Independent Bank jumps 34% after Q2 earnings beat Street estimates
Independent Bank Corporation (Nasdaq:IBCP) has soared more than 34% today after reporting a boost to its second-quarter earnings after the close on Tuesday. For the quarter ended June 30, net income was $3.3 million, or $0.15 per share, compared with a net loss of $0.043 million, or breaking even per share, for the quarter a year earlier. Wall Street was expecting $0.10 per share.
“The increase in our net interest margin was particularly encouraging. Our bank remains well capitalized. Moreover, we intend to continue to build our regulatory capital ratios without the need for any equity offering through our earnings and a selective reduction of our total assets,” said Michael Magee, president and CEO, in a statement.
In today’s trading, the Ionia, Mich.-based company's shares are at $6.35 at 11:08 a.m. ET, up about $1.62 from Tuesday’s close. The stock has ranged from $2.52 to $14.12 during the past year.
For detailed price information and recent news stories about Independent Bank Corporation, click IBCP.
