Mercantile Bank Corporation Reports Strong Third Quarter 2017 Results

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Continued strength in core profitability highlights quarter

GRAND RAPIDS, Mich., Oct. 17, 2017 /PRNewswire/ -- Mercantile Bank Corporation MBWM ("Mercantile") reported net income of $8.3 million, or $0.51 per diluted share, for the third quarter of 2017, compared with net income of $7.8 million, or $0.48 per diluted share, for the respective prior-year period.  Net income during the first nine months of 2017 totaled $23.3 million, or $1.41 per diluted share, compared to $23.8 million, or $1.46 per diluted share, during the first nine months of 2016.  Excluding the impacts of certain noncore transactions, including a Bank-owned life insurance death benefit claim in the first quarter of 2017, the repurchase of trust preferred securities at a discount in the first quarter of 2016, and accelerated discount accretion on called U.S. Government agency bonds during the first nine months of 2016, diluted earnings per share during the first nine months of 2017 and 2016 equaled $1.34 and $1.27, respectively.

"We are very pleased to report another quarter of strong operating performance," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our sustained strength in core profitability and strong capital position provide us with a high degree of optimism that the fourth quarter of 2017 will produce operating results similar to those achieved during the first three quarters of the year and position us well for sustainable growth opportunities into 2018."

The third quarter was highlighted by:

  • Robust earnings performance and capital position
  • Healthy net interest margin
  • Continued expense control
  • Strong asset quality, as reflected by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category
  • New commercial term loan originations of approximately $128 million
  • Continued strength in commercial and mortgage loan pipelines
  • Increased cash dividend

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $33.2 million during the third quarter of 2017, up $1.5 million or 4.8 percent from the prior-year third quarter.  Net interest income during the third quarter of 2017 was $28.6 million, up $2.2 million or 8.3 percent from the third quarter of 2016, reflecting a higher level of earning assets and an increased net interest margin.

The net interest margin was 3.83 percent in the third quarter of 2017, up from 3.76 percent in the prior-year third quarter.  The increase in the net interest margin primarily resulted from a higher yield on loans, mainly reflecting the positive impact of higher interest rates on variable-rate commercial loans stemming from the 25 basis point increases in the targeted federal funds rate in December of 2016 and March and June of 2017 and a higher level of purchased credit-impaired commercial loan income.  The cost of funds equaled 0.58 percent during the third quarter of 2017, up from 0.46 percent during the respective 2016 period mainly due to increased costs of certain non-time deposit accounts and borrowed funds.

Net interest income and the net interest margin during the third quarter of 2017 and the prior-year third quarter were affected by purchased accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014.  Increases in interest income on loans totaling $1.8 million and $1.0 million were recorded during the third quarters of 2017 and 2016, respectively.  An increase in interest expense on subordinated debentures totaling $0.2 million was recorded during both the current-year third quarter and prior-year third quarter.  Purchased loan accretion amounts vary from period to period as a result of periodic cash flow re-estimations, loan payoffs, and payment performance.

Mercantile recorded a $1.0 million provision for loan losses during the third quarter of 2017 compared to a $0.6 million provision during the respective 2016 period.  The provision expense recorded during the third quarter of 2017 primarily reflects an increased allocation related to the economic conditions environmental factor.  Ongoing loan growth also necessitated a portion of the provision expense incurred during the current-year third quarter and accounted for a substantial portion of the provision expense recorded during the third quarter of 2016.

Noninterest income during the third quarter of 2017 was $4.6 million, down $0.7 million or 12.9 percent from the $5.3 million recorded during the third quarter of 2016.    Growth in several fee income categories, including credit and debit card fees, mortgage banking activity income, and payroll processing revenue, was more than offset by a decline in other income, which was elevated in the third quarter of 2016 as a result of certain noncore transactions, including the reimbursement of medical insurance premiums charged in prior years and payments received on purchased credit-impaired loans that had been charged-off prior to the merger with Firstbank Corporation.

Noninterest expense totaled $20.2 million during the third quarter of 2017, up $0.5 million or 2.8 percent from the respective 2016 period primarily due to increased salary and benefit costs and general operating expenses.  The increase in salary and benefit costs primarily reflects annual employee merit increases and the hiring of additional staff, while increases in other operating expenses generally reflect costs associated with recent expansion initiatives. 

