Independent Bank Corporation Reports 2024 Fourth Quarter Results

Fourth Quarter Highlights Highlights for the fourth quarter of 2024 include: An increase in net interest income of $1.0 million (2.4%) over the third quarter of 2024;A net interest margin of 3.45% (eight basis point increase from the linked quarter)A return on average assets and a return on average equity of 1.39% and 16.31%, respectively;Net growth in loans of $96.5 million (or 9.7% annualized) from September 30, 2024; andThe payment of a 24 cent per share dividend on common stock on November 15, 2024. GRAND RAPIDS, Mich., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2024 net income of $18.5 million, or $0.87 per diluted share, versus net income of $13.7 million, or $0.65 per diluted share, in the prior-year period. For the year ended December 31, 2024, the Company reported net income of $66.8 million, or $3.16 per diluted share, compared to net income of $59.1 million, or $2.79 per diluted share, in 2023. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our fourth-quarter performance marked the culmination of another remarkable year, with our organization excelling on the fundamentals. I am especially pleased to report a notable 10% annualized growth rate in our loan portfolio for the fourth quarter of 2024, driven by an impressive 24% annualized growth rate in our commercial loan portfolio. This strong performance enabled us to achieve a $1 million increase in net interest income for the linked quarter, contributing to a healthy net interest margin of 3.45%. Our credit metrics remain outstanding, with watch credits and non-performing assets near historic lows. I am incredibly proud of our team's dedication and efforts throughout 2024, which translated into exceptional full-year results. We achieved balanced growth on both sides of the balance sheet, with total loan growth of 7% and core deposit growth of 5%. For the year, we delivered a return on average assets (ROAA) of 1.27%, a return on average equity (ROAE) of 15.66%, earnings per share (EPS) growth of 13%, and 13% growth in tangible book value per share (TBVPS). Looking ahead to 2025, we remain optimistic about sustaining these growth trends. Our confidence is bolstered by a robust commercial loan pipeline, the proven track record of our core team of professionals, and our on-going strategic initiative to attract and integrate talented bankers into our organization. Additionally, I am pleased our Board of Directors approved an 8% increase in our quarterly dividend in January, 2025 marking the twelfth consecutive annual increase for our shareholders.” Significant items impacting comparable 2024 and 2023 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $6.5 million ($0.24 per diluted share, after taxes) and $4.5 million ($0.17 per diluted share, after taxes) for the three-month and full-year ended December 31, 2024, respectively, as compared to $(3.6) million ($(0.14) per diluted share, after taxes) and $(0.3) million ($(0.01) per diluted share, after taxes) for the three-months and full-year ended December 31, 2023, respectively.The provision for credit losses was an expense of $2.2 million ($0.08 per diluted share, after taxes) and expense of $4.5 million ($0.17 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2024, respectively, as compared to a credit of $(0.6) million ($(0.02) per diluted share, after taxes) and expense of $6.2 million ($0.23 per diluted share, after tax) in the fourth quarter and full year ended December 31, 2023, respectively. Operating Results The Company’s net interest income totaled $42.9 million during the fourth quarter of 2024, an increase of $2.7 million, or 6.8% from the year-ago period, and up $1.0 million, or 2.4%, from the third quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.45% during the fourth quarter of 2024, compared to 3.26% in the year-ago period, and 3.37% in the third quarter of 2024. The year-over-year quarterly increase in net interest income was due to an increase in the net interest margin and an increase in average earnings assets. Average interest-earning assets were $5.01 billion in the fourth quarter of 2024, compared to $4.93 billion in the year ago quarter and $4.99 billion in the third quarter of 2024. For the year ended December 31, 2024, net interest income totaled $166.2 million, an increase of $9.9 million, or 6.3% from the prior year ended December 31, 2023. The Company’s net interest margin for