Independent Bank Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest income of $33,103,000 compared to $23,533,000 a year ago. Net interest income was $28,980,000 compared to $21,492,000 a year ago. Income before income tax was $10,884,000 compared to $8,594,000 a year ago. Net income was $8,817,000 or $0.36 per diluted share compared to $5,931,000 or $0.27 per diluted share a year ago. Return on average assets was 1.12% compared to 0.92% a year ago. Return on average common equity was 10.57% compared to 9.15% a year ago.

For the six months, the company reported total interest income of $59,900,000 compared to $46,912,000 a year ago. Net interest income was $52,916,000 compared to $42,958,000 a year ago. Income before income tax was $22,083,000 compared to $17,189,000 a year ago. Net income was $17,978,000 or $0.78 per diluted share compared to $11,905,000 or $0.55 per diluted share a year ago. The increases in second quarter and year to date 2018 earnings as compared to 2017 primarily reflect increases in net interest income and in non-interest income and a decrease in income tax expense that were partially offset by increases in the provision for loan losses and in non-interest expense.

The company expects an effective income tax rate between 19% and 20% for the third and fourth quarters of 2018.