Mr. Kaminski continued: "As expected, our net interest margin benefitted from the recent increases in short-term interest rates stemming from the Federal Open Market Committee's decision to continue its tightening path.  Although our cost of funds has trended upward over the past few quarters, its impact on our net interest margin has been surpassed by an increasing yield on earning assets, primarily reflecting higher interest rates on variable-rate commercial loans resulting from the recent rate hikes and increased purchased credit-impaired commercial loan income.  Based on our balance sheet structure, we expect any additional tightening by the Federal Open Market Committee to positively impact our net interest margin.  We remain focused on identifying opportunities to enhance revenue and have been proactively adding proven revenue producers to our sales team.  We have also implemented expansion and other strategic initiatives in a cost-conscious manner."

Balance Sheet

As of September 30, 2017, total assets were $3.25 billion, up $172 million or 5.6 percent from December 31, 2016; total loans increased $176 million, or 7.4 percent, to $2.55 billion over the same time period, representing an annualized growth rate of approximately 10 percent.  During the twelve months ended September 30, 2017, total assets were up $191 million or 6.2 percent, and total loans were up $148 million or 6.1 percent.  Approximately $410 million in commercial term loans to new and existing borrowers were originated during the first nine months of 2017, including about $128 million during the third quarter, as continuing sales and relationship building efforts presented additional lending opportunities.  As of September 30, 2017, unfunded commitments on commercial construction and development loans totaled approximately $163 million, up from $111 million as of June 30, 2017; the commitments are expected to be largely funded over the next 12 to 18 months.

Raymond Reitsma, President of Mercantile Bank of Michigan, noted: "We are pleased with the loan growth achieved during the first nine months of 2017, along with the relatively consistent dollar volume of new commercial term loans originated during each quarter.  Although competitive pressures remain in our markets, we have not wavered from our ongoing commitment to grow the loan portfolio in a controlled manner, focusing on an appropriate balance between credit risk and pricing.  Based on the strength of our loan pipeline and expected draws on construction and development lines of credit, we are confident that a solid level of commercial loans will be funded in future periods.  We are also very pleased to report that the success of strategic initiatives designed to increase our residential mortgage loan market penetration continued during the third quarter.  Our residential mortgage portfolio grew nearly seven percent during the quarter, marking the sixth consecutive quarter of growth in the portfolio."

Commercial and industrial loans and owner-occupied commercial real estate ("CRE") loans combined represented approximately 49 percent of total loans as of September 30, 2017.  Non-owner occupied CRE loans equaled about 32 percent of total loans as of September 30, 2017. 

As of September 30, 2017, total deposits were $2.49 billion, up $114 million and $160 million from December 31, 2016 and September 30, 2016, respectively.  Local deposits were up $85.6 million since year-end 2016 and $146 million over the past twelve months.  Growth in local deposits was mainly driven by new commercial loan relationships and the success of various deposit account specials.  Wholesale funds were $325 million, or approximately 11 percent of total funds, as of September 30, 2017, compared to about 9 percent as of December 31, 2016 and 10 percent as of September 30, 2016.

Asset Quality

Nonperforming assets at September 30, 2017 were $10.6 million, or 0.3 percent of total assets, compared to $7.2 million, or 0.2 percent of total assets, at June 30, 2017, and $6.4 million, or 0.2 percent of total assets, at December 31, 2016.  The transfer of a Bank-owned parcel of real estate, which is no longer being considered for use as a bank facility, from fixed assets to other real estate owned accounted for nearly 50 percent of the $3.3 million increase in nonperforming assets during the third quarter of 2017.  The parcel of real estate is expected to be sold in the next six months for an amount that approximates current book value.  The level of past due loans remains nominal, and loan relationships on the internal watch list have remained relatively consistent in number and dollar volume.  Net loan charge-offs were $0.1 million during the third quarter of 2017, or an annualized 0.02 percent of average loans, and $1.1 million, or an annualized 0.06 percent of average loans, during the first nine months of 2017.

Capital Position

Shareholders' equity totaled $363 million as of September 30, 2017, an increase of $21.7 million from year-end 2016.  The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 12.5 percent as of September 30, 2017, compared to 13.1 percent at December 31, 2016.  At September 30, 2017, the Bank had approximately $74 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution.  Mercantile reported 16,490,279 total shares outstanding at September 30, 2017.

No shares were repurchased during the first nine months of 2017 as part of the $20 million stock repurchase program that was announced in January of 2015.  Future share repurchases totaling $15.5 million can be made under the program, which was expanded by $15 million in early 2016.

