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Stock impact report

Independent Bank Corporation Reports 2018 Third 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., Oct. 25, 2018 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2018 net income of $11.9 million, or $0.49 per diluted share, versus net income of $6.9 million, or $0.32 per diluted share, in the prior-year period.  For the nine months ended Sept. 30, 2018, the Company reported net income of $29.9 million, or $1.27 per diluted share, compared to net income of $18.8 million, or $0.87 per diluted share, in the prior-year period.  The increases in third quarter and year to date 2018 earnings as compared to 2017 primarily reflect increases in net interest income and in non-interest income and a decrease in income tax expense that were partially offset by an increase in non-interest expense. Significant items impacting comparable quarterly and year to date 2018 and 2017 results include the following: The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State Bank, on Apr. 1, 2018 (referred to as the Show less Read more
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