Mercantile Bank Corporation Reports First Quarter 2015 Results

Improved core profitability and continued strength in loan originations

GRAND RAPIDS, Mich., April 21, 2015 /PRNewswire/ -- Mercantile Bank Corporation MBWM ("Mercantile") reported net income of $6.6 million, or $0.39 per diluted share, for the first quarter of 2015, compared with net income of $3.6 million, or $0.41 per diluted share, for the prior-year period.  The current period included a smaller negative provision for loan loss expense ($0.02 per diluted share) compared to the negative provision expense ($0.14 per diluted share) in the year-ago quarter.

The first quarter was highlighted by:

  • Improved core profitability fueled by a higher level of net interest income
  • Net interest margin remains strong
  • New term loan originations of approximately $100 million
  • Commercial loan pipeline remains strong
  • Volume of loans 30- to 89-days past due remains low
  • Increase in cash dividend per common share of approximately 17 percent
  • Commencement of $20 million common stock share repurchase program

"We are very pleased with our first quarter results, which included core profitability consistent with our expectations.  In addition, we saw the full realization of the approximately $1.4 million in quarterly cost savings originally projected as a result of our merger with Firstbank Corporation last June," said Michael Price, President and Chief Executive Officer.  "As evidenced by the net loan growth during the quarter, we continue to focus on developing new business relationships in our expanded market areas.  Based on our current loan pipeline and a continuation of sales efforts, we remain optimistic that we can sustain solid loan growth during the remainder of 2015."

"We also made further progress in the first quarter of 2015 toward improving our earning asset mix," observed Samuel G. Stone, Executive Vice President.  "This goal is a primary driver of profitability improvement resulting from the merger of Mercantile and Firstbank.  Average balances of loans grew 1.6 percent from the fourth quarter while average balances of interest-bearing liabilities declined 0.8 percent.  The net loan growth was primarily funded by reductions in the securities portfolio and other low-yielding interest-bearing assets.  Average loans rose to approximately 80 percent of average earning assets in the first quarter of 2015 from about 79 percent in the fourth quarter of 2014.  Through this process, we are making efficient use of the low cost funding base that came into the merged company with Firstbank."

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $28.5 million during the first quarter of 2015, up $16.0 million or 127 percent from the prior-year first quarter.  Net interest income during the first quarter of 2015 was $24.8 million, up $13.8 million or 125 percent from the first quarter of 2014, primarily reflecting an increase in average earning assets of 100 percent.

The net interest margin was 3.83 percent in the first quarter of 2015, up from 3.42 percent in the first quarter of 2014.  The increase in the net interest margin was mainly due to a decline in the cost of funds, in large part reflecting Firstbank's lower-cost deposit base.  Compared to the fourth quarter of 2014, the yield on total earning assets increased slightly despite continuing competitive pressure pushing down yields on loans.  The improvement in the yield on total earning assets was accomplished by shifting earning assets out of low-yielding securities and overnight funds and into the higher-yielding loan portfolio.

Net interest income and the net interest margin during the first quarter of 2015 were affected by purchase accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014.  An increase in interest income on loans totaling $1.4 million and decreases in interest expense on deposits and FHLB advances aggregating $0.6 million were recorded during the first quarter of 2015.  In addition, an increase in interest expense on subordinated debentures totaling $0.2 million was recorded during the same time period.  Mercantile expects to continue to record adjustments in interest income on loans and interest expense on subordinated debentures in future periods; however, the adjustments to interest expense on deposits and FHLB advances will no longer occur after July of 2015 in accordance with our fair value measurements at the time of the merger.  We anticipate that a resulting increase in interest expense will negatively affect our net interest margin by approximately nine basis points in future periods starting after July 31, 2015.  We expect that an ongoing reallocation of our earning asset mix will help offset this negative impact, as excess lower-yielding overnight funds and cash flows from lower-yielding investments are invested into higher-yielding loans.

