Independent Bank Corp., Ionia, Mich., has reported that it expects to record a small net loss in the second quarter as a result of a larger-than-anticipated $13-16 million loan-loss provision related to its commercial real estate portfolio.The company cited several factors, including increases in specific reserves or chargeoffs totaling approximately $6 million on seven credit relationships totaling $24 million. "In general, these borrowers are experiencing cash flow difficulties, often as a result of the slow residential housing market that is impacting many real estate developers in Michigan," Independent Bank said. The bank can be found online at http://www.ibcp.com.
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