Independent Bank: 1Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Monday reported first-quarter profit of $9.4 million.
The bank, based in Grand Rapids, Michigan, said it had earnings of 39 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The bank holding company posted revenue of $46.6 million in the period. Its revenue net of interest expense was $40.2 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $41.7 million.
Independent Bank shares have risen nearly 5 percent since the beginning of the year. The stock has decreased nearly 9 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBCP at https://www.zacks.com/ap/IBCP