,202		3,200		3,351
Furniture, fixtures and equipment	987		1,042		1,075		3,074		3,112
Communications	723		762		683		2,242		2,341
Loan and collection	772		647		735		1,978		2,353
Advertising	345		560		666		1,585		1,319
FDIC deposit insurance	591		457		346		1,570		983
Legal and professional	573		479		513		1,545		1,534
Amortization of intangible assets	174		233		242		639		727
Costs related to unfunded lending commitments	382		649		369		676		363
Supplies	147		161		116		431		460
Correspondent bank service fees	75		80		77		232		292
Conversion related expenses	—		6		275		50		1,636
Provision for loss reimbursement on sold loans	12		12		36		57		95
Net gains on other real estate and repossessed assets	(18)		(141)		(28)		(214)		(202)
Other	1,360		1,622		1,442		4,377		4,091
Total non-interest expense	$	32,366	$	32,434	$	34,512	$	96,250	$	97,069


4

Average Balances and Tax Equivalent Rates


	Three Months Ended September 30,
	2022						2021
	Average Balance		Interest		Rate (2)		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,353,102	$	37,019	4.39	%	$	2,896,552	$	30,061	4.13	%
Tax-exempt loans (1)	7,519		92		4.85		7,148		90		5.00
Taxable securities	891,677		5,329		2.39		951,445		3,922		1.65
Tax-exempt securities (1)	334,526		2,727		3.26		365,937		2,070		2.26
Interest bearing cash	5,830		28		1.91		57,153		23		0.16
Other investments	17,653		192		4.32		18,427		181		3.90
Interest Earning Assets	4,610,307		45,387		3.92		4,296,662		36,347		3.37
Cash and due from banks	62,340						57,151
Other assets, net	212,194						159,961
Total Assets	$	4,884,841					$	4,513,774

Liabilities
Savings and interest-bearing checking	2,548,213		2,803		0.44		2,317,142		695		0.12
Time deposits	402,466		822		0.81		314,394		395		0.50
Other borrowings	124,531		1,403		4.47		108,908		962		3.50
Interest Bearing Liabilities	3,075,210		5,028		0.65	%	2,740,444		2,052		0.30
Non-interest bearing deposits	1,376,279						1,303,401
Other liabilities	98,232						72,387
Shareholders’ equity	$	335,120					$	397,542

Total liabilities and shareholders’ equity	$	4,884,841					$	4,513,774

Net Interest Income			$	40,359					$	34,295

Net Interest Income as a Percent of Average Interest Earning Assets					3.49	%					3.18	%



(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


5

Average Balances and Tax Equivalent Rates


	Nine Months Ended September 30,
	2022						2021
	Average Balance		Interest		Rate (2)		Average Balance		Interest		Rate (2)
	(Dollars in thousands)
Assets
Taxable loans	$	3,155,410	$	96,742	4.09	%	$	2,859,207	$	86,126	4.02	%
Tax-exempt loans (1)	7,922		281		4.74		6,801		256		5.03
Taxable securities	978,668		14,831		2.02		881,465		10,374		1.57
Tax-exempt securities(1)	336,123		6,950		2.76		347,873		5,845		2.24
Interest bearing cash	36,761		94		0.34		76,533		74		0.13
Other investments	17,806		557		4.18		18,427		555		4.03
Interest Earning Assets	4,532,690		119,455		3.52		4,190,306		103,230		3.29
Cash and due from banks	59,851						55,883
Other assets, net	196,406						155,701
Total Assets	$	4,788,947					$	4,401,890

Liabilities
Savings and interest-bearing checking	2,528,655		4,232		0.22		2,239,887		2,059		0.12
Time deposits	365,245		1,376		0.50		319,792		1,429		0.60
Other borrowings	116,774		3,463		3.96		108,866		2,888		3.55
Interest Bearing Liabilities	3,010,674		9,071		0.40	%	2,668,545		6,376		0.32
Non-interest bearing deposits	1,342,228						1,279,006
Other liabilities	88,281						65,464
Shareholders’ equity	$	347,764					$	388,875

Total liabilities and shareholders’ equity	$	4,788,947					$	4,401,890

Net Interest Income			$	110,384					$	96,854

Net Interest Income as a Percent of Average Interest Earning Assets					3.25	%					3.09	%



(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


6

Commercial Loan Portfolio Analysis as of September 30, 2022


	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	13,633	$	703	$	—	$	703	5.2	%
Land Development	17,250		—		—		—		—
Construction	105,981		—		—		—		—
Income Producing	428,122		471		—		471		0.1
Owner Occupied	437,449		19,053		—		19,053		4.4
Total Commercial Real Estate Loans	$	1,002,435	$	20,227	$	—	$	20,227	2.0

