IONIA, Mich. -- Independent Bank Corp., a $482 million-asset bank holding company, reported net income for the three months ended June 30 of $1.5 million, or $0.56 per share, up from $1.4 million, or $0.54 per share in 1993.
For the first six months, net income was $2.8 million, compared with $2.9 million for the first half of 1993. Return on average assets and return on average shareholders' equity for the first six months were 1.20% and 14.69% respectively.
Independent also reported that its origination efforts brought a 74% increase in real estate mortgage loan production during the first six months compared with the same period last year. However, gains on the sale of these loans were less than anticipated because of rising interest rates, the company said.
