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Independent Bank Q3 earnings per share fall to $0.80

Higher net interest income and a wider margin were accompanied by higher credit-loss provisions and non-performing loans.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Independent Bank Corporation (IBCP) reported third-quarter 2026 net income of $17.9 million, or $0.80 per diluted share, compared with $17.5 million and $0.84 a year earlier. Net interest income rose 21.8% to $55.3 million, reflecting higher average interest-earning assets and a wider margin; the GAAP net interest margin was 3.79%, versus 3.51%. Pre-tax, pre-provision net revenue was $26.3 million, compared with $23.2 million.

The company completed its acquisition of HCB Financial Corp. on July 1. Excluding $366.7 million of Highpoint loans acquired, loans grew $116.6 million (10.5% annualized); excluding $543.5 million of Highpoint deposits acquired, deposits grew $115.8 million (9.4% annualized) from June 30. Net interest margin excluding acquisition-related purchase accounting accretion was 3.76%.

Credit-loss provision was $4.8 million versus $2.0 million a year earlier, and non-performing loans were $39.2 million, or 0.80% of portfolio loans, versus $20.4 million, or 0.48%; government-guaranteed loans are excluded. Non-interest expense was $44.8 million, up from $34.1 million a year earlier, including $3.5 million of merger-related expense.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

  • Moderate pointNet interest income increased 21.8% to $55.3 million year over year.
  • Moderate pointPre-tax, pre-provision net revenue reached $26.3 million, versus $23.2 million a year earlier.

Negative

  • Moderate pointNon-performing loans were $39.2 million, versus $20.4 million a year earlier.
  • Moderate pointCredit-loss provision was $4.8 million, versus $2.0 million a year earlier.

Filing Explained

The completed HCB acquisition included share issuance, enlarging the share base and reducing existing holders’ ownership percentages.

The company says the HCB acquisition closed on July 1, 2026 and shares were issued in connection with it; shares outstanding were 22,081,450 at September 30, 2026, versus 20,602,535 at June 30, 2026. With no offsetting changes, issuing those additional shares increases the total share count and reduces existing holders’ percentage ownership.

The separate 2026 plan authorizes purchases of up to 1,100,000 shares, approximately 5% of then-outstanding common stock, through December 31, 2026. For the nine months ended September 30, the company reports repurchasing 119,425 shares for $4.2 million; the presentation says the purchase was related to liquidation of the HCB ESOP.

The company expects to complete full system integration on November 9, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income $17.9 million Third quarter 2026; $17.5 million in the third quarter of 2025
Diluted net income per common share $0.80 per diluted share Third quarter 2026; $0.84 in the third quarter of 2025
Net interest income $55.3 million Third quarter 2026; $45.4 million in the third quarter of 2025
Net interest margin 3.79% GAAP, third quarter 2026; 3.51% in the third quarter of 2025
Pre-tax, pre-provision net revenue $26.3 million Third quarter 2026; $23.2 million in the third quarter of 2025
Provision for credit losses $4.8 million Third quarter 2026; $2.0 million in the third quarter of 2025
Non-performing loans $39.2 million; 0.80% of total portfolio loans At September 30, 2026; $20.4 million and 0.48% at September 30, 2025; excludes government-guaranteed loans
net interest margin financial
"net interest margin was 3.79% during the third quarter of 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Pre-tax, pre-provision net revenue financial
"Pre-tax, pre-provision net revenue was $26.3 million"
A bank or lender’s revenue figure calculated before subtracting income taxes and the reserves set aside for expected loan losses. It shows the raw income from core activities like interest, fees and trading without the effects of tax bills or conservative cushions for bad loans, so investors can see underlying operating performance much like checking a car’s fuel efficiency before loading extra weight or accounting for future repairs.
purchase accounting accretion financial
"excluding Highpoint Community Bank acquisition-related purchase accounting accretion"
Purchase accounting accretion describes how an acquisition’s required accounting adjustments change a company’s reported earnings per share after the deal. When the purchase price is reallocated to the acquired assets and liabilities, certain items (like tax effects, depreciation or amortization) are recorded differently, and those changes can make reported earnings per share rise over time — showing whether the transaction boosts or dilutes per-share results. Investors use it like checking whether two merged household budgets will increase the amount left over each month after relabeling expenses.
non-performing loans financial
"Non-performing loans totaled $39.2 million"
Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.
tangible common equity financial
"Tangible common equity is used by the Company to measure the quality of capital"
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.
Net income $17.9 million Compared with $17.5 million in the third quarter of 2025.
Diluted earnings per share $0.80 per diluted share Compared with $0.84 per diluted share in the third quarter of 2025.
Net interest income $55.3 million Increased 21.8% from the third quarter of 2025.
Net interest margin 3.79% Compared with 3.51% in the third quarter of 2025.
Pre-tax, pre-provision net revenue $26.3 million Compared with $23.2 million in the third quarter of 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were IBCP's third-quarter 2026 earnings?
Independent Bank Corporation reported net income of $17.9 million, or $0.80 per diluted share, for the quarter ended September 30, 2026. It reported $17.5 million of net income and $0.84 per diluted share in the prior-year quarter.

How many shares did IBCP repurchase in 2026?
During the nine months ended September 30, 2026, Independent Bank Corporation repurchased 119,425 shares of common stock for an aggregate purchase price of $4.2 million. The company stated that the purchase was related to liquidation of the HCB ESOP.

When does IBCP expect to finish integrating Highpoint?
Independent Bank expects to complete the full system integration of Highpoint Community Bank's operations on November 9, 2026. Until conversion, Highpoint customers should continue using their existing branches, checks, bank cards, and online and mobile banking services as usual.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FALSE000003931100000393112026-10-272026-10-270000039311dei:FormerAddressMember2026-10-272026-10-27

UNITED STATES
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: October 27, 2026
INDEPENDENT BANK CORPORATION
(Exact name of registrant as specified in its charter)
Michigan0-781838-2032782
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
98 Ottawa Ave NW
Grand Rapids, Michigan
49503
(Address of principal executive office)(Zip Code)
Registrant’s telephone number,
including area code: (616) 527-5820
4200 East Beltline
Grand Rapids, Michigan 49525
(Former name or former address, if changed since last report.)

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):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 classTrading symbol(s)Name of each exchange on which registered
Common stock, no par valueIBCPNASDAQ Global Select Market
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 2.02.    Results of Operations and Financial Condition
On October 27, 2026, Independent Bank Corporation issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1. Attached Exhibit 99.2 contains supplemental data to that press release and attached Exhibit 99.3 contains a slide presentation for our earnings conference call.
The information in this Form 8-K and the attached Exhibits shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits
Exhibits.
99.1
Press release dated October 27, 2026.
99.2
Supplemental data to the Registrant’s press release dated October 27, 2026.
99.3
Earnings conference call presentation.
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)
Date10/27/2026Bys/Gavin A. Mohr
Gavin A. Mohr, Principal Financial Officer
3

Exhibit 99.1
ibclogo.jpg
NEWS RELEASE
Independent Bank Corporation
98 Ottawa Ave NW
Grand Rapids, MI 49503
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 2026 THIRD QUARTER EARNINGS OF $0.80 PER DILUTED SHARE

GRAND RAPIDS, Mich., October 27, 2026 - Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2026 net income of $17.9 million, or $0.80 per diluted share, versus net income of $17.5 million, or $0.84 per diluted share, in the prior-year period.
Highlights for the third quarter of 2026 include:
•Net growth in loans of $116.6 million or 10.5% annualized from June 30, 2026, exclusive of $366.7 million of Highpoint Community Bank loans, acquired on July 1, 2026. Total loan growth of $483.3 million, or 10.95% (not annualized), during the third quarter;
•Net growth in total deposits of $115.8 million or 9.4% annualized from June 30, 2026, excluding $543.5 million Highpoint Community Bank deposits, acquired on July 1, 2026. Total deposit growth of $659.3 million, or 13.56% (not annualized), during the third quarter;
•Net interest margin increased to 3.79% for the third quarter of 2026, a 12 basis point increase from the prior quarter, and a 28 basis point increase from the third quarter of 2025. On a fully tax-equivalent basis(1), net interest margin was 3.82%, an 11 basis point increase from the prior quarter. Excluding Highpoint Community Bank acquisition-related purchase accounting accretion(1), net interest margin was 3.76%, a 5 basis point increase from the prior quarter;
•Net interest income increased $7.4 million from the prior quarter ended June 30, 2026;
•A return on average assets and a return on average equity of 1.14% and 12.17%, respectively, for the quarter ended September 30, 2026;
•Income before income tax of $21.5 million for the quarter ended September 30, 2026, compared to $22.7 million in the prior quarter and $21.2 million for the quarter ended September 30, 2025. Pre-tax, pre-provision net revenue(1) increased to $26.3 million for the quarter ended September 30, 2026, from $25.4 million during the prior quarter and $23.2 million for the quarter ended September 30, 2025;
•The payment of a $0.28 per share quarterly dividend on common stock on August 14, 2026; and
•Completed the acquisition of HCB Financial Corp. on July 1, 2026.
1

(1) Non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our third quarter results reflect strong organic growth, continued margin expansion, and the first full quarter of contributions from Highpoint Community Bank (“Highpoint”). Net income was $17.9 million, or $0.80 per diluted share. Excluding after tax merger-related expenses of $2.8 million, adjusted net income(1) was $20.6 million or $0.92 per diluted share. Net interest income increased 15.4% from the second quarter to $55.3 million, and net interest margin expanded 12 basis points to 3.79% (11 basis points to 3.82% on a tax-equivalent basis(1)).”

“We delivered outstanding annualized linked-quarter commercial loan growth of 20.9% and total deposit growth of 9.4%, each excluding Highpoint, underscoring the strength of our relationship banking strategy and momentum in our core franchise. Credit loss provisioning increased due to new loans added to the portfolio, including acquired Highpoint loans unfunded lending commitments and an increase in the specific reserve for one commercial relationship, while net loan charge-offs remained low at $0.2 million.”

“As we prepare for Highpoint’s system conversion in November, our teams remain focused on a seamless customer transition and on realizing the long-term benefits of the combined banks. We thank our colleagues for their continued commitment to our customers and their efforts to bring our two organizations together.”

(1) Non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below.

Significant items impacting comparable third quarter 2026 and 2025 results include the following (per share after-tax amounts are calculated using an assumed 21% tax rate):
•The provision for credit losses was an expense of $4.8 million ($0.17 per diluted share, after taxes) for the three-month period ended September 30, 2026, as compared to an expense of $2.0 million ($0.08 per diluted share, after taxes) for the three-month period ended September 30, 2025.

•Merger-related expenses were $3.5 million ($0.12 per diluted share, after taxes) for the three-month period ended September 30, 2026, as compared to zero for the three-month period ended September 30, 2025.

•Increases (decreases) in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $3.4 million ($0.12 per diluted share, after taxes) for the three-month period ended September 30, 2026, as compared to $(0.6) million ($(0.02) per diluted share, after taxes) for the three-month period ended September 30, 2025.

