IBCP · Independent Bank Corp /Mi/ · Executive Compensation

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$37.07 -0.08 (-0.22%) At close · Sep 11

Russell 2000 member Rebalance outlook locked

Market Cap

$822.93M

Shares

22.20M

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$644,225	—	$446,694	—	$391,307	$76,164	$1,558,390
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$348,991	—	$148,871	—	$131,088	$44,770	$673,720
Joel F. Rahn	Executive Vice President -	$328,918	—	$140,304	—	$131,881	$38,737	$639,840
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$319,331	—	$136,220	—	$131,868	$38,211	$625,630
Patrick J. Ervin	Executive Vice President -	$310,009	—	$132,282	—	$120,914	$42,842	$606,047

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$602,080	—	$330,138	—	$385,500	$76,731	$1,394,449
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$323,140	—	$127,622	—	$161,212	$46,730	$658,704
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$310,030	—	$127,216	—	$165,625	$39,044	$641,915
Patrick J. Ervin	Executive Vice President -	$306,940	—	$125,951	—	$152,127	$51,787	$636,805
Joel F. Rahn	Executive Vice President -	$307,400	—	$122,551	—	$162,375	$36,849	$629,175

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$568,000	—	$318,106	—	$170,587	$65,427	$1,122,120
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$301,000	—	$125,489	—	$90,142	$36,630	$553,261
Mortgage Banking	—	$298,000	—	$123,807	—	$70,229	$52,143	$544,179
Patrick J. Ervin	Executive Vice President -	$298,000	—	$123,807	—	$70,229	$52,143	$544,179
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$302,000	—	$124,500	—	$70,147	$45,983	$542,630
Larry R. Daniel	Executive Vice President - Operations and Retail Banking The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC topic 718, “Compensation - Stock Compensation”. The assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2023 Annual Report. The amounts set forth in this column for 2023 represent cash bonuses paid to the Named Executives on March 15, 2024, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2023. The amounts set forth in this column for 2022 represent cash bonuses paid to the Named Executives on March 3, 2023, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2022. The amounts set forth in this column for 2021 represent cash bonuses paid to the Named Executives on March 4, 2022, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2021. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues.	$286,000	—	$117,278	—	$67,146	$45,134	$515,558
Joel F. Rahn	Executive Vice President -	$290,000	—	$120,246	—	$72,580	$30,503	$513,329
Commercial Lending	The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2025 Annual Report. In addition, the relative total shareholder return (“TSR”) performance condition of the performance share units is determined by an independent third party using a Monte-Carlo simulation. The amounts set forth in this column for 2025 represent cash bonuses to be paid to the Named Executives in March 2026, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2025. The amounts set forth in this column for 2024 represent cash bonuses paid to the Named Executives on March 14, 2025, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2024. The amounts set forth in this column for 2023 represent cash bonuses paid to the Named Executives on March 15, 2024, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2023. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, contributions to our Executive Nonqualified Excess Plan (discussed under Nonqualified Deferred Compensation below), IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues. Non-perk compensation in excess of $10,000 includes Company matching contributions to qualified defined contribution plans and contributions to our Executive Nonqualified Excess Plan for Mr. Kessel, Mr. Mohr, Ms. Kimball, Mr. Ervin, and Mr. Rahn totaling, $37,614, $20,044, $18,982, $18,549, and $19,298, respectively. In addition, the amount for Mr. Kessel includes $19,482 in dividends on restricted stock awards.	$290,000	—	$120,246	—	$72,580	$30,503	$513,329

