Independent bank Corporation (IBCP)

[Alyssa]

A return to profitability and WELL CAPITALIZED.

Things are looking up in a big way. Tiny float and a significant short position...fun to come.

:)

Independent Bank Corporation Reports 2012 First Quarter Results
Newswire

Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2012 net income applicable to common stock of $2.4 million, or $0.07 per diluted share, versus a net loss applicable to common stock of $8.4 million, or $1.06 per share, in the prior-year period.

The first quarter of 2012 was highlighted by:

A return to profitability and significant improvement in operating results due primarily to declines in the provision for loan losses and in non-interest expenses and an increase in non-interest income that were partially offset by a decline in net interest income.

Additional improvement in asset quality with non-performing assets down 12% since the end of 2011.

A 52% decline in the provision for loan losses.

Strong mortgage-banking results with a 99% increase in net gains on mortgage loans.

Additional growth in core deposits which increased 5% since the end of 2011.

Regulatory capital ratios that increased and remain above minimum requirements for "well-capitalized" institutions.