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Stock impact report

Independent Bank Corporation Reports 2019 First Quarter Results

Independent Bank Corporation (IBCP) 
Last independent bank corporation earnings: 4/30 07:59 am Check Earnings Report
Company Research Source: GlobeNewswire
GRAND RAPIDS, Mich., April 22, 2019 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2019 net income of $9.4 million, or $0.39 per diluted share, versus net income of $9.2 million, or $0.42 per diluted share, in the prior-year period.  Significant items impacting comparable first quarter 2019 and 2018 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Change”) of a negative $2.2 million ($0.07 per diluted share, after taxes) and a positive $1.5 million ($0.05 per diluted share, after taxes) for the first quarters of 2019 and 2018, respectively.The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State Bank, on Apr. 1, 2018 (referred to as the “Merger” or “TCSB Acquisition”) and the associated data processing systems conversions in June 2018.  The total assets, loans and deposits acquired in the Merger were approximately $343.5 million, $295. Show less Read more
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