Independent Bank (IBCP) highlights 2025 earnings, loan growth and dividends
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Independent Bank Corporation furnished a shareholder presentation used at its 2026 annual meeting, highlighting 2025 performance, governance matters and voting items. Shareholders were entitled to vote 20,769,374 shares on director elections, auditor ratification and advisory votes on executive pay and its frequency.
For 2025, the Company reported net income of $68.5 million and diluted earnings per share of $3.27. Return on average assets was 1.27% and return on average equity was 14.43%. Net interest income reached $180.0 million, with a fully taxable equivalent net interest margin of 3.56%. Pre-tax, pre-provision income was $87.4 million.
Portfolio loans grew $237.5 million, or 5.9%, led by commercial loan growth of $276.2 million. Deposits excluding brokered time deposits increased $107.6 million, and the loan-to-deposit ratio was 89.8%. Nonperforming assets represented 0.44% of total assets, and tangible common equity totaled $473.7 million, supporting a tangible book value per share of $23.04. The Company paid $1.04 in cash dividends per share, an 8% increase over the prior year, and returned 31.5% of 2025 earnings to shareholders through dividends.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income 2025: $68.5 million
Diluted EPS 2025: $3.27 per share
Return on average assets: 1.27%
+5 more
8 metrics
Net income 2025
$68.5 million
Year ended December 31, 2025
Diluted EPS 2025
$3.27 per share
Year ended December 31, 2025
Return on average assets
1.27%
Year ended December 31, 2025
Return on average equity
14.43%
Year ended December 31, 2025
Loan growth
$237.5 million, 5.9%
Increase in loans from prior year 2025
Deposit growth (ex. brokered time)
$107.6 million, 2.3%
Increase in 2025 deposits excluding brokered time
Nonperforming assets / assets
0.44%
Asset quality ratio for 2025
Cash dividends per share
$1.04
Dividends paid per share in 2025
Key Terms
Pre-Tax, Pre-Provision Income, Net interest margin (FTE), Tangible common equity, non-GAAP financial measures, +2 more
6 terms
Pre-Tax, Pre-Provision Income financial
"Pre-Tax, Pre-Provision Income $81.9 $75.4 $83.1 $79.9 $87.5 $87.4"
Pre-tax, pre-provision income is a measure of a financial firm's earnings before deducting taxes and the money it sets aside to cover potential loan losses. Think of it as the company’s operating profit before accounting for future bad debts and taxes; like a shop’s sales minus running costs but before any emergency savings for damaged goods. Investors use it to see core profitability and to compare operating performance across periods or firms without the noise of loan-loss reserves and tax effects.
Net interest margin (FTE) financial
"Net interest margin (FTE) 3.34% 3.10% 3.32% 3.26% 3.38% 3.56%"
Tangible common equity financial
"Tangible common equity 473,650$ 424,898$ 374,145$ 316,745$ 366,848$ 356,916$"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
non-GAAP financial measures financial
"Reconciliation of Non-GAAP Financial Measures 2025 2024 2023"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Advisory (Non-Binding) Vote on Executive Compensation regulatory
"Proposal #3 - Advisory (Non-Binding) Vote on Executive Compensation"
loan to deposit ratio financial
"Deposit growth ... Loan to deposit ratio of 89.8%"
The loan-to-deposit ratio compares the amount a bank has lent out to customers with the money customers have kept on deposit; it’s calculated by dividing total loans by total deposits. It matters to investors because it signals how aggressively a bank is using its deposit base—too high suggests the bank may run low on ready cash and face funding stress, while too low can mean the bank is not earning enough from its capital, like a homeowner who lends most of their savings and has little left for emergencies.
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 21, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive office) | (Zip Code) | ||||
Registrant’s telephone number,
including area code:
(616 ) 527-5820
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 7.01 Regulation FD Disclosure.
On April 21, 2026, Independent Bank Corporation (the "Company") used a Shareholder Presentation at the Company's 2026 Annual Meeting of Shareholders. A copy of the Shareholder Presentation is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated in this Item 7.01 by reference. The information disclosed under this Item 7.01 and Exhibit 99.1 is furnished to, and not filed with, the Securities and Exchange Commission.
Item 9.01. Financial Statements and Exhibits
Exhibits.
99.1 | Shareholder Presentation. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INDEPENDENT BANK CORPORATION | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date | 4/21/2026 | By | /s/Gavin A. Mohr | |||||||||||
| Gavin A. Mohr, Principal Financial Officer | ||||||||||||||
3
April 21, 2026 2026 Annual Shareholder Meeting Independent Bank Corporation
2Cautionary note regarding forward-looking statements This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2025 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.
