Independent Bank Corp. in Ionia, Mich., reported lower second quarter earnings as income related to mortgages fell dramatically.

The $2.3 billion-asset company reported Monday net income of $6.1 million, a 90% decline from a year earlier. The second quarter 2013 results included a $57.6 million gain associated with the reversal of the company's valuation allowance against its deferred tax asset. On a pre-tax basis, the second quarter earnings of $7.9 million were up nearly 14.5% from a year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.