Independent Bank Corp., of Ionia, Mich., announced first-quarter earnings Monday of $11.3 million, up 35% from the same quarter last year. Diluted earnings per share were of 53 cents were up 24% but missed the average of analysts' expectations by a penny.
The $3.1 billion-asset company attributed the increase to growth in net interest income, service charges on deposits, and mortgage loan servicing fees. Net interest income rose 30%, to $32 million. That growth was slowed by a doubling of the provision for loan losses, to $1.6 million, mostly because a borrower with mortgage and commercial loan relationship declared bankruptcy.
Noninterest income was up 31%, to $9.7 million, mostly because deposit account charges rose 11% increase, to $4 million.
