GRAND RAPIDS — Strong loan growth drove Independent Bank Corp. to higher earnings for the third quarter.
The Grand Rapids-based Independent Bank (Nasdaq: IBCP) today reported quarterly net income of $6.8 million, or 32 cents per share, which compares to $5.9 million, or 28 cents per share, in the same period a year earlier.
Independent Bank grew total loans by $125.4 million in the quarter for an annualized growth rate of 27.5 percent. Total loans ended the quarter at $1.93 billion, up 20.5 percent from the end of the third quarter in 2016.
“As we look ahead to the remainder of 2017 and beyond, we are focused on building on the momentum generated in the first nine months of 2017,” President and CEO Brad Kessel said.
Net income for the first nine months of 2016 totaled $18.7 million, or 88 cents per share, versus $16.9 million, or 79 cents per share, through the third quarter of last year.
Independent Bank has 65 branches across the Lower Peninsula with total assets as of Sept. 30 of $2.75 billion.