Mercantile Bank Corporation Reports Strong Third Quarter 2019 Results

GRAND RAPIDS, Mich., Oct. 15, 2019 /PRNewswire/ -- Mercantile Bank Corporation MBWM ("Mercantile") reported net income of $12.6 million, or $0.77 per diluted share, for the third quarter of 2019, compared with net income of $10.1 million, or $0.61 per diluted share, for the respective prior-year period. Net income during the first nine months of 2019 totaled $36.1 million, or $2.20 per diluted share, compared to $30.5 million, or $1.83 per diluted share, during the first nine months of 2018.

Bank owned life insurance claims and a gain on the sale of a former branch facility increased reported net income during the first nine months of 2019 by approximately $3.1 million, or $0.19 per diluted share. Interest income related to purchased loan accounting entries increased net income during the first nine months of 2019 by $0.9 million, or $0.05 per diluted share, and net income during the first nine months of 2018 by $2.7 million, or $0.16 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.29, or 17.4 percent, during the first nine months of 2019 compared to the respective 2018 period.

"We are very pleased to once again report a quarter of robust operating performance, representing a