Financial Analysis

COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, we enter into financial instruments with off-balance sheet risk to meet the financing needs of customers or to reduce exposure to fluctuations in interest rates. These financial instruments may include commitments to extend credit and standby letters of credit. Financial instruments involve varying degrees of credit and interest-rate risk in excess of amounts reflected in the Consolidated Statements of Financial Condition. Exposure to credit risk in the event of non-performance by the counterparties to the financial instruments for loan commitments to extend credit and standby letters of credit is represented by the contractual amounts of those instruments. A summary of financial instruments with off-balance sheet risk at December 31 follows: 2025 2024 Fixed Rate Variable Rate Fixed Rate Variable Rate (In thousands) Financial instruments whose risk is represented by contract amounts Commitments to extend credit $ 154,519 $ 922,192 $ 135,449 $ 816,850 Standby letters of credit 20 13,786 715 12,312 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and generally require payment of a fee. Since commitments may expire without being drawn upon, the commitment amounts do not represent future cash requirements. Commitments are issued subject …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

OTHER BORROWINGS A summary of other borrowings at December 31 follows: 2025 2024 (In thousands) Advances from the FHLB $ 77,000 $ 45,000 Other 3 9 Total $ 77,003 $ 45,009 Borrowings with the FRB at both December 31, 2025 and 2024 were zero. Average borrowings with the FRB during the years ended December 31, 2025, 2024 and 2023 totaled $0.1 million, $0.2 million and $4.5 million, respectively. We had unused borrowing capacity with the FRB (subject to the FRBs credit requirements and policies) of $1.24 billion at December 31, 2025. Collateral for FRB borrowings are certain securities AFS, securities HTM, commercial loans and installment loans. Interest expense on borrowings with the FRB amounted to $0.004 million, $0.013 million and $0.188 million for the years ended December 31, 2025, 2024 and 2023, respectively. Advances from the FHLB are secured by unencumbered qualifying mortgage and home equity loans with a market value equal to at least 125% to 165%, respectively, of outstanding advances as well as certain securities AFS, securities HTM and by the FHLB stock that we own. Unused borrowing capacity with the FHLB (subject to the FHLBs credit requirements and policies) was $0.75 billion at December 31, 2025. Interest expense on advances amounted to $0.8 million, $2.0 million and $2.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. During 2024 we exercised a call option and terminated a $50.0 million fixed rate advance with no penalty. As a member o …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation of our revenue sources by attribute for the years ended December 31 follow: Service Charges on Deposit Accounts Other Deposit Related Income Interchange Income Investment and Insurance Commissions Total 2025 (In thousands) Retail Overdraft fees $ 8,939 $ $ $ $ 8,939 Account service charges 2,637 2,637 ATM fees 1,529 1,529 Other 653 653 Business Overdraft fees 446 446 ATM fees 47 47 Other 454 454 Interchange income 13,860 13,860 Asset management revenue 1,637 1,637 Transaction based revenue 1,873 1,873 Total $ 12,022 $ 2,683 $ 13,860 $ 3,510 $ 32,075 Reconciliation to Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 2,683 Investment and insurance commissions 3,510 Bank owned life insurance (1) 1,187 Other (1) 5,145 Total $ 12,525 (1) Excluded from the scope of ASC Topic 606. Service Charges on Deposit Accounts Other Deposit Related Income Interchange Income Investment and Insurance Commissions Total 2024 (In thousands) Retail Overdraft fees $ 9,061 $ $ $ $ 9,061 Account service charges 2,358 2,358 ATM fees 1,601 1,601 Other 772 772 Business Overdraft fees 451 451 ATM fees 49 49 Other 427 427 Interchange income 13,992 13,992 Asset management revenue 1,847 1,847 Transaction based revenue 1,421 1,421 Total $ 11,870 $ 2,849 $ 13,992 $ 3,268 $ 31,979 Reconciliation to Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 2,849 Investment and insurance commissions 3,268 Bank o …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

SHARE BASED COMPENSATION AND BENEFIT PLANS We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. The long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.30 million shares of common stock as of December 31, 2025. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.05 million shares of common stock as of December 31, 2025. Share based awards and payments are measured at fair value at the date of grant and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. During 2025, 2024 and 2023 pursuant to our long-term incentive plan, we granted 0.05 million, 0.09 million and 0.08 million shares, respectively of restricted stock and 0.02 million during each year of performance stock units (PSU), to certain officers. The shares of restricted stock and PSUs generally cliff vest after a period of three years. The performance criteria of the PSUs is split evenly between a comparison of (i) our total shareholder return and (ii) our return on average assets each over the three year period starting on the grant date to these same criteria over that period to an index of our banking peers. Our …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE DISCLOSURES FASB ASC topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 instruments include securities traded in less active dealer or broker markets. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market part …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLES Intangible assets, net of amortization, at December 31 follows: 2025 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Amortized intangible assets - core deposits $ 11,916 $ 10,915 $ 11,916 $ 10,428 Unamortized intangible assets - goodwill $ 28,300 $ 28,300 At December 31, 2025, the Bank (our reporting unit) had positive equity and elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the Bank exceeds its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the Bank exceeded its carrying value, resulting in no impairment. Intangible amortization expense was $0.5 million for each of the years ended 2025, 2024 and 2023, respectively. A summary of estimated core deposit intangible amortization at December 31, 2025, follows: (In thousands) 2026 $ 460 2027 434 2028 107 Total $ 1,001

GoodwillAndIntangibleAssetsDisclosureTextBlock

"INCOME TAX The composition of income tax expense for the years ended December 31 follows: 2025 2024 2023 (In thousands) Current expense $ 16,281 $ 17,504 $ 14,394 Deferred expense (benefit) (3,531) (1,248) 215 Income tax expense $ 12,750 $ 16,256 $ 14,609 We are subject to U.S. federal income taxes and are not subject to state or foreign income taxes. A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate of 21% for 2025, 2024 and 2023 to the income before income tax for the years ended December 31 follows: 2025 2024 2023 (In thousands) U.S. statutory rate applied to income before income tax $ 17,071 21.0% $ 17,440 21.0% $ 15,472 21.0% Tax credits Purchased tax credits (1,836) (2.3) Tax credit investments, net of amortization (807) (1.0) (373) (0.5) (235) (0.3) Nontaxable and nondeductible items Tax-exempt interest income (1,155) (1.4) (522) (0.6) (508) (0.7) Bank owned life insurance (249) (0.3) (175) (0.2) (99) (0.1) Non-deductible meals, entertainment and memberships 114 0.1 83 0.1 77 0.1 Share-based compensation (323) (0.4) (130) (0.2) (50) (0.1) Employee stock ownership plan dividends (116) (0.1) (108) (0.1) (106) (0.2) Other, net 51 0.1 41 0.1 58 0.1 Income tax expense $ 12,750 15.7% $ 16,256 19.6% $ 14,609 19.8% In December, 2025, we executed a Tax Credit Transfer Agreement (TCTA) whereby we agreed to purchase $22.9 million of 2025 Section 48 tax credits at a purchase price of 92% of the tax credit amount. The p …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES We have entered into leases in the normal course of business primarily for office facilities, some of which include renewal options and escalation clauses. Certain leases also include both lease components (fixed payments including rent, taxes and insurance costs) and non-lease components (common area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components together for all leases. We have also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on our Consolidated Statements of Financial Condition. Most of our leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion and are included in our right of use (ROU) assets and lease liabilities if they are reasonably certain of exercise. Leases are classified as operating or finance leases at the lease commencement date (we did not have any finance leases as of December 31, 2025 and 2024). Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payment over …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"ADOPTION OF NEW ACCOUNTING STANDARDS In December, 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"". This ASU modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. This ASU takes effect in reporting periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU on January 1, 2025 resulted in additional disclosures to note #13 that quantified the impact each category in the rate reconciliation had on the statutory rate. The ASU was applied on a retrospective basis and did not have a material impact on our Consolidated Financial Statements. In December, 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"". This ASU requires public business entities to disaggregate certain expense captions into specific categories in disclosures …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS Certain directors and executive officers, including companies in which they are officers or have significant ownership, were loan and deposit customers during 2025 and 2024. A summary of loans to our directors and executive officers (which includes loans to entities in which the individual owns a 10% or more voting interest) for the years ended December 31 follows: 2025 2024 (In thousands) Balance at beginning of year $ 3,938 $ 7,373 New loans and advances 402 237 Repayments (459) (3,672) Balance at end of year $ 3,881 $ 3,938 We had $1.34 million and $1.39 million in loan commitments to directors and executive officers at December 31, 2025 and 2024, respectively. Of these commitments, balances outstanding were $0.10 million and $0.01 million at December 31, 2025 and 2024, respectively, and included in the table above. Deposits held by us for directors and executive officers totaled $3.4 million and $1.5 million at December 31, 2025 and 2024, respectively.

