Independent Bank Posts Q3 Earnings of $17.9 Million, Beats Analyst Estimates

Independent Bank Corp. (IBCP) on Tuesday reported third-quarter earnings of $17.9 million, or 80 cents per share, surpassing Wall Street expectations. Adjusted for merger and acquisition costs, earnings came to 92 cents per share, above the 86-cent average estimate from four analysts surveyed by Zacks Investment Research. The Grand Rapids, Michigan-based bank holding company posted revenue of $93.1 million for the period. Revenue net of interest expense was $71.1 million, also exceeding the $68.1 million forecast by the same four analysts.