Independent Bank: Q2 Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Thursday reported second-quarter profit of $12.4 million.
The Grand Rapids, Michigan-based bank said it had earnings of 56 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The bank holding company posted revenue of $48.3 million in the period. Its revenue net of interest expense was $46.2 million, which also did not meet Street forecasts.
Independent Bank shares have risen 13% since the beginning of the year. The stock has risen 46% in the last 12 months.