Mr. Kaminski concluded: "We are excited about Mercantile's future and expect the solid operating results achieved during the first nine months of the year to extend into the fourth quarter.  Our strong overall financial condition, including sustained strength in core profitability and a healthy balance sheet, affords us the ability to meet growth objectives and fulfill our ongoing commitment to enhance shareholder value.  As depicted by loan and deposit growth, our relationship-based approach to banking continues to be well-received by businesses and individuals in our markets."

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 $3.3 billion and operates 49 banking offices.  Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

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; 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

CONSOLIDATED BALANCE SHEETS

(Unaudited)










SEPTEMBER 30,


DECEMBER 31,


SEPTEMBER 30,



2017


2016


2016

ASSETS







   Cash and due from banks

$

53,941,000

$

50,200,000

$

55,882,000

   Interest-earning deposits


123,110,000


133,396,000


85,848,000

      Total cash and cash equivalents


177,051,000


183,596,000


141,730,000








   Securities available for sale


330,090,000


328,060,000


325,443,000

   Federal Home Loan Bank stock


11,036,000


8,026,000


8,026,000








   Loans


2,554,272,000


2,378,620,000


2,406,377,000

   Allowance for loan losses


(19,193,000)


(17,961,000)


(17,526,000)

      Loans, net


2,535,079,000


2,360,659,000


2,388,851,000








   Premises and equipment, net


45,606,000


45,456,000


45,212,000

   Bank owned life insurance


66,858,000


67,198,000


66,876,000

   Goodwill


49,473,000


49,473,000


49,473,000

   Core deposit intangible


8,156,000


9,957,000


10,592,000

   Other assets


31,306,000


30,146,000


27,761,000








      Total assets

$

3,254,655,000

$

3,082,571,000

$

3,063,964,000















LIABILITIES AND SHAREHOLDERS' EQUITY







   Deposits:







      Noninterest-bearing

$

826,038,000

$

810,600,000

$

731,663,000

      Interest-bearing


1,663,005,000


1,564,385,000


1,597,774,000

         Total deposits


2,489,043,000


2,374,985,000


2,329,437,000








   Securities sold under agreements to repurchase


122,280,000


131,710,000


146,843,000

   Federal Home Loan Bank advances


220,000,000


175,000,000


178,000,000

   Subordinated debentures


45,347,000


44,835,000


44,665,000

   Accrued interest and other liabilities


15,439,000


15,230,000


15,548,000

         Total liabilities


2,892,109,000


2,741,760,000


2,714,493,000








SHAREHOLDERS' EQUITY







   Common stock


309,033,000


305,488,000


304,027,000

   Retained earnings


55,258,000


40,904,000


43,655,000

   Accumulated other comprehensive income/(loss)


(1,745,000)


(5,581,000)


1,789,000

      Total shareholders' equity


362,546,000


340,811,000


349,471,000








      Total liabilities and shareholders' equity

$

3,254,655,000

$

3,082,571,000

$

3,063,964,000

 

 

MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)
















