Higher Rates Diminish ICNB's Second Quarter
ICNB Financial Corporation here, the holding company for Ionia County National Bank and Austin Mortgage Company, recorded lower earnings for the second quarter and first half of 2004 due to lower mortgage refinance volume.
Net income for the second quarter of 2004 was $525,000, or $0.48 per share, compared with net income of $722,000, or $0.67 per share, for the second quarter of 2003. Net income for the first half of 2004 was $974,000,or $0.90 per share, compared with net income of $1,287,000, or $1.20 per share, a year ago.
In the second quarter, loan quality continued to improve, the company said, with nonperforming loans dropping to 1.09% of total loans at midyear 2004, from 1.23% of total loans a year ago. This reflects the bank's aggressive, ongoing efforts to address problem loans and improve overall loan quality, according to James D. Fast, president.
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