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INDEPENDENT BANK CORPORATION'S NINE MONTHS EARNINGS UP 12 PERCENT

 IONIA, Mich., Oct. 19 /PRNewswire/ -- Independent Bank Corporation, the Ionia-based bank holding company (NASDAQ-NMS: IBCP), today reported that its net income for the nine months ended Sept. 30, 1993, increased by 12.1 percent to $4,051,000 from $3,319,000 during the comparable period of 1992. Earnings per share were $1.69 and $1.52 in 1993 and 1992, respectively.
 Net income for the third quarter of 1993 was $1,314,000 or $.55 per common share compared to $1,337,000 or $.56 for the same period in 1992.
 Charles C. Van Loan, the corporation's president and chief executive officer, noted that the corporation's third quarter earnings in 1992 included substantial gains from the sale of real estate mortgages. He added, "A principal difference between our operations this year and last year is the improving quality of our loan portfolio. Therefore, we were able to reduce our provision for loan losses by more than 40 percent. Meanwhile, the allowance for loan losses has increased to 1.62 percent of total loans from 1.46 percent a year ago."
 Net gains on the sale of real estate mortgages totaled $432,000 for the nine months ended Sept. 30, 1993, compared to $314,000 for the comparable period in 1992. For the three-month period, gains totaled $180,000 in 1993 and $385,000 in 1992.
 For the nine-month period in 1993, the corporation's provision for loan losses totaled $530,000 and net loan losses were $303,000. For the same period in 1992, the provision for loan losses totaled $935,000 and net loan losses were $635,000. At Sept. 30, total loans were $229,120,000 in 1993 and $241,682,000 in 1992.
 Independent Bank Corporation's five banks operate 30 offices in Michigan. The corporation has also entered into an agreement to acquire the Kingston State Bank. This transaction, which is subject to approval by banking regulators and shareholders of the bank, is expected to close during the first quarter of 1994.
 Independent Bank Corporation common stock trades on the NASDAQ Stock Market under the symbol IBCP.
 INDEPENDENT BANK CORPORATION
 ($ in 000s, except per-share data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 (unaudited) (unaudited)
 SUMMARY OF OPERATIONS
 Net interest income $4,934 $4,948 $14,687 $14,705
 Provision for loan losses 122 395 530 935
 Non-interest income 836 939 2,687 1,930
 Non-interest expense 3,834 3,621 11,195 10,622
 Income before federal
 income tax 1,814 1,871 5,649 5,078
 Federal income tax expense 500 534 1,598 1,463
 Net income $1,314 $1,337 $4,051 $3,615
 PER COMMON SHARE DATA
 Net income $0.55 $0.56 $1.70 $1.52
 Cash dividends declared 0.15 0.13 0.45 0.39
 Book value
 (at end of period) --- --- 14.77 13.09
 SELECTED BALANCES
 Assets --- --- $373,412 $361,396
 Total portfolio loans --- --- 229,120 241,682
 Allowance for loan losses --- --- 3,723 3,519
 Intangible assets --- --- 2,087 2,295
 Deposits --- --- 323,906 320,207
 Shareholders' equity --- --- 35,232 30,931
 Average common
 shares(A) 2,389,171 2,383,681 2,387,863 2,370,494
 SELECTED RATIOS(pct)
 As a percent of average
 earning assets
 Tax equivalent
 interest income 8.99 9.67 9.10 10.03
 Interest expense 3.03 3.73 3.18 4.15
 Tax equivalent net
 interest income 5.96 5.94 5.92 5.88
 Net income to
 Average common equity 15.06 17.49 16.12 16.45
 Average assets 1.41 1.44 1.45 1.30
 Non-performing assets as
 a percent of total loans --- --- 1.91 2.01
 (A) -- Average shares of common stock outstanding for the period ended Sept. 30, 1993, include stock options issued pursuant to the Employee Stock Option Plan and the Non-employee Director Stock Option Plan.
 -0- 10/19/93
 /CONTACT: Charles C. Van Loan of Independent Bank, 616-527-9450/
 (IBCP)


CO: Independent Bank Corporation ST: Michigan IN: FIN SU: ERN

SB -- DE023 -- 4092 10/19/93 15:05 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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