the year ended December 31, 2024 was 3.38% compared to 3.26% in 2023. The increase in net interest income for the year ended December 31, 2024 compared to 2023 reflects an increase in average interest- earning assets as well as an increase in the net interest margin. Non-interest income totaled $19.1 million and $56.4 million, respectively, for the fourth quarter and full year of 2024, compared to $9.1 million and $50.7 million in the respective, comparable year ago periods. These changes were primarily due to variances in mortgage banking related revenues. Net gains on mortgage loans in the fourth quarters of 2024 and 2023, were approximately $1.7 million and $2.0 million, respectively. The decrease in net gains on mortgage loans was due to lower profit margins on mortgage loan sales that was partially offset by an increase in the volume of mortgage loans sold. For the full year of 2024, net gains on mortgage loans totaled $6.6 million compared to $7.4 million in 2023. The decrease in net gains on mortgage loans was due to a combination of a lower loan sale margin on mortgage loan sales and a decrease in the volume of mortgage loans sold. Mortgage loan servicing, net, generated a gain of $7.8 million and a loss of $2.4 million in the fourth quarters of 2024 and 2023, respectively. For the full year of 2024 and 2023, mortgage loan servicing, net, generated income of $9.4 million and $4.6 million, respectively. The significant variances in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights attributed to an increase in interest rates that resulted in a decrease in prepayment speeds and a higher earnings rate on escrow deposits. Mortgage loan servicing, net activity is summarized in the following table: Three months ended Twelve months ended 12/31/2024 12/31/2023 12/31/2024 12/31/2023 (In thousands)Mortgage loan servicing, net: Revenue, net$2,233 $2,216 $8,914 $8,828 Fair value change due to price 6,519 (3,644) 4,540 (280)Fair value change due to pay-downs (991) (1,014) (4,007) (3,922)Total$7,761 $(2,442) $9,447 $4,626 On December 5, 2024 the company executed a letter of intent to sell approximately $971 million (27.8% of total servicing portfolio) of mortgage servicing rights to a third party. This sale represents approximately $13.5 million (27.4%) of the total capitalized mortgage loan servicing right asset. This transaction is expected to close in the first quarter of 2025. There was no financial impact in the fourth quarter of 2024 related to the execution of this letter of intent. Non-interest expenses totaled $37.0 million in the fourth quarter of 2024, compared to $31.9 million in the year-ago period. For the full year of 2024, non-interest expenses totaled $135.1 million versus $127.1 million in 2023. The increase is primarily due to higher incentive based compensation attributed to higher expected payout levels, salary increases related to adjustments made at the beginning of the year as well as additions to the commercial lending team. The increase in data processing is primarily due to core data processor annual asset growth and CPI related cost increases as well as new solutions implemented during this time frame. The Company recorded an income tax expense of $4.3 million and $16.3 million in the fourth quarter and full year of 2024, respectively. This compares to an income tax expense of $4.2 million and $14.6 million in the fourth quarter and full year of 2023, respectively. Asset Quality A breakdown of non-performing loans by loan type is as follows: 12/31/2024 12/31/2023 12/31/2022Loan Type(Dollars in thousands)Commercial$54 $28 $38 Mortgage 7,005 6,425 4,745 Installment 733 970 598 Sub total 7,792 7,423 5,381 Less - government guaranteed loans 1,790 2,191 1,660 Total non-performing loans$6,002 $5,232 $3,721 Ratio of non-performing loans to total portfolio loans 0.15% 0.14% 0.11%Ratio of non-performing assets to total assets 0.13% 0.11% 0.08%Ratio of allowance for credit losses to total non-performing loans 989.32% 1044.69% 1409.16% The provision for credit losses was an expense of $2.2 million and a credit of $0.6 million in the fourth quarters of 2024 and 2023, respectively. The provision for credit losses was an expense of $4.5 million and $6.2 million in the full year of 2024 and 2023, respectively. The quarterly provision for credit losses in 2024, was primarily impacted by the growth in commercial loans that was partially offset by a decrease in allocation rates due to subjective