Other Commercial Loans	$	405,795	$	6,398	41		$	6,439	1.6
Total non-performing commercial loans					$	41

Commercial Loan Portfolio Analysis as of December 31, 2021


	Total Commercial Loans
			Watch Credits						Percent of Loan Category in Watch Credit
Loan Category	All Loans		Performing		Non-accrual		Total
	(Dollars in thousands)
Land	$	13,621	$	114	$	—	$	114	0.8	%
Land Development	14,854		32		—		32		0.2
Construction	67,663		—		—		—		—
Income Producing	402,936		2,215		—		2,215		0.5
Owner Occupied	360,614		21,960		—		21,960		6.1
Total Commercial Real Estate Loans	$	859,688	$	24,321	$	—	$	24,321	2.8

Other Commercial Loans	$	343,893	$	12,546	62		$	12,608	3.7
Total non-performing commercial loans					$	62


7

Independent Bank Corporation Earnings Call Third Quarter 2022 October 25, 2022 (NASDAQ: IBCP)

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

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

3Q22 Overview 4 3Q22 Earnings • Net income of $17.3 million, or $0.81 per diluted share, compared to $16.0 million, or $0.73 per diluted share, in 3Q21 • Pre-tax, pre-provision income of $24.4 million, an increase of 28% from $19.0 million in 3Q21 • Growth in net interest income offset lower net gain on sale of mortgage loans • Annualized return on average assets and average equity of 1.40% and 20.48%, respectively • High level of profitability results in increase in TBV/share from prior quarter despite impact of volatility in AOCI Strong, Well Diversified Balance Sheet Growth • 18% annualized growth in total loans primarily driven by increases in commercial and mortgage portfolios • Strong economic activity in Michigan and impact of commercial banker additions continues to drive consistent loan production and loan pipeline • 3% annualized growth in total deposits including continued increase in noninterest-bearing deposits Positive Trends in Key Metrics • Net interest margin increased 23 bps to 3.49% • Despite increase in prevailing interest rates, cost of funds remains low at 0.34% (excluding sub-debt) • Asset quality remained exceptional with NPAs/Total Assets declining 2 bps and net loan recoveries in the quarter, with delinquencies in installment portfolio remaining stable and at low levels Conservative Balance Sheet Management • No shares repurchased during 3Q22 in order to preserve capital to build TCE and support strong organic loan growth • Reduction in installment loan production in order to preserve liquidity to fund commercial loan growth • While asset quality remains excellent, ACL/Total Loans increased to 1.50% to reflect more uncertain economic environment

Business Investment in Michigan Creating Attractive Growth Opportunities 5 Significant investment in electric vehicle industry, clean energy infrastructure, and the trend of onshoring of supply chain is driving job growth, business formation/expansion, and attractive lending and deposit gathering opportunities for Independent Bank Announced Investments in Electric Vehicle Industry in State of Michigan ➢ General Motors investing $7 billion to transition plants to electric vehicles ➢ Gotion High Tech EV battery maker investing $2.4 billion in a new Big Rapids, MI plant ➢ Ford investing $2 billion in electric vehicle manufacturing ➢ LG Energy Solution investing $1.7 billion to expand Holland, MI plant capacity for EV battery components ➢ Gentex investing $300 million to expand production of electronics for automotive industry ➢ Stellantis investing $83 million in EV engine manufacturing facility Announced Investments in Clean Energy Infrastructure ➢ The Inflation Reduction Act will invest $8.3 billion through 2030 in large- scale clean energy generation and storage in the state of Michigan *Source: Michigan Economic Development Corporation & Thomson Reuters

Low Cost Deposit Franchise Focused on Core Deposit Growth 6  Substantially core funding – $3.92 billion of non- maturity deposit accounts (90.6% of total deposits).  Total deposits increased $209.9 million (5.1%) since 12/31/21 with non-interest bearing up $55.2 million, savings and interest- bearing checking up $59.9 million, reciprocal up $29.8 million, time down $0.2 million and brokered up $65.2 million.  Deposits by Customer Type: − Retail – 50.9% − Commercial – 34.5% − Municipal – 14.6% Deposit Composition – 9/30/22 Deposit Highlights Michigan Deposit Market Share $4.3B Core Deposits: 91.3% Cost of Deposits (%)/Total Deposits ($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 $3.5 $3.6 $3.6 $3.9 $3.9 $4.1 $4.1 $4.2 $4.3 $4.3 0.29% 0.23% 0.39% 0.14% 0.12% 0.11% 0.09% 0.07% 0.11% 0.33% Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Total Deposits Cost Of Deposits

Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate 7 0.25% 0.27% 0.27% 0.28% 0.33% 0.36% 0.42% 0.51% 0.60% 0.73% 0.82% 0.85% 0.85% 0.74% 0.63% 0.30% 0.23% 0.39% 0.14% 0.12% 0.11% 0.10% 0.10% 0.11% 0.33% 0.50% 0.75% 1.00% 1.25% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.50% 2.50% 2.00% 1.75% 0.25% .25 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.50% 1.75% 3.25% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Historical IBCP Cost of Funds vs. the Federal Funds Rate IB COF Fed Funds Spot Fed Effective

Diversified Loan Portfolio Focused on High Quality Growth 8 Lending Highlights Note: Portfolio loans exclude loans HFS.  Portfolio loan changes in 3Q’22: − Commercial – increased $79.0 million. − Average new origination yield of 5.32%. − Mortgage – increased $70.7 million. − Average new origination yield of 5.20%. − Installment – increased $1.3 million. − Average new origination yield of 5.20%.  Mortgage loan portfolio weighted average FICO of 752 and average balance of $252,657.  Installment weighted average FICO of 758 and average balance of $27,021.  Commercial loan rate mix: − 50% fixed / 50% variable. − Indices – 69% tied to Prime, 17% tied to LIBOR, 1% tied to a US Treasury rate and 12% tied to SOFR.  Mortgage loan (including HECL) rate mix: − 66% fixed / 34% adjustable or variable. − 25% tied to Prime, 34% tied to LIBOR, 15% tied to a US Treasury rate and 27% tied to SOFR. Loan Composition – 9/30/22 $3.4B Yield on Loans (%)/Total Portfolio Loans ($B) Commercial 41% Mortgage 40% Installment 19% Held for Sale 0% $2.9 $2.9 $2.7 $2.8 $2.8 $2.9 $2.9 $3.0 $3.3 $3.4 4.11% 4.14% 4.31% 4.01% 3.95% 4.13% 4.08% 3.82% 4.01% 4.39% Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 3Q'22 Total Portfolio Loans Yield on Loans

Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) 9 Concentrations within $1.4B Commercial Loan Portfolio 9 Note: $896 million, or 63.6% of the commercial loan portfolio is C&I or owner occupied, while $ 512 million, or 36.4% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $1.408 billion as of September 30, 2022 11.10%, Manufacturing, 156 8.14%, Construction, 1155.49%, Retail, 77 5.37%, Health Care and Social Assistance, 76 4.52%, Real Estate Rental and Leasing, 64 3.24%, Transportation, 46 3.14%, Other Services (except Public Administration), 44 3.06%, Wholesale, 43 2.98%, Arts, Entertainment, and Recreation, 42 2.92%, Hotel and Accomodations, 41 2.77%, Food Service, 39 2.59%, Professional, Scientific, and Technical Services, 36 8.31%, Other, 117 $896MM

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) 10 $13.4 $8.2 $8.6 $9.5 $7.9 $7.1 $5.1 $5.6 $5.1 $5.0 $4.5 $3.8 0.4% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 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 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4'21 Q1 Q2 Q3 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 $0.0 $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 $5.3 $4.8 $4.4 $7.2 $13.2 $3.9 $3.5 $2.4 $2.3 $2.7 $3.7 $2.3 0.3% 0.2% 0.2% 0.3% 0.5% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 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 2016 2017 2018 2019 2020 Q1 Q2 Q3 Q4'21 Q1 Q2 Q3 30-89 Days PD 30-89 Days PD / Loans $18.4 $9.8 $9.9 $11.4 $8.6 $5.3 $5.4 $5.0 $4.2 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 2016 2017 2018 2019 2020 2021 Q1'22 Q2'22 Q3'22 Non-performing Loans 90+ Days PD ORE/ORA

Strong Capital Position 11 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. • YTD 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 7.79% 9.0 8.6 8.2 8.0 7.9 6.9 6.3 6.2 0 5 10 15 2019 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 10.1 9.2 9.0 9.0 8.8 8.8 8.7 8.8 0 5 10 15 2019 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 11.4 12.0 11.7 11.3 11.1 10.7 10.3 10.3 0 5 10 15 2019 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 13.7 16.0 15.5 14.9 14.7 14.2 13.7 13.5 0 2 4 6 8 10 12 14 16 18 20 2019 2020 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22

