Independent Bank Q2 Earnings Decline

(RTTNews) - Independent Bank Corp. (IBCP), on Thursday, announced that net income declined in the second quarter compared to the previous year due to lower mortgage servicing income.

For the second quarter, net income declined to $16.88 million from $18.53 million in the prior year.

Earnings per share were $0.81 versus $0.88 last year.

Five analysts, on average, had expected the company to report $0.79 per share. Analysts' estimates typically exclude special items.

Net interest income increased 7.9 percent to $44.62 million from $41.35 million last year.

Non-interest income decreased to $11.33 million from $15.17 million in the previous year.

Net growth in loans of $91.7 million (or 9.0% annualized) from March 31.

On Wednesday, Independent Bank closed trading, 0.38% higher at $34.19 on the Nasdaq.