Independent Bank Corp. in Ionia, Mich., announced Monday that it would report a loan-loss provision of $13 million to $16 million for the second quarter.
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The provision would reduce earnings by 37 to 46 cents per diluted share, the $3.3 billion-asset Independent said. As a result, it expects to report a small loss for the quarter. In the second quarter of last year it earned 48 cents per diluted share.
The company said in that it needed to increase its provision after a credit review showed weakness it is commercial real estate portfolio. In April, it hired Stefanie M. Kimball as its executive vice president of commercial lending. She had been a senior vice president at Comerica Inc.