THREE MONTHS ENDED


THREE MONTHS ENDED

NINE MONTHS ENDED

NINE MONTHS ENDED


September 30, 2017


September 30, 2016

September 30, 2017

September 30, 2016

INTEREST INCOME














   Loans, including fees

$

30,746,000



$

27,553,000


$

86,406,000


$

81,219,000


   Investment securities


1,906,000




2,033,000



5,594,000



7,283,000


   Other interest-earning assets


382,000




120,000



641,000



240,000


      Total interest income


33,034,000




29,706,000



92,641,000



88,742,000
















INTEREST EXPENSE














   Deposits


2,652,000




1,924,000



6,543,000



5,608,000


   Short-term borrowings


45,000




62,000



142,000



154,000


   Federal Home Loan Bank advances


1,033,000




670,000



2,690,000



1,595,000


   Other borrowed money


660,000




600,000



1,920,000



1,952,000


      Total interest expense


4,390,000




3,256,000



11,295,000



9,309,000
















      Net interest income


28,644,000




26,450,000



81,346,000



79,433,000
















Provision for loan losses


1,000,000




600,000



2,350,000



2,300,000
















      Net interest income after














         provision for loan losses


27,644,000




25,850,000



78,996,000



77,133,000
















NONINTEREST INCOME














   Service charges on accounts


1,076,000




1,140,000



3,148,000



3,178,000


   Credit and debit card income


1,215,000




1,090,000



3,497,000



3,185,000


   Mortgage banking income


1,326,000




1,236,000



3,233,000



2,578,000


   Earnings on bank owned life insurance


328,000




349,000



2,394,000



933,000


   Other income


660,000




1,469,000



2,226,000



6,560,000


      Total noninterest income


4,605,000




5,284,000



14,498,000



16,434,000
















NONINTEREST EXPENSE














   Salaries and benefits


11,636,000




11,162,000



33,796,000



32,959,000


   Occupancy


1,598,000




1,515,000



4,707,000



4,600,000


   Furniture and equipment


543,000




531,000



1,625,000



1,579,000


   Data processing costs


2,071,000




1,987,000



6,155,000



5,949,000


   FDIC insurance costs


250,000




351,000



708,000



1,108,000


   Other expense


4,112,000




4,117,000



12,877,000



12,530,000


      Total noninterest expense


20,210,000




19,663,000



59,868,000



58,725,000
















      Income before federal income














         tax expense


12,039,000




11,471,000



33,626,000



34,842,000
















Federal income tax expense


3,702,000




3,626,000



10,331,000



11,014,000
















      Net Income

$

8,337,000



$

7,845,000


$

23,295,000


$

23,828,000
















   Basic earnings per share


$0.51




$0.48



$1.41



$1.46


   Diluted earnings per share


$0.51




$0.48



$1.41



$1.46
















   Average basic shares outstanding


16,483,492




16,282,804



16,463,245



16,271,848


   Average diluted shares outstanding


16,494,540




16,307,350



16,474,534



16,294,093


 

 

MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)


















Quarterly


Year-To-Date

(dollars in thousands except per share data)

2017


2017


2017


2016


2016







3rd Qtr


2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2017


2016

EARNINGS















   Net interest income

$

28,644


27,193


25,509


26,435


26,450


81,346


79,433

   Provision for loan losses

$

1,000


750


600


600


600


2,350


2,300

   Noninterest income

$

4,605


4,042


5,851


4,604


5,284


14,498


16,434

   Noninterest expense

$

20,210


19,882


19,776


18,394


19,663


59,868


58,725

   Net income before federal income















      tax expense

$

12,039


10,603


10,984


12,045


11,471


33,626


34,842

   Net income

$

8,337


7,343


7,615


8,085


7,845


23,295


23,828

   Basic earnings per share

$

0.51


0.45


0.46


0.49


0.48


1.41


1.46

   Diluted earnings per share

$

0.51


0.45


0.46


0.49


0.48


1.41


1.46

   Average basic shares outstanding


16,483,492


16,471,060


16,434,647


16,352,359


16,282,804


16,463,245


16,271,848

   Average diluted shares outstanding


16,494,540


16,485,356


16,449,210


16,374,117


16,307,350


16,474,534


16,294,093
















PERFORMANCE RATIOS















   Return on average assets


1.03%


0.96%


1.02%


1.05%


1.02%


1.00%


1.07%

   Return on average equity


9.21%


8.39%


8.99%


9.35%


9.00%


8.87%


9.32%

   Net interest margin (fully tax-equivalent)

3.83%


3.85%


3.73%


3.72%


3.76%


3.80%


3.89%

   Efficiency ratio


60.78%


63.65%


63.06%


59.26%


61.96%


62.46%


61.26%

   Full-time equivalent employees


634


643


617


616


612


634


612
















YIELD ON ASSETS / COST OF FUNDS















   Yield on loans


4.81%


4.69%


4.54%


4.65%


4.57%


4.68%


4.63%

   Yield on securities


2.50%


2.44%


2.35%


2.27%


2.71%


2.43%


3.07%

   Yield on other interest-earning assets

1.28%


0.99%


0.81%


0.51%


0.51%


1.14%


0.52%

   Yield on total earning assets


4.41%


4.37%


4.20%


4.18%


4.22%


4.32%


4.34%

   Yield on total assets


4.10%


4.05%


3.88%


3.87%


3.90%


4.01%


4.02%

   Cost of deposits


0.43%


0.35%


0.33%


0.33%


0.33%


0.37%


0.33%

   Cost of borrowed funds


1.75%


1.69%


1.53%


1.45%


1.41%


1.66%


1.45%

   Cost of interest-bearing liabilities


0.85%


0.77%


0.68%


0.68%


0.66%


0.77%


0.65%

   Cost of funds (total earning assets)


0.58%


0.52%


0.47%


0.46%


0.46%


0.52%


0.45%

   Cost of funds (total assets)


