(January 10, 2011) Shares of Independent Bank Corporation (NASDAQ: IBCP), a Ionia, Michigan-based bank holding company, soared in trading on Friday, finishing the day 14.35% higher at $2.47.
In the last three trading sessions, the Independent Bank Corporation stock has gained an impressive 57.32%. In the last five trading sessions, the stock climbed a spectacular 90%. The stock has climbed 122.52% in the last one month.
For the third quarter of 2010, Independent Bank Corporation reported a net loss of $7.7 million, or $1.03 per share, compared with a net loss of $19.4 million, or $8.07 per share reported for the same period in 2009. For the nine-month period ended September 30, 2010, the company reported a net loss of $15.9 million, or $3.71 per share, compared with $45.3 million, or $19.02 per share reported for the same period in 2009.
The company third-quarter financial results saw an improvement primarily due to a drop in the provision for loan losses. This was partially offset by a drop in net interest income. The company’s net interest income came in at $27 million for the third quarter of 2010, a decline of $8.3 million over the third quarter of 2009.
About Independent Bank Corporation: Independent Bank Corporation is the owner of Independent Bank. Independent Bank offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services.
Summary
Independent Bank Corporation managed to narrow down its third-quarter loss. The company’s stock has picked up momentum in the last one month.