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REVENUE FROM CONTRACTS WITH CUSTOMERS We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. We derive the majority of our revenue from financial instruments and their related contractual rights and obligations which for the most part are excluded from the scope of this topic. These sources of revenue that are excluded from the scope of this topic include interest income, net gains on mortgage loans, net losses on securities AFS, mortgage loan servicing, net and bank owned life insurance and were approximately 88.2%, 88.5% and 86.8% of total revenues at December 31, 2025, 2024 and 2023, respectively. Material sources of revenue that are included in the scope of this topic include service charges on deposit accounts, other deposit related income, interchange income and investment and insurance commissions and are discussed in the following paragraphs. Generally these sources of revenue are earned at the time the service is delivered or over the course of a monthly period and do not result in any contract asset or liability balance at any given period end. As a result, there were no contract assets or liabilities recorded as of December 31, 2025 and 2024. Service charges on deposit accounts and other deposit related income : Revenues are earned on depository accounts for commercial and retail customers and include fees for transaction-based, account maintenance and overdraft services. Transaction-based fees, which includes services such …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING Independent Bank Corporation is a bank holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including Independent Bank. As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We have one reportable segment which is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the products and services we offer, primarily banking operations. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if the operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the performance of our business components such as evaluating revenue streams, significant expenses, and budget to actual results assessing our segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income, earnings per share, and return on average assets to benchmark us against our competitors. The benchmarking analysis coupled with monitoring of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"ACCOUNTING POLICIES The accounting and reporting policies and practices of Independent Bank Corporation and subsidiaries (IBCP) conform to accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Our critical accounting policies include the determination of the allowance for credit losses and the valuation of capitalized mortgage loan servicing rights. We are required to make material estimates and assumptions that are particularly susceptible to changes in the near term as we prepare the consolidated financial statements and report amounts for each of these items. Actual results may vary from these estimates. Our subsidiary, Independent Bank (Bank), transacts business in the single industry of commercial banking. Our Banks activities cover traditional phases of commercial banking, including checking and savings accounts, commercial lending, direct and indirect consumer financing and mortgage lending. Our principal markets are the rural and suburban communities across Lower Michigan that are served by our Banks branches and loan production offices as well as one loan production facility in Ohio. At December 31, 2025, 44.3% of our Banks loan portfolio was secured by real estate. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Independent Bank Corporation and its subsidiaries. The income, expenses, assets and liabilities of the subsidiaries are included in the respec …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHAREHOLDERS EQUITY AND NET INCOME PER COMMON SHARE Ou r Board of Directors authorized share repurchase plans to buy back up to 5% of our outstanding common stock during 2025, 2024 and 2023. During 2025 and 2023 repurchases were made through open market transactions and totaled 407,113 and 298,601 shares of common stock, respectively for an aggregate purchase price of $12.4 million and $5.2 million, respectively. There were no shares of common stock repurchased pursuant to this authorization during 2024. A reconciliation of basic and diluted net income per common share for the years ended December 31 follows: 2025 2024 2023 (In thousands, except per share amounts) Net income $ 68,541 $ 66,790 $ 59,067 Weighted average shares outstanding (1) 20,758 20,892 20,976 Stock units for deferred compensation plan for non-employee directors 175 180 160 Performance share units 28 31 23 Effect of stock options 2 3 11 Weighted average shares outstanding for calculation of diluted earnings per share 20,963 21,106 21,170 Net income per common share Basic (1) $ 3.30 $ 3.20 $ 2.82 Diluted $ 3.27 $ 3.16 $ 2.79 _________________________________________ (1) Basic net income per common share includes weighted average common shares outstanding during the period. Weighted average stock options outstanding that were not considered in computing diluted net income per common share because they were anti-dilutive were zero for each year ended 2025, 2024 and 2023, respectively. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies Pressures from various global and national macroeconomic conditions, including significant volatility and uncertainty with U.S. and global market conditions, the direct and indirect impacts of potential changes to U.S. trade policies, recessionary concerns, uncertainty regarding future interest rates, foreign currency exchange rate fluctuations, the continuation of the Russia-Ukraine war, ongoing and potentially increasing conflict in the Middle East, and potential governmental responses to these events, continue to create significant economic uncertainty. In addition, pursuit of various initiatives announced by the Trump administration may create some degree of volatility in our customers businesses, regulation of the financial services industry, and the markets in which we operate. The extent to which these pressures and other factors may impact our business, results of operations, asset valuations, financial condition, and customers will depend on future developments, which continue to be highly uncertain and difficult to predict. Material adverse impacts may include all or a combination of valuation impairments on our other intangibles, goodwill, securities available for sale, securities held to maturity, loans, capitalized mortgage loan servicing rights or deferred tax assets. We continue to closely monitor and analyze the higher risk segments within our portfolio, and senior management is cautiously optimistic that we are positioned to continue managing th …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Three months ending September 30, 2025 Service Charges on Deposit Accounts Other Deposit Related Income Interchange Income Investment and Insurance Commissions Total (In thousands) Retail Overdraft fees $ 2,333 $ $ $ $ 2,333 Account service charges 685 685 ATM fees 413 413 Other 153 153 Business Overdraft fees 113 113 ATM fees 13 13 Other 113 113 Interchange income 4,157 4,157 Asset management revenue 413 413 Transaction based revenue 527 527 Total $ 3,131 $ 692 $ 4,157 $ 940 $ 8,920 Reconciliation to interim Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 692 Investment and insurance commissions 940 Bank owned life insurance (1) 288 Other (1) 1,217 Total $ 3,137 (1) Excluded from the scope of ASC Topic 606. Three months ending September 30, 2024 Service Charges on Deposit Accounts Other Deposit Related Income Interchange Income Investment and Insurance Commissions Total (In thousands) Retail Overdraft fees $ 2,378 $ $ $ $ 2,378 Account service charges 593 593 ATM fees 430 430 Other 167 167 Business Overdraft fees 114 114 ATM fees 13 13 Other 114 114 Interchange income 4,146 4,146 Asset management revenue 458 458 Transaction based revenue 423 423 Total $ 3,085 $ 724 $ 4,146 $ 881 $ 8,836 Reconciliation to interim Condensed Consolidated Statement of Operations: Non-interest income - other: Other deposit related income $ 724 Investment and insurance commissions 881 Bank owned life insurance (1) 197 Other (1) 1,581 Tota …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share Based Compensation We maintain share based payment plans that include a non-employee director stock purchase plan and a long-term incentive plan that permits the issuance of share based compensation, including stock options and non-vested share awards. Th e long-term incentive plan, which is shareholder approved, permits the grant of additional share based awards for up to 0.3 million shares of common stock as of September 30, 2025. The non-employee director stock purchase plan permits the issuance of additional share based payments for up to 0.1 million shares of common stock as of September 30, 2025. Share based awards and payments are measured at fair value at the date of gra nt and are expensed over the requisite service period. Common shares issued upon exercise of stock options come from currently authorized but unissued shares. A summary of restricted stock and performance stock units (PSU) granted pursuant to our long-term incentive plan follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Restricted stock 53,019 81,355 PSU 16,364 18,822 The shares of restricted stock and PSUs shown in the above table cliff vest after a period of three years. The performance criteria of the PSUs is split evenly between a comparison of (i) our total shareholder return and (ii) our return on average assets each over the three year period starting on the grant date to these same criteria over that period to an index of our banking peers. Our …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Disclosures FASB ASC topic 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. FASB ASC topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange, as well as U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. Level 2: Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 2 instruments include securities traded in less active dealer or broker markets. Level 3: Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market part …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangibles The following table summarizes intangible assets, net of amortization: September 30, 2025 December 31, 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (In thousands) Amortized intangible assets - core deposits $ 11,916 $ 10,793 $ 11,916 $ 10,428 Unamortized intangible assets - goodwill $ 28,300 $ 28,300 Goodwill is assessed for impairment on an annual basis as of December 31, or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment is made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. For the nine months ended September 30, 2025 and 2024 no event occurred that indicated an impairment of goodwill may exist. A summary of estimated core deposits intangible amortization at September 30, 2025 follows: (In thousands) Three months ending December 31, 2025 122 2026 460 2027 434 2028 107 Total $ 1,123

GoodwillAndIntangibleAssetsDisclosureTextBlock

Income Tax Income tax expense was $3.7 million and $3.5 million during the three month periods ended September 30, 2025 and 2024, respectively and $11.0 million and $11.9 million during the nine months ended September 30, 2025 and 2024, respectively. Our actual federal income tax expense is different than the amount computed by applying our statutory income tax rate to our income before income tax primarily due to tax-exempt interest income and tax-exempt income from the increase in the cash surrender value on life insurance. In addition, the three and nine month periods ending September 30, 2025 include reductions of $0.01 million and $0.31 million, respectively, of income tax expense related to the impact of the excess value of stock awards that vested and stock options that were exercised as compared to the initial fair values that were expensed. These amounts during the same periods in 2024 were $0.01 million and $0.12 million, respectively. We assess