By Denny JacobIndependent Bank shares declined 7.7% to $24.61 following reported earnings per-share that missed Wall Street's expectations. The stock is up 7.2% over the last 12 months. The Grand Rapids, Mich.-based community bank posted net income of $13.7 million, or 65 cents a share, for the fourth quarter ended Dec. 31, down from $15.1 million, or 71 cents a share, a year earlier. Analysts polled by FactSet expected earnings of 72 cents a share. Chief Executive William Kessel said the company's quarterly results were significantly affected by the change in price of the fair value of its capitalized mortgage servicing rights of $3.6 million.

Source: Wall Street Journal January 25, 2024 16:43 UTC