0.54%


0.48%


0.43%


0.42%


0.42%


0.49%


0.42%
















PURCHASE ACCOUNTING ADJUSTMENTS













   Loan portfolio - increase interest income

$

1,757


1,336


832


1,672


1,002


3,925


3,253

   Trust preferred - increase interest expense

$

171


171


171


171


171


513


513

   Core deposit intangible - increase overhead

$

556


609


636


636


636


1,801


2,039
















MORTGAGE BANKING ACTIVITY















   Total mortgage loans originated

$

61,962


60,371


38,365


46,727


52,340


160,698


116,345

   Purchase mortgage loans originated

$

41,254


39,115


21,523


21,962


25,542


101,892


56,289

   Refinance mortgage loans originated

$

20,708


21,256


16,842


24,765


26,798


58,806


60,056

   Total mortgage loans sold

$

33,858


29,371


18,463


30,081


35,826


81,692


80,977

   Net gain on sale of mortgage loans

$

1,131


1,012


732


993


1,079


2,875


2,404
















CAPITAL















   Tangible equity to tangible assets


9.54%


9.70%


9.77%


9.31%


9.63%


9.54%


9.63%

   Tier 1 leverage capital ratio


11.18%


11.49%


11.53%


11.17%


11.28%


11.18%


11.28%

   Common equity risk-based capital ratio

10.54%


10.65%


10.83%


10.88%


10.83%


10.54%


10.83%

   Tier 1 risk-based capital ratio


12.01%


12.15%


12.39%


12.47%


12.40%


12.01%


12.40%

   Total risk-based capital ratio


12.66%


12.79%


13.05%


13.13%


13.05%


12.66%


13.05%

   Tier 1 capital

$

354,087


347,754


341,708


336,316


337,054


354,087


337,054

   Tier 1 plus tier 2 capital

$

373,280


366,048


359,984


354,278


354,580


373,280


354,580

   Total risk-weighted assets

$

2,949,011


2,861,605


2,757,616


2,697,727


2,718,012


2,949,011


2,718,012

   Book value per common share

$

21.99


21.69


21.13


20.76


21.44


21.99


21.44

   Tangible book value per common share

$

18.49


18.16


17.56


17.14


17.76


18.49


17.76

   Cash dividend per common share

$

0.19


0.18


0.18


0.67


0.17


0.55


0.49
















ASSET QUALITY















   Gross loan charge-offs

$

709


1,150


456


970


363


2,315


1,235

   Recoveries

$

607


419


171


805


179


1,197


780

   Net loan charge-offs (recoveries)

$

102


731


285


165


184


1,118


455

   Net loan charge-offs to average loans

0.02%


0.12%


0.05%


0.03%


0.03%


0.06%


0.03%

   Allowance for loan losses

$

19,193


18,295


18,276


17,961


17,526


19,193


17,526

   Allowance to originated loans


0.88%


0.86%


0.92%


0.95%


0.93%


0.88%


0.93%

   Nonperforming loans

$

8,231


6,450


7,292


5,939


4,669


8,231


4,669

   Other real estate/repossessed assets

$

2,327


789


495


469


790


2,327


790

   Nonperforming loans to total loans


0.32%


0.26%


0.30%


0.25%


0.19%


0.32%


0.19%

   Nonperforming assets to total assets


0.32%


0.23%


0.26%


0.21%


0.18%


0.32%


0.18%
















NONPERFORMING ASSETS - COMPOSITION













   Residential real estate:















      Land development

$

0


0


0


16


23


0


23

      Construction

$

0


0


0


0


0


0


0

      Owner occupied / rental

$

3,648


3,367


2,972


2,883


2,945


3,648


2,945

   Commercial real estate:















      Land development

$

50


65


80


95


110


50


110

      Construction

$

0


0


0


0


0


0


0

      Owner occupied  

$

4,627


1,313


1,221


610


1,597


4,627


1,597

      Non-owner occupied

$

84


400


421


488


691


84


691

   Non-real estate:















      Commercial assets

$

2,126


2,081


3,076


2,293


65


2,126


65

      Consumer assets

$

23


13


17


23


28


23


28

   Total nonperforming assets


10,558


7,239


7,787


6,408


5,459


10,558


5,459
















NONPERFORMING ASSETS - RECON















   Beginning balance

$

7,239


7,787


6,408


5,459


5,983


6,408


6,737

   Additions - originated loans

$

4,789


1,774


2,987


2,953


1,172


9,550


3,391

   Merger-related activity

$

210


16


0


33


0


226


0

   Return to performing status

$

(120)


0


(113)


(13)


0


(233)


0

   Principal payments

$

(1,089)