whether a valuation allowance should be established against our deferred tax assets based on the consideration of all available evidence using a more likely than not standard. The ultimate realization of this asset is primarily based on generating future income. We concluded at September 30, 2025, September 30, 2024 and December 31, 2024 that the realization of substantially all of our deferred tax assets continues to be more likely than not. At both September 30, 2025 and December 31, 2024, we had approximately $0.2 million …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We have entered into leases in the normal course of business primarily for office facilities, some of which include renewal options and escalation clauses. Certain leases also include both lease components (fixed payments including rent, taxes and insurance costs) and non-lease components (common area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components together for all leases. We have also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on our interim Condensed Consolidated Statements of Financial Condition. Most of our leases include one or more options to renew. The exercise of lease renewal options is typically at our sole discretion and are included in our right of use (ROU) assets and lease liabilities if they are reasonably certain of exercise. Leases are classified as operating or finance leases at the lease commencement date (we did not have any finance leases as of September 30, 2025 and December 31, 2024). Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"In December, 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"". This ASU modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). This ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. This ASU takes effect in annual reporting periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU on January 1, 2025, did not have a material impact on our interim Condensed Consolidated Financial Statements. In December, 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"". This ASU requires public business entities to disaggregate certain expense captions into specific categories in disclosures within the footnotes to the consolidated financial statements. This ASU takes effect in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. We derive the majority of our revenue from financial instruments and their related contractual rights and obligations which for the most part are excluded from the scope of this topic. These sources of revenue that are excluded from the scope of this topic include interest income, net gains on mortgage loans, net losses o n securities AFS, mortgage loan servicing, net and bank owned life insurance and were approximat ely 88.2% and 88.3% of total revenues for the nine month periods ending September 30, 2025 and 2024, respectively. Material sources of revenue that are included in the scope of this topic include service charges on deposit accounts, other deposit related income, interchange income and investment and insurance commissions and are discussed in the following paragraphs. Generally these sources of revenue are earned at the time the service is delivered or over the course of a monthly period and do not result in any contract asset or liability balance at any given period end. As a result, there were no contract assets or liabilities recorded as of September 30, 2025 and December 31, 2024, respectively. Service charges on deposit accounts and other deposit related income : Revenues are earned on depository accounts for commercial and retail customers and include fees for transaction-based, account maintenance and overdraft services. Tran …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting Independent Bank Corporation is a bank holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including Independent Bank. As a community-oriented financial institution, substantially all of our operations involve the delivery of loan and deposit products to customers. We have one reportable segment which is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the products and services we offer, primarily banking operations. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if the operating performance, products/services, and customers are similar. The chief operating decision maker will evaluate the performance of our business components such as evaluating revenue streams, significant expenses, and budget to actual results assessing our segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The chief operating decision maker uses consolidated net income, earnings per share, and return on average assets to benchmark us against our competitors. The benchmarking analysis coupled with monitoring of …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity and Earnings Per Common Share On December 17, 2024, our Board of Directors authorized a share repurchase plan (the Repurchase Plan) to buy back up to 1,100,000 shares of our outstanding common stock through December 31, 2025. Shares would be repurchased through open market transactions, though we could execute repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of our common stock, regulatory requirements, potential alternative uses for capital, and our financial performance. During the three and nine month periods ended September 30, 2025 we repurchased 13,732 and 266,008 shares of common stock, respectively for an aggregate purchase price of $0.41 million and $7.77 million, respectively. During the nine month period ended September 30, 2024 there were no shares of common stock repurchased. A reconciliation of basic and diluted net income per common share follows: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands, except per share data) Net income $ 17,502 $ 13,810 $ 49,969 $ 48,329 Weighted average shares outstanding (1) 20,702 20,896 20,797 20,892 Stock units for deferred compensation plan for non-employee directors 173 182 175 178 Performance share units 28 34 27 27 Effect of stock options 2 3 2 3 Weighted average shares outsta …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing