Independent Bank Corp. in Ionia has reported third quarter net income of $5.4 million, or 16 cents per diluted share of common stock, versus a net loss of almost the same amount in the third quarter last year.
For the nine months ended Sept. 30, Independent had net income on common stock of $11 million, or 36 cents per diluted share, compared to a net loss $14.6 million in the same prior-year period.
Independent's third consecutive profitable quarter was highlighted by:
- More improvement in asset quality, with non-performing assets down 7 percent during the quarter and 26 percent since the end of 2011.
- A $5.9 million, or 96 percent, year-over-year decline in the quarterly provision for loan losses.
- A $2.6 million, or 127 percent, year-over-year increase in quarterly net gains on mortgage loans.
- Year-over-year growth in core deposits (excluding the pending impact of a branch sale).
Regulatory capital ratios increased and remain above minimum requirements.
The previously announced sale of 21 branches to Chemical Bank did not close in the third quarter as planned, but is expected to close prior to the end of the year.