Noninterest income during the first quarter of 2015 was $3.7 million, up $2.2 million or 145 percent from the prior-year first quarter.  Substantially all categories of fee income were higher in the current-year first quarter compared to the respective 2014 period as a result of the merger.  Compared to the fourth quarter of 2014, we recorded a similar level of mortgage banking income, while increased debit and credit card fees and income from payroll services mitigated decreased service charges on deposit accounts.

Mercantile recorded a negative $0.4 million provision for loan losses during the first quarter of 2015 compared to a negative $1.9 million provision during the respective 2014 period.  The negative provisions are the result of several factors, including recoveries of previously charged-off loans, reversals of specific reserves and ongoing loan-rating upgrades as the quality of the loan portfolio continues to improve.

Noninterest expense totaled $19.2 million during the first quarter of 2015, up $10.0 million or 109 percent from the prior-year first quarter.  The increase in noninterest expense was mainly attributable to higher costs necessary to operate the combined company.  An increase in salary and benefit expenses was primarily due to the increase in employees associated with the completion of the merger with Firstbank.  As of March 31, 2015, full-time equivalent employees numbered 642, compared to 653 as of December 31, 2014 and 244 as of March 31, 2014. 

Mr. Price continued: "In addition to our overall results, we are very pleased with our ongoing progress.  While the expected earnings benefits resulting from last year's merger have come to fruition, we continue to look for additional opportunities to reduce costs and enhance fee revenue.  We are confident that these strategic initiatives and related actions will produce a positive impact on profitability and shareholder returns during future periods."

Balance Sheet

The March 31, 2015 and December 31, 2014 balance sheets reflect the June 2014 consummation of the merger with Firstbank.  As of March 31, 2015, total assets were $2.88 billion, a decrease of $16.2 million from December 31, 2014; total loans increased $31.5 million to $2.12 billion over the same time period.  Compared to March 31, 2014, total assets increased $1.46 billion, or 104 percent, and total loans increased $1.05 billion, or 99 percent.

Approximately $100 million in new commercial term loans to new and existing borrowers were originated during the first quarter of 2015, as ongoing sales and relationship building efforts have led to increased lending opportunities.  As of March 31, 2015, unfunded commitments on commercial construction and development loans totaled approximately $142 million; these commitments are expected to be largely funded over the next 12 to 18 months. 

Robert B. Kaminski, Jr., Executive Vice President and Chief Operating Officer, noted: "New loan originations remained strong in the first quarter of 2015 as we continue to focus on developing new relationships in our expanded geographic footprint and meeting the credit needs of existing customers.  Although competitive pressures in our markets remain, we are confident that our existing loan pipeline and continuing relationship-building efforts will position us to grow the loan portfolio during the remainder of 2015 while remaining committed to desired loan quality and profitable pricing."

Commercial-related real estate loans continue to comprise a majority of Mercantile's loan portfolio, representing 55 percent of total loans as of March 31, 2015.  Non-owner occupied commercial real estate ("CRE") loans and owner-occupied CRE loans equaled 27 percent and 20 percent of total loans, respectively, as of March 31, 2015.  Commercial and industrial loans represented 28 percent of total loans as of March 31, 2015. 

As of March 31, 2015, total deposits were $2.28 billion, up $1.17 billion from March 31, 2014.  Growth in local deposits was driven primarily by the merger, as well as new commercial loan relationships.   Wholesale funds were $201 million, or approximately 8 percent of total funds, as of March 31, 2015.

Asset Quality

Nonperforming assets ("NPAs") at March 31, 2015 were $27.9 million, or 1.0 percent of total assets, compared to $31.4 million, or 1.1 percent of total assets, as of December 31, 2014.  Nonperforming assets at the end of the first quarter primarily consisted of nonperforming loans.  One commercial loan relationship, which was placed on nonaccrual during the fourth quarter of 2014, accounted for approximately 76 percent of total NPAs at March 31, 2015.  Substantial progress toward full resolution of this relationship was made during the first quarter, and we expect additional progress during the second quarter.