Operating Results
The Company’s net interest income totaled $55.3 million during the third quarter of 2026, an increase of $9.9 million, or 21.8% from the year-ago period, and an increase of $7.4 million, or 15.4%, from the second quarter of 2026. The Company’s net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.79% during the third quarter of 2026, compared to 3.51% in the year-ago period and 3.67% in the second quarter of 2026. The Company’s tax equivalent net interest margin (Non-GAAP) was 3.82% during the third quarter of 2026, compared to 3.54% in the year-ago period, and 3.71% in the second quarter of 2026. The linked quarter increase in the net interest margin was supported by a 13 basis point increase on earning asset yield.

The year-over-year quarter and linked quarter increases in net interest income were due to an increase in average interest-earning assets, higher net interest margin, and a six basis point benefit from the accretion of purchase accounting adjustments. Average interest-earning assets were $5.82 billion in the third quarter of 2026, compared to $5.16 billion in the year-ago quarter and $5.22 billion in the second quarter of 2026.
Non-interest income totaled $15.8 million for the third quarter of 2026, compared to $15.3 million in the second quarter of 2026 and $11.9 million in the comparable prior year period. This change was primarily due to variances in mortgage loan servicing related revenues.
Net gains on mortgage loans were $1.0 million in the third quarter of 2026, $1.7 million in the second quarter of 2026 and $1.5 million in the third quarter of 2025. The decreases in net gains on mortgage loans in the current quarter were due to unfavorable fair value adjustments on loans originated for sale.
Mortgage loan servicing, net, generated income of $4.1 million, $2.5 million and $0.1 million in the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with
2

changes in interest rates and the associated expected future prepayment levels and expected float rates. Capitalized mortgage loan servicing rights totaled $37.8 million and $31.5 million at September 30, 2026 and September 30, 2025, respectively.
Non-interest expenses totaled $44.8 million in the third quarter of 2026, compared to $37.8 million in the prior quarter and $34.1 million in the year-ago period. The increase in non-interest expense is primarily due to increases related to the merger with Highpoint Community Bank in compensation and employee benefits, merger-related expenses, data processing and amortization of other intangibles.
The Company recorded income tax expense of $3.6 million in the third quarter of 2026. This compares to an income tax expense of $3.9 million in the second quarter of 2026 and $3.7 million in the third quarter of 2025.
Asset Quality
The provision for credit losses was an expense of $4.81 million, $2.72 million and $1.99 million in the third quarter of 2026, second quarter of 2026 and third quarter of 2025, respectively. The increase in the current period provision is primarily attributable to an increase in specific reserves associated with one commercial lending relationship, as well as loan growth and an increase in unfunded commitments. The Company recorded loan net charge offs of $0.21 million, $0.37 million and $0.73 million in the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively. At September 30, 2026, the allowance for credit losses for loans totaled $73.7 million, or 1.51% of total portfolio loans compared to $62.5 million, or 1.49% of total portfolio loans at September 30, 2025.
Non-performing loans totaled $39.2 million, or 0.80% of total portfolio loans, at September 30, 2026, compared to $32.8 million, or 0.74%, at June 30, 2026 and $20.4 million, or 0.48%, at September 30, 2025. The increase was primarily in commercial loans, where non-performing loans rose to $37.6 million from $13.8 million in the year ago period, primarily driven by four commercial loan relationships being placed on non-accrual status. Government-guaranteed loans of $11.1 million are excluded from these totals. The allowance for credit losses represented 188.26% of non-performing loans at September 30, 2026, compared to 306.85% at September 30, 2025.
Balance Sheet, Capital and Liquidity
Total assets were $6.26 billion at September 30, 2026, an increase of $599.8 million from June 30, 2026. Loans, excluding loans held for sale, were $4.90 billion at September 30, 2026, compared to $4.41 billion at June 30, 2026.  Deposits totaled $5.52 billion at September 30, 2026, an increase of $659.3 million from June 30, 2026. In addition to the deposits acquired from the acquisition of Highpoint Community Bank, this increase is related to an inflow of deposits from business and municipal customers.
Cash and cash equivalents totaled $181.8 million at September 30, 2026, versus $165.5 million at June 30, 2026. Securities available for sale (“AFS”) totaled $519.6 million at September 30, 2026, versus $494.0 million at June 30, 2026.

Total shareholders’ equity was $577.3 million at September 30, 2026, or 9.22% of total assets compared to $528.4 million or 9.33% at June 30, 2026. The increase in shareholders’ equity is primarily the result of shares issued in connection with the acquisition of HCB Financial Corp. and earnings retention that was partially offset by dividend payments and an increase in the accumulated other comprehensive loss. Tangible common equity (non-GAAP) totaled $510.0 million at September 30, 2026, or $23.10 per share compared to $499.3 million or $24.24 per share at June 30, 2026. The decrease in tangible common equity per share primarily reflects $39.1 million of goodwill and other intangible assets recorded in the HCB Financial Corp. acquisition.

The Company’s wholly owned subsidiaries, Independent Bank and Highpoint Community Bank, exceeded the “well capitalized” thresholds for regulatory purposes at September 30, 2026, based on preliminary ratios.
At September 30, 2026, 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 $858.9 million and $1.13 billion, respectively. We also had approximately $463.8 million in fair value of unpledged securities AFS and HTM at September 30, 2026 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $437.9 million.
Share Repurchase Plan
On December 16, 2025, the Board of Directors of the Company authorized the 2026 share repurchase plan. Under the terms of the 2026 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, 2026. During the nine-month period ended September 30, 2026, the Company repurchased 119,425 shares of common stock, for an aggregate purchase price of $4.2 million.
3

Earnings Conference Call
Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Tuesday, October 27, 2026.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: https://register-conf.media-server.com/register/BI8251941b98524fec94bd98aeea90727e.

In order to view the webcast and presentation slides, please go to https://edge.media-server.com/mmc/p/oko972r9 during the time of the call. A replay of the webcast will be available until October 27, 2027.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Grand Rapids, Michigan-based bank holding company and the parent company of Independent Bank and, as of July 1, 2026, Highpoint Community Bank. Independent Bank Corporation has total assets of approximately $6.3 billion and operates from 66 locations across Michigan’s Lower Peninsula. Founded in 1864 as First National Bank of Ionia, Independent Bank provides a full range of financial services, including commercial banking, consumer banking, mortgage lending, and investment services. Independent Bank expects to complete the full system integration of Highpoint Community Bank’s operations on November 9, 2026. Until conversion, customers of Highpoint Community Bank should continue using their existing Highpoint Community Bank branches, checks, bank cards, online and mobile banking, and other banking services as usual.
For more information, please visit our Web site at: IndependentBank.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “target,” “may,” “will,” “should,” “could,” “would,” “outlook,” and similar expressions. These statements include, without limitation, statements regarding our anticipated future financial performance and components of that performance, acquisition integration activities, expected benefits of the completed acquisition, and future plans, prospects and performance.

Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include deterioration in general business and economic conditions or turbulence in domestic or global financial markets; changes in interest rates; changes in unemployment rates; deterioration in the credit quality of our loan portfolio or in the value of collateral securing loans; deterioration in the value of our investment securities; changes in funding availability or costs; legal and regulatory developments; the timing, cost and outcome of pending or threatened litigation and regulatory matters; changes in customer behavior and preferences; cybersecurity incidents or other data-security breaches; risks relating to the integration of Highpoint Community Bank, including customer and employee retention, systems conversion, unexpected costs, disruption to business relationships, and the risk that anticipated benefits may not be realized when expected or at all; and management’s ability to effectively manage the risks facing our business. Additional risk factors are described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of future results. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we undertake no obligation to update or revise any forward-looking statement.
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INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Unaudited)
(In thousands, except share amounts)
Assets
Cash and due from banks$68,275 $64,089 $48,475 $52,235 $56,378 
Interest bearing deposits113,540 101,361 126,440 86,152 152,308 
Cash and Cash Equivalents181,815 165,450 174,915 138,387 208,686 
Interest bearing deposits - time746 — — — — 
Equity securities at fair value
— 1,088 — — — 
Securities available for sale at fair value519,616 493,952 482,295 495,909 502,583 
Securities held to maturity at cost292,884 287,574 301,007 309,523 321,450 
Federal Home Loan Bank and Federal Reserve Bank stock, at cost20,452 18,940 18,102 18,102 18,102 
Loans held for sale, carried at fair value12,836 16,824 19,714 9,031 11,654 
Loans
Commercial2,763,222 2,359,988 2,267,369 2,213,557 2,125,053 
Mortgage1,612,243 1,533,268 1,520,358 1,524,821 1,517,656 
Installment521,684 520,608 520,372 537,907 555,574 
Total Loans4,897,149 4,413,864 4,308,099 4,276,285 4,198,283 
Allowance for credit losses(73,724)(65,673)(63,719)(63,445)(62,459)
Net Loans4,823,425 4,348,191 4,244,380 4,212,840 4,135,824 
Other real estate and repossessed assets, net759 710 767 896 589 
Property and equipment, net57,235 44,549 42,319 38,972 38,805 
Bank-owned life insurance63,424 53,567 54,072 53,750 53,875 
Capitalized mortgage loan servicing rights, carried at fair value37,839 33,949 32,233 31,493 31,522 
Other intangibles, net17,045 771 886 1,001 1,123 
Goodwill50,219 28,300 28,300 28,300 28,300 
Accrued income and other assets185,337 169,976 158,519 167,516 140,600 
Total Assets$6,263,632 $5,663,841 $5,557,509 $5,505,720 $5,493,113 
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing$1,126,676 $1,030,460 $991,140 $991,984 $1,003,521 
Savings and interest-bearing checking2,591,601 2,143,895 2,146,403 2,113,260 2,040,462 
Reciprocal1,052,489 1,025,016 1,028,874 974,921 981,115 
Time750,112 662,248 657,043 662,858 660,815 
Brokered time514 514 57,220 18,659 173,242 
Total Deposits5,521,392 4,862,133 4,880,680 4,761,682 4,859,155 
Other borrowings4,009 127,005 27,010 77,003 2,006 
Subordinated debentures, net39,915 39,898 39,881 39,864 39,847 
Accrued expenses and other liabilities121,020 106,392 99,385 124,220 101,363 
Total Liabilities5,686,336 5,135,428 5,046,956 5,002,769 5,002,371 
Shareholders’ Equity
Preferred stock— — — — — 
Common stock361,741 307,820 307,679 307,845 311,770 
Retained earnings288,569 276,934 263,898 252,794 239,602 
Accumulated other comprehensive loss(73,014)(56,341)(61,024)(57,688)(60,630)
Total Shareholders’ Equity577,296 528,413 510,553 502,951 490,742 
Total Liabilities and Shareholders’ Equity$6,263,632 $5,663,841 $5,557,509 $5,505,720 $5,493,113 
5

