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Michigan Bank Expects Millions in Loan Losses.
IONIA, MI -- Independent Bank Corp. here said that it expects to add between $13 million and $16 million to its credit provision and report a loss when the company reports second-quarter results.
The company said that the additional loss reserve is higher than historically is the case and exceeds what the company expected to report for the quarter. company said that the additional loss reserve is higher than historically is the case and exceeds what the company expected to report for the quarter.
The after-tax effect of the higher-than-expected loss provision will be to reduce earnings per share by $0.37 to $0.46, ICB said.
Michael Magee, president and CEO of ICB, attributed the increase in anticipated loan losses to "a weak Michigan economy, particularly in the real estate development sector."
He said the hiring of a new chief lending officer will help ICB ...
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Source: HighBeam Research, Michigan Bank Expects Millions in Loan Losses.