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President and CEO Brad Kessel President and CEO Brad Kessel COURTESY PHOTO

Independent Bank reports growth for 2016

BY MiBiz Staff Thursday, January 26, 2017 01:49pm

IONIA — Independent Bank Corp. today reported higher earnings for the fourth quarter and all of 2016.

The Ionia-based Independent Bank (Nasdaq: IBCP) reported net income of $5.8 million, or 27 cents per diluted share, for the last three months of 2016. That compares with net income of $5.5 million, or 25 cents per diluted share, in the fourth quarter of 2015.

Net income for the year totaled $22.7 million, or $1.05 per diluted share, versus $20.0 million, or 86 cents per diluted share, in the prior year.

“As we move into 2017, we recognize the importance of improving our performance even further. 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 in a statement.

Independent Bank has 65 offices in the Lower Peninsula with total assets as of Dec. 31 of $2.54 billion and $2.22 billion in total deposits. The bank during 2016 opened five new lending offices in Ann Arbor, Brighton, Troy, Traverse City and Columbus, Ohio.

In announcing results, Independent Bank also said it plans to sells its Chicago-based payment processing business Mepco Finance Corp. to Seabury Asset Management LLC.

Read 4541 times Last modified on Thursday, 26 January 2017 13:52