Independent Bank (IBCP) Reports Large Q3 Loss
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Independent Bank Corporation (NASDAQ: IBCP) reports Q3 EPS of $0.74, 61 cents worse than the analyst estimate of ($0.13).
Michael M. Magee, President and CEO of Independent Bank Corporation, commented: "The continued difficult Michigan economic environment had a significant impact on our financial results, leading to our reported loss for the quarter. However, we remain encouraged by our pre-tax, pre-provision core operating earnings, which rose more than 7% when compared with the year-ago quarter and remains comparable to our results last quarter. Maintaining a high performance level on core earnings and a strong net interest margin while continuing to make gains in productivity and cost control should provide us with the base we need for improved performance as we emerge from the current economic downturn."
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