GRAND RAPIDS, Mich., Jan. 29, 2019 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP) reported fourth quarter 2018 net income of $9.9 million, or $0.41 per diluted share, versus net income of $1.7 million, or $0.08 per diluted share, in the prior-year period. For the year ended Dec. 31, 2018, the Company reported net income of $39.8 million, or $1.68 per diluted share. This compares to net income of $20.5 million, or $0.95 per diluted share, in 2017. The increase in fourth quarter earnings as compared to 2017, primarily reflects an increase in net interest income and a decrease in income tax expense that were partially offset by a decrease in non-interest income and by increases in the provision for loan losses and in non-interest expense. The increase in full year 2018 earnings as compared to 2017, primarily reflects increases in net interest income and in non-interest income and a decrease in income tax expense that were partially offset by increases in the provision for loan losses and in non-interest expense. Significant items impacting comparable fourth quarter and full year 2018 and 2017 results include the following: The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State… Read full this story
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