factors. The Company recorded loan net charge-offs of $0.3 million and $0.2 million in the fourth quarters of 2024 and 2023, respectively. At December 31, 2024, the allowance for credit losses totaled $59.4 million, or 1.47% of total portfolio loans compared to $54.7 million, or 1.44% of total portfolio loans at December 31, 2023. Balance Sheet, Liquidity and Capital Total assets were $5.34 billion at December 31, 2024, an increase of $74.4 million from December 31, 2023. Loans, excluding loans held for sale, were $4.04 billion at December 31, 2024, compared to $3.79 billion at December 31, 2023. This increase is primarily due to growth in commercial and mortgage loans that were partially offset by a decrease in installment loans. Deposits totaled $4.65 billion at December 31, 2024, an increase of $31.2 million from December 31, 2023. This increase is primarily due to growth in savings and interest-bearing checking, reciprocal, and time deposit account balances that were partially offset by decreases in non-interest bearing and brokered time deposits. Cash and cash equivalents totaled $119.9 million at December 31, 2024, versus $169.8 million at December 31, 2023. Securities available for sale (“AFS”) totaled $559.2 million at December 31, 2024, versus $679.4 million at December 31, 2023. Total shareholders’ equity was $454.7 million at December 31, 2024, or 8.52% of total assets compared to $404.4 million or 7.68% at December 31, 2023. Tangible common equity totaled $424.9 million at December 31, 2024, or $20.33 per share compared to $374.1 million or $17.96 per share at December 31, 2023. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decline in accumulated other comprehensive loss related to unrealized losses on securities available for sale. The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios: Regulatory Capital Ratios12/31/2024 12/31/2023 WellCapitalizedMinimum Tier 1 capital to average total assets9.58% 8.80% 5.00%Tier 1 common equity to risk-weighted assets11.74% 11.21% 6.50%Tier 1 capital to risk-weighted assets11.74% 11.21% 8.00%Total capital to risk-weighted assets12.99% 12.46% 10.00% At December 31, 2024, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.08 billion and $501.8 million, respectively. We also had approximately $517.2 million in fair value of unpledged securities AFS and HTM at December 31, 2024 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $483.8 million. Share Repurchase Plan On December 17, 2024, the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2025. The Company did not repurchase any shares of common stock during 2024. Earnings Conference Call Brad Kessel, President and CEO, Gavin A. Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, January 23, 2025. To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 213949). 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/519785754. A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 178534). The replay will be available through January 30, 2025. About Independent Bank Corporation Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves. For more information, please visit our Web site at: IndependentBank.com. Forward-Looking Statements This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. INDEPENDENT BANK CORPORATION AND SUBSIDIARIESConsolidated Statements of Financial Condition December 31, 2024 2023 (unaudited) (In thousands, except shareamounts)Assets Cash and due from banks $56,984 $68,208 Interest bearing deposits 62,898 101,573 Cash and Cash Equivalents 119,882 169,781 Securities available for sale 559,182 679,350 Securities held to maturity (fair value of $301,860 at December 31, 2024 and $318,606 at December 31, 2023) 339,436 353,988 Federal Home Loan Bank and Federal Reserve Bank stock, at cost 16,099 16,821 Loans held for sale, carried at fair value 7,643 12,063 Loans Commercial 1,937,364 1,679,731 Mortgage 1,516,726 1,485,872 Installment 584,735 625,298 Total Loans 4,038,825 3,790,901 Allowance for credit losses (59,379) (54,658)Net Loans 3,979,446 3,736,243 Other real estate and repossessed assets, net 938 569 Property and equipment, net 37,492 35,523 Bank-owned life insurance 53,855 54,341 Capitalized mortgage loan servicing rights, carried at fair value 46,796 42,243 Other intangibles 1,488 2,004 Goodwill 28,300 28,300 Accrued income and other assets 147,547 132,500 Total Assets $5,338,104 $5,263,726 Liabilities and Shareholders’ Equity Deposits Non-interest bearing $1,013,647 $1,076,093 Savings and interest-bearing checking 1,995,314 1,905,701 Reciprocal 907,031 832,020 Time 628,285 524,325 Brokered time 109,811 284,740 Total Deposits 4,654,088 4,622,879 Other borrowings 45,009 50,026 Subordinated debt 39,586 39,510 Subordinated debentures 39,796 39,728 Accrued expenses and other liabilities 104,939 107,134 Total Liabilities 4,883,418 4,859,277 Shareholders’ Equity Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding — — Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,895,714 shares at December 31, 2024 and 20,835,633 shares at December 31, 2023 318,777 317,483 Retained earnings 205,853 159,108 Accumulated other comprehensive loss (69,944) (72,142)Total Shareholders’ Equity 454,686 404,449 Total Liabilities and Shareholders’ Equity $5,338,104 $5,263,726 INDEPENDENT BANK CORPORATION AND SUBSIDIARIESConsolidated Statements of Operations Three Months Ended Twelve Months Ended December 31,2024 September 30,2024 December 31,2023 December 31, 2024 2023 (unaudited) INTEREST INCOME (In thousands, except per share amounts) Interest and fees on loans $58,346 $58,410 $54,333 $228,585 $197,725 Interest on securities Taxable 4,417 4,502 5,646 18,883 23,314 Tax-exempt 2,905 3,404 3,434 13,100 13,209 Other investments 1,310 2,018 1,948 6,208 5,429 Total Interest Income 66,978 68,334 65,361 266,776 239,677 INTEREST EXPENSE Deposits 22,546 24,462 23,111 92,694 75,075 Other borrowings and subordinated debt and debentures 1,581 2,018 2,139 7,834 8,273 Total Interest Expense 24,127 26,480 25,250 100,528 83,348 Net Interest Income 42,851 41,854 40,111 166,248 156,329 Provision for credit losses 2,217 1,488 (617) 4,468 6,210 Net Interest Income After Provision for Credit Losses 40,634 40,366 40,728 161,780 150,119 NON-INTEREST INCOME Interchange income 3,294 4,146 3,336 13,992 13,996 Service charges on deposit accounts 2,976 3,085 3,061 11,870 12,361 Net gains (losses) on assets Mortgage loans 1,705 2,177 1,961 6,579 7,436 Equity securities at fair value — (8) — 2,685 — Securities available for sale (14) (145) — (428) (222) Mortgage loan servicing, net 7,761 (3,130) (2,442) 9,447 4,626 Other 3,399 3,383 3,181 12,217 12,479 Total Non-interest Income 19,121 9,508 9,097 56,362 50,676 NON-INTEREST EXPENSE Compensation and employee benefits 22,886 20,048 19,049 84,955 78,965 Data processing 3,688 3,379 2,909 13,579 11,862 Occupancy, net 1,953 1,893 1,933 7,806 7,908 Interchange expense 1,131 1,149 1,110 4,504 4,332 Furniture, fixtures and equipment 928 932 974 3,762 3,756 Advertising 1,198 581 879 3,058 2,165 FDIC deposit insurance 729 664 796 2,870 3,005 Legal and professional 849 687 585 2,566 2,208 Loan and collection 606 657 456 2,474 2,174 Communications 462 519 535 2,095 2,406 Costs (recoveries) related to unfunded lending commitments 303 113 348 (373) 424 Other 2,254 1,961 2,304 7,800 7,914 Total Non-interest Expense 36,987 32,583 31,878 135,096 127,119 Income Before Income Tax 22,768 17,291 17,947 83,046 73,676 Income tax expense 4,307 3,481 4,204 16,256 14,609 Net Income $18,461 $13,810 $13,743 $66,790 $59,067 Net income per common share Basic $0.88 $0.66 $0.66 $3.20 $2.82 Diluted $0.87 $0.65 $0.65 $3.16 $2.79 INDEPENDENT BANK CORPORATION AND SUBSIDIARIESSelected Financial Data December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (unaudited) (Dollars in thousands except per share data)Three Months Ended Net interest income$42,851 $41,854 $41,346 $40,197 $40,111 Provision for credit losses 2,217 1,488 19 744 (617)Non-interest income 19,121 9,508 15,172 12,561 9,097 Non-interest expense 36,987 32,583 33,333 32,193 31,878 Income before income tax 22,768 17,291 23,166 19,821 17,947 Income tax expense 4,307 3,481 4,638 3,830 4,204 Net income$18,461 $13,810 $18,528 $15,991 $13,743 Basic earnings per share$0.88 $0.66 $0.89 $0.77 $0.66 Diluted earnings per share 0.87 0.65 0.88 0.76 0.65 Cash dividend per share 0.24 0.24 0.24 0.24 0.23 Average shares outstanding 20,893,820 20,896,019 20,901,741 20,877,067 20,840,680 Average diluted shares outstanding 21,122,096 21,115,273 21,105,387 21,079,607 21,049,030 Performance Ratios Return on average assets 1.39% 1.04% 1.44% 1.24% 1.04%Return on average equity 16.31 12.54 17.98 15.95 14.36 Efficiency ratio (1) 59.09 62.82 61.49 60.26 64.27 As a Percent of Average Interest-Earning Assets (1) Interest income 5.37% 5.48% 5.45% 5.34% 5.29%Interest expense 1.92 2.11 2.05 2.04 2.03 Net interest income 3.45 3.37 3.40 3.30 3.26 Average Balances