Highlights  Net interest income increased $3.8 million in 3Q’22 vs.2Q’22 due to an increase in average earning assets and an increase in the net interest margin.  Net interest margin was 3.49% during the third quarter of 2022, compared to 3.18% in the year-ago quarter and 3.26% in the second quarter of 2022. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) Net Interest Margin/Income 12 3.72 3.62 3.57 3.27 3.22 3.37 3.30 3.16 3.47 3.92 3.36 3.31 3.12 3.05 3.02 3.18 3.13 3.00 3.26 3.49 0.06 0.09 0.09 0.08 0.07 0.08 0.08 0.12 0.77 2.18 0.30 0.23 0.39 0.14 0.12 0.11 0.10 0.10 0.12 0.45 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'23 Earning Asset Yield Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds $30.5 $32.0 $31.0 $30.3 $31.4 $33.8 $34.3 $33.0 $36.1 $39.9 $25.0 $27.0 $29.0 $31.0 $33.0 $35.0 $37.0 $39.0 $41.0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22

Linked Quarter Analysis 13 3Q’22 NIM Changes Linked Quarter Average Balances and FTE Rates Q2'22 3.26% Increase in investment yield 0.15% Change in loan yield and mix 0.30% Increase in funding costs -0.22% Q3'22 3.49% 3Q22 2Q22 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield ($ in thousands) Cash $5,830 $28 1.91% $18,032 $29 0.65% ($12,202) ($1) 1.26% Investments 1,243,856 8,248 2.65% 1,330,587 7,343 2.21% (86,731) 905 0.44% Commercial loans 1,369,513 17,245 5.00% 1,291,582 13,924 4.32% 77,931 3,321 0.67% Mortgage loans 1,338,283 13,268 3.97% 1,242,488 11,626 3.74% 95,795 1,642 0.22% Consumer loans 652,825 6,598 4.01% 611,025 5,923 3.89% 41,800 675 0.12% Earning assets $4,610,307 $45,387 3.92% $4,493,714 $38,845 3.47% $116,593 $6,542 0.45% Nonmaturity deposits $2,548,213 $2,803 0.44% $2,534,242 $788 0.12% $13,971 2,015 0.31% Time deposits 402,466 822 0.81% 354,209 428 0.48% 48,257 394 0.33% Other borrowings 124,531 1,403 4.47% 116,652 1,087 3.74% 7,879 316 0.73% Cost of funds $3,075,210 $5,028 0.65% $3,005,103 $2,303 0.31% $70,107 $2,725 0.34% Free funds $1,535,097 $1,488,611 $46,486 Net interest income $40,359 $36,542 $3,817 Net interest margin 3.49% 3.26% 0.23%

• Slightly asset sensitive NII position. • The increase in the base case modeled NII is due to rate increases during the quarter, lower betas on interest bearing deposits than modeled and earning asset growth. These benefits were partially offset by a shift in the funding mix to increased levels of higher cost 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 44.3% of assets and other non-maturity deposits fund another 23.3% of assets. Limited wholesale funding of just 4.7% of assets. • 25.4% of assets reprice in 1 month and 39.3% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging as well as product pricing and structure. 14Interest 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 164,135$ 167,764$ 169,963$ 170,676$ 170,446$ Change from Base -3.43% -1.29% - 0.42% 0.28% -200 -100 Base-rate +100 +200 Net Interest Income - 155,418$ 161,619$ 161,518$ 160,556$ Change from Base - -3.84% - -0.06% -0.66% (Dollars in 000's) September 30, 2022 June 30, 2022 (Dollars in 000's)

Strong Non-interest Income 15  Diverse sources of non-interest income, representing 27.3% of operating revenue in 3Q’22.  3Q’22 other income of $1.8 million compared to $2.1 million in the prior year quarter. This decrease was primarily due to the prior year relationship credit from the core provider related to certain Treasury Management fees that were not charged to customers.  The $0.2 million comparative quarterly decrease in interchange income is attributed to lower rate on debit card transactions that was partially offset by growth in debt card transaction volume.  Mortgage banking: − $2.9 million in net gains on mortgage loans in 3Q’22 vs. $8.4 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. − $209.0 million in mortgage loan originations in 3Q’22 vs. $453.8 million in 3Q’21 and $317.7 million in 2Q’22. − 3Q’22 mortgage loan servicing includes a $3.2 million ($0.12 per diluted share, after tax) increase 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. $50.4M 2022 YTD Non-interest Income (thousands) Non-interest Income Trends ($M) Highlights $20.4 $27.0 $22.4 $26.4 $14.8 $19.7 $15.8 $18.9 $14.6 $16.9 40.1% 45.8% 41.9% 46.6% 32.0% 36.8% 30.3% 35.4% 27.6% 27.3% 0.0 10.0 20.0 30.0 40.0 50.0 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Non-interest Income Non-interest Inc/Operating Rev (%) Interchange income, $10,553 Service Chg Dep, $9,135 Gain (Loss)- Mortgage Sale, $4,945 Gain (Loss)- Securities, $(275) Mortgage loan servicing, net, $18,086 Investment and insurance commissions, $2,170 Bank owned life insurance, $302 Other income, $5,525

Focus on Improved Efficiency 16 Source: Company documents. Non-interest Expense ($M) Highlights Efficiency Ratio (4 quarter rolling average)  3Q’22 efficiency ratio of 56.3%.  Compensation and employee benefits expense of $20.6 million, a decrease of $1.1 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 third quarter of 2022 as direct origination costs (lower mortgage loan origination volume), and an increase in lending personnel.  $2.0 million decrease in performance based compensation expense accrual.  Payroll taxes and employee benefits decreased $0.4 million due to lower payroll taxes and retirement plan costs.  Data processing costs decreased by $0.4 million primarily due to lower debt card production costs and lower net mortgage processing costs.  Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. $27.3 $33.6 $32.7 $30.0 $32.5 $34.5 $34.0 $31.5 $32.4 $32.4 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Total 60.3% 59.8% 55.9% 59.9% 61.7% 63.2% 64.8% 63.1% 61.3% Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 1Q'22 2Q'22 3Q'22

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. Q3 Update: Total portfolio loans increased $151.0 million (18.4% annualized) in 3Q’22 and $504.8 million (23.2% annualized) in the first nine months of 2022 which is higher than our forecasted range. Commercial, mortgage and installment loans all had positive growth in 3Q’22. 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. Q3 Update: 3Q’22 net interest income was $6.1 million (18.0%) higher than the prior year quarter. The net interest margin was 3.49% for the quarter, up 0.23% from the linked quarter and up 0.31% from the prior year quarter. The 18.0% 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. Q3 Update: The provision for credit losses was an expense of $3.1 million (0.37% annualized) in 3Q’22 which was above 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 $4.0 (0.16%) which is within our forecasted range. The 3Q’22 provision expense was primarily the result of an increase in the adjustment to pooled reserve and subjective allocations primarily due to 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). Q3 Update: Non-interest income totaled $16.9 million in 3Q’22, which was within the forecasted range. 3Q’22 mortgage loan originations, sales and gains totaled $209.0 million, $157.5 million and $2.9 million, respectively. The decrease in net gains on mortgage loans sold was primarily due to lower sales volume, decreased profit margin on mortgage loan sales and a decrease in the fair value adjustments on the mortgage loan pipeline. Mortgage loan servicing generated a gain of $4.3 million in 3Q’22 due primarily to a positive $3.2 million fair value adjustment due to price. The $1.2 million (18.0%) 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. Q3 Update: : Total non-interest expense was $32.4 million in the third quarter of 2022, within our forecasted range. The $1.1 million comparative quarterly decrease 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. Q3 Update: Actual effective income tax rate of 18.6 for the 3Q’22. 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. Q3 Update: There were no share repurchases in 3Q’22. The Company repurchased 181,586 (16.5% of repurchase authorization) shares at an average price of $22.08 in the first nine months of 2022. 17

