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INDEPENDENT BANK CORPORATION REPORTS 10.6-PERCENT INCREASE IN QUARTERLY EARNINGS

 IONIA, Mich., July 20 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, today reported that its unaudited net income for the three months ended June 30, 1993, increased 10.6 percent to $1,351,000 from $1,222,000 during the comparable period of 1992. Earnings per common share were $.56 and $.51 in 1993 and 1992, respectively.
 For the first six months of 1993, net income increased by 20.1 percent to $2,737,000 from $2,278,000 one year earlier. Earnings per common share and return on average equity were $1.14 and 16.69 percent in 1993 compared to $.96 and 15.87 percent in 1992.
 Charles C. Van Loan, the company's president and chief executive officer, issued the report and commented, "We have been able to maintain net interest income at last year's high levels despite lower loan volumes. The decrease in our outstanding loans reflects slack demand for commercial and installment loans within many of our markets and our banks continue to sell the fixed-rate real estate mortgages they originate to reduce their interest rate risk."
 He continued, "We have concentrated on increasing our non-interest income and our efforts have been rewarded thus far in 1993. Excluding the effect of gains and losses on securities held for sale, non-interest income for both the three- and six-month periods exceeded last year by approximately 40 percent."
 Independent Bank Corporation has three subsidiary banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 offices in 23 communities across western and central Michigan.
 Earlier this year, the company announced plans to acquire American Home Bank, Unionville, and Pioneer Bank, North Branch. Both transactions are subject to approvals by shareholders and banking regulators.
 Independent Bank Corporation common stock trades on the NASDAQ Stock Market under the symbol IBCP.
 INDEPENDENT BANK CORPORATION
 ($ in 000s, except per-share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (unaudited) (unaudited)
 Summary of Operations
 Net interest income $4,932 4,959 $9,753 $9,757
 Provision for loan losses 204 270 408 540
 Non-interest income 828 549 1,851 991
 Non-interest expense 3,707 3,513 7,361 7,001
 Income before federal
 income tax 1,849 1,725 3,835 3,207
 Federal income tax expense 498 503 1,098 929
 Net income $1,351 $1,222 $2,737 $2,278
 Per Common Share Data
 Net income
 Primary $0.56 $0.51 $1.14 $0.96
 Fully diluted 0.56 0.51 1.14 0.96
 Cash dividends declared 0.15 0.13 0.30 0.26
 Book value
 (at end of period) --- --- 14.37 13.47
 Selected Balances
 Assets --- --- $369,162 $367,645
 Total portfolio loans --- --- 224,589 245,284
 Allowance for loan losses --- --- 3,683 3,333
 Intangible assets --- --- 2,081 2,388
 Deposits --- --- 322,739 325,235
 Shareholders' equity --- --- 34,277 29,902
 Average common shares(a)
 Primary 2,414,169 2,374,248 2,397,497 2,363,828
 Fully diluted 2,414,169 2,374,248 2,397,497 2,363,828
 Selected Ratios (pct)
 As a percent of average
 earning assets
 Tax equivalent
 interest income 9.08 9.89 9.16 10.05
 Interest expense 3.16 4.05 3.25 4.28
 Tax equivalent net
 interest income 5.92 5.84 5.91 5.77
 Net income to
 Average common equity 16.13 16.68 16.69 15.87
 Average assets 1.45 1.31 1.48 1.22
 Non-performing assets as a
 percent of total loans --- --- 1.99 2.10
 (a) -- Average shares of common stock outstanding for the period ended June 30, 1993, include stock options issued pursuant to the Employee Stock Option Plan and the Non-employee Director Stock Option Plan.
 -0- 7/20/93
 /CONTACT: Charles C. Van Loan of Independent Bank, 616-527-9450/
 (IBCP)


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

ML-SB -- DE024 -- 3473 07/20/93 15:00 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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