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$535,800	—	$282,638	—	$348,500	$72,363	$1,239,301
Patrick J. Ervin	Executive Vice President -	$286,800	—	$143,155	—	$154,008	$53,775	$637,738
Mortgage Banking	—	$286,800	—	$143,155	—	$154,008	$53,775	$637,738
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$290,700	—	$122,654	—	$167,694	$35,361	$616,409
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$288,400	—	$121,655	—	$157,614	$34,263	$601,932
Commercial Lending	The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC topic 718, “Compensation - Stock Compensation”. The assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2024 Annual Report. The amounts set forth in this column for 2024 represent cash bonuses to be paid to the Named Executives in March 2025, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2024. The amounts set forth in this column for 2023 represent cash bonuses paid to the Named Executives on March 15, 2024, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2023. The amounts set forth in this column for 2022 represent cash bonuses paid to the Named Executives on March 3, 2023, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2022. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, contributions to our Executive Nonqualified Excess Plan (discussed under Nonqualified Deferred Compensation below), IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues. Non-perk compensation in excess of $10,000 includes Company matching contributions to qualified defined contribution plans and contributions to our Executive Nonqualified Excess Plan for Mr. Kessel, Mr. Mohr, Ms. Kimball, Mr. Ervin, and Mr. Rahn totaling, $35,443, $18,993, $18,064, $16,116, and $18,100, respectively. In addition, the amount for Mr. Kessel includes $15,746 in dividends on restricted stock awards.	$278,500	—	$116,373	—	$160,523	$35,361	$590,757
Joel F. Rahn	Executive Vice President -	$278,500	—	$116,373	—	$160,523	$35,269	$590,665
Larry R. Daniel	Executive Vice President - Operations and Retail Banking The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC topic 718, “Compensation - Stock Compensation”. The assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2023 Annual Report. The amounts set forth in this column for 2023 represent cash bonuses paid to the Named Executives on March 15, 2024, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2023. The amounts set forth in this column for 2022 represent cash bonuses paid to the Named Executives on March 3, 2023, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2022. The amounts set forth in this column for 2021 represent cash bonuses paid to the Named Executives on March 4, 2022, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2021. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues.	$271,600	—	$112,373	—	$142,435	$32,307	$558,715

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$520,200	—	$272,223	—	$442,136	$68,292	$1,302,851
Patrick J. Ervin	Executive Vice President -	$270,610	—	$158,365	—	$190,510	$46,018	$665,503
Mortgage Banking	—	$270,610	—	$158,365	—	$190,510	$46,018	$665,503
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$282,220	—	$116,983	—	$198,685	$37,677	$635,565
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$280,000	—	$119,528	—	$177,320	$35,633	$612,481
Joel F. Rahn	Executive Vice President -	$267,800	—	$111,017	—	$184,246	$35,442	$598,505
Larry R. Daniel	Executive Vice President - Operations and Retail Banking The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC topic 718, “Compensation - Stock Compensation”. The assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2023 Annual Report. The amounts set forth in this column for 2023 represent cash bonuses paid to the Named Executives on March 15, 2024, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2023. The amounts set forth in this column for 2022 represent cash bonuses paid to the Named Executives on March 3, 2023, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2022. The amounts set forth in this column for 2021 represent cash bonuses paid to the Named Executives on March 4, 2022, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2021. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues.	$258,640	—	$104,175	—	$179,200	$32,859	$574,874

