Independent Bank: Q1 Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Tuesday reported first-quarter profit of $18 million.
The bank, based in Grand Rapids, Michigan, said it had earnings of 84 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The bank holding company posted revenue of $53.7 million in the period. Its revenue net of interest expense was $51.9 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $45.8 million.