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended
September 30,
2026		June 30, 2026March 31,
2026		December 31,
2025		September 30,
2025
(Unaudited)
Interest Income(In thousands, except per share amounts)
Interest and fees on loans$68,998 $60,643 $59,249 $60,205 $61,325 
Interest on securities
Taxable3,902 3,300 3,354 3,513 3,660 
Tax-exempt2,755 2,525 2,522 2,633 2,767 
Other investments1,660 826 1,044 1,074 1,538 
Total Interest Income77,315 67,294 66,169 67,425 69,290 
Interest Expense
Deposits21,289 18,322 18,397 20,109 21,972 
Other borrowings and subordinated debt and debentures769 1,070 917 962 1,957 
Total Interest Expense22,058 19,392 19,314 21,071 23,929 
Net Interest Income55,257 47,902 46,855 46,354 45,361 
Provision for credit losses4,807 2,717 362 1,923 1,991 
Net Interest Income After Provision for Credit Losses50,450 45,185 46,493 44,431 43,370 
Non-interest Income
Interchange income4,638 3,576 3,234 3,186 4,157 
Service charges on deposit accounts3,353 3,100 2,935 3,096 3,131 
Net gains (losses) on assets
Mortgage loans1,011 1,651 1,308 1,372 1,474 
Equity securities at fair value65 1,600 — — — 
Securities available for sale(17)(90)(26)(15)(36)
Mortgage loan servicing, net4,074 2,460 1,646 899 74 
Other2,684 3,037 2,951 3,420 3,137 
Total Non-interest Income15,808 15,334 12,048 11,958 11,937 
Non-interest Expense
Compensation and employee benefits24,487 22,560 21,829 22,563 21,125 
Data processing4,761 4,152 3,952 3,428 3,784 
Occupancy, net2,419 2,073 2,413 2,171 2,127 
Merger related expense3,457 369 300 — — 
Interchange expense1,446 1,224 1,191 1,165 1,180 
Advertising738 1,180 1,210 991 526 
Furniture, fixtures and equipment1,124 927 894 897 892 
Loan and collection1,023 1,038 752 589 618 
FDIC deposit insurance819 738 799 861 615 
Legal and professional774 613 591 787 682 
Litigation expense— 350 1,500 — — 
Communications537 464 593 471 465 
Amortization of other intangibles917 115 115 122 121 
Other2,257 2,006 2,172 2,033 1,996 
Total Non-interest Expense44,759 37,809 38,311 36,078 34,131 
Income Before Income Tax21,499 22,710 20,230 20,311 21,176 
Income tax expense3,649 3,905 3,355 1,739 3,674 
Net Income$17,850 $18,805 $16,875 $18,572 $17,502 
Net Income Per Common Share
Basic$0.81 $0.91 $0.82 $0.90 $0.85 
Diluted$0.80 $0.90 $0.81 $0.89 $0.84 





INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations (continued)
Nine Months Ended
September 30, 2026September 30, 2025
(Unaudited)
Interest Income(In thousands, except per share amounts)
Interest and fees on loans$188,890 $178,628 
Interest on securities
Taxable10,556 11,492 
Tax-exempt7,802 8,310 
Other investments3,530 3,882 
Total Interest Income210,778 202,312 
Interest Expense
Deposits58,008 63,389 
Other borrowings and subordinated debt and debentures2,756 5,262 
Total Interest Expense60,764 68,651 
Net Interest Income150,014 133,661 
Provision for credit losses7,886 4,212 
Net Interest Income After Provision for Credit Losses142,128 129,449 
Non-interest Income
Interchange income11,448 10,674 
Service charges on deposit accounts9,388 8,926 
Net gains (losses) on assets
Mortgage loans3,970 5,408 
Equity securities at fair value
1,665 — 
Securities available for sale(133)(355)
Mortgage loan servicing, net8,180 (72)
Other8,672 9,105 
Total Non-interest Income43,190 33,686 
Non-interest Expense
Compensation and employee benefits68,876 62,631 
Data processing12,865 11,360 
Occupancy, net6,905 6,396 
Merger related expense4,126 — 
Interchange expense3,861 3,476 
Advertising3,128 2,220 
Furniture, fixtures and equipment2,945 2,570 
Loan and collection2,813 2,148 
FDIC deposit insurance2,356 1,963 
Legal and professional1,978 1,661 
Litigation expense1,850 — 
Communications1,594 1,526 
Amortization of other intangibles1,147 365 
Other6,435 5,839 
Total Non-interest Expense120,879 102,155 
Income Before Income Tax64,439 60,980 
Income tax expense10,909 11,011 
Net Income$53,530 $49,969 
Net Income Per Common Share
Basic$2.54 $2.40 
Diluted$2.51 $2.38 
6

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data
September 30,
2026		June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025
(unaudited)
(Dollars in thousands except per share data)
Three Months Ended
Basic net income per common share$0.81 $0.91 $0.82 $0.90 $0.85 
Diluted net income per common share0.80 0.90 0.81 0.89 0.84 
Cash dividend per share0.28 0.28 0.28 0.26 0.26 
Average shares outstanding22,136,53220,603,93720,574,50620,639,75820,702,235
Average diluted shares outstanding22,347,22320,807,06120,780,18820,848,63420,904,857
Performance Ratios
Return on average assets1.14 %1.37 %1.24 %1.35 %1.27 %
Return on average equity12.17 14.52 13.43 14.75 14.57 
Return on average tangible equity (2)14.48 15.38 14.25 15.67 15.54 
Efficiency ratio (1)61.25 60.64 64.33 61.18 58.86 
As a Percent of Average Interest-Earning Assets (1) (2)
Interest income5.33 %5.20 %5.15 %5.24 %5.38 %
Interest expense1.51 1.49 1.50 1.62 1.84 
Net interest margin3.82 3.71 3.65 3.62 3.54 
Average Balances
Loans$4,839,412 $4,368,577 $4,315,371 $4,249,389 $4,201,557 
Securities812,965 777,422 796,251 815,269 826,362 
Total earning assets5,818,800 5,219,641 5,209,360 5,162,381 5,159,681 
Total assets6,209,611 5,521,748 5,522,244 5,449,518 5,451,922 
Deposits5,465,721 4,812,586 4,832,089 4,774,179 4,786,408 
Interest bearing liabilities4,382,511 3,896,448 3,892,702 3,846,367 3,862,024 
Shareholders' equity581,997 519,439 509,523 499,445 476,422 
End of Period
Capital
Tangible common equity ratio (2)8.23 %8.86 %8.71 %8.65 %8.44 %
Tangible common equity ratio excluding accumulated other comprehensive loss (2)9.22 9.67 9.61 9.51 9.35 
Average equity to average assets9.37 9.41 9.23 9.16 8.74 
Total capital to risk-weighted assets (3)13.17 13.77 13.79 13.59 13.66 
Tier 1 capital to risk-weighted assets (3)11.92 12.52 12.54 12.33 12.41 
Common equity tier 1 capital to risk-weighted assets (3)11.17 11.70 11.70 11.49 11.54 
Tier 1 capital to average assets (3)9.98 10.58 10.34 10.27 10.07 
Common shareholders' equity per share of common stock$26.14 $25.65 $24.80 $24.48 $23.72 
Tangible common equity per share of common stock (2)23.10 24.24 23.38 23.05 22.29 
Total shares outstanding22,081,45020,602,53520,585,80520,548,89320,691,604
(1)Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
(2)Refer to Reconciliation of Non-GAAP Financial Measures.
(3)September 30, 2026 ratios are preliminary.





INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (continued)

Mortgage Loan Servicing, Net Activity
Three months endedNine months ended
9/30/20266/30/20263/31/202612/31/20259/30/20259/30/20269/30/2025
Mortgage loan servicing, net:(In thousands)
Revenue, net$1,646 $1,625 $1,636 $1,656 $1,614 $4,907 $5,145 
Fair value change due to price3,445 1,838 933 160 (576)6,216 (2,328)
Fair value change due to pay-downs(1,017)(1,003)(923)(917)(903)(2,943)(2,656)
Loss on sale of originated servicing rights— — — — (61)— (233)
Total$4,074 $2,460 $1,646 $899 $74 $8,180 $(72)

Non-performing Loans by Loan Type (1):
9/30/20266/30/20263/31/202612/31/20259/30/2025
Loan Type(Dollars in thousands)
Commercial$37,619 $32,274 $27,077 $23,531 $13,825 
Mortgage12,084 10,432 9,953 8,683 7,873 
Installment574 981 745 860 900 
Subtotal50,277 43,687 37,775 33,074 22,598 
Less - government guaranteed loans11,116 10,890 10,202 9,947 2,243 
Total non-performing loans$39,161 $32,797 $27,573 $23,127 $20,355 
Ratio of non-performing loans to total portfolio loans0.80 %0.74 %0.64 %0.54 %0.48 %
Ratio of non-performing assets to total assets0.64 %0.59 %0.51 %0.44 %0.38 %
Ratio of allowance for credit losses to total non-performing loans188.26 %200.24 %231.09 %274.33 %306.85 %
Ratio of allowance for credit losses to total portfolio loans1.51 %1.49 %1.48 %1.48 %1.49 %
(1) Non-performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest. Non-performing assets include total non-performing loans and other real estate and repossessed assets, net.

















INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Selected Financial Data (continued)

Independent Bank Regulatory Capital Ratios:
9/30/20266/30/20263/31/202612/31/20259/30/2025Well
Capitalized
Minimum
Tier 1 capital to average total assets9.46 %9.67 %9.43 %9.36 %9.19 %5.00 %
Common equity tier 1 capital to risk-weighted assets
11.17 %11.45 %11.43 %11.24 %11.33 %6.50 %
Tier 1 capital to risk-weighted assets11.17 %11.45 %11.43 %11.24 %11.33 %8.00 %
Total capital to risk-weighted assets12.43 %12.70 %12.68 %12.49 %12.58 %10.00 %
Highpoint Community Bank Regulatory Capital Ratios:
9/30/2026 (2)6/30/2026 (1)3/31/2026 (1)12/31/2025 (1)9/30/2025 (1)Well
Capitalized
Minimum
Tier 1 capital to average total assets7.23 %8.45 %8.25 %8.19 %7.64 %5.00 %
Common equity tier 1 capital to risk-weighted assets12.14 %14.68 %14.59 %15.19 %14.94 %6.50 %
Tier 1 capital to risk-weighted assets12.14 %14.68 %14.59 %15.19 %14.94 %8.00 %
Total capital to risk-weighted assets13.39 %15.93 %15.83 %16.42 %16.14 %10.00 %
(1) Ratios for periods prior to July 1, 2026 represent Highpoint Community Bank’s historical standalone regulatory capital ratios as reported prior to the acquisition and are included for informational purposes.
(2) September 30, 2026 ratios are preliminary.


7

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. Tax-equivalent net interest income and net interest margin adjust for the tax-favored status of certain loans and securities, which improves comparability between taxable and tax-exempt assets. Net interest margin excluding acquisition-related accretion, and adjusted net income and adjusted diluted earnings per share excluding merger-related expenses, help investors compare core operating performance across periods without the effects of the HCB Financial Corp. acquisition. Pre-tax, pre-provision net revenue shows earnings capacity before tax and credit costs. These non-GAAP measures supplement, and are not a substitute for, measures calculated in accordance with GAAP, and may not be comparable to similarly titled measures used by other companies.