Net loan recoveries were $1.4 million during the first quarter of 2015 compared with net loan charge-offs of $0.3 million for the linked quarter and net loan recoveries of less than $0.1 million for the prior-year first quarter.

Capital Position

Shareholders' equity totaled $333 million as of March 31, 2015, an increase of $4.7 million from year-end 2014.  The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 14.1 percent as of March 31, 2015, compared to 14.4 percent at December 31, 2014.  At March 31, 2015, the Bank had approximately $100 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution.  Mercantile reported 16,899,382 total shares outstanding at March 31, 2015.  As part of a $20 million common stock repurchase program announced in January of 2015, Mercantile repurchased approximately 104,000 shares at a weighted average all-in cost per share of $19.09 during the first quarter of 2015.

Mr. Price concluded: "While our year-over-year comparisons continue to reflect the June 2014 merger with Firstbank, the momentum demonstrated during the first quarter of 2015 as reflected by our strong financial performance is in line with our expectations and encouraging for our outlook in future periods.  In addition, we have excellent lending, fee generation and operating efficiency opportunities.  Our ability to deliver a broad range of products and services together with our customer-centered focus remain the keys to identifying and fostering new customer relationships in our expanded market areas."

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of approximately $2.9 billion and operates 53 banking offices serving communities in central and western Michigan.  Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Except as noted, the Firstbank merger that was consummated effective June 1, 2014 is primarily contributing to the increases over the prior year periods in the income statement and balance sheet.  "Acquired loans", as used herein, are those assumed in the Firstbank merger. The Firstbank merger was considered a business combination and accounted for under FASB Accounting Standards Codification Topic 805, Business Combinations ("ASC 805").  All Firstbank assets and liabilities were recorded at their estimated fair values as of the date of merger and identifiable intangible assets were recorded at their estimated fair value.  Estimated fair values are considered preliminary, and in accordance with ASC 805, are subject to change up to one year after the merger date.  This allows for adjustments to the initial purchase entries if additional information relative to closing date fair values becomes available.  Certain reclassifications of prior periods' purchase entries may also be made to conform to the current period's presentation and would have no effect on previously reported net income amounts.

Forward-Looking Statements

This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; our ability to realize the anticipated benefits of our merger with Firstbank Corporation; our ability to compete in the highly competitive banking and financial services industry; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

 

Mercantile Bank Corporation







First Quarter 2015 Results














MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)










MARCH 31,


DECEMBER 31,


MARCH 31,



2015


2014


2014








ASSETS







   Cash and due from banks

$

42,644,000

$

43,754,000

$

25,823,000

   Interest-bearing deposits


95,781,000


117,777,000


6,295,000

   Federal funds sold


10,365,000


11,207,000


77,829,000

      Total cash and cash equivalents


148,790,000


172,738,000


109,947,000








   Securities available for sale


413,693,000


432,912,000


141,097,000

   Federal Home Loan Bank stock


13,699,000


13,699,000


11,961,000








   Loans


2,120,760,000


2,089,277,000


1,066,796,000

   Allowance for loan losses


(21,050,000)


(20,041,000)


(20,954,000)

      Loans, net


2,099,710,000


2,069,236,000


1,045,842,000








   Premises and equipment, net


48,367,000


48,812,000


24,867,000

   Bank owned life insurance


58,148,000


57,861,000


51,667,000

   Goodwill


49,473,000


49,473,000


0

   Core deposit intangible


14,829,000


15,624,000


0

   Other assets


30,475,000


33,024,000


28,134,000








      Total assets

$

2,877,184,000

$

2,893,379,000

$

1,413,515,000















LIABILITIES AND SHAREHOLDERS' EQUITY







   Deposits:







