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Independent Bank grew third quarter net income

BY Friday, October 25, 2019 07:31am

GRAND RAPIDS — Independent Bank Corp. reported higher income for the third quarter of $12.4 million, or 55 cents per diluted share.

The quarterly results compare with net income of $11.9 million, or 49 cents per diluted share, in the same period of 2018.

A series of one-time issues affected earnings for what Independent Bank Brad Kessel called “another quarter of solid financial performance.” Minus those impacts, quarterly earnings would have grown 20.5 percent from a year earlier and per-share net income would have jumped 29.8 percent, Kessel said.

“As we look ahead to the last quarter of 2019 and beyond, we are focused on building on the momentum generated in the first nine months of the year,” he said in the bank’s quarterly earnings release Thursday.

The Grand Rapids-based Independent Bank (Nasdaq: IBCP) grew total loans during the quarter at an annualized rate of 2.3 percent. The bank ended the quarter with total loans of $2.72 billion.

The bank’s nine-month net income totaled $32.5 million, or $1.40 per diluted share, which compares to $29.9 million, or $1.27 per diluted share, for the first three quarters of 2018.

Independent Bank has 70 offices in the Lower Peninsula with total assets of $3.55 billion at the end of the third quarter.

Read 3004 times Last modified on Thursday, 24 October 2019 21:05