Net Interest Income and Net Interest Margin (1):
Three months ended
9/30/20266/30/20263/31/202612/31/20259/30/2025
Net Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest MarginNet Interest IncomeNet Interest Margin
(Dollars in thousands)
As reported (GAAP)
$55,257 3.79 %$47,902 3.67 %$46,855 3.61 %$46,354 3.58 %$45,361 3.51 %
Add:  taxable equivalent adjustment564 0.03 440 0.04 445 0.04 446 0.04 443 0.03 
Taxable equivalent (non-GAAP)55,821 3.82 48,342 3.71 47,300 3.65 46,800 3.62 45,804 3.54 
Less: Net accretion of HCB acquired loans(852)(0.06)— — — — — — — — 
Less: Net accretion of HCB acquired securities(80)— — — — — — — — — 
Excluding HCB acquisition-related purchase accounting accretion$54,889 3.76 %$48,342 3.71 %$47,300 3.65 %$46,800 3.62 %$45,804 3.54 %

Nine months ended
9/30/20269/30/2025
Net Interest IncomeNet Interest MarginNet Interest IncomeNet Interest Margin
(Dollars in thousands)
As reported (GAAP)
$150,0143.70%$133,6613.50%
Add:  taxable equivalent adjustment1,4490.031,3390.04
Taxable equivalent (non-GAAP)151,4633.73135,0003.54
Less: Net accretion of HCB acquired loans(852)(0.02)——
Less: Net accretion of HCB acquired securities(80)———
Excluding HCB acquisition-related purchase accounting accretion$150,5313.71%$135,0003.54%

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

8

Pre-Tax, Pre-Provision Net Revenue (PPNR):
Three months endedNine months ended
9/30/20266/30/20263/31/202612/31/20259/30/20259/30/20269/30/2025
(In thousands)
Income before income tax$21,499 $22,710 $20,230 $20,311 $21,176 $64,439 $60,980 
Add back provision for credit losses4,807 2,717 362 1,923 1,991 7,886 4,212 
PPNR$26,306 $25,427 $20,592 $22,234 $23,167 $72,325 $65,192 


Net Income and Diluted Earnings per Share Excluding After-Tax Merger Related Expenses
Three months ended
9/30/20266/30/20263/31/202612/31/20259/30/2025
Net IncomeDiluted EPSNet IncomeDiluted EPSNet IncomeDiluted EPSNet IncomeDiluted EPSNet IncomeDiluted EPS
(In thousands, except per share amounts)
As reported (GAAP)$17,850 $0.80 $18,805 $0.90 $16,875 $0.81 $18,572 $0.89 $17,502 $0.84 
Add: after-tax merger related expenses2,799 0.12 368 0.02 299 0.02 — — — — 
Adjusted$20,649 $0.92 $19,173 $0.92 $17,174 $0.83 $18,572 $0.89 $17,502 $0.84 

Nine months ended
9/30/20269/30/2025
Net IncomeDiluted EPSNet IncomeDiluted EPS
(In thousands, except per share amounts)
As reported (GAAP)$53,530 $2.51 $49,969 $2.38 
Add: after-tax merger related expenses3,466 0.16 — — 
Adjusted$56,996 $2.67 $49,969 $2.38 
9

Tangible Common Equity Ratio
September 30,
2026		June 30,
2026		March 31, 2026December 31, 2025September 30, 2025
(Dollars in thousands)
Common shareholders' equity$577,296$528,413$510,553$502,951$490,742
Less:
Goodwill50,21928,30028,30028,30028,300
Other intangibles, net17,0457718861,0011,123
Tangible common equity510,032499,342481,367473,650461,319
Addition:
Accumulated other comprehensive loss for regulatory purposes67,21650,54455,22651,89154,833
Tangible common equity excluding accumulated other comprehensive loss adjustments$577,248$549,886$536,593$525,541$516,152
Total assets$6,263,632$5,663,841$5,557,509$5,505,720$5,493,113
Less:
Goodwill50,21928,30028,30028,30028,300
Other intangibles, net17,0457718861,0011,123
Tangible assets6,196,3685,634,7705,528,3235,476,4195,463,690
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax67,21650,54455,22651,89154,833
Tangible assets excluding accumulated other comprehensive loss adjustments$6,263,584$5,685,314$5,583,549$5,528,310$5,518,523
Common equity ratio9.22 %9.33 %9.19 %9.14 %8.93 %
Tangible common equity ratio8.23 %8.86 %8.71 %8.65 %8.44 %
Tangible common equity ratio excluding accumulated other comprehensive loss9.22 %9.67 %9.61 %9.51 %9.35 %
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity$577,296 $528,413 $510,553 $502,951 $490,742 
Tangible common equity$510,032 $499,342 $481,367 $473,650 $461,319 
Shares of common stock outstanding (in thousands)22,081 20,603 20,586 20,549 20,692 
Common shareholders' equity per share of common stock$26.14 $25.65 $24.80 $24.48 $23.72 
Tangible common equity per share of common stock$23.10 $24.24 $23.38 $23.05 $22.29 
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.
10

Exhibit 99.2
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
Supplemental Data

Non-performing assets

September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(Dollars in thousands)
Non-accrual loans$50,277 $43,687 $37,775 $33,074 $22,598 
Loans 90 days or more past due and still accruing interest— — — — — 
Subtotal50,277 43,687 37,775 33,074 22,598 
Less:  Government guaranteed loans11,116 10,890 10,202 9,947 2,243 
Total non-performing loans39,161 32,797 27,573 23,127 20,355 
Other real estate and repossessed assets759 710 767 896 589 
Total non-performing assets$39,920 $33,507 $28,340 $24,023 $20,944 
As a percent of Portfolio Loans
Non-performing loans0.80 %0.74 %0.64 %0.54 %0.48 %
Allowance for credit losses1.51 1.49 1.48 1.48 1.49 
Non-performing assets to total assets0.64 0.59 0.51 0.44 0.38 
Allowance for credit losses as a percent of non-performing loans188.26 200.24 231.09 274.33 306.85 




Allowance for credit losses
Nine months ended September 30,
20262025
LoansSecurities HTMUnfunded
Commitments(1)		LoansSecurities HTMUnfunded
Commitments (1)
(Dollars in thousands)
Balance at beginning of period$63,445$92$5,440$59,379$132$5,131
Additions (deductions)
Provision for credit losses6,574(31)1,3434,252(40)—
Recoveries credited to allowance1,691——1,604——
Assets charged against the allowance(2,538)——(2,776)——
Initial allowance on purchased seasoned loans4,445—61———
Initial allowance on purchased credit deteriorated loans107—————
Additions included in non-interest expense—————(190)
Balance at end of period$73,724$61$6,844$62,459$92$4,941
Net loans charged against the allowance to average Portfolio Loans0.03 %0.04 %
(1)
Beginning in the fourth quarter of 2025, we classified the provision for unfunded lending commitments in the provision for credit losses in the Consolidated Statements of Operations.
1

Capitalization

September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
(In thousands)
Subordinated debentures
39,915 39,898 39,881 39,864 39,847 
Amount not qualifying as regulatory capital
(1,224)(1,224)(1,224)(1,224)(1,224)
Amount qualifying as regulatory capital
38,691 38,674 38,657 38,640 38,623 
Shareholders’ equity
Common stock
361,741 307,820 307,679 307,845 311,770 
Retained earnings
288,569 276,934 263,898 252,794 239,602 
Accumulated other comprehensive loss
(73,014)(56,341)(61,024)(57,688)(60,630)
Total shareholders’ equity
577,296 528,413 510,553 502,951 490,742 
Total capitalization
$615,987 $567,087 $549,210 $541,591 $529,365 

Non-Interest Income

Three months endedNine months ended
September 30, 2026June 30, 2026September 30, 2025September 30,
20262025
(In thousands)
Interchange income$4,638 $3,576 $4,157 $11,448 $10,674 
Service charges on deposit accounts3,353 3,100 3,131 9,388 8,926 
Net gains (losses) on assets
Mortgage loans1,011 1,651 1,474 3,970 5,408 
Equity securities at fair value65 1,600 — 1,665 — 
Securities(17)(90)(36)(133)(355)
Mortgage loan servicing, net4,074 2,460 74 8,180 (72)
Investment and insurance commissions604 864 940 2,277 2,504 
Bank owned life insurance419 356 288 1,097 881 
Other1,661 1,817 1,909 5,298 5,720 
Total non-interest income$15,808 $15,334 $11,937 $43,190 $33,686 

Capitalized Mortgage Loan Servicing Rights
Three months ended September 30,Nine months ended September 30,
2026202520262025
(In thousands)
Balance at beginning of period$33,949 $32,053 $31,493 $46,796 
Originated servicing rights capitalized1,067 948 2,678 2,766 
Change in fair value2,428 (1,479)3,273 (4,984)
Sale of originated servicing rights (1)— 61 — (12,823)
Loss on sale of originated servicing rights (1)— (61)— (233)
Servicing rights acquired$395 $— $395 $— 
Balance at end of period$37,839 $31,522 $37,839 $31,522 
(1)     On January 31, 2025 we sold $931.6 million of mortgage loan servicing rights (26.3% of total servicing portfolio) and transferred the servicing on March 3, 2025. This sale represented approximately $13.1 million (27.9%) of the total capitalized mortgage loan servicing right asset.
2

Mortgage Loan Activity

Three months endedNine months ended
September 30, 2026June 30, 2026September 30, 2025September 30,
20262025
(Dollars in thousands)
Mortgage loans originated$136,027$145,421$145,561$412,022$401,184
Mortgage loans sold102,31197,073101,615284,053279,593
Net gains on mortgage loans1,0111,6511,4743,9705,408
Net gains as a percent of mortgage loans sold  ("Loan Sales Margin")0.99 %1.70 %1.45 %1.40 %1.93 %
Fair value adjustments included in the Loan Sales Margin(0.48)%0.40 %0.03 %(0.01)%0.32 %

Non-Interest Expense

Three months endedNine months ended
September 30, 2026June 30, 2026September 30, 2025September 30,
20262025
(In thousands)
Compensation$15,643 $14,248 $13,916 $44,014 $40,723 
Performance-based compensation4,640 4,008 2,900 12,296 9,979 
Payroll taxes and employee benefits4,204 4,304 4,309 12,566 11,929 
Compensation and employee benefits24,487 22,560 21,125 68,876 62,631 
Data processing4,761 4,152 3,784 12,865 11,360 
Occupancy, net2,419 2,073 2,127 6,905 6,396 
Merger related expense3,457 369 — 4,126 — 
Interchange expense1,446 1,224 1,180 3,861 3,476 
Advertising738 1,180 526 3,128 2,220 
Furniture, fixtures and equipment1,124 927 892 2,945 2,570 
Loan and collection1,023 1,038 618 2,813 2,148 
FDIC deposit insurance819 738 615 2,356 1,963 
Legal and professional774 613 682 1,978 1,661 
Litigation expense— 350 — 1,850 — 
Communications537 464 465 1,594 1,526 
Taxes, licenses and fees
469 376 335 1,205 951 
Amortization of intangible assets917 115 121 1,147 365 
Director fees309 278 265 853 773 
Net (gains) losses on other real estate and repossessed assets50 (5)39 60 (77)
Recovery for loss reimbursement on sold loans(6)(13)(5)(32)(22)
Other1,435 1,370 1,362 4,349 4,214 
Total non-interest expense$44,759 $37,809 $34,131 $120,879 $102,155 

