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INDEPENDENT BANK CORPORATION REPORTS 30-PERCENT EARNINGS INCREASE

 INDEPENDENT BANK CORPORATION REPORTS 30-PERCENT EARNINGS INCREASE
 IONIA, Mich., Jan. 21 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, reported today that its (unaudited) net income was 30 percent greater in 1991 than it had been in 1990 and fully diluted earnings per share increased by 34 percent.
 Net income for 1991 was $3,794,000 ($1.57 per common share, fully diluted). In 1990, the corporation reported earnings of $2,924,000 ($1.17 per common share, fully diluted). Net income in both years includes extraordinary items charged against earnings which reflect the after-tax costs associated with the redemption of debentures.
 In the fourth quarter, net income was $1,034,000 ($.44 per common share, fully diluted), up 18 percent from the figure of $878,000 ($.35 per common share, fully diluted) reported for the same period in 1990.
 At Dec. 31, 1991, total assets were $371,744,000 compared to $362,502,000 on the same date last year. Total deposits increased to $332,252,000 from $325,663,000 during the year, while total loans increased to $253,802,000 from $236,255,000. Shareholders' equity increased over the 12-month period to $27,973,000 from $24,745,000.
 Loren C. Adgate, the corporation's chairman, president and chief executive officer, issued the report and commented, "Our earnings have increased steadily and set new records each year since 1983. Our 1991 performance continued that positive trend to a point where our performance rivals the industry's high achievers. Our return on average assets increased to 1.03 percent for 1991 from 0.88 percent during 1990 and our return on average common equity grew to 14.72 percent from 12.42 percent."
 He continued, "My responsibilities as chief executive of this corporation will end in another year. For that reason, I am experiencing a special sense of joy and pride as I report our achievements for this past year. They reflect the efforts of a staff of professional bankers and the constant support and encouragement of a dedicated board of directors. Their accomplishments have now given our corporation a strength and vitality that portends a bright future for our entire organization."
 Independent Bank Corporation has three affiliate banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 banking offices in 23 communities across western and central Michigan.
 The corporation's common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol IBCP.
 INDEPENDENT BANK CORPORATION
 (Unaudited; dollars in thousands)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 SUMMARY OF OPERATIONS
 Net interest income $4,632 $3,797 $17,063 $14,551
 Provision for loan losses 210 217 1,013 1,026
 Non-interest income 541 627 2,280 2,400
 Non-interest expense 3,437 2,923 12,922 11,813
 Income before federal income
 tax and extraordinary item 1,526 1,284 5,408 4,112
 Federal income tax expense 492 397 1,529 1,087
 Income before extraordinary
 item 1,034 887 3,879 3,025
 Extraordinary item --- 9 85 101
 Net income $1,034 $878 $3,794 $2,924
 PER COMMON SHARE DATA
 Net income
 Primary $0.46 $0.42 $1.76 $1.38
 Fully diluted 0.44 0.35 1.57 1.17
 Cash dividends declared 0.115 0.11 0.46 0.44
 Book value (at end of period)
 Primary --- --- 11.95 11.61
 Fully diluted --- --- 11.95 10.67
 SELECTED BALANCES
 Assets --- --- $371,744 $362,502
 Loans --- --- 253,802 236,255
 Allowance for loan losses --- --- 3,217 2,950
 Total intangibles --- --- 2,509 2,841
 Deposits --- --- 332,252 325,663
 Shareholders' equity --- --- 27,973 24,745
 Average common shares
 Primary 2,103,789 1,900,536 1,982,584 1,896,835
 Fully diluted 2,352,891 2,622,232 2,477,895 2,728,284
 SELECTED RATIOS (in percents)
 As a percent of average
 earning assets:
 Tax equivalent interest
 income 10.52 10.96 10.58 11.01
 Interest expense 5.01 6.06 5.44 6.17
 Tax equivalent net interest
 income 5.51 4.90 5.14 4.84
 Net income to:
 Average common equity 15.23 14.64 14.72 12.42
 Average assets 1.12 1.02 1.03 0.88
 -0- 1/21/92
 /CONTACT: Loren C. Adgate of Independent Bank Corporation, 616-527-9450/
 (IBCP) CO: Independent Bank Corporation ST: Michigan IN: FIN SU: ERN


JG-SK -- DE022 -- 2054 01/21/92 16:39 EST
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Date:Jan 21, 1992
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