SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2021 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2032782 (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 4200 East Beltline, Grand Rapids, Michigan 49525 (Address of principal exec ...

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2021 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2032782 (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 4200 East Beltline, Grand Rapids, Michigan 49525 (Address of principal executive ...

Financial Performance - Q2 2021 - Independent Bank Corporation's pre-tax, pre-provision income was $13.6 million, compared to $23.5 million in the year-ago quarter[8] - Net income reached $12.4 million, or $0.56 per diluted share, down from $14.8 million, or $0.67 per diluted share in the same quarter last year[8] - Net interest income increased to $31.4 million, compared to $30.5 million in the year-ago quarter[8] Financial Performance - Year-to-Date 2021 - Net income and diluted earnings per share increased by 75.8% and 77.3%, respectively, for the first six months of 2021 compared to 2020[12] - The annualized return on average assets and on average equity was 1.60% and 18.06%, respectively, for the first six months of 2021[12] Balance Sheet & Capital - Total deposits grew by $3.9 million[6] - Total portfolio loans increased by $30.3 million[7] - Securities available for sale increased by $83.4 million[10] Loan Portfolio - PPP loan balances decreased by $62.3 million in Q2 2021[28] - Mortgage loan originations amounted to $473.7 million[9, 53] - Mortgage loans sold totaled $306.8 million with $9.1 million in net gains, compared to $17.6 million in the year-ago quarter[9] Deposits - Core deposits represent 92% of total deposits, amounting to $3.9 billion[23] - Total deposits increased by $225.1 million (6.2%) since December 31, 2020[24] COVID-19 Loan Forbearances - Total loan forbearances were $12.743 million, representing 0.5% of the portfolio as of June 30, 2021, a decrease from $299.157 million (10.4%) on June 30, 2020[29] COVID-19 PPP Loans - Loans outstanding at quarter-end were $42.315 million for PPP Round 1 and $129.573 million for PPP Round 2 as of June 30, 2021[32]

Financial Performance - Net income for the first quarter of 2021 was $22.0 million, a significant increase from $4.8 million in the same period of 2020[220] - Net interest income totaled $30.3 million in Q1 2021, reflecting a slight increase of $0.1 million or 0.3% from the previous year[223] - Non-interest income surged to $26.4 million in Q1 2021, compared to $11.0 million in Q1 2020, driven by net gains on mortgage loan sales[233] - The provision for credit losses was a credit of $0.5 million in Q1 2021, a substantial improvement from an expense of $6.7 million in Q1 2020[232] - Non-interest expense rose to $30.0 million in Q1 2021, up by $1.3 million compared to Q1 2020[247] - Income tax expense was $5.1 million in Q1 2021, compared to $1.0 million in Q1 2020[262] Asset and Loan Growth - Average interest-earning assets increased by $697.0 million, primarily due to a substantial rise in deposits[224] - Total assets increased by $222.4 million during Q1 2021, with loans (excluding loans held for sale) reaching $2.78 billion[266] - Total loans increased from $2,733,678 thousand on December 31, 2020, to $2,784,224 thousand on March 31, 2021, representing a growth of approximately 1.9%[281] - Mortgage loans originated increased to $509,003 thousand in Q1 2021 from $311,078 thousand in Q1 2020, reflecting a growth of 63.7%[237] - Mortgage loans sold rose to $377,418 thousand in Q1 2021 compared to $262,260 thousand in Q1 2020, marking a 43.9% increase[237] Credit Quality and Risk Management - Non-accrual loans averaged $7.6 million in Q1 2021, a decrease from $11.1 million in Q1 2020[226] - Non-performing loans decreased from $7,873 thousand on December 31, 2020, to $7,089 thousand on March 31, 2021, a reduction of about 10%[283] - The allowance for credit losses (ACL) as a percentage of non-performing loans increased from 450.01% on December 31, 2020, to 659.54% on March 31, 2021, indicating a more conservative approach to credit risk management[283] - The company may need to increase its allowance for credit losses due to potential increases in loan delinquencies and defaults related to COVID-19[347] - The ongoing COVID-19 pandemic has resulted in significant disruptions and increased economic uncertainty, potentially leading to increases in loan delinquencies and credit losses[345] Deposits and Funding - Deposits totaled $3.86 billion at March 31, 2021, an increase of $221.2 million from December 31, 2020[266] - Total deposits increased to $3.86 billion at March 31, 2021, up from $3.64 billion at December 31, 2020, primarily due to growth in non-interest bearing deposits and savings[300] - Reciprocal deposits rose to $608.7 million at March 31, 2021, compared to $556.2 million at December 31, 2020, driven by an automated sweep product introduced in mid-2018[300] - The use of wholesale funding sources amounted to approximately $641.6 million, or 16.5% of total funding, as of March 31, 2021[303] Shareholder Equity and Dividends - Common shareholders' equity decreased to $387.3 million at March 31, 2021, from $389.5 million at December 31, 2020, mainly due to a $10.3 million reduction related to CECL adoption[317] - The quarterly cash dividend on common stock was $0.21 per share in Q1 2021, compared to $0.20 per share in Q1 2020, with a target payout ratio between 30% and 50% of net income[320] - The company repurchased 180,667 shares at a weighted average price of $19.93 per share during the first three months of 2021, as part of a plan to buy back up to 1,100,000 shares[319] Interest Rate Risk - A 200 basis point rise in interest rates would result in a market value of portfolio equity increase to $526,600 thousand, representing a 1.37% change, and a net interest income increase to $134,700 thousand, representing a 4.66% change[326] - A 100 basis point decline in interest rates would lead to a market value of portfolio equity decrease to $460,200 thousand, representing an 11.41% change, and a net interest income decrease to $122,800 thousand, representing a 4.58% change[326] - The company has established parameters for interest-rate risk and regularly monitors this risk, reporting at least quarterly to the board of directors[323] COVID-19 Impact and Response - The ongoing COVID-19 pandemic has resulted in significant disruptions and increased economic uncertainty, potentially affecting the company's financial condition[345] - The company has modified business practices due to COVID-19, with approximately 38% of employees working remotely[349] - The company initiated forbearance programs for retail and commercial customers, with a total of 143 loans amounting to $15,800 thousand under COVID-19 accommodations as of March 31, 2021[280] - The company is participating in the PPP, which has undergone multiple funding rounds totaling $349 billion initially and an additional $594 billion in subsequent legislation[351] Share Issuance and Repurchase - During the first quarter of 2021, the company issued 374 shares of common stock to non-employee directors and 4,692 shares to a trust for deferred distribution, representing aggregate fees of $0.09 million[357] - The company repurchased a total of 263,087 shares of common stock at an average price of $20.02 per share during the three months ended March 31, 2021[358] - The company has authorized 1,100,000 shares for repurchase under its publicly announced plan, with 919,333 shares remaining as of March 31, 2021[358]