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$510,000	—	$257,400	—	$469,404	$56,415	$1,293,219
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$274,000	—	$110,639	—	$210,520	$34,058	$629,217
Dennis J. Mack	Executive Vice President - Chief Lending Officer	$274,000	—	$110,639	—	$199,560	$28,892	$613,091
Patrick J. Ervin	Executive Vice President - Mortgage Banking	$256,500	—	$102,339	—	$197,074	$34,993	$590,906
Mortgage Banking	—	$256,500	—	$102,339	—	$197,074	$34,993	$590,906
Joel F. Rahn	Executive Vice President - Commercial Lending	$260,000	—	$22,578	—	$139,862	$15,494	$437,934
Commercial Lending	The amounts set forth in this column represent the aggregate fair value of awards as of the grant date, computed in accordance with FASB ASC topic 718, “Compensation - Stock Compensation”. The assumptions used in calculating these award amounts are set forth in Note 14, of the Company's 2022 Annual Report. The amounts set forth in this column for 2022 represent cash bonuses paid to the Named Executives on March 3, 2023, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2022. The amounts set forth in this column for 2021 represent cash bonuses paid to the Named Executives on March 4, 2022, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2021. The amounts set forth in this column for 2020 represent cash bonuses paid to the Named Executives on February 5, 2021, under the terms of the Company's Management Incentive Compensation Plan for the annual period ended December 31, 2020. The amounts set forth in this column include our contributions to the ESOP (subject to certain age and service requirements, all employees are eligible to participate in the ESOP), matching contributions to qualified defined contribution plans, IRS determined personal use of company owned automobiles, dividends on restricted stock, and country club and other social club dues. All Other Compensation for Mr. Kessel and Ms. Kimball for 2021 has been updated from last year’s disclosure to reflect the correct amount for that period. All Other Compensation for Mr. Mohr in 2020 includes a signing bonus of $17,500. Mr. Mohr was appointed as the Company's Chief Financial Officer on September 14, 2020. Mr. Rahn was appointed as the Company's Executive Vice President - Commercial Lending on January 1, 2021.	$260,000	—	$22,578	—	$139,862	$15,494	$437,934
Stephen A. Erickson	Former Executive Vice President and Chief Financial Officer	$158,106	—	$120,655	—	—	$99,061	$377,822
Gavin A. Mohr	Executive Vice President and Chief Financial Officer	$86,154	—	$42,900	—	$64,243	$18,100	$211,397
Robert Shuster	Interim Executive Vice President and Chief Financial Officer	$137,589	—	—	—	—	$19,961	$157,550

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$495,000	—	$251,172	—	$286,783	$68,040	$1,100,995
Robert Shuster	Interim Executive Vice President and Chief Financial Officer	$278,000	—	$112,003	—	$127,714	$36,729	$554,446
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$266,000	—	$108,284	—	$130,736	$33,128	$538,148
Dennis J. Mack	Executive Vice President - Chief Lending Officer	$266,000	—	$108,284	—	$119,032	$28,153	$521,469
Patrick J. Ervin	Executive Vice President - Mortgage Banking	$246,000	—	$97,314	—	$118,466	$40,602	$502,382
Joel F. Rahn	Executive Vice President - Commercial Lending	$221,450	—	$21,955	—	$84,421	$13,645	$341,471
Stephen A. Erickson	Former Executive Vice President and Chief Financial Officer	$72,500	—	$173,760	—	—	$71,073	$317,333

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$480,000	—	$232,979	—	$349,870	$52,554	$1,115,403
Robert Shuster	Interim Executive Vice President and Chief Financial Officer	$267,525	—	$104,595	—	$152,666	$35,251	$560,037
Patrick J. Ervin	Executive Vice President - Mortgage Banking	$232,500	—	$150,164	—	$142,937	$24,890	$550,491
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$258,700	—	$101,386	—	$152,653	$30,868	$543,607
Dennis J. Mack	Executive Vice President - Chief Lending Officer	$258,700	—	$101,386	—	$147,653	$27,144	$534,883

Fiscal 2017

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
William Kessel	President and Chief Executive Officer	$465,000	—	$230,523	—	$266,079	$41,738	$1,003,340
Mortgage Banking	—	$212,596	—	$21,124	—	$126,588	$262,635	$622,943
Robert Shuster	Executive Vice President and Chief Financial Officer	$261,000	—	$102,342	—	$123,655	$30,723	$517,720
Stefanie M. Kimball	Executive Vice President - Chief Risk Officer	$253,000	—	$99,885	—	$134,033	$26,355	$513,273
Dennis J. Mack	Executive Vice President - Chief Lending Officer	$253,000	—	$99,927	—	$120,054	$24,307	$497,288

Executive changes

Person	Role	Change	Effective	Filed
Nathan E. Tagg	Board of Directors of Independent Bank Corporation	Appointed	2026-07-21	2026-07-27
Michael G. Wooldridge	Boards of the Corporation and the Bank	Appointed	2025-12-16	2025-12-19
Christopher Michaels	Chief Operating Officer	Appointed	2025-01-02	2025-01-02

Key facts CIK 39311 CUSIP 453838609 13F (30d) 61 filings 61 filers Visit website Investor relations