Independent Bank Corp., of Ionia, Mich., reported second-quarter earnings Monday of $12.1 million, up 34% from the same quarter last year.
Diluted earnings per share were up 27%, to 56 cents.
The $3.3 billion-asset company's earnings beat the average of analysts' estimates by two cents.
For the six months ended June 30, net income was up 34%, to $23.4 million. Diluted earnings per share were up 26% from the same time period last year, to $1.08.
Independent attributed the growth in earnings to increases in net interest income, service charges on deposits, and securities gains.
Net interest income was up 18% from the same quarter last year, to $32 million. Service charges on deposit accounts were up 16%, to $5 million. The company also earned approximately $1.3 million on the sale of securities in the second quarter, an increase of 640%.