(1,168)


(1,289)


(1,386)


(1,509)


(3,546)


(2,778)

   Sale proceeds

$

(373)


(147)


(56)


(308)


(76)


(576)


(1,120)

   Loan charge-offs

$

(91)


(953)


(135)


(263)


(101)


(1,179)


(718)

   Valuation write-downs

$

(7)


(70)


(15)


(67)


(10)


(92)


(53)

   Ending balance

$

10,558


7,239


7,787


6,408


5,459


10,558


5,459
















LOAN PORTFOLIO COMPOSITION















   Commercial:















      Commercial & industrial

$

776,562


780,816


757,219


713,903


750,330


776,562


750,330

      Land development & construction

$

28,575


29,027


31,924


34,828


37,455


28,575


37,455

      Owner occupied comm'l R/E

$

485,347


491,633


452,382


450,464


440,705


485,347


440,705

      Non-owner occupied comm'l R/E

$

805,167


783,036


768,565


748,269


741,443


805,167


741,443

      Multi-family & residential rental

$

119,170


114,081


113,257


117,883


118,103


119,170


118,103

         Total commercial

$

2,214,821


2,198,593


2,123,347


2,065,347


2,088,036


2,214,821


2,088,036

   Retail:















      1-4 family mortgages

$

236,075


220,697


205,850


195,226


190,715


236,075


190,715

      Home equity & other consumer

$

103,376


107,991


112,117


118,047


127,626


103,376


127,626

         Total retail

$

339,451


328,688


317,967


313,273


318,341


339,451


318,341

         Total loans

$

2,554,272


2,527,281


2,441,314


2,378,620


2,406,377


2,554,272


2,406,377
















END OF PERIOD BALANCES















   Loans

$

2,554,272


2,527,281


2,441,314


2,378,620


2,406,377


2,554,272


2,406,377

   Securities

$

341,126


333,294


341,677


336,086


333,469


341,126


333,469

   Other interest-earning assets

$

123,110


48,762


12,663


133,396


85,848


123,110


85,848

   Total earning assets (before allowance)

$

3,018,508


2,909,337


2,795,654


2,848,102


2,825,694


3,018,508


2,825,694

   Total assets

$

3,254,655


3,143,336


3,018,919


3,082,571


3,063,964


3,254,655


3,063,964

   Noninterest-bearing deposits

$

826,038


800,718


757,706


810,600


731,663


826,038


731,663

   Interest-bearing deposits

$

1,663,005


1,570,003


1,520,310


1,564,385


1,597,774


1,663,005


1,597,774

   Total deposits

$

2,489,043


2,370,721


2,278,016


2,374,985


2,329,437


2,489,043


2,329,437

   Total borrowed funds

$

390,868


404,370


380,009


354,902


372,917


390,868


372,917

   Total interest-bearing liabilities

$

2,053,873


1,974,373


1,900,319


1,919,287


1,970,691


2,053,873


1,970,691

   Shareholders' equity

$

362,546


357,499


348,050


340,811


349,471


362,546


349,471
















AVERAGE BALANCES















   Loans

$

2,534,364


2,472,489


2,390,030


2,372,510


2,391,620


2,466,156


2,336,174

   Securities

$

339,125


338,045


339,537


336,493


328,993


338,901


341,407

   Other interest-earning assets

$

116,851


46,250


61,376


127,790


91,590


75,029


61,100

   Total earning assets (before allowance)

$

2,990,340


2,856,784


2,790,943


2,836,793


2,812,203


2,880,086


2,738,681

   Total assets

$

3,220,053


3,081,542


3,016,871


3,064,974


3,040,324


3,106,899


2,961,866

   Noninterest-bearing deposits

$

805,650


785,705


766,031


773,137


733,600


785,940


696,214

   Interest-bearing deposits

$

1,648,235


1,531,399


1,542,078


1,561,539


1,572,424


1,574,293


1,569,963

   Total deposits

$

2,453,885


2,317,104


2,308,109


2,334,676


2,306,024


2,360,233


2,266,177

   Total borrowed funds

$

393,910


400,508


352,614


366,905


373,973


382,496


340,496

   Total interest-bearing liabilities

$

2,042,145


1,931,907


1,894,692


1,928,444


1,946,397


1,956,789


1,910,459

   Shareholders' equity

$

359,131


351,216


343,344


343,122


345,944


351,288


340,742

 

 

 

View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-third-quarter-2017-results-300537627.html

SOURCE Mercantile Bank Corporation

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