3Today’s Agenda • Welcome and Call to Order – IBC Chairman • Voting upon matters listed in the Company’s 2026 Proxy Statement – IBC Chairman • Business Update - IBC President & CEO • Question and answer session – IBC President & CEO and IBC EVP & CFO • Adjournment
4IBC Board of Directors • Director Since: 2013 • President & CEO of IBC and Independent Bank • Director Since: 2019 • Founder & CEO of OpTech, LLC and OpTech Solutions • Member of the Audit Committee • Director Since: 2016 • CEO and Chair of the Board of Directors of Cascade Engineering Family of Companies • Member of the Compensation Committee • Director Since: 2004 • Chairman of the Board • Former President, Global Operations of Wolverine Worldwide (NYSE: WWW) • Member of the Compensation Committee • Director Since: 2017 • Former President of Foremost Insurance Company • Chair of the Audit Committee • Director Since: 2025 • Former partner with the Varnum law firm concentrated on corporate governance, securities, and M&A • Member of the Compensation Committee and the Nominating and Corporate Governance Committee • Director Since: 2015 • Former President & CEO of Priority Health • Chair of the Compensation Committee • Director Since: 2012 • Founder and President of Grey Dunes • Chair of the Governance and the Nominating Committees • Director Since: 2018 • Former Director of Traverse City State Bank • Self-employed • Member of the Governance and the Nominating Committees • Director Since: 2020 • CEO of Ignition Media Group and President of Archer Corporate Services • Member of the Audit Committee and the Governance and the Nominating Committees Michael J. Cok Stephen L. Gulis Jr. Christina L. Keller William B. Kessel Ronia F. Kruse Michael G. Wooldridge Dennis W. Archer Jr. Terance L. Beia William J. Boer Joan A. Budden
5IBC Executive Management Team • CEO of IBC and Independent Bank since 2013 • Joined Independent Bank in 1994 • Began career with Crowe William B. Kessel President, CEO & Director • Joined Independent Bank in 2020 as EVP and Chief Financial Officer • Previously SVP, Chief Financial Officer of STAR Financial Corporation • 18 years of experience in financial management Gavin A. Mohr EVP, Chief Financial Officer • EVP and Chief Risk Officer since 2012 • Joined the Company in April 2007 as EVP – Commercial • Previous experience with Comerica for 25 years Stefanie M. Kimball EVP, Chief Risk Officer • Joined Independent Bank in 2018 as Senior Vice President Commercial Banking • 33 years experience in Commercial Banking • Previously Regional President of West Michigan at Chemical Bank Joel F. Rahn EVP, Commercial Banking • Joined Independent Bank in 2016 as Senior Vice President Mortgage Banking • 28 years experience in the mortgage area • Previous experience with Talmer Bank, TCF Bank, and Standard Federal Bank Patrick J. Ervin EVP, Mortgage Banking • Joined Independent Bank in 2012 as 1st Vice President of IT. • Senior Vice President Chief Information Officer from January 2020 to January 2025. • 30 years of experience in senior/executive management. Chris Michaels EVP, COO • Responsible for Retail Banking. • Joined Independent Bank over 25 years ago • Previous experience leading the Bank’s retail network and Consumer Lending program. Michael J. Stodolak EVP, Retail Banking
62026 Annual Meeting of Shareholders • Secretary for the meeting (Gavin A. Mohr) • Record date: February 20, 2026 • Approximate distribution date of Proxy Statement: March 6, 2026 • Shares entitled to vote: 20,769,374 • Determination of quorum • Voting on proposals
7Proposal #1 - Election of Directors Nominees for a three-year term expiring 2029 Terance L. Beia William B. Kessel Stephen L. Gulis Jr.
8Proposal #1 - Election of Directors Nominees for a one-year term expiring 2027 Michael G. Wooldridge
9Proposal #2 - Ratification of the Appointment of Independent Auditors • Crowe, LLP has served as IBC’s independent registered public accounting firm since 2005. • Crowe, LLP was founded in 1942 and is one of the 10 largest accounting and consulting firms in the U.S. • IBC is served primarily by Crowe’s Grand Rapids, Michigan office.
10Proposal #3 - Advisory (Non-Binding) Vote on Executive Compensation The Board has solicited a non-binding advisory vote from our shareholders to approve the compensation of our executives as described in our proxy materials.
11 Proposal #4 – Advisory Vote on the Frequency of the Shareholder Advisory Vote on Executive Compensation The Board has solicited a non-binding advisory vote from our shareholders on how often we include the Advisory Vote on Executive Compensation (Proposal #3). Options are: - Every year - Every two years - Every three years We currently include the Advisory Vote on Executive Compensation every year.
12 Brad Kessel President & CEO Business Update
13
142025 Full Year Financial Highlights • Net income and diluted earnings per share of $68.5 million and $3.27 • Annualized return on average assets and on average equity of 1.3% and 14.4%, compared to 1.3% and 15.7% respectively in the prior year • Paid cash dividends of $1.04 per share, a 8% increase over prior year • Increase in tangible book value per share of $2.71 or 13.4% • Returned 31.5% of 2025 earnings to shareholders through dividends
15Track Record of Consistent Growth & Profitability BALANCE SHEET 2020 2021 2022 2023 2024 2025 5-Year CAGR Total Assets $4,204 $4,705 $5,000 $5,264 $5,338 $5,506 5.5% Portfolio Loans $2,734 $2,905 $3,465 $3,791 $4,039 $4,276 9.4% Deposits $3,637 $4,117 $4,379 $4,623 $4,654 $4,762 5.5% Tangible Common Equity $357 $367 $317 $374 $425 $473 5.8% PROFITABILITY Pre-Tax, Pre-Provision Income $81.9 $75.4 $83.1 $79.9 $87.5 $87.4 1.3% Pre-Tax, Pre-Prov / Avg. Assets 2.08% 1.62% 1.72% 1.56% 1.77% 1.62% - Net Income(1) $56.2 $62.9 $63.4 $59.1 $66.8 $68.5 4.0% Diluted EPS $2.53 $2.88 $2.97 $2.79 $3.16 $3.27 5.3% Return on Average Assets(1) 1.43% 1.41% 1.31% 1.15% 1.27% 1.27% - Return on Average Equity(1) 15.68% 16.13% 18.41% 16.04% 15.70% 14.43% - Net Interest Margin (FTE) 3.34% 3.10% 3.32% 3.26% 3.38% 3.56% - Efficiency Ratio 59.24% 62.87% 59.71% 60.76% 60.80% 60.50% - SHAREHOLDER VALUE TBV/Share $ 16.33 $ 17.33 $ 15.04 $ 17.96 $ 20.33 $ 23.04 7.1% Dividends Paid per Share $ 0.80 $ 0.84 $ 0.88 $ 0.92 $ 0.96 $ 1.04 5.4% Value of Shares Repurchased $ 14.2 $ 17.3 $ 4.0 $ 5.2 $ - $ 12.4 - For the year ended December 31, ($M except per share data)
16Strong Balance Sheet and Liquidity • Loan growth of $237.5 million, a 5.9% increase from the prior year • Commercial loan growth of $276.2 million (14.3%) • Mortgage loan growth of $8.1 million (0.5%) • Consumer loans decreased $46.8 million (-8.0%) • Deposit growth (excluding brokered time deposits) of $107.6 million (2.3%) • Loan to deposit ratio of 89.8%
17Strong Credit Quality For the year ended December 31, ($M except per share data) Asset Quality: 2020 2021 2022 2023 2024 2025 NPAs / Assets 0.21% 0.11% 0.08% 0.11% 0.13% 0.44% NPAs / Loans + OREO 0.32% 0.18% 0.12% 0.15% 0.17% 0.56% Reserves / Total Loans 1.30% 1.63% 1.51% 1.44% 1.47% 1.48% NCOs / Avg. Loans 0.11% (0.07%) 0.00% 0.03% 0.02% 0.04%
18Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) Tier 1 Capital Ratio (%) 9.0 8.6 7.9 6.4 7.2 8.0 8.7 0 5 10 15 2019 2020 2021 2022 2023 2024 2025 11.4 12.0 11.0 10.4 10.6 11.2 11.5 0 5 10 15 2019 2020 2021 2022 2023 2024 2025 10.1 9.2 8.8 8.8 9.0 9.9 10.3 0 5 10 15 2019 2020 2021 2022 2023 2024 2025 12.7 13.3 12.1 11.4 11.5 12.1 12.4 0 5 10 15 2019 2020 2021 2022 2023 2024 2025 13.7 16.0 14.5 13.6 13.7 14.2 13.6 0 2 4 6 8 10 12 14 16 18 2019 2020 2021 2022 2023 2024 2025
19Recognized For Our Efforts SM-All Star for 2024 Community Bankers Cup - 2024 - Forbes Best in-State Bank 2018, 2019, 2023, 2024, 2025 Great Place to Work 2023, 2024, 2025 Raymond James Community Bankers Cup 2024 Piper Sandler SM-All Star 2024 MSHDA Top 10 Lender Award 2017 MasterCard Community Institution Innovation Award 2019, 2020, 2021 50/50 Women on Boards “3+” Company 2020, 2021, 2022, 2023, 2024, 2025 Michigan Bankers Association (MBA) Financial Literacy Award 2019, 2020, 2021, 2022, 2023, 2024, 2025 Newsweek America’s Greatest Workplaces 2024 & 2025
20A Look Forward Growth & Expansion Process Improvement & Cost Controls Talent Management Risk Management
21Independent Bank Corporation Voting Results • Shares entitled to vote: 20,769,374 • Proposal #1 – Election of Directors • Proposal #2 – Ratification of Auditors • Proposal #3 – Advisory (Non-Binding) Vote on Executive Compensation • Proposal #4 – Advisory (Non-Binding) Vote on Frequency of a Shareholder Advisory Vote on Executive Compensation 2026 Annual Shareholders Meeting
22 Thank you for attending!
23 Appendix
24Reconciliation of Non-GAAP Financial Measures 2025 2024 2023 2022 2021 2020 Net interest income $180,015 $166,248 $ 156,329 $ 149,561 $ 129,765 $ 123,612 Non-interest income 45,644 56,362 50,676 61,909 76,643 80,745 Non-interest expense 138,233 135,096 127,119 128,341 131,023 122,413 Pre-Tax, Pre-Provision Income 87,426 87,514 79,886 83,129 75,385 81,944 Provision for credit losses 6,135 4,468 6,210 5,341 (1,928) 12,463 Income tax expense 12,750 16,256 14,609 14,437 14,418 13,329 Net income $68,541 $66,790 $ 59,067 $ 63,351 $ 62,895 $ 56,152 Average total assets $5,401,441 $5,239,952 5,115,624$ 4,825,723$ 4,465,577$ 3,933,655$ Performance Ratios Return on average assets 1.27% 1.27% 1.15% 1.31% 1.41% 1.43% Pre-tax, Provision return on average assets 1.62% 1.67% 1.56% 1.72% 1.69% 2.08% Year Ended December 31, (Dollars in thousands)
25 Reconciliation of Non-GAAP Financial Measures Reconciliation of Non-GAAP Financial Measures 2025 2024 2023 2022 2021 2020 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 180,015$ 166,248$ 156,329$ 149,561$ 129,765$ 123,612$ Add: taxable equivalent adjustment 1,785 902 900 1,878 1,866 823 Net interest income - taxable equivalent 181,800$ 167,150$ 157,229$ 151,439$ 131,631$ 124,435$ Net interest margin (GAAP) 3.52% 3.36% 3.24% 3.28% 3.05% 3.32% Net interest margin (FTE) 3.56% 3.38% 3.26% 3.32% 3.10% 3.34% Year Ended December 31, (Dollars in thousands)
26Reconciliation of Non-GAAP Financial Measures Reconciliation of Non-GAAP Financial Measures (continued) Independent Bank Corporation Tangible Common Equity 2025 2024 2023 2022 2021 2020 Common shareholders' equity 502,951$ 454,686$ 404,449$ 347,596$ 398,484$ 389,522$ Less: Goodwill 28,300 28,300 28,300 28,300 28,300 28,300 Other intangibles 1,001 1,488 2,004 2,551 3,336 4,306 Tangible common equity 473,650$ 424,898$ 374,145$ 316,745$ 366,848$ 356,916$ (Dollars in thousands) Year Ended December 31,
FAQ
What 2025 financial results did Independent Bank Corporation (IBCP) highlight?
Independent Bank Corporation reported 2025 net income of $68.5 million and diluted earnings per share of $3.27. Return on average assets was 1.27% and return on average equity was 14.43%, reflecting stable profitability for the year.
How did Independent Bank Corporation’s (IBCP) loans and deposits change in 2025?
Portfolio loans increased $237.5 million, a 5.9% rise, led by commercial loan growth of $276.2 million. Deposits excluding brokered time deposits grew $107.6 million, or 2.3%, and the loan-to-deposit ratio stood at 89.8% at year-end 2025.
What dividends did Independent Bank Corporation (IBCP) pay for 2025?
The Company paid cash dividends of $1.04 per share in 2025, representing an 8% increase over the prior year. It returned 31.5% of 2025 earnings to shareholders through these dividends, while also growing tangible book value per share.
How strong was Independent Bank Corporation’s (IBCP) asset quality in 2025?
Nonperforming assets were 0.44% of total assets in 2025, and net charge-offs were 0.04% of average loans. Reserves for credit losses equaled 1.48% of total loans, indicating conservative coverage relative to reported problem asset levels.
What capital metrics did Independent Bank Corporation (IBCP) report for 2025?
Common shareholders’ equity was $503.0 million, and tangible common equity was $473.7 million in 2025. Tangible book value per share reached $23.04, and capital ratios such as CET1 and total risk-based capital remained in double digits across the period shown.