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

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

Appendix 20 Additional Financial Data and Non-GAAP Reconciliations

Historical Financial Data 21 Year Ended December 31, Quarter Ended, ($M except per share data) 2018 2019 2020 2021 9/30/21 12/31/21 3/31/22 6/30/22 9/30/22 Balance Sheet: Total Assets $3,353 $3,565 $4,204 $4,705 $4,622 $4,705 $4,762 $4,826 $4,931 Portfolio Loans $2,583 $2,725 $2,734 $2,905 $2,884 $2,905 $3,004 $3,259 $3,410 Deposits $2,913 $3,037 $3,637 $4,117 $4,012 $4,117 $4,205 $4,291 $4,327 Tangible Common Equity $304 $317 $357 $367 $368 $367 $324 $300 $301 Profitability: Pre-Tax, Pre-Provision Income $50.6 $58.6 $81.9 $75.4 $19.0 $16.1 $20.5 $18.3 $24.4 Pre-Tax, Pre-Prov / Avg. Assets 1.62% 1.70% 2.08% 1.62% 1.67% 1.37% 1.76% 1.56% 1.98% Net Income(1) $39.8 $46.4 $56.2 $62.9 $16.0 $15.5 $18.0 $13.0 $17.3 Diluted EPS $1.68 $2.00 $2.53 $2.88 $0.73 $0.58 $0.84 $0.61 $0.81 Return on Average Assets(1) 1.27% 1.35% 1.43% 1.41% 1.40% 1.07% 1.54% 1.10% 1.40% Return on Average Equity(1) 12.4% 13.6% 15.7% 16.1% 15.9% 12.6% 19.4% 15.7% 20.5% Net Interest Margin (FTE) 3.88% 3.80% 3.34% 3.10% 3.18% 3.13% 3.00% 3.26% 3.49% Efficiency Ratio 67.2% 64.9% 59.2% 62.9% 63.5% 66.7% 59.6% 62.5% 56.3% Asset Quality: NPAs / Assets 0.29% 0.32% 0.21% 0.11% 0.13% 0.11% 0.11% 0.10% 0.08% NPAs / Loans + OREO 0.38% 0.42% 0.32% 0.18% 0.20% 0.18% 0.17% 0.14% 0.12% ACL / Total Portfolio Loans 0.96% 0.96% 1.30% 1.63% 1.62% 1.63% 1.52% 1.47% 1.50% NCOs / Avg. Loans (0.03%) (0.02%) 0.11% (0.07%) (0.01%) 0.01% 0.00% 0.00% 0.00% Capital Ratios: TCE Ratio 9.2% 9.0% 8.6% 7.9% 8.0% 7.9% 6.9% 6.3% 6.2% Leverage Ratio 10.5% 10.1% 9.2% 8.8% 9.0% 8.8% 8.8% 8.7% 8.8% Tier 1 Capital Ratio 13.3% 12.7% 13.3% 12.2% 12.4% 12.1% 11.8% 11.3% 11.3% Total Capital Ratio 14.3% 13.7% 16.0% 14.7% 14.9% 14.5% 14.2% 13.7% 13.5%

Franchise Overview 22 Note: All financial data as of June 30, 2022  $4.9 billion asset community bank operating throughout the state of Michigan  Highly profitable franchise built upon the foundation of a low-cost deposit base and exceptional credit quality  Proven track record of strong performance has resulted in 8 consecutive years of dividend increases  Diverse revenue mix with non-interest income consistently accounting for more than 30% of total revenue  Focus on improving efficiencies and productivity has increased average deposits per branch from $25 million in 2011 to $74 million in 2022  Increasing business investment in Michigan, addition of new banking talent, and expansion into higher growth markets expected to drive further increases in revenue and earnings

Our Michigan Markets 23 Source: S&P Global Market Intelligence and Company documents. Map does not include loan production offices. Deposit market share data based on FDIC Summary of Deposits Annual Survey as of June 30, 2022. Note: Loan and deposit balances exclude the loans and deposits (such as brokered deposits) that are not clearly allocable to a certain market region. Loans specifically exclude: $211 million of Ohio mortgage loans, $39 million of resort loans and $10 million of purchased mortgage loans. 94 96 75 69  Michigan’s premier community bank. #1 deposit market share amongst banks headquartered in Michigan and #9 deposit market share overall.  Top 10 market share in 20 of 25 counties of operation – with opportunity to gain market share in attractive Michigan markets.  Low cost and stable deposit base in East/”Thumb” and Central regions utilized to fund loan growth in the West and Southeast regions (higher growth & more metropolitan).  New full service bank branch opened in Holland, Michigan in 3Q’22.  Opened Loan Production Offices in Ottawa County and Macomb County in 3Q’21.  5 Loan Production Offices (LPOs), including 4 throughout Michigan and 1 in Ohio (residential mortgage lending only). Branches (59) East / “Thumb” Branches: 18 Deposits: $1,055M Loans: $191M Southeast Branches: 7 Deposits: $568M Loans: $1,020M Central Branches: 10 Deposits: $503M Loans: $192M West Branches: 20 Deposits: $1,254M Loans: $721M Northwest Branches: 4 Deposits: $318M Loans: $333M $73.3 million average deposits per branch

24 24 ▪ All functionality within online banking can be done in the new IB ONE Wallet app. ▪ Customers can reset their own passwords in the app. ▪ Instantly transfer funds to other IB customers. ▪ IB Card Controls allows you to turn your debit card on or off, restrict transactions by category or dollar amount, and easily set up purchase alerts. ONE Wallet+, available in Online Banking and through the IB ONE Wallet app, is a tool that allows you to consolidate multiple accounts, including other bank accounts, credit cards, and investment accounts into one place. You can create budgets, manage trends, and even set financial goals. Digital Transformation