Loans$3,994,661 $3,909,954 $3,849,199 $3,810,526 $3,764,752 Securities 912,073 933,750 944,435 999,140 1,027,240 Total earning assets 5,007,566 4,985,842 4,893,367 4,910,669 4,928,697 Total assets 5,300,368 5,275,623 5,181,317 5,201,452 5,233,666 Deposits 4,655,091 4,616,119 4,531,917 4,561,645 4,612,797 Interest bearing liabilities 3,717,483 3,689,684 3,611,972 3,627,446 3,635,771 Shareholders' equity 450,214 438,077 414,549 403,225 379,614 (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%. INDEPENDENT BANK CORPORATION AND SUBSIDIARIESSelected Financial Data (continued) December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (unaudited) (Dollars in thousands except per share data)End of Period Capital Tangible common equity ratio 8.00% 8.08% 7.63% 7.41% 7.15%Tangible common equity ratio excluding accumulated other comprehensive loss 9.10 8.99 8.76 8.57 8.31 Average equity to average assets 8.49 8.30 8.00 7.75 7.25 Total capital to risk-weighted assets (2) 14.24 14.25 14.21 13.85 13.71 Tier 1 capital to risk-weighted assets (2) 12.07 12.06 12.01 11.65 11.50 Common equity tier 1 capital to risk-weighted assets (2) 11.19 11.16 11.09 10.73 10.58 Tier 1 capital to average assets (2) 9.86 9.63 9.59 9.29 9.03 Common shareholders' equity per share of common stock$21.76 $21.65 $20.60 $19.88 $19.41 Tangible common equity per share of common stock 20.33 20.22 19.16 18.44 17.96 Total shares outstanding 20,895,714 20,893,800 20,899,358 20,903,677 20,835,633 Selected Balances Loans$4,038,825 $3,942,287 $3,851,889 $3,839,965 $3,790,901 Securities 898,618 932,312 936,194 963,577 1,033,338 Total earning assets 5,024,083 4,964,784 4,979,555 4,949,496 4,954,696 Total assets 5,338,104 5,259,268 5,277,500 5,231,255 5,263,726 Deposits 4,654,088 4,626,875 4,614,328 4,582,414 4,622,879 Interest bearing liabilities 3,764,832 3,682,482 3,694,025 3,677,060 3,676,050 Shareholders' equity 454,686 452,369 430,459 415,570 404,449 (2) December 31, 2024 are Preliminary. Reconciliation of Non-GAAP Financial MeasuresIndependent 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 EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 (Dollars in thousands)Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income$42,851 $40,111 $166,248 $156,329 Add: taxable equivalent adjustment 389 178 902 900 Net interest income - taxable equivalent$43,240 $40,289 $167,150 $157,229 Net interest margin (GAAP) (1) 3.42% 3.25% 3.36% 3.24%Net interest margin (FTE) (1) 3.45% 3.26% 3.38% 3.26% (1) Quarter to date are Annualized. Tangible Common Equity Ratio December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (Dollars in thousands)Common shareholders' equity$454,686 $452,369 $430,459 $415,570 $404,449 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 1,617 1,746 1,875 2,004 Tangible common equity 424,898 422,452 400,413 385,395 374,145 Addition: Accumulated other comprehensive loss for regulatory purposes 64,146 52,454 65,030 65,831 66,344 Tangible common equity excluding other comprehensive loss adjustments$489,044 $474,906 $465,443 $451,226 $440,489 Total assets$5,338,104 $5,259,268 $5,277,500 $5,231,255 $5,263,726 Less: Goodwill 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,488 1,617 1,746 1,875 2,004 Tangible assets 5,308,316 5,229,351 5,247,454 5,201,080 5,233,422 Addition: Net unrealized losses on available for sale securities and derivatives, net of tax 64,146 52,454 65,030 65,831 66,344 Tangible assets excluding other comprehensive loss adjustments$5,372,462 $5,281,805 $5,312,484 $5,266,911 $5,299,766 Common equity ratio 8.52% 8.60% 8.16% 7.94% 7.68%Tangible common equity ratio 8.00% 8.08% 7.63% 7.41% 7.15%Tangible common equity ratio excluding other comprehensive loss 9.10% 8.99% 8.76% 8.57% 8.31% Tangible Common Equity per Share of Common Stock: Common shareholders' equity$454,686 $452,369 $430,459 $415,570 $404,449 Tangible common equity$424,898 $422,452 $400,413 $385,395 $374,145 Shares of common stock outstanding (in thousands) 20,896 20,894 20,899 20,904 20,836 Common shareholders' equity per share of common stock$21.76 $21.65 $20.60 $19.88 $19.41 Tangible common equity per share of common stock$20.33 $20.22 $19.16 $18.44 $17.96 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. Contact:William B. Kessel, President and CEO, 616.447.3933Gavin A. Mohr, Chief Financial Officer, 616.447.3929

Independent Bank Corporation Reports 2024 Fourth Quarter Results

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