GRAND RAPIDS, Mich., July 26, 2018 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ:IBCP) reported second quarter 2018 net income of $8.8 million, or $0.36 per diluted share, versus net income of $5.9 million, or $0.27 per diluted share, in the prior-year period. For the six months ended June 30, 2018, the Company reported net income of $18.0 million, or $0.78 per diluted share, compared to net income of $11.9 million, or $0.55 per diluted share, in the prior-year period. The increases in second quarter and year to date 2018 earnings as compared to 2017 primarily reflect increases in net interest income and in non-interest income and a decrease in income tax expense that were partially offset by increases in the provision for loan losses and in non-interest expense. Significant items impacting comparable quarterly and year to date 2018 and 2017 results include the following: The acquisition of TCSB Bancorp, Inc. (“TCSB”), and its subsidiary, Traverse City State Bank, on Apr. 1, 2018 (the “Merger”) and the associated data processing systems conversions in June 2018. The total assets, loans and deposits acquired in the Merger were approximately $342.8 million, $295.8 million (including $1.3 million of loans held for sale) and $287.7… Read full this story
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