0 100,000 200,000 300,000 400,000 500,000 600,000 USA - Census AVG MI Ohio 511,000 12,833 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 M ic h ig an ( 0 0 0 )s U SA ( 0 0 0 )s USA - Census AVG MI 152,536 4,356 3,500 3,600 3,700 3,800 3,900 4,000 4,100 4,200 4,300 4,400 4,500 4,600 130,000 135,000 140,000 145,000 150,000 155,000 M ic h ig an ( 0 0 0 s) U .S . ( 0 0 0 s) US Michigan 3.5% 4.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% U.S. Michigan 25 Unemployment Trends (%) Total Employees (Thousands) Regional Average Home Sales Price (Thousands) Annualized Home Sales (Thousands) Select Economic Statistics Unemployment rates returning to normal levels Stable prices in key markets Strong job growth continues Rebounding Michigan home sales

Investment Securities Portfolio 26 Highlights ▪ High quality, liquid, diverse portfolio with moderate duration. ▪ On April 1, 2022 approximately $391.6 million in securities available-for-sale was transferred to held-to-maturity. ▪ Net unrealized loss of $154.0 million, representing 11.8% of amortized cost net of swaps. ▪ Portfolio ratings: 51% AAA rated (or backed by the U.S. Government); 31% AA rated; 9% A rated; 7% BAA rated and 2% unrated. ▪ 5.24 year estimated average duration with a weighted average yield of 2.61% (with TE gross up) including swaps. ▪ Approximately 26.4% of the portfolio is variable rate including swaps. ▪ Securities HTM comprise 29.8% of the portfolio FV following a AFS to HTM transfer in 2Q22. $1.2B Investment Portfolio by Type (9/30/22) Agency MBS, CMO & CMBS 19% Municipal/ Government 39% Asset-backed 19% Treasury, Agency & CDs 3% Private Label Mortgage 9% Corporate 11%

Classified Assets and New Default Trends Note: Dollars all in millions. Total Classified Assets Commercial Loan New Defaults Total Loan New Defaults Retail Loan New Defaults 27 $27 $15 $19 $17 $17 $20 $12 $11 $10 10% 5% 6% 5% 4% 4% 3% 2% 2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $0 $5 $10 $15 $20 $25 $30 2016 2017 2018 2019 2020 2021 Q1'22 Q2'22 Q3'22 Classified ($M) Classified / TCE + ALL $11.8 $6.5 $11.1 $7.9 $14.7 $2.5 $2.7 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2016 2017 2018 2019 2020 2020 2022 YTD $2.7 $0.7 $4.7 $1.3 $8.4 $- $- $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2016 2017 2018 2019 2020 2021 2022 YTD $9.1 $5.8 $6.4 $6.6 $6.2 $2.5 $2.7 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2016 2017 2018 2019 2020 2021 2022 YTD

Troubled Debt Restructurings (TDRs) TDR Highlights  Working with client base to maximize sustainable performance.  The specific reserves allocated to TDRs totaled $280m at 9/30/22.  A majority of our TDRs are performing under their modified terms but remain in TDR status for the life of the loan.  95.3% of TDRs are current as of 9/30/22.  Commercial TDR Statistics: − 12 loans with $3.2 million book balance. − 100% performing. − WAR of 5.55% − Well seasoned portfolio; all loans are accruing and performing, and have been for over a year since modification.  Retail TDR Statistics: − 349 loans with $29.1 million book balance. − 96.4% performing. − WAR of 4.61% (accruing loans). − Well seasoned portfolio; 99% of accruing loans are not only performing but have been for over a year since modification. TDRs ($ in Millions) 95% of TDRs are Current 28 $124 $110 $88 $78 $65 $56 $51 $47 $37 $36 $33 $32 89% 91% 89% 88% 91% 93% 92% 85% 96% 96% 96% 95% 60% 65% 70% 75% 80% 85% 90% 95% 100% $0 $20 $40 $60 $80 $100 $120 $140 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1'22 Q2'22 Q3'22 Performing Nonperforming % Current

