Independent Bank Posts 2Q Increase

July 23, 2008
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IONIA — Independent Bank Corp. reported second quarter 2008 net income from continuing operations of $3.3 million, or 15 cents per diluted share, versus net income from continuing operations of $108,000, or zero cents per diluted share, in the prior-year period. For the quarter ended June 30, the company recorded net income of $3.3 million, or 15 cents per diluted share, compared to a net loss of $43,000, or zero cents per diluted share, in the second quarter of last year.

For the six months ended June 30, net income from continuing operations was $3.7 million, or 16 cents per share, compared to $4 million, or 17 per share, in the same six-month period of 2007. Net income for the six months was $3.7 million, or 16 cents per share, versus $4.2 million, or 18 cents per share, in the prior-year six-month period.

Michael M. Magee, President and CEO of Independent Bank Corp., commented: “We are very pleased with the improvement in our current quarter results particularly in the face of a challenging market. The increase in our net interest margin was particularly encouraging. Our bank remains well capitalized. Moreover, we intend to continue to build our regulatory capital ratios without the need for any equity offering through our earnings and a selective reduction of our total assets.”

Total assets were $3.24 billion at June 30. Loans, excluding loans held for sale, were $2.57 billion and deposits totaled $2.08 billion at quarter’s end.

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