Independent Bank (IBCP) in Ionia, Mich., attributed a significant plunge in quarterly profits to a slump in mortgage refinancing activity.

The $2.3 billion-asset company's first-quarter earnings fell 34% from a year earlier, to $3.1 million. Earnings per share of 13 cents were 3 cents lower than the estimates of analysts polled by Bloomberg.

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.