Independent Bank: 2Q Earnings Snapshot

GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Tuesday reported second-quarter net income of $14.8 million.

The bank, based in Grand Rapids, Michigan, said it had earnings of 67 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The bank holding company posted revenue of $54.1 million in the period. Its revenue net of interest expense was $50.8 million, also exceeding Street forecasts.

Independent Bank shares have decreased 42% since the beginning of the year. The stock has decreased 39% in the last 12 months.

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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

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