U.S. Markets open in 9 hrs 29 mins

Independent Bank: 4Q Earnings Snapshot

GRAND RAPIDS, Mich. (AP) _ Independent Bank Corp. (IBCP) on Tuesday reported fourth-quarter earnings of $9.9 million.

The Grand Rapids, Michigan-based bank said it had earnings of 41 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.

The bank holding company posted revenue of $45.4 million in the period. Its revenue net of interest expense was $39.6 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $41.4 million.

For the year, the company reported profit of $39.8 million, or $1.68 per share. Revenue was reported as $158.1 million.

Independent Bank shares have risen nearly 7 percent since the beginning of the year. The stock has declined roughly 2 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBCP at https://www.zacks.com/ap/IBCP