Independent Bank Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Tax Rate Guidance for the Year 2017
July 27, 2017 at 08:00 am EDT
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Independent Bank Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total interest income of $23,533,000 compared to $21,267,000 a year ago. Net Interest Income was $21,492,000 compared to $19,630,000 a year ago. Income before income tax was $8,594,000 compared to $9,049,000 a year ago. Net income was $5,931,000 $0.27 per diluted share compared to $6,438,000 $0.30 per diluted share a year ago. Return on average assets was 0.92% compared to 1.06% a year ago. Return on average common equity was 9.15% compared to 10.66% a year ago.
For the six months, the company reported total interest income of $46,912,000 compared to $42,621,000 a year ago. Net Interest Income was $42,958,000 compared to $39,393,000 a year ago. Income before income tax was $17,189,000 compared to $15,106,000 a year ago. Net income was $11,905,000 $0.55 per diluted share compared to $10,538,000 $0.48 per diluted share a year ago. At June 30, 2017, tangible book value per share grew to $12.22 per share, up from $11.89 per share at March 31, 2017.
Finally, it expects an effective income tax rate between 31% and 32% going forward in 2017.
Independent Bank Corporation is a bank holding company for Independent Bank (the Bank). The Bank provides a full range of financial services, including commercial banking, mortgage lending, investments, and insurance. It offers a broad range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Its principal markets are the rural and suburban communities across Lower Michigan, which are served by the bank's main office in Grand Rapids, Michigan, and a total of 56 branches, two drive-thru facilities, and five Michigan-based loan production offices. It also has one loan production facility in Ohio (Fairlawn). The bank's branches provide full-service lobby and drive-thru services, as well as automatic teller machines (ATMs). In addition, it also provides Internet and mobile banking capabilities to its customers.
Independent Bank Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Tax Rate Guidance for the Year 2017