Independent Bank Corp. today reported lower quarterly net income of $1.7 million, or 8 cents per diluted share, to end 2017’s fourth quarter, resulting from a reevaluation of a deferred tax asset following federal tax reform late last year.
Minus the $6 million one-time expense, adjusted net income for the fourth quarter of 2017 was $7.7 million, or 35 cents per diluted share. That compares to net income of $5.9 million, or 27 cents per diluted share, in the same period of 2016.
The Grand Rapids-based Independent Bank (Nasdaq: IBCP) reported full-year net income of $20.5 million for 2017, or 95 cents per diluted share, versus $22.8 million, or $1.05 per diluted share, in 2016. Minus the tax expense in the fourth quarter, adjusted 2017 net income was $26.4 million, or $1.22 per diluted share.
Independent Bank has 65 branches across the Lower Peninsula and expects to close April 1 on the pending 63.2 million deal for TCSB Bancorp in Traverse City that has five Traverse City State Bank offices.
“As we move into 2018, we recognize the importance of improving our performance even further and successfully executing on our pending acquisition of TCSB. As an organization, we are committed to our efforts to continue strong loan and deposit growth as well as improved operating efficiencies,” President and CEO Brad Kessel said.
Independent Bank had assets of $2.78 billion at the end of 2017.