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INDEPENDENT BANK CORPORATION SECOND-QUARTER NET UP 35 PERCENT

 INDEPENDENT BANK CORPORATION SECOND-QUARTER NET UP 35 PERCENT
 IONIA, Mich., July 21 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, reported today that its net income for the second quarter ended June 30, 1992, was $1,222,000 or $.51 per common share. These earnings were 35 percent more than net income for the same period in 1991 of $906,000 or $.36 per common share.
 For the first six months of 1992, net income was $2,278,000 ($.96 per common share), up 28 percent from net income of $1,775,000 ($.71 per common share) for the first half of 1991.
 Earnings during the three- and six-month periods in 1991 reflect an $85,000 extraordinary item related to redemption of the company's convertible debentures. Income before the extraordinary item was $991,000 for the second quarter of 1991 and $1,860,000 for the first six months of 1991.
 Loren C. Adgate, the company's chairman and chief executive officer, and Charles C. Van Loan, its president and chief operating officer, issued the report. Adgate commented, "The primary reasons for our first-half performance, which continues several years of steady earnings improvement, were a continued increase in our net interest income coupled with our effort to control overhead expenses."
 He went on, "Barring a sharp, unexpected change in the interest rate environment or adverse economic developments of major proportions, 1992 should be another record year for our organization."
 At June 30, 1992, the company's total assets were $367,645,000. They had been $365,094,000 one year earlier. Total deposits at mid-year were $325,235,000, compared to $322,648,000 on the same date in 1991. Total loans were $245,284,000, while they had been $241,439,000 at the end of the first half last year.
 Shareholders' equity is now $29,902,000. The company's primary capital ratio which considers shareholders' equity and the allowance for loan losses was 8.96 percent at June 30, 1992. The company believes that all three of its subsidiary banks will qualify as "well capitalized" institutions in compliance with the Federal Deposit Insurance Corporation Improvement Act of 1991.
 Independent Bank Corporation has three subsidiary banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 offices in 23 communities across central and western Michigan.
 The company's common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol IBCP.
 INDEPENDENT BANK CORPORATION
 ($ in 000s, except per-share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 SUMMARY OF OPERATIONS (unaudited) (unaudited)
 Net interest income $4,959 $4,199 $9,757 $8,088
 Provision for loan losses 270 270 540 540
 Non-interest income 549 582 991 1,155
 Non-interest expense 3,513 3,160 7,001 6,190
 Income before federal
 income tax 1,725 1,351 3,207 2,513
 Federal income tax expense 503 360 929 653
 Income before extraordinary
 item 1,222 991 2,278 1,860
 Redemption expenses, net of tax 0 85 0 85
 Net income $1,222 $906 $2,278 $1,775
 PER COMMON SHARE DATA
 Net income
 Primary $0.51 $0.43 $0.96 $0.85
 Fully diluted 0.51 0.36 0.96 0.71
 Cash dividends declared 0.13 0.115 0.26 0.23
 Book value (at end of period)
 Primary --- --- 12.65 12.04
 Fully diluted --- --- 12.65 11.35
 SELECTED BALANCES
 Assets --- --- $367,645 $365,094
 Loans --- --- 245,284 241,439
 Allowance for loan losses --- --- 3,333 3,084
 Total intangibles --- --- 2,388 2,630
 Deposits --- --- 325,235 322,648
 Shareholders' equity --- --- 29,902 26,751
 Average common shares
 Primary 2,374,248 1,917,241 2,363,828 1,909,996
 Fully diluted 2,374,248 2,603,472 2,363,828 2,602,244
 SELECTED RATIOS (percents)
 As a percent of average
 earning assets:
 Tax equivalent interest
 income 9.89 10.60 10.05 10.68
 Interest expense 4.05 5.59 4.28 5.74
 Tax equivalent net interest
 income 5.84 5.01 5.76 4.94
 Net income to
 Average common equity 16.68 14.19 15.87 14.18
 Average assets 1.31 0.99 1.22 0.98
 -0- 7/21/92
 /CONTACT: Loren C. Adgate of Independent Bank Corporation, 616-527-9450/
 (IBCP) CO: Independent Bank Corporation ST: Michigan IN: FIN SU: ERN


SM -- DE010 -- 1442 07/21/92 14:59 EDT
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Date:Jul 21, 1992
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