3

Average Balances and Tax Equivalent Rates

Three Months Ended September 30,
20262025
Average
Balance		InterestRate (2)Average
Balance		InterestRate (2)
(Dollars in thousands)
Assets
Taxable loans$4,792,596 $68,580 5.69 %$4,193,925 $61,250 5.81 %
Tax-exempt loans (1)46,816 528 4.48 7,632 95 4.95 
Taxable securities542,637 3,903 2.88 573,333 3,660 2.55 
Tax-exempt securities (1)270,329 3,209 4.75 253,029 3,190 5.04 
Interest bearing cash145,970 1,349 3.67 113,660 1,261 4.40 
Other investments20,452 310 6.07 18,102 277 6.12 
Interest Earning Assets5,818,800 77,879 5.33 5,159,681 69,733 5.38 
Cash and due from banks69,635 58,099 
Other assets, net321,176 234,143 
Total Assets$6,209,611 $5,451,923 
Liabilities
Savings and interest-bearing checking3,418,568 13,769 1.60 2,850,176 13,282 1.85 
Time deposits912,690 7,520 3.27 930,358 8,690 3.71 
Other borrowings51,253 769 5.96 81,490 1,957 9.57 
Interest Bearing Liabilities4,382,511 22,058 2.00 %3,862,024 23,929 2.46 
Non-interest bearing deposits1,134,463 1,005,875 
Other liabilities110,640 107,602 
Shareholders’ equity581,997 476,422 
Total liabilities and shareholders’ equity$6,209,611 $5,451,923 
Net Interest Income$55,821 $45,804 
Net Interest Income as a Percent of Average Interest Earning Assets3.82 %3.54 %

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


4

Average Balances and Tax Equivalent Rates
Nine Months Ended September 30,
20262025
Average
Balance		InterestRate (2)Average
Balance		InterestRate (2)
(Dollars in thousands)
Assets
Taxable loans$4,488,893 $188,305 5.60 %$4,123,797 $178,407 5.78 %
Tax-exempt loans (1)20,814 738 4.74 7,141 280 5.25 
Taxable securities532,310 10,556 2.64 594,769 11,491 2.58 
Tax-exempt securities (1)263,297 9,098 4.61 257,051 9,590 4.97 
Interest bearing cash94,467 2,629 3.72 92,263 3,058 4.43 
Other investments18,385 901 6.53 16,731 825 6.57 
Interest Earning Assets5,418,166 212,227 5.23 5,091,752 203,651 5.34 
Cash and due from banks59,597 56,073 
Other assets, net275,955 237,413 
Total Assets$5,753,718 $5,385,238 
Liabilities
Savings and interest-bearing checking3,149,161 37,691 1.60 2,827,773 38,731 1.83 
Time deposits842,849 20,317 3.22 887,385 24,658 3.72 
Other borrowings67,004 2,756 5.50 93,520 5,262 7.51 
Interest Bearing Liabilities4,059,014 60,764 2.00 %3,808,678 68,651 2.41 
Non-interest bearing deposits1,047,109 1,001,228 
Other liabilities110,343 108,799 
Shareholders’ equity537,252 466,533 
Total liabilities and shareholders’ equity$5,753,718 $5,385,238 
Net Interest Income$151,463 $135,000 
Net Interest Income as a Percent of Average Interest Earning Assets3.73 %3.54 %

(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

Commercial Loan Portfolio Analysis as of September 30, 2026

Total Commercial Loans
Watch CreditsPercent of Loan Category in Watch Credit
Loan CategoryAll LoansPerformingNon-accrualTotal
(Dollars in thousands)
Land$12,139 $— $— $— — %
Land Development17,471 — — — — 
Construction173,032 — 14,345 14,345 8.3 
Income Producing1,060,229 18,966 13,949 32,915 3.1 
Owner Occupied782,444 22,599 121 22,720 2.9 
Total Commercial Real Estate Loans$2,045,315 $41,565 $28,415 $69,980 3.4 
Other Commercial Loans$717,907 $32,663 9,204 $41,867 5.8 
Total non-performing commercial loans$37,619 

Commercial Loan Portfolio Analysis as of December 31, 2025

Total Commercial Loans
Watch CreditsPercent of Loan Category in Watch Credit
Loan CategoryAll LoansPerformingNon-accrualTotal
(Dollars in thousands)
Land$10,293 $15 $— $15 0.1 %
Land Development22,808 — — — — 
Construction158,235 — 14,269 14,269 9.0 
Income Producing784,506 30,309 9,262 39,571 5.0 
Owner Occupied648,338 11,498 — 11,498 1.8 
Total Commercial Real Estate Loans$1,624,180 $41,822 $23,531 $65,353 4.0 
Other Commercial Loans$589,377 $27,929 — $27,929 4.7 
Total non-performing commercial loans$23,531 
6
Earnings Call: Third Quarter 2026 October 27, 2026 (NASDAQ: IBCP)

 

Cautionary note regarding forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “target,” “may,” “will,” “should,” “could,” “would,” “outlook,” and similar expressions. These statements include, without limitation, statements regarding our anticipated future financial performance and components of that performance, acquisition integration activities, expected benefits of the completed acquisition, and future plans, prospects and performance. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include deterioration in general business and economic conditions or turbulence in domestic or global financial markets; changes in interest rates; changes in unemployment rates; deterioration in the credit quality of our loan portfolio or in the value of collateral securing loans; deterioration in the value of our investment securities; changes in funding availability or costs; legal and regulatory developments; the timing, cost and outcome of pending or threatened litigation and regulatory matters; changes in customer behavior and preferences; cybersecurity incidents or other data-security breaches; risks relating to the integration of Highpoint Community Bank, including customer and employee retention, systems conversion, unexpected costs, disruption to business relationships, and the risk that anticipated benefits may not be realized when expected or at all; and management’s ability to effectively manage the risks facing our business. Additional risk factors are described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of future results. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we undertake no obligation to update or revise any forward-looking statement. 2 2

 

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

 

3Q'26 Overview • Total loans increased 10.5% annualized with commercial loan growth of 20.9% annualized, excluding Highpoint Community Bank loans. • New loan production continues to be largely focused on new commercial clients that bring deposits to the bank • Asset quality remained sound with NPAs/Total Assets at 0.64% and NCO of $0.2 million • Generated a ROAA of 1.14% (ROAA 1.32% excluding merger related costs) • Generated a ROAE of 12.17% (ROAE 14.08% excluding merger related costs) • Net interest margin of 3.82% compared to 3.54% in the prior year quarter • 13th consecutive quarter of net interest income growth • Net growth in total deposits, net of brokered deposits of $115.8 million or 9.4% annualized excluding HCB deposits • Tangible common equity ratio of 8.23% • A CET1 ratio of 11.10% • Substantial borrowing capacity of approximately $2.0 billion • Net income of $17.9 million, or $0.80 per diluted share • Increase in net interest income of $9.9 million over the prior year quarter and $7.4 million over the second quarter of 2026 • Net interest margin expanded 11 basis points to 3.82%, or 5 basis points to 3.76% excluding purchase accounting accretion • PPNR increased $3.1 million or 13.5% over the prior year quarter and $0.9 million or 3.5% over the linked quarter, including $3.5 million of merger related expenses Healthy Capital & Liquidity Positions Positive Trends in Key Metrics Solid Loan Growth and Strong Asset Quality 3Q'26 Earnings 4 4

 

$ 4 .6 $ 4 .6 $ 4 .7 $ 4 .6 $ 4 .7 $ 4 .9 $ 4 .8 $ 4 .9 $ 4 .9 $ 5 .5 2 .0 3 % 2 .1 1 % 1 .9 3 % 1 .8 0 % 1 .7 7 % 1 .8 2 % 1 .6 7 % 1 .5 4 % 1 .5 3 % 1 .5 5 % Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Q 4 '2 5 Q 1 '2 6 Q 2 '2 6 Q 3 '2 6 Total Deposits Cost Of Deposits Non-interest Bearing 20% Savings and Interest-bearing Checking 47% Reciprocal 19% Time 14% Brokered 0% Low-Cost Deposit Franchise Focused on Core Deposit Growth • Substantial core funding – $4.77 billion of non-maturity deposit accounts (86.4% of total deposits). • Core deposit increase of $659.3 million (53.8% annualized) in 3Q'26. • Time deposit increase of $87.9 million (52.6% annualized) in 3Q'26. • Total deposits increased $759.7 million (21.3% annualized) since 12/31/25 with non-interest bearing up $134.7 million, savings and interest- bearing checking up $478.3 million, reciprocal up $77.6 million, time up $87.3 million and brokered time down $18.1 million. • Deposits by Customer Type: − Retail – 46% − Commercial – 39% − Municipal – 15% Deposit Composition 9/30/26 Cost of Deposits (%)/Total Deposits ($B) 5 Core Deposits: 86.4% $5.5B

 

Historic IBC Cost of Funds (excluding sub debt) vs. the Federal Funds Rate (with Deposit Balances) D e p o s it B a la n c e s ( $ i n t h o u s a n d s ) 6 F e d e ra l F u n d s R a te Account Type Cycle Beta Sav & Int-bearing chking 72.0% Reciprocal 80.4% Time 42.5% Total int-bearing Dep (excl brokered) 49.7% Total COF IBC (excl Sub Debt) 22.2% IBC COF Fed Funds Spot Fed Effective Total Deposits 0 .4 2 % 0 .5 1 % 0 .6 0 % 0 .7 3 % 0 .8 2 % 0 .8 5 % 0 .8 5 % 0 .7 4 % 0 .6 3 % 0 .3 0 % 0 .2 3 % 0 .3 9 % 0 .1 4 % 0 .1 2 % 0 .1 1 % 0 .1 0 % 0 .1 0 % 0 .1 2 % 0 .3 3 % 0 .7 9 % 1 .2 5 % 1 .5 7 % 1 .8 0 % 1 .9 9 % 2 .0 1 % 2 .0 2 % 2 .1 0 % 1 .9 2 % 1 .8 0 % 1 .7 6 % 1 .8 2 % 1 .6 7 % 1 .5 4 % 1 .5 3 % 1 .5 5 % 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% M a r- 1 8 J u n -1 8 S e p -1 8 D e c -1 8 M a r- 1 9 J u n -1 9 S e p -1 9 D e c -1 9 M a r- 2 0 J u n -2 0 S e p -2 0 D e c -2 0 M a r- 2 1 J u n -2 1 S e p -2 1 D e c -2 1 M a r- 2 2 J u n -2 2 S e p -2 2 D e c -2 2 M a r- 2 3 J u n -2 3 S e p -2 3 D e c -2 3 M a r- 2 4 J u n -2 4 S e p -2 4 D e c -2 4 M a r- 2 5 J u n -2 5 S e p -2 5 D e c -2 5 M a r- 2 6 J u n -2 6 S e p -2 6

