denali<span>.</span>
  • MiBiz
  • SECTIONS
      • Back
      • Breaking News
      • Economic Development
      • Finance
      • Food/Agribusiness
      • Health Care
      • Manufacturing
      • Nonprofits
      • Real Estate/Development
      • Small Business
      • Energy
      • Talent
      • Other
  • EVENTS
  • ADVERTISE
      • Back
      • Reader Demographics
      • Editorial Calendar
      • Request Rates
      • West Michigan Construction Tracker
      • Sponsored Content
  • SUBSCRIBE
      • Back
      • Subscription Questions
      • E-Newsletters
      • Newsstand Sales
      • Subscribe
  • CONTACT
      • Back
      • Staff
      • Locations
      • Careers
  • MiBiz
  • SECTIONS
      • Back
      • Breaking News
      • Economic Development
      • Finance
      • Food/Agribusiness
      • Health Care
      • Manufacturing
      • Nonprofits
      • Real Estate/Development
      • Small Business
      • Energy
      • Talent
      • Other
  • EVENTS
  • ADVERTISE
      • Back
      • Reader Demographics
      • Editorial Calendar
      • Request Rates
      • West Michigan Construction Tracker
      • Sponsored Content
  • SUBSCRIBE
      • Back
      • Subscription Questions
      • E-Newsletters
      • Newsstand Sales
      • Subscribe
  • CONTACT
      • Back
      • Staff
      • Locations
      • Careers

Published in Breaking News

Loan growth buoys earnings for Independent Bank

BY MiBiz Staff Thursday, October 26, 2017 04:01pm

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.


MiBiz finance news coverage is supported by Chemical Bank, the largest banking company headquartered and operating branch offices in Michigan. Visit chemicalbank.com for information. (This sponsorship is advertising. It has no effect on editorial consideration in MiBiz.)

Read 1625 times Last modified on Thursday, 26 October 2017 16:18
MiBiz Staff
Tagged under
  • Independent Bank
  • finance
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >

RELATED ARTICLES

  • Additional scale positions Grand Angels for larger deals
  • Lambert expands with Phoenix office
  • Grand Angels launches new affiliate in Flint
  • Economic, political concerns drive down M&A outlook for 2020
  • Surveys point to economic optimism despite cooling growth forecasts for Michigan
back to top

This page is available to subscribers. Click here to sign in or get access.

Breaking News

  • Growth Report: December 7, 2019
  • Michigan’s Going PRO workforce training program grapples with $37.3 million cut
  • State Legislature considers bills to significantly change health care certificate of need regs
  • Mercy, Metro, Michigan Medicine form cancer care network
  • VC-backed firm acquires Doorganics

FROM OUR ADVERTISERS

  • STAYING AHEAD OF DATA REGULATION TRENDS: What Businesses Need to Know about Users’ Expectations and Government Regulations STAYING AHEAD OF DATA REGULATION TRENDS: What Businesses Need to Know about Users’ Expectations and Government Regulations
  • BRAVE NEW BEGINNINGS WITH HOPE NETWORK BRAVE NEW BEGINNINGS WITH HOPE NETWORK

West Michigan Construction Tracker

PAID CONTENT

powered by Project_presenter_logo_small@2x

SECTIONS
  • Breaking News
  • Economic Development
  • Finance
  • Food/Agribusiness
  • Health Care
  • Manufacturing
  • Nonprofits
  • Real Estate/Development
  • Small Business
  • Talent
  • Other
ADVERTISING
  • Reader Demographics
  • Editorial Calendar
  • Digital Ad Opportunities
  • Request Rates
EVENTS
  • M+A | Deals & Dealmakers Awards
ABOUT US
  • Contact Us
  • Staff Directory
  • Careers
SUBSCRIBE
  • Print Subscription Rates
  • Free E-newsletters
  • Subscription Questions
  • Newsstands
© 2019 MiBiz. | Contact Us | Privacy Policy | Terms of Use