Published in Finance

Independent Bank reports higher earnings for second quarter

BY Thursday, July 25, 2019 02:00pm

GRAND RAPIDS — Independent Bank Corp. recorded higher net income for the second quarter with double-digit loan growth.

The Grand Rapids-based Independent Bank today reported $10.7 million in quarterly net income, or 46 cents per diluted share, up from the $8.8 million, or 36 cents per diluted share, in the second quarter of 2018.

COURTESY PHOTO

The quarterly results included a $2.7 million charge from a change in the fair value of mortgage serviced rights. The same period a year ago had $3.1 million in expenses related to the merger with TCSB Bancorp Inc. in Traverse City, a deal that closed in April 2018.

Minus the after-tax effects of those events, per-share net income grew more than 18 percent for the quarter.

“As we look ahead to the last half of 2019 and beyond, we are focused on building on the momentum generated in the first half of the year,” President and CEO Brad Kessel said in a statement.

Independent Bank grew loans during the quarter by $87.7 million, or an annualized rate of 13.4 percent. The bank ended the quarter with $2.7 billion in total loans and expects full-year loan growth of 8 percent to 9 percent “or slightly better,” CFO Robert Shuster said.

Midyear net income totaled $20.1 million, or 85 cents per diluted share.


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.)

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