Note: Dollars all in millions. Provision for Credit Losses Loan Net Charge-Offs/Recoveries Allowance for Credit Losses Credit Cost Summary 29 ($1.3) $1.2 $1.5 $0.8 $12.5 ($1.8) ($1.6) $2.2 $3.1 ($4.0) ($2.0) $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 2016 2017 2018 2019 2020 2021 Q1'22 Q2'22 Q3'22 $1.0 ($1.2) ($0.8) ($0.4) $3.2 ($2.0) ($0.1) 0.06% -0.06% -0.03% -0.02% 0.11% -0.07% 0.00% -0.08% -0.06% -0.04% -0.02% 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0 $3.0 $4.0 2016 2017 2018 2019 2020 2021 2022 YTD NCOs % of Avg. Portfolio Loans $20 $23 $25 $26 $35 $47 $46 $48 $51 1.26% 1.12% 0.96% 0.96% 1.30% 1.66% 1.54% 1.48% 1.51% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% $0 $10 $20 $30 $40 $50 $60 2016 2017 2018 2019 2020 2021 Q1'22 Q2'22 Q3'22 Allowance % of Portfolio Loans

30Non-GAAP to GAAP Reconciliation Reconciliation of Non-GAAP Financial Measures Adjusted Income Statement Results (non-GAAP) September 30, June 30, March 31, December 31, September 30, 2021 2020 2019 2018 2022 2022 2022 2021 2021 Net interest income $ 129,765 $ 123,612 $ 122,581 $ 113,282 $ 39,897 $ 36,061 $ 33,001 $ 34,285 $ 33,803 Non-interest income 76,643 80,745 47,736 44,815 16,861 14,632 18,948 15,771 19,695 Non-interest expense 131,023 122,413 111,733 107,461 32,366 32,434 31,450 33,954 34,512 Pre-Tax, Pre-Provision Income 75,385 81,944 58,584 50,636 24,392 18,259 20,499 16,102 18,986 Provision for credit losses (1,928) 12,463 824 1,503 3,145 2,379 (1,573) 630 (659) Income tax expense 14,418 13,329 11,325 9,294 3,950 2,879 4,105 2,964 3,683 Net income $ 62,895 $ 56,152 $ 46,435 $ 39,839 $ 17,297 $ 13,001 $ 17,967 $ 12,508 $ 15,962 Average total assets 4,465,577$ 3,933,655$ 3,440,232$ 3,131,936$ 4,884,841$ 4,758,960$ 4,721,205$ 4,654,491$ 4,513,774$ Performance Ratios Return on average assets 1.41% 1.43% 1.35% 1.27% 1.40% 1.10% 1.54% 1.07% 1.40% Pre-tax, Provision return on average assets 1.69% 2.08% 1.70% 1.62% 1.98% 1.54% 1.76% 1.37% 1.67% Year Ended December 31, Quarter Ended (Dollars in thousands)

31 Reconciliation of Non-GAAP Financial Measures 2022 2021 2022 2021 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 39,897$ 33,803$ 108,959$ 95,480$ Add: taxable equivalent adjustment 462 492 1,425 1,374 Net interest income - taxable equivalent 40,359$ 34,295$ 110,384$ 96,854$ Net interest margin (GAAP) (1) 3.45% 3.13% 3.21% 3.04% Net interest margin (FTE) (1) 3.49% 3.18% 3.25% 3.09% (1) Annualized. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands)

32 Reconciliation of Non-GAAP Financial Measures (continued) Independent Bank Corporation Tangible Common Equity Ratio September 30, June 30, March 31, December 31, September 30, 2021 2020 2019 2018 2022 2022 2022 2021 2021 Common shareholders' equity 398,484$ 389,522$ 350,169$ 338,994$ 332,308$ 331,134$ 355,449$ 398,484$ 400,031$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 3,336 4,306 5,326 6,415 2,697 2,871 3,104 3,336 3,579 Tangible common equity 366,848$ 356,916$ 316,543$ 304,279$ 301,311$ 299,963$ 324,045$ 366,848$ 368,152$ Total assets $ 4,704,740 $ 4,204,013 $ 3,564,694 $ 3,353,281 $ 4,931,377 $ 4,826,209 $ 4,761,983 $ 4,704,740 $ 4,622,340 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 3,336 4,306 5,326 6,415 2,697 2,871 3,104 3,336 3,579 Tangible assets $ 4,673,104 $ 4,171,407 $ 3,531,068 $ 3,318,566 $ 4,900,380 $ 4,795,038 $ 4,730,579 $ 4,673,104 $ 4,590,461 Common equity ratio 8.47% 9.27% 9.82% 10.11% 6.74% 6.86% 7.46% 8.47% 8.65% Tangible common equity ratio 7.85% 8.56% 8.96% 9.17% 6.15% 6.26% 6.85% 7.85% 8.02% 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 October 25, 2022.

99.2			Supplemental data to the Registrant’s press release dated October 25, 2022.

99.3			Earnings conference call presentation.