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Independent Bank Executive Compensation (FY25)

IBCP · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): April 24, 2026
204 figures on this page: 193 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
William Kessel, President and Chief Executive Officer, received $1,558,390 in total compensation for fiscal 2025, and Kessel's total was 11.8% higher than the $1,394,449 reported for fiscal 2024. Shareholders supported the say-on-pay proposal with 98.6% of votes cast for or against in favor at the meeting held April 21, 2026 for fiscal 2025. Companies named in the disclosed peer group include Alerus Financial Corporation, Bank First Corporation, Bridgewater Bancshares, Inc., Civista Bancshares, Inc. and CNB Financial Corporation, among others. The company reported 5 named executive officers for fiscal 2025.
Chief executive, fiscal 2025
◇
William Kessel
Latest say-on-pay support
=
April 21, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — William Kessel: $1,394,449 → $1,558,390 (11.8% higher)
Say-on-pay support: 98.5% → 98.6% (0.1 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Independent Bank's chief executive and what were they paid?
William Kessel, President and Chief Executive Officer, received $1,558,390 in total compensation for fiscal 2025. Kessel's total was 11.8% higher than the $1,394,449 reported for fiscal 2024.
What was Independent Bank's say-on-pay result?
Shareholders supported the say-on-pay proposal with 98.6% of votes cast for or against in favor at the meeting held April 21, 2026 for fiscal 2025.
Which companies are in Independent Bank's peer group?
Companies named in the disclosed peer group include Alerus Financial Corporation, Bank First Corporation, Bridgewater Bancshares, Inc., Civista Bancshares, Inc. and CNB Financial Corporation, among others.
What is Independent Bank's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 24.1:1, against median employee compensation of $64,666.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Kessel
President and Chief Executive Officer
◇—◇—◇—◇◇
Stefanie Kimball
Executive Vice President - Chief Risk Officer
◇—◇—◇—◇◇
Patrick Ervin
Executive Vice President - Mortgage Banking
◇—◇—◇—◇◇
Gavin Mohr
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Kessel
President and Chief Executive Officer
◇—◇—◇—◇◇
Gavin Mohr
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Stefanie Kimball
Executive Vice President - Chief Risk Officer
◇—◇—◇—◇◇
Patrick Ervin
Executive Vice President - Mortgage Banking
◇—◇—◇—◇◇
Joel Rahn
Executive Vice President - Commercial Lending
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Kessel
President and Chief Executive Officer
◇—◇—◇—◇◇
Gavin Mohr
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Joel Rahn
Executive Vice President - Commercial Lending
◇—◇—◇—◇◇
Stefanie Kimball
Executive Vice President - Chief Risk Officer
◇—◇—◇—◇◇
Patrick Ervin
Executive Vice President - Mortgage Banking
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Gavin A. MohrRSU◇——◇——◇
Gavin A. MohrRSU◇——◇——◇
Joel F. RahnRSU◇——◇——◇
Joel F. RahnRSU◇——◇——◇
Patrick J. ErvinRSU◇——◇——◇
Patrick J. ErvinRSU◇——◇——◇
Stefanie M. KimballRSU◇——◇——◇
Stefanie M. KimballRSU◇——◇——◇
William B. KesselRSU◇——◇——◇
William B. KesselRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Gavin MohrRSU◇◇——
RSU◇◇——
Stefanie KimballRSU◇◇——
RSU◇◇——
RSU◇◇——
William KesselRSU◇◇——
RSU◇◇——
RSU◇◇——
Joel RahnRSU◇◇——
RSU◇◇——
RSU◇◇——
Patrick ErvinRSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen L. Gulis, Jr
Board chair
◇—————◇
Michael J. Cok
◇◇————◇
William J. Boer
◇◇————◇
Joan A. Budden
◇—————◇
Christina L. Keller
—◇————◇
Terance L. Beia
◇—————◇
Ronia F. Kruse
—◇————◇
Dennis W. Archer, Jr
◇—————◇
Michael M. Magee
◇—————◇
Michael G. Wooldridge
◇—————◇
William B. Kessel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alerus Financial Corporation ALRS
  • Bank First Corporation BFC
  • Bridgewater Bancshares, Inc. BWB
  • Civista Bancshares, Inc. CIVB
  • CNB Financial Corporation CCNE
  • Community Trust Bancorp, Inc. CTBI
  • Equity Bancshares, Inc. EQBK
  • Farmers National Banc Corp. FMNB
  • First Business Financial Services, Inc. FBIZ
  • First Financial Corporation THFF
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • HBT Financial, Inc. HBT
  • Horizon Bancorp, Inc. HBNC
  • Lakeland Financial Corporation LKFN
  • Mercantile Bank Corporation MBWM
  • MidWestOne Financial Group, Inc. MOFG
  • Old Second Bancorp, Inc. OSBC
  • Orrstown Financial Services, Inc. ORRF
  • West Bancorporation, Inc. WTBA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 21, 2026=◇◇◇
2024April 22, 2025=◇◇◇
2023April 23, 2024=◇◇◇
2022April 25, 2023=◇◇◇
2021April 19, 2022=◇◇◇
2020April 20, 2021=◇◇◇
2019April 21, 2020=◇◇◇
2018April 23, 2019=◇◇◇
2017April 24, 2018=◇◇◇
2016April 25, 2017=◇◇◇
2015April 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Independent Bank disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Independent Bank sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
204 figures on this page: 193 cited to the filing that reported them, 11 calculated from figures it prints.
193 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000039311-26-000044
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0000039311-26-000011
    DIRECTOR COMPENSATION · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
  3. 0000039311-25-000058
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000039311-25-000045
    Summary Compensation Table
  5. 0000039311-24-000050
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000039311-24-000036
    Summary Compensation Table
  7. 0000039311-23-000052
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001140361-22-015379
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001140361-21-013860
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001140361-20-009550
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001140361-19-007504
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001140361-18-019489
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001140361-17-016982
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001140361-16-062313
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Independent Bank executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/IBCP (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Independent Bank discloses

The companies named in IBCP's own disclosed peer group.

Alerus Financial CorporationBank First CorporationBridgewater Bancshares, Inc.Civista Bancshares, Inc.CNB Financial CorporationCommunity Trust Bancorp, Inc.Equity Bancshares, Inc.Farmers National Banc Corp.First Business Financial Services, Inc.First Financial CorporationFirst Mid Bancshares, Inc.German American Bancorp, Inc.HBT Financial, Inc.Horizon Bancorp, Inc.Lakeland Financial CorporationMercantile Bank CorporationOld Second Bancorp, Inc.Orrstown Financial Services, Inc.West Bancorporation, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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