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INDEPENDENT BANK CORPORATION FIRST QUARTER RESULTS UP 31.3 PERCENT

 IONIA, Mich., April 20 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, today reported that its net income for the three months ended March 31, 1993, was $1,386,000 or $.58 per common share. These earnings were 31.3 percent more than the corporation's income of $1,056,000 ($.45 per common share) for the same period in 1992.
 Charles C. Van Loan, the corporation's president and chief executive officer, issued the earnings report and commented, "Our business has been good so far in 1993. Our net interest margin is comparable to last year's favorable spread and we have realized substantial gains from the sale of securities held for sale. When you combine these factors, you achieve the kind of record results that we are announcing today."
 In the first quarter, the corporation's annualized return on average equity was 17.28 percent and its annualized return on average assets was 1.51 percent. In the same period in 1992, these ratios were 14.99 percent and 1.13 percent, respectively.
 At the close of business on March 31, 1993, the corporation's total assets were $378,496,000, total deposits were $334,112,000 and total loans were $236,591,000. One year earlier, total assets had been $376,119,000, total deposits had been $335,114,000 and total loans had been $258,978,000. Shareholders' equity increased to $33,285,000 at the end of the quarter. It had been $28,978,000 12 months earlier. The corporation's primary capital now stands at 9.66 percent of total assets.
 Independent Bank Corporation has three subsidiary banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 offices in 23 communities across western and central Michigan.
 The corporation recently announced plans to acquire American Home Bank, Unionville, and Pioneer Bank, North Branch, subject to obtaining necessary approvals of the two transactions.
 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 000s, except per share data)
 Three Months ended March 31 1993 1992
 SUMMARY OF OPERATIONS
 Net interest income $4,821 $4,798
 Provision for loan losses 204 270
 Non-interest income 1,023 442
 Non-interest expense 3,654 3,488
 Income before federal income tax 1,986 1,482
 Federal income tax expense 600 426
 Net income $1,386 $1,056
 PER COMMON SHARE DATA
 Net income
 Primary $0.58 $0.45
 Fully diluted 0.58 0.45
 Cash dividends declared 0.15 0.13
 Book value (at end of period) 13.96 12.27
 SELECTED BALANCES
 Assets $378,496 $376,119
 Loans 236,591 258,978
 Allowance for loan losses 3,631 3,319
 Intangible assets 2,145 2,448
 Deposits 334,112 335,114
 Shareholders' equity 33,285 28,978
 Average common shares (A)
 Primary 2,400,863 2,353,408
 Fully diluted 2,400,863 2,353,408
 SELECTED RATIOS
 As a percent of average earning assets
 Tax equivalent interest income 9.23 10.24
 Interest expense 3.34 4.50
 Tax equivalent net interest income 5.89 5.74
 Net income to
 Average common equity 17.28 14.99
 Average assets 1.51 1.13
 Non-performing assets as a percent of
 total loans 1.73 2.23
 (A) Average shares of common stock outstanding for the period ended March 31, 1993, include stock options issued pursuant to the Employee Stock Option Plan and the Non-employee Director Stock Option Plan.
 -0- 4/20/93
 /CONTACT: Charles C. Van Loan, president and chief executive officer, Independent Bank Corporation, 616-527-9450/
 (IBCP)


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

JG-DH -- DE022 -- 8131 04/20/93 13:37 EDT
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Date:Apr 20, 1993
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