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INDEPENDENT BANK CORPORATION REPORTS 21.5-PERCENT EARNINGS INCREASE

 INDEPENDENT BANK CORPORATION REPORTS 21.5-PERCENT EARNINGS INCREASE
 IONIA, Mich., April 21 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, today reported record net income of $1,056,000 for the first three months of 1992. These earnings represent a 21.5-percent increase over the same period in 1991 of $869,000.
 Earnings per common share increased by 28.6 percent to $.45 for the first quarter. In 1991, prior to the redemption of the company's convertible debentures and preferred stock, fully diluted earnings were $.35 per share.
 Loren C. Adgate, the company's chairman, president and chief executive officer, issued the report and commented, "Current economic conditions are quite favorable for community banking organizations such as ours. Business activity seems to be increasing gradually and the efforts of the Federal Reserve System to lower interest rates have had a very positive effect on our margins."
 He went on to add, "On an annualized basis, our return on average equity was 14.99 percent and our return on average assets was 1.13 percent, up from 14.72 percent and 1.03 percent for all of 1991. In comparison, Midwest bank holding companies of our size earned, on average, a return on equity of less than 10 percent in 1991 and Michigan bank holding companies reported a return on average assets of 0.84 percent."
 The company's asset growth continued at a modest, but steady pace. At the end of the quarter, total assets were $376,119,000, up from $371,744,000 at the end of 1991. Total deposits grew during the same three months to $335,114,000 from $332,252,000. Because of strong demand for residential real estate mortgages, total loans increased during the three months to $258,978,000 from $253,693,000.
 Independent Bank Corporation has three subsidiary banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The banks operate 26 offices in 23 communities throughout western and central Michigan.
 The company's common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol IBCP.
 INDEPENDENT BANK CORPORATION
 ($ in 000s)
 Three Months Ended
 March 31
 1992 1991
 (unaudited)
 Summary of operations
 Net interest income $4,833 $3,889
 Provision for loan losses 270 270
 Non-interest income 520 573
 Non-interest expense 3,601 3,030
 Income before federal income tax 1,482 1,162
 Federal income tax expense 426 293
 Net income $1,056 $869
 Per common share data
 Net income
 Primary $0.45 $0.42
 Fully diluted 0.45 0.35
 Cash dividends declared 0.13 0.115
 Book value (at end of period)
 Primary 12.27 11.90
 Fully diluted 12.27 10.88
 Selected balances
 Assets $376,119 $368,620
 Loans 258,978 237,191
 Allowance for loan losses 3,319 3,105
 Total intangibles 2,448 2,690
 Deposits 335,114 330,298
 Shareholders' equity 28,958 25,368
 Average common shares
 Primary 2,353,408 1,902,670
 Fully diluted 2,353,408 2,601,003
 Selected ratios
 As a percent of average earning assets
 Tax equivalent interest income 10.24 pct 10.75 pct
 Interest expense 4.50 5.89
 Tax equivalent net interest income 5.74 4.86
 Net income to
 Average common equity 14.99 12.88
 Average assets 1.13 0.97
 -0- 4/21/92
 /CONTACT: Loren C. Adgate of Independent Bank Corporation, 616-527-9450/
 (IBCP) CO: Independent Bank Corporation ST: Michigan IN: FIN SU: ERN


SB-ML -- DE018 -- 0678 04/21/92 12:57 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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