Independent Bank Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Tax Rate Guidance for the Year 2017
For the six months, the company reported total interest income of $46,912,000 compared to $42,621,000 a year ago. Net Interest Income was $42,958,000 compared to $39,393,000 a year ago. Income before income tax was $17,189,000 compared to $15,106,000 a year ago. Net income was $11,905,000 $0.55 per diluted share compared to $10,538,000 $0.48 per diluted share a year ago. At June 30, 2017, tangible book value per share grew to $12.22 per share, up from $11.89 per share at March 31, 2017.
Finally, it expects an effective income tax rate between 31% and 32% going forward in 2017.