Independent Bank: 4Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Thursday reported fourth-quarter profit of $17 million.
The Grand Rapids, Michigan-based bank said it had earnings of 77 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The bank holding company posted revenue of $57.8 million in the period. Its revenue net of interest expense was $53.4 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $50.4 million.
For the year, the company reported profit of $56.2 million, or $2.53 per share. Revenue was reported as $204.4 million.
Independent Bank shares have increased nearly 1% since the beginning of the year. The stock has decreased 14% 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