Financial Data and Key Metrics Changes - Independent Bank Corporation reported a net income of $22 million or $1 per diluted share for Q1 2021, a significant increase from $4.8 million or $0.21 per diluted share in the prior year period, representing increases of 358% and 376% respectively [8][9] - Return on average assets and return on average equity were reported at 2.10% and 23.51% respectively [9] - Non-interest income totaled $26.4 million in Q1 2021, compared to $11 million in the year-ago quarter, driven by strong mortgage banking revenues [27][38] Business Line Data and Key Metrics Changes - The mortgage banking team generated net gains of $12.8 million, up 45.1% over 2020, with a record mortgage loan origination volume of $509 million for the quarter [10][27] - Non-interest expense totaled $30 million in Q1 2021, an increase from $28.7 million in the year-ago quarter, but a decrease from $32.7 million in the previous quarter [30] Market Data and Key Metrics Changes - The unemployment rate in Michigan improved to 5.2%, although still over 279,000 employed workers below pre-COVID levels [12] - Regional average home sale prices continued to climb, with inventory levels at record lows negatively impacting overall home sales volume [12] Company Strategy and Development Direction - The company is focused on diversified and balanced growth, process improvement, cost controls, talent management, and an enterprise-wide risk management framework [6] - A significant digital transformation initiative is underway, including a new core data processing agreement with Fiserv, aimed at enhancing customer experience and operational efficiency [41][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to normalcy despite challenges posed by the COVID-19 pandemic, highlighting strong financial performance and effective business continuity plans [7][14] - The company anticipates loan growth in the low single-digits, with expectations for contributions from commercial, mortgage, and consumer sectors [61] Other Important Information - The company adopted CECL on January 1, 2021, resulting in an $11.7 million increase in the allowance for credit losses [11][34] - A quarterly cash dividend of $0.21 per share was declared, marking a 5% increase over 2020 [11][21] Q&A Session Summary Question: Thoughts on recent M&A activity in the market - Management noted that M&A activity creates opportunities to add customers and talent, and the company has historically taken advantage of market disruptions [51] Question: Impact of margin changes and one-time benefits - Management clarified that the 16 basis points benefit from accelerated amortization of loss on derivatives is a one-time adjustment and will not recur [52][55] Question: Expectations for loan growth contributions - Management indicated that loan growth is expected to be evenly distributed across commercial, mortgage, and consumer sectors, with a focus on commercial demand as the economy stabilizes [61][64] Question: Anticipated P&L impact from system conversion - Management discussed potential cost savings from new technology and improved operational efficiency, but noted it is difficult to quantify the exact impact on revenue and expenses at this time [68][70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to ________ Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of Registrant as specified in its charter) Michigan 38-2032782 (State or other jurisdiction ...

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2020 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2032782 (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 4200 East Beltline, Grand Rapids, Michigan 49525 (Address of principal exec ...

Q3 EARNINGS Independent Bank Corporation (IBCP) Conference Call – October 27, 2020 Be Independent Cautionary note regarding forward-looking statements This presentation contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward- ...

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2020 Commission file number 0-7818 INDEPENDENT BANK CORPORATION (Exact name of registrant as specified in its charter) (State or jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) Michigan 38-2032782 4200 East Beltline, Grand Rapids, Michigan 49525 (Address of principal executive ...

Q2 EARNINGS Independent Bank Corporation Conference Call – July 28, 2020 Be Independent Cautionary note regarding forward-looking statements 2 This presentation contains forward-looking statements about Independent Bank Corporation. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking ...