Independent Bank is pleased to announce it has received a second place ranking from the ABA Banking Journal in its Top-performing Mid-size Banks report. Independent Bank was the only bank from Michigan in the top 25 list that appears in the May 2013 issue.
“The U.S. economic expansion gained a firmer footing in 2012, and the performance of mid-sized banks reflected it,” wrote Claude Hanley of Capital Performance Group LLC., in the ABA Banking Journal report.
The analysis ranks the performance of federally insured, domestic-depository institutions as of December 31, 2012. The study divided them into sub-groups of publicly held institutions and private or foreign-owned depositories. A total of 242 public and 234 private institutions qualified. They were ranked on return on average total equity for 2012. The May issue reports on the nation’s top-performing public banks and thrifts with total assets of $1 billion – $10 billion.
Independent Bank’s President and Chief Executive Officer Brad Kessel said, “I am very pleased to see this ranking. That said, I also recognize it is just one ranking and at one point in time. More importantly, I am proud to be a part of a community bank team like Independent that is continually working to make a positive impact on the Michigan economy and the U.S. economy.”
Kessel continues, “In April, we were very pleased to report our fifth consecutive quarter of profitability as well as further progress in improving asset quality, as evidenced by a reduction in our non-performing loans, loan net charge-offs and the provision for loan losses as compared to the year ago quarter.”
Independent Bank Corporation reported first quarter 2013 net income applicable to common stock of $4.7 million versus net income applicable to common stock of $2.4 million in the prior-year period.