 

Commercial 56% Mortgage 33% Installment 11% Held for Sale 0% Diversified Loan Portfolio Focused on High Quality Growth • Portfolio loan changes in 3Q'26: − Commercial – increased $403.2 million. …Average new origination yield of 6.36% vs a 6.22% portfolio yield. − Mortgage – increased $79.0 million. …Average new origination yield of 6.62% vs a 4.97% portfolio yield. − Installment – increased $1.1 million. …Average new origination yield of 6.77% vs a 5.32% portfolio yield. • Mortgage loan portfolio weighted average FICO of 751 and average balance of $187,505. • Installment weighted average FICO of 754 and average balance of $26,038. • Commercial loan rate mix: − 39% fixed / 61% variable. − Indices – 35% tied to Prime and 65% tied to SOFR. • Mortgage loan (including HELOC) rate mix: − 59% fixed / 41% adjustable or variable. − 6% tied to a US Treasury rate and 94% tied to SOFR. Note: Portfolio loans exclude loans HFS. Loan Composition 9/30/26 Yield on Loans (%)/ Total Portfolio Loans ($B) 7 $4.9B $ 3 .9 $ 3 .9 $ 4 .0 $ 4 .1 $ 4 .2 $ 4 .2 $ 4 .3 $ 4 .3 $ 4 .4 $ 4 .9 5 .9 3 % 5 .9 6 % 5 .8 3 % 5 .7 4 % 5 .7 6 % 5 .8 1 % 5 .6 4 % 5 .5 4 % 5 .5 5 % 5 .6 8 % 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 2 Q '2 5 3 Q '2 5 4 Q '2 5 1 Q '2 6 2 Q '2 6 3 Q '2 6 Total Portfolio Loans Yield on Loans

 

8.03% $222 7.25% $200 6.16% $170 5.27% $146 4.92% $136 4.14% $114 4.14% $114 4.19% $116 3.17% $88 $72 2.60% $71 2.56% $68 2.46% 62 2.24% 61 2.20% $192 6.95% Manufacturing Construction Health Care and Social Assistance Real Estate Rental and Leasing Retail Dealership Financing Other Services (except Public Administration) Hotel and Accomodations Wholesale Finance and Insurance Assisted Living Professional, Scientific, and Technical Services Food Service Concentrations within $2.8B Commercial Loan Portfolio C&I or Owner Occupied Loans by Industry as a % of Total Commercial Loans ($ in millions) Investor RE by Collateral Type as a % of Total Commercial Loans ($ in millions) Note: $1.832 billion, or 66.3% of the commercial loan portfolio is C&I or owner occupied, while $932 million, or 33.7% is investment real estate. The percentage concentrations are based on the entire commercial portfolio of $2.76 billion as of September 30, 2026 8 $1,832MM 9.29%, Commercial Industrial, $226 4.99%, Multifamily, $119 4.61%, Office, $122 4.31%, Retail, $156 4.86%, Construction, $137 2.14%, Special Purpose, $80 1.92%, 1-4 Family, $59 1.33%, Land, Vacant Land and Development, $33 $932MM

 

$7.1 $8.2 $20.4 $23.1 $27.6 $32.8 $39.2 $0.4 $0.4 $0.6 $0.9 $0.8 $0.7 $0.8 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Non-performing Loans 90+ Days PD ORE/ORA $3.9 $6.6 $5.1 $7.8 $8.2 $5.6 $6.1 0.1% 0.2% 0.1% 0.2% 0.2% 0.1% 0.1% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 30-89 Days PD 30-89 Days PD / Total Loans $0.4 $0.4 $0.6 $0.9 $0.8 $0.7 $0.8 $- $0.2 $0.4 $0.6 $0.8 $1.0 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 $7.1 $8.2 $20.4 $23.1 $27.6 $32.8 $39.2 0.1% 0.2% 0.5% 0.5% 0.6% 0.7% 0.8% -0.1% 0.1% 0.3% 0.5% 0.7% 0.9% 1.1% $- $20.0 $40.0 $60.0 $80.0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Non-performing Loans (NPLs) NPLs / Total Loans Note 1: Non-performing loans and non-performing assets exclude troubled debt restructurings that are performing. Credit Quality Summary Non-performing Loans ($ in Millions) ORE/ORA ($ in Millions) 30 to 89 Days Delinquent ($ in Millions) Non-performing Assets ($ in Millions) 9

 

14.2 13.7 13.6 13.8 13.8 13.1 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 11.4 11.6 11.5 11.7 11.7 11.1 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 10.1 10.1 10.2 10.3 10.5 9.9 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 8.2 8.4 8.7 8.7 8.9 8.2 Q2'25 Q3'25 Q4'25 Q1`26 Q2`26 Q3`26 • Long-term capital priorities: Capital retention to support organic growth, acquisitions and return of capital through strong and consistent dividends and share repurchases. • Well capitalized in all regulatory capital measurements. • Tangible common equity ratio excluding the impact of unrealized losses on securities AFS and HTM is 9.2% • The reduction in capital ratios in 3Q’26 is primarily the result of the Highpoint Community Bank acquisition. Strong Capital Position TCE / TA (%) Leverage Ratio (%) CET1 Ratio (%) Total RBC Ratio (%) 10

 

$ 3 8 .4 $ 3 8 .4 $ 3 9 .4 $ 4 0 .1 $ 4 0 .2 $ 4 1 .3 $ 4 1 .9 $ 4 2 .9 $ 4 3 .7 $ 4 4 .6 $ 4 5 .4 $ 4 6 .4 $ 4 6 .9 $ 4 7 .9 $ 5 5 .3 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 3.49 3.52 3.33 3.26 3.23 3.26 3.30 3.40 3.37 3.45 3.49 3.58 3.54 3.62 3.65 3.71 3.82 2.18 3.65 4.38 4.99 5.26 5.33 5.33 5.33 5.16 4.66 4.33 4.33 4.30 3.90 3.64 3.63 3.67 0.45 0.92 1.39 1.72 1.93 2.11 2.14 2.16 2.22 2.02 1.86 1.86 1.95 1.73 1.60 1.61 1.62 0 1 2 3 4 5 6 Q 3 '2 2 Q 4 '2 2 Q 1 '2 3 Q 2 '2 3 Q 3 '2 3 Q 4 '2 3 Q 1 '2 4 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Q 4 '2 5 Q 1 '2 6 Q 2 '2 6 Q 3 '2 6 Net Interest Margin (FTE) Average Effective FF Yield Cost of Funds Net Interest Margin/Income • Net interest income was $55.3 million in 3Q'26 compared to $45.4 million in the prior year quarter. The change is due to an increase in average earning assets and the net interest margin compared to the year- ago quarter. • Net interest margin was 3.82% during the third quarter of 2026, compared to 3.54% in the year- ago quarter and 3.71% in the second quarter of 2026. • 13th consecutive quarter of increasing net interest income. Yields, NIM and Cost of Funds (%) Net Interest Income ($ in Millions) 11

 

3Q26 2Q26 Change Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Avg Bal Inc/Exp Yield Cash $145,970 $1,349 3.67% $57,067 $531 3.73% $88,903 $818 -0.06% Investments 833,418 7,421 3.56% 793,997 6,540 3.29% 39,421 882 0.27% Commercial loans 2,687,946 41,931 6.19% 2,312,336 35,307 6.12% 375,609 6,624 0.06% Mortgage loans 1,624,560 20,202 4.97% 1,538,721 18,695 4.86% 85,839 1,507 0.11% Consumer loans 526,906 6,974 5.29% 517,519 6,661 5.15% 9,387 314 0.15% Earning assets $5,818,800 $77,878 5.33% $5,219,641 $67,733 5.20% $599,158 $10,145 0.13% Nonmaturity deposits $3,418,568 $13,769 1.60% $3,016,119 $12,008 1.60% $402,449 1,762 0.00% CDARS deposits 167,284 1,413 3.35% 119,498 939 3.15% 47,787 474 0.20% Retail Time deposits 744,892 6,101 3.25% 660,629 5,218 3.17% 84,262 883 0.08% Brokered deposits 514 5 4.17% 17,480 158 3.62% (16,966) (152) 0.55% Bank borrowings 11,347 77 2.69% 42,832 390 3.66% (31,485) (314) -0.97% IBC debt 39,907 693 6.89% 39,890 679 6.83% 17 14 0.06% Cost of funds $4,382,511 $22,059 2.00% $3,896,448 $19,392 2.00% $486,064 $2,667 0.00% Free funds $1,436,288 $1,323,194 $113,095 Net interest income $55,819 $48,341 $7,478 Net interest margin 3.82% 3.71% 0.11% 3Q'26 NIM Changes Linked Quarter Average Balances and FTE Rates ($ in thousands) Linked Quarter Analysis 12 2Q'26 3.71% Discount Accretion 0.06% Change in Earning Asset Mix 0.02% Change in Earning Asset Yield 0.05% Interest Charge-off Comm Loan -0.01% Increase in funding costs -0.01% 3Q'26 3.82%

 

Contractual Loan & Security Repricing 13 The table below shows the contractual fixed rate maturities and exit yield of securities and loans. 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 Securities Maturing cash flows $46.7 $38.9 $34.0 $32.1 $20.8 $24.9 Yield 3.17% 3.46% 3.05% 2.75% 2.21% 1.62% Loans Maturing cash flows $97.4 $101.3 $84.5 $102.4 $82.5 $71.1 Yield 5.16% 5.06% 5.67% 5.27% 5.86% 5.83% Total Securities & Loans Maturing cash flows $144.2 $140.2 $118.5 $134.5 $103.3 $95.9 Yield 4.52% 4.62% 4.92% 4.67% 5.13% 4.74%

 

September 30, 2026 -200 -100 Base-rate 100 200 Net Interest Income $230,400 $232,300 $233,800 $238,400 $242,500 Change from Base -1.45% -0.64% 1.97% 3.72% June 30, 2026 -200 -100 Base-rate 100 200 Net Interest Income $200,307 $202,593 $204,221 $206,787 $209,565 Change from Base -1.92% -0.80% 1.26% 2.62% Interest Rate Risk Management • Most of the base case modeled NII improvement ($23.3 million) is from the HCB acquisition. The dollar NII further benefited from organic earning asset growth and NIM expansion. The NIM improved by 14 basis points during 3Q26. A positive shift in the earning asset mix to commercial loans and higher market rates (including future fixed asset re-pricing) drove the improvement. This was partially offset by higher funding costs (NMD and time) due the Fed hiking 25bps in September. • NII sensitivity to lower rates declined modestly while the benefit to higher rates improved. Reduced exposure to lower rates is due to the HCB acquisition as HCB was more asset sensitive than IB's standalone position, $50 million notional of floor purchases and the termination of a $25 million pay fixed swap. Additionally, loan growth continued to be centered in variable rate commercial credits. The overall position is closely matched for smaller rate changes of +/- 100 basis points. The bank has modest exposure to larger rate declines and benefits from larger rate increases. • Base-rate is a static balance sheet applying the spot yield curve from the valuation date. • Stable core funding base. Transaction accounts fund 38.6% of assets and other non-maturity deposits fund another 20.8% of assets. Low wholesale funding of just 0.7% of assets. • 37.0% of assets reprice in 1 month and 48.5% reprice in the next 12 months. • Continually evaluating strategies to manage NII through hedging, funding strategies as well as product pricing and structure. Changes in Net Interest Income (Dollars in 000’s) Simulation analyses calculate the change in net interest income over the next twelve months, under immediate parallel shifts in interest rates, based upon a static statement of financial condition, which includes derivative instruments, and does not consider loan fees. 14

 

$ 1 5 .2 $ 9 .5 $ 1 9 .1 $ 1 0 .4 $ 1 1 .3 $ 1 1 .9 $ 1 2 .0 $ 1 2 .0 $ 1 5 .3 $ 1 5 .8 1 8 .6 % 1 2 .2 % 2 2 .2 % 1 3 .6 % 1 4 .5 % 1 4 .7 % 1 5 .1 % 1 5 .4 % 1 8 .6 % 1 7 .0 % -5.0 5.0 15.0 25.0 35.0 45.0 55.0 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 Q 2 '2 4 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Q 4 '2 5 Q 1 '2 6 Q 2 '2 6 Q 3 '2 6 Non-interest Income Non-interest Inc/Operating Rev (%) Interchange income $4,638 Service Chg Dep $3,353 Gain (Loss)- Mortgage Sale $1,011 Equity Securities at Fair Value $65 Gain (Loss)- Securities $(17) Mortgage loan servicing, net $4,074 Investment & insurance commissions $604 Bank owned life insurance $419 Other income $1,661 Strong Non-interest Income • The $1.6 million comparative quarterly increase in mortgage loan servicing, net is primarily attributed to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in mortgage loan interest rates and expected future prepayment levels. • Mortgage banking: − $1.0 million in net gains on mortgage loans in 3Q'26 vs. $1.5 million in the year ago quarter. The decrease is primarily due to a decrease in profit margins on mortgage loans sold that was partially offset by an increase in the volume of mortgage loans sold. − $136.0 million in mortgage loan originations in 3Q'26 vs. $145.6 million in 3Q’25 and $145.4 million in 2Q’26. − 3Q'26 mortgage loan servicing includes a $3.4 million ($0.12 per diluted share, after tax) increase in fair value adjustment due to price compared to a decrease of $0.6 million ($0.02 per diluted share, after tax) in the year ago quarter. Source: Company documents. 3Q'26 Non-interest Income (thousands) Non-interest Income Trends ($M) 15 $15.8MM

 

6 0 .3 % 6 0 .9 % 6 2 .2 % 6 0 .9 % 6 1 .4 % 6 0 .9 % 6 0 .0 % 6 0 .5 % 6 1 .0 % 6 1 .3 % 6 1 .9 % 1 Q '2 4 2 Q '2 4 3 Q '2 4 4 Q '2 4 1 Q '2 5 2 Q '2 5 3 Q '2 5 4 Q '2 5 1 Q '2 6 2 Q '2 6 3 Q '2 6 $ 3 2 .6 $ 3 7 .0 $ 3 4 .3 $ 3 3 .8 $ 3 4 .1 $ 3 6 .1 $ 3 8 .3 $ 3 7 .8 $ 4 4 .8 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 Q 3 '2 4 Q 4 '2 4 Q 1 '2 5 Q 2 '2 5 Q 3 '2 5 Q 4 '2 5 Q 1 '2 6 Q 2 '2 6 Q 3 '2 6 Compensation and Benefits Loan and Collection Occupancy Data Processing FDIC Insurance Other Total Focus on Improved Efficiency • 3Q'26 efficiency ratio of 61.3%. • Compensation and employee benefits expense of $24.5 million, an increase of $3.4 million from the prior year quarter. • Performance-based compensation was $1.7 million higher than the prior year quarter. • Payroll taxes and employee benefits decreased $0.1 million primarily due to lower healthcare related costs. • Data processing costs increased by $1.0 million primarily due to the HCB acquisition, core data processor annual asset growth and CPI related cost increases as well as price increases in other software solutions. • Merger related expense was $3.5 million in the current quarter compared to zero in the prior year quarter. • Amortization of Intangible assets expense of $0.9 million in 3Q’26 compared to $0.1 million in the prior year period. • Opportunities exist to gain additional efficiencies as we continue to optimize our delivery channels. Non-interest Expense ($M) Efficiency Ratio (4 quarter rolling average) Source: Company documents. 16

 

Outlook for 2026 Outlook for 2026 *as of January, 2026 • IBCP forecast of approximately 4.5%-5.5% overall loan growth is based on an increase in commercial loans (11%-12%) with mortgage loans (0%-1%) and installment loans declining (5.0%-5.5%). • This growth forecast also assumes a stable Michigan economy. • The forecast assumes 0.25% Fed rate cuts in March and August in the federal funds rate while long-term interest rates increase slightly over year-end 2025 levels. • IBCP forecast of high-single digit (7%-8%) growth is primarily supported by an increase in earning assets and a favorable shift in the earning asset base. Expect the net interest margin (NIM) to increase (0.18% - 0.23%) in 2026 compared to full-year 2025. Primary driver is a decrease in yield on interest bearing liabilities that is partially offset by a decrease in earning asset yield. • Very difficult area to forecast. Future provision levels under CECL will be particularly sensitive to loan growth and mix, projected economic conditions, watch credit levels and loan default volumes. • The allowance as a percentage of total loans was at 1.48% at 12/31/25 • A full year 2026 provision (expense) for credit losses of approximately 0.20%-0.25% of average total portfolio loans would not be unreasonable. 3Q'26 Update • Excluding HCB: Total portfolio loans increased $116.6 million (10.5% annualized) in 3Q'26 which is above our forecasted range. Commercial loan growth of $124.1 million (20.9% annualized), mortgage loan increase of $1.1 million (0.3% annualized) and installment loan decrease of $8.6 million (6.5% annualized). • 3Q'26 net interest income was $9.9 million (21.8%) higher than the prior year quarter which is above the forecasted range. The net interest margin was 3.82% for the current quarter and 3.54% for the prior year quarter and up 0.11% from the linked quarter. Excluding HCB NII increased $4.0 million or 8.7% over the prior year quarter, which is above the forecasted range. • The provision for credit losses was an expense of $4.8 million (0.39% annualized) for the third quarter above the forecasted range. LENDING Continued growth NET INTEREST INCOME Growth driven primarily by higher average earning assets PROVISION FOR CREDIT LOSSES Steady asset quality metrics 17

 

Outlook for 2026 Outlook for 2026 *as of January, 2026 • Quarterly 2026 forecasted range of $11.3M to $12.3M. Full year up 3.0% to 4.0% from 2025 actual of $45.6M • Expect mortgage loan origination volumes to be down 6.0% to 7.0% and net gain on sale to be down 14.0% to 16.0% compared to full year 2025. Assumes mortgage loan servicing net of approximately $0.5M per quarter in 2026. • IBCP forecasts 2026 quarterly range of $36.0M to $37.0M with the total for the year up 5.0% to 6.0% from the 2025 actual of $138.2M. • The primary driver is an increase in compensation and employee benefits, data processing; loan and collections and occupancy. • Approximately a 17% effective income tax rate in 2026.This assumes a 21% statutory federal corporate income tax rate during 2026. • 2026 share repurchase authorization at approximately 5% (1.1 million) of outstanding shares. • Share repurchases will be dependent on capital levels, capital allocation options and share price trends. We are not modeling any share repurchases in 2026. 3Q'26 Update • Non-interest income totaled $15.8 million in 3Q'26, which is above the forecasted range. Mortgage loan servicing, net totaled $4.1 million. Excluding HCB, non- interest income was $15.2 million above our forecasted range. • Total non-interest expense was $44.8 million in 3Q'26, which was higher than our forecasted quarterly range. Merger related expenses totaled $3.5 million. Excluding HCB (excluding merger related expenses) non-interest expense was $37.3 million slightly higher than our forecasted range. • Actual effective income tax rate of 17.0% for the third quarter of 2026. • The Company repurchased 119,425 shares of common stock for an aggregate purchase price of $4.2 million. This purchase was related to the liquidation of the HCB ESOP. NON-INTEREST INCOME NON-INTEREST EXPENSES INCOME TAXES SHARE REPURCHASES 18

 

Strategic Initiatives 19 Growth • Outside Sales - Relationship banking focus through consistent calling on prospects and COI’s. • Inside Service/Sales – high retention + high cross sales, collaboration of strategic partners. • Digital Marketing - Leverage data insights, target strategically, elevate brand image, personalize the customer experience. • New Products – SMB deposit product, Business digital payments. • Market Expansion – Through existing indirect dealer network. • Selective and opportunistic bank and branch acquisitions. Process Improvement & Cost Control • Process Automation – leverage core investments + Fintech partnerships: (Blend) mortgage. • Branch Optimization - including assessing existing locations, new locations, service hours, staffing, & workflow and leveraging technology. • Promotion of Self-Serve Channels - (One Wallet, Treasury One, etc.) • Leverage Banker Capacity – including on-line appointment setting. • Leverage Middleware + APIs – expedite new technology implementation. • Optimize Office Space Utilization Talent Management • Invest in our Team – competitive C&B offering, skill training, leadership development, etc. • High Employee Engagement – through fostering a culture of purpose, opportunity, continuous learning, diversity, reward + recognition. • Promote Teamwork + Alignment across all business units. • Invest in technology - to enhance the employee experience + customer experience. • Client Service Model – well defined and applied. Risk Management • Utilize three layers of defense (business unit, risk management and internal audit). Independent & collaborative approach. • Consistent earnings + maintain strong capital levels. • Proactive credit quality monitoring and problem resolution. • Manage Liquidity and IRR. • Manage Operational risk, emphasizing cyber security, fraud prevention, and regulatory compliance. • Effective relationships with regulators & other outside oversight parties. Proactive, transparent and good communication.

 

Question and Answer Session Closing Remarks NASDAQ: IBCP Thank you for attending 20

 

Appendix Additional Financial Data and Non-GAAP Reconciliations 21

 

Historical Financial Data 22 here Year Ended December 31, Quarter Ended, ($M except per share data) 2022 2023 2024 2025 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Balance Sheet: Total Assets $5,000 $5,264 $5,338 $5,506 $5,493 $5,506 $5,558 $5,664 $6,264 Portfolio Loans $3,465 $3,791 $4,039 $4,276 $4,198 $4,276 $4,308 $4,414 $4,897 Deposits $4,379 $4,623 $4,654 $4,762 $4,859 $4,762 $4,881 $4,862 $5,521 Tangible Common Equity $317 $374 $425 $473 $461 $474 $481 $499 $510 Profitability: Pre-Tax, Pre-Provision Income $83.1 $79.9 $87.5 $87.4 $23.2 $22.2 $20.6 $25.4 $26.3 Pre-Tax, Pre-Prov / Avg. Assets 1.72% 1.56% 1.67% 1.62% 1.69% 1.63% 1.48% 1.87% 1.68% Net Income $63.4 $59.1 $66.8 $68.5 $17.5 $18.6 $16.9 $18.8 $17.9 Diluted EPS $2.97 $2.79 $3.16 $3.27 $0.84 $0.89 $0.81 $0.90 $0.80 Return on Average Assets 1.32% 1.15% 1.27% 1.27% 1.27% 1.35% 1.24% 1.37% 1.14% Return on Average Equity 18.5% 16.0% 15.7% 14.4% 14.6% 14.8% 13.4% 14.5% 12.2% Net Interest Margin (FTE) 3.32% 3.26% 3.38% 3.56% 3.54% 3.62% 3.65% 3.71% 3.82% Efficiency Ratio 59.7% 60.7% 60.8% 60.5% 58.9% 61.2% 64.3% 60.6% 61.3% Asset Quality: NPAs / Assets 0.08% 0.11% 0.13% 0.44% 0.38% 0.44% 0.51% 0.59% 0.64% NPAs / Loans + OREO 0.12% 0.15% 0.17% 0.56% 0.50% 0.56% 0.66% 0.76% 0.82% ACL / Total Portfolio Loans 1.51% 1.44% 1.47% 1.48% 1.49% 1.48% 1.48% 1.49% 1.51% NCOs / Avg. Loans 0.00% 0.03% 0.02% 0.04% 0.07% 0.04% 0.03% 0.03% 0.02% Capital Ratios: TCE Ratio 6.4% 7.2% 8.0% 8.7% 8.4% 8.7% 8.7% 8.9% 8.2% Leverage Ratio 8.8% 9.0% 9.9% 10.2% 10.1% 10.2% 10.3% 10.6% 9.9% Tier 1 Capital Ratio 11.4% 11.5% 12.1% 12.3% 12.4% 12.3% 12.5% 12.5% 11.9% Total Capital Ratio 13.7% 13.7% 14.2% 13.6% 13.7% 13.6% 13.8% 13.8% 13.1%

 

23 Historic Financial Performance Year Ended December 31, ($M except per share data) 2020 2021 2022 2023 2024 2025 5 Year CAGR Balance Sheet: 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 $474 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% 1.69% 1.72% 1.56% 1.67% 1.62% - Net Income $56.2 $62.9 $63.4 $59.1 $66.8 $68.5 4.1% Diluted EPS $2.53 $2.88 $2.97 $2.79 $3.16 $3.27 5.3% Return on Average Assets 1.43% 1.41% 1.31% 1.15% 1.27% 1.27% - Return on Average Equity 15.68% 16.13% 18.41% 16.04% 15.66% 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% 60.67% 60.83% 60.50% - Asset Quality: 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% - Capital Ratios: TCE Ratio 8.6% 7.9% 6.4% 7.2% 8.0% 8.7% - Leverage Ratio 9.2% 8.8% 8.9% 9.0% 9.9% 10.3% - Tier 1 Capital Ratio 13.3% 12.1% 11.4% 11.5% 12.1% 12.3% - Total Capital Ratio 16.0% 14.5% 13.6% 13.7% 14.2% 13.6% - Shareholder Value: TBV/Share $ 16.33 $ 17.33 $ 15.04 $ 17.96 $ 20.33 $ 23.05 7.1% Dividends Paid per Share $ 0.80 $ 0.84 $ 0.88 $ 0.92 $ 0.96 $ 1.04 5.4% Value of Shares Repurchased $ 14.23 $ 17.3 $ 4.0 $ 5.2 $ - $ 12.4 -

 

5 6 % 5 6 % 5 7 % 4 9 .0 % 5 1 .8 % 5 1 .0 % 4 1 .9 % 1 9 6 % 1 9 1 .8 % 1 8 0 .7 % 2 0 7 .0 % 2 2 1 .5 % 1 9 8 .0 % 1 6 1 .9 % 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 On-balance sheet / Uninsured Deposits Available Sources / Uninsured Deposits Sources of Liquidity 3Q 2026 Current On-balance sheet Excess reserves at the Fed $ 114.3 Unpledged AFS Securities $ 514.0 Total On-balance sheet $ 628.3 On balance sheet liquidity to total deposits 11% Available Sources of Liquidity Unused FHLB & FRB (including BTFP) $ 1,991.3 Borrow capacity on unpledged bonds $ 437.9 Total Available Sources $ 2,429.2 Sources of Liquidity to total deposits 44% Note: Portfolio loans exclude loans HFS. Liquidity / Uninsured Deposits Strong Liquidity Position • Significant liquidity position to manage the current environment. • Total available liquidity significantly exceeds (162%) estimated uninsured deposit balances. • Attractive loan to deposit ratio of 88.7%. • Uninsured deposit to total deposits of approximately 27.2%, excluding brokered time deposits. Sources of Liquidity 24

 

Non-GAAP to GAAP Reconciliation 25 September 30, June 30, March 31, December 31, September 30, 2025 2024 2023 2022 2026 2026 2026 2025 2025 Net interest income $180,015 $166,248 $156,329 $149,561 $55,257 $47,902 $46,855 $46,354 $45,361 Non-interest income 45,644 56,362 50,676 61,909 15,808 15,334 12,048 11,958 11,937 Non-interest expense 138,233 135,096 127,119 128,341 44,759 37,809 38,311 36,078 34,131 Pre-Tax, Pre-Provision Income 87,426 87,514 79,886 83,129 $26,306 $25,427 $20,592 $22,234 $23,167 Provision for credit losses 6,135 4,468 6,210 5,341 4,807 2,717 362 1,923 1,991 Income tax expense 12,750 16,256 14,609 14,437 3,649 3,905 3,355 1,739 3,674 Net income $68,541 $66,790 $59,067 $63,351 $17,850 $18,805 $16,875 $18,572 $17,502 Average total assets $5,401,441 $5,239,952 $5,115,624 $4,825,723 $6,209,611 $5,521,748 $5,522,244 $5,449,518 $5,451,922 Performance Ratios Return on average assets 1.27% 1.27% 1.15% 1.31% 1.14% 1.37% 1.24% 1.35% 1.27% Pre-tax, Provision return on average assets 1.62% 1.67% 1.56% 1.72% 1.68% 1.85% 1.51% 1.62% 1.69% Year Ended December 31, (Dollars in thousands) Quarter Ended

 

Reconciliation of Non-GAAP Financial Measures 26 Reconciliation of Non-GAAP Financial Measures 2026 2025 2026 2025 Net Interest Margin, Fully Taxable Equivalent ("FTE") Net interest income 55,257$ 45,361$ 150,014$ 133,661$ Add: taxable equivalent adjustment 564 443 1,449 1,339 Net interest income - taxable equivalent 55,821$ 45,804$ 151,463$ 135,000$ Net interest margin (GAAP) (1) 3.79% 3.51% 3.70% 3.50% Net interest margin (FTE) (1) 3.82% 3.54% 3.73% 3.54% (1) Quarter to date are annualized. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands)

 

Reconciliation of Non-GAAP Financial Measures (continued) 27 Tangible Common Equity Ratio September 30, June 30, March 31, December 31, September 30, 2025 2024 2023 2022 2026 2026 2026 2025 2025 Common shareholders' equity 502,951$ 454,686$ 404,449$ 347,596$ 577,296$ 528,413$ 510,553$ 502,951$ 490,742$ Less: Goodwill 28,300 28,300 28,300 28,300 50,219 28,300 28,300 28,300 28,300 Other intangibles 1,001 1,488 2,004 2,551 17,045 771 886 1,001 1,123 Tangible common equity 473,650$ 424,898$ 374,145$ 316,745$ 510,032$ 499,342$ 481,367$ 473,650$ 461,319$ Total assets $ 5,505,720 $ 5,338,104 $ 5,263,726 $ 4,999,787 $ 6,263,632 $ 5,663,841 $ 5,557,509 $ 5,505,720 $ 5,493,113 Less: Goodwill 28,300 28,300 28,300 28,300 50,219 28,300 28,300 28,300 28,300 Other intangibles 1,001 1,488 2,004 2,551 17,045 771 886 1,001 1,123 Tangible assets $ 5,476,419 $ 5,308,316 $ 5,233,422 $ 4,968,936 $ 6,196,368 $ 5,634,770 $ 5,528,323 $ 5,476,419 $ 5,463,690 Common equity ratio 9.14% 8.52% 7.68% 6.95% 9.22% 9.33% 9.19% 9.14% 8.93% Tangible common equity ratio 8.65% 8.00% 7.15% 6.37% 8.23% 8.86% 8.71% 8.65% 8.44% Year Ended December 31, (Dollars in thousands) Quarter Ended

 

Reconciliation of Non-GAAP Financial Measures (continued) Return on Average Assets and Return on Average Equity September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net income (GAAP) $17,850 $18,805 $16,875 $18,572 $17,502 Add: after-tax merger-related expenses 2,799 368 299 - - Adjusted net income (non-GAAP) $20,649 $19,173 $17,174 $18,572 $17,502 Average total assets $6,209,611 $5,521,748 $5,522,244 $5,449,518 $5,451,922 Average shareholders' equity $581,997 $519,439 $509,523 $499,445 $476,422 Return on average assets (GAAP) (1) 1.14% 1.37% 1.24% 1.35% 1.27% Adjusted return on average assets (non-GAAP) (1) 1.32% 1.39% 1.26% 1.35% 1.27% Return on average equity (GAAP) (1) 12.17% 14.52% 13.43% 14.75% 14.57% Adjusted return on average equity (non-GAAP) (1) 14.08% 14.80% 13.67% 14.75% 14.57% (1) Annualized Three Months Ended (Dollars in thousands)

 

Reconciliation of Non-GAAP Financial Measures (continued) Net Interest Income and Net Interest Margin Excluding Acquisition Accretion Taxable-equivalent adjustments assume a 21% tax rate. September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 Net interest income (GAAP) $55,257 $47,902 $46,855 $46,354 $45,361 Add: taxable-equivalent adjustment 564 440 445 446 443 Taxable-equivalent net interest income (non-GAAP) $55,821 $48,342 $47,300 $46,800 $45,804 Less: net accretion of HCB acquired loans (852) - - - - Less: net accretion of HCB acquired securities (80) - - - - Net interest income excluding HCB accretion (non-GAAP) $54,889 $48,342 $47,300 $46,800 $45,804 Net interest margin (GAAP) 3.79% 3.67% 3.61% 3.58% 3.51% Add: taxable-equivalent adjustment 0.03% 0.04% 0.04% 0.04% 0.03% Taxable-equivalent net interest margin (non-GAAP) 3.82% 3.71% 3.65% 3.62% 3.54% Less: HCB acquisition-related accretion (0.06%) - - - - Net interest margin excluding HCB accretion (non-GAAP) 3.76% 3.71% 3.65% 3.62% 3.54% Three Months Ended (Dollars in thousands, except ratios)

 

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