      Noninterest-bearing

$

568,843,000

$

558,738,000

$

230,709,000

      Interest-bearing


1,710,681,000


1,718,177,000


877,542,000

         Total deposits


2,279,524,000


2,276,915,000


1,108,251,000








   Securities sold under agreements to repurchase


148,219,000


167,569,000


63,165,000

   Federal Home Loan Bank advances


48,011,000


54,022,000


45,000,000

   Subordinated debentures


54,642,000


54,472,000


32,990,000

   Accrued interest and other liabilities


14,000,000


12,263,000


6,420,000

         Total liabilities


2,544,396,000


2,565,241,000


1,255,826,000








SHAREHOLDERS' EQUITY







   Common stock


316,537,000


317,904,000


162,076,000

   Retained earnings (deficit)


14,487,000


10,218,000


(521,000)

   Accumulated other comprehensive income (loss)


1,764,000


16,000


(3,866,000)

      Total shareholders' equity


332,788,000


328,138,000


157,689,000








      Total liabilities and shareholders' equity

$

2,877,184,000

$

2,893,379,000

$

1,413,515,000

 

 

Mercantile Bank Corporation









First Quarter 2015 Results









MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)












THREE MONTHS ENDED


THREE MONTHS ENDED



March 31, 2015


March 31, 2014










INTEREST INCOME









   Loans, including fees


$

25,311,000



$

12,099,000


   Investment securities



2,223,000




1,417,000


   Other interest-bearing assets



55,000




72,000


      Total interest income



27,589,000




13,588,000











INTEREST EXPENSE









   Deposits



1,899,000




2,035,000


   Short-term borrowings



38,000




22,000


   Federal Home Loan Bank advances



152,000




150,000


   Other borrowed money



651,000




317,000


      Total interest expense



2,740,000




2,524,000











      Net interest income



24,849,000




11,064,000











Provision for loan losses



(400,000)




(1,900,000)











      Net interest income after









         provision for loan losses



25,249,000




12,964,000











NONINTEREST INCOME









   Service charges on accounts



770,000




365,000


   Mortgage banking income



688,000




63,000


   Other income



2,236,000




1,078,000


      Total noninterest income



3,694,000




1,506,000











NONINTEREST EXPENSE









   Salaries and benefits



10,084,000




5,230,000


   Occupancy



1,573,000




712,000


   Furniture and equipment



624,000




247,000


   Data processing costs



1,770,000




936,000


   FDIC insurance costs



477,000




177,000


   Other expense



4,713,000




1,905,000


      Total noninterest expense



19,241,000




9,207,000











      Income before federal income








         tax expense



9,702,000




5,263,000











Federal income tax expense



3,056,000




1,683,000











      Net Income


$

6,646,000



$

3,580,000











   Basic earnings per share



$0.39




$0.41


   Diluted earnings per share



$0.39




$0.41











   Average basic shares outstanding



16,937,630




8,738,836


   Average diluted shares outstanding



16,978,591




8,741,121


 

 

Mercantile Bank Corporation












First Quarter 2015 Results












MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)















Quarterly


(dollars in thousands except per share data)


2015


2014


2014


2014


2014




1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


EARNINGS












   Net interest income

$

24,849


25,173


25,989


15,553


11,064


   Provision for loan losses

$

(400)


0


(400)


(700)


(1,900)


   Noninterest income

$

3,694


3,333


2,899


2,288


1,506


   Noninterest expense

$

19,241


19,596


20,741


16,066


9,207


   Net income before federal income












      tax expense

$

9,702


8,910


8,547


2,475


5,263


   Net income

$

6,646


6,293


5,947


1,509


3,580


   Basic earnings per share

$

0.39


0.37


0.35


0.13


0.41


   Diluted earnings per share

$

0.39


0.37


0.35


0.13


0.41


   Average basic shares outstanding


16,937,630


16,919,559


16,852,050


11,406,908


8,738,836


   Average diluted shares outstanding


16,978,591


16,965,665


16,900,924


11,427,353


8,741,121














PERFORMANCE RATIOS












   Return on average assets


0.94%


0.86%


0.82%


0.32%


1.02%


   Return on average equity


8.19%


7.70%


7.46%


2.94%


9.36%


   Net interest margin (fully tax-equivalent)


3.83%


3.79%


3.95%


3.62%


3.42%


   Efficiency ratio


67.41%


68.74%


71.80%


90.05%


73.25%


   Full-time equivalent employees


642


653


640


645


244














YIELD ON ASSETS / COST OF FUNDS












   Yield on loans


4.84%


4.90%


5.03%


4.85%


4.63%


   Yield on securities


2.17%


2.17%


2.24%


2.79%


4.08%


   Yield on other interest-bearing assets


0.25%


0.25%


0.19%


0.24%


0.25%


   Yield on total earning assets


4.25%


4.23%


4.39%


4.30%


4.20%


   Yield on total assets


3.92%


3.89%


4.03%


3.96%


3.90%


   Cost of deposits


0.34%


0.36%


0.34%


0.61%


0.75%


   Cost of borrowed funds


1.36%


1.37%


1.52%


1.49%


1.27%


   Cost of interest-bearing liabilities


0.56%


0.59%


0.58%


0.87%


0.98%


   Cost of funds (total earning assets)


0.42%


0.44%


0.44%


0.68%


0.78%


   Cost of funds (total assets)


0.39%


0.41%


0.40%


0.62%


0.72%














PURCHASE ACCOUNTING ADJUSTMENTS












   Loan portfolio - increase interest income

$

1,416


1,507


1,175


512


0


   Time deposits - reduce interest expense

$

588


588


588


196


0


   FHLB advances - reduce interest expense

$

11


11


11


4


0


   Trust preferred - increase interest expense

$

171


171


171


57


0


   Core deposit intangible - increase overhead

$

794


794


794


265


0














CAPITAL












   Tangible equity to tangible assets


9.54%


9.30%


9.07%


8.82%


11.16%


   Tier 1 leverage capital ratio


11.61%


11.15%


11.01%


16.67%


12.99%


   Common equity risk-based capital ratio


11.17%


NA


NA


NA


NA


   Tier 1 risk-based capital ratio


13.22%


13.57%


13.17%


13.10%


14.93%


   Total risk-based capital ratio


14.07%


14.43%


14.04%


14.00%


16.18%


   Tier 1 capital

$

326,947


314,752


307,562


302,365


183,251


   Tier 1 plus tier 2 capital

$

347,997


334,793


327,936


323,221


198,667


   Total risk-weighted assets

$

2,473,399


2,319,404


2,335,589


2,308,746


1,227,722


   Book value per common share

$

19.69


19.33


19.04


18.77


18.05


   Tangible book value per common share

$

15.89


15.49


15.05


14.73


18.05


   Cash dividend per common share

$

0.14


0.12


0.12


2.12


0.12














ASSET QUALITY












   Gross loan charge-offs

$

448


466


345


103


588


   Recoveries

$

1,858


132


263


705


621


   Net loan charge-offs

$

(1,410)


334


82


(602)


(33)


   Net loan charge-offs to average loans


(0.27%)


0.06%


0.02%


(0.18%)


(0.01%)


   Allowance for loan losses

$

21,050


20,041


20,374


20,856


20,954


   Allowance to originated loans


1.58%


1.54%


1.72%


1.82%


1.96%


   Nonperforming loans

$

26,267


29,434


6,071


5,741


6,342


   Other real estate/repossessed assets

$

1,664


1,995


2,659


2,878


2,350


   Nonperforming loans to total loans


1.24%


1.41%


0.29%


0.28%


0.59%


   Nonperforming assets to total assets


0.97%


1.09%


0.30%


0.30%


0.61%














NONPERFORMING ASSETS - COMPOSITION












   Residential real estate:












      Land development

$

383


413


436


463


465


      Construction

$

0


0


0


22


22


      Owner occupied / rental

$

3,224


4,951


5,252


4,867


4,212


   Commercial real estate:












      Land development

$

197


209


222


327


453


      Construction

$

0


0


0


0


0


      Owner occupied  

$

17,634


18,338


906


1,475


859


      Non-owner occupied

$

910


1,075


1,585


1,198


1,883


   Non-real estate:












      Commercial assets

$

5,565


6,401


296


267


798


      Consumer assets

$

18


42


33


0


0


   Total nonperforming assets

$

27,931


31,429


8,730


8,619


8,692














NONPERFORMING ASSETS - RECON












   Beginning balance

$

31,429


8,730


8,619


8,692


9,569


   Additions - originated loans

$

584


24,734


1,215


164


174


   Merger-related activity

$

105


160


830


1,187


0


   Return to performing status

$

(5)


(779)


0


0


0


   Principal payments

$

(3,203)


(227)


(864)


(523)


(449)


   Sale proceeds

$

(538)


(982)


(910)


(790)


(501)


   Loan charge-offs

$

(371)


(145)


0


(67)


(101)


   Valuation write-downs

$

(70)


(62)


(160)


(44)


0


   Ending balance

$

27,931


31,429


8,730


8,619


8,692














LOAN PORTFOLIO COMPOSITION












   Commercial:












      Commercial & industrial

$

587,675


550,629


541,805


538,791


289,009


      Land development & construction

$

56,050


51,977


52,218


55,948


37,190


      Owner occupied comm'l R/E

$

431,995


430,406


412,470


411,116


264,299


      Non-owner occupied comm'l R/E

$

566,152


559,594


584,422


588,752


378,034


      Multi-family & residential rental

$

117,477


122,772


95,649


93,939


35,686


         Total commercial

$

1,759,349


1,715,378


1,686,564


1,688,546


1,004,218


   Retail:












      1-4 family mortgages

$

208,425


214,696


217,751


215,908


30,800


      Home equity & other consumer

$

152,986


159,203


163,950


169,028


31,778


         Total retail

$

361,411


373,899


381,701


384,936


62,578


         Total loans

$

2,120,760


2,089,277


2,068,265


2,073,482


1,066,796














END OF PERIOD BALANCES












   Loans

$

2,120,760


2,089,277


2,068,265


2,073,482


1,066,796


   Securities

$

427,392


446,611


473,235


494,501


153,058


   Other interest-bearing assets

$

106,146


128,984


82,545


60,123


84,124


   Total earning assets (before allowance)

$

2,654,298


2,664,872


2,624,045


2,628,106


1,303,978


   Total assets

$

2,877,184


2,893,379


2,863,104


2,879,282


1,413,515


   Noninterest-bearing deposits

$

568,843


558,738


535,101


515,646


230,709


   Interest-bearing deposits

$

1,710,681


1,718,177


1,736,607


1,787,615


877,542


   Total deposits

$

2,279,524


2,276,915


2,271,708


2,303,261


1,108,251


   Total borrowed funds

$

254,365


279,790


254,203


249,631


142,833


   Total interest-bearing liabilities

$

1,965,046


1,997,967


1,990,810


2,037,246


1,020,375


   Shareholders' equity

$

332,788


328,138


320,993


316,138


157,689














AVERAGE BALANCES












   Loans

$

2,119,464


2,085,844


2,075,087


1,377,986


1,059,595


   Securities

$

440,380


459,920


484,345


267,273


147,164


   Other interest-bearing assets

$

87,620


109,128


66,207


89,741


114,553


   Total earning assets (before allowance)

$

2,647,464


2,654,892


2,625,639


1,735,000


1,321,312


   Total assets

$

2,873,032


2,889,475


2,862,349


1,882,618


1,420,512


   Noninterest-bearing deposits

$

557,603


561,031


532,997


318,632


214,037


   Interest-bearing deposits

$

1,723,684


1,736,242


1,757,162


1,169,863


890,698


   Total deposits

$

2,281,287


2,297,273


2,290,159


1,488,495


1,104,735


   Total borrowed funds

$

251,418


254,290


245,522


176,946


156,043


   Total interest-bearing liabilities

$

1,975,102


1,990,532


2,002,685


1,346,809


1,046,741


   Shareholders' equity

$

329,246


324,075


316,410


205,558


155,073


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-first-quarter-2015-results-300068774.html

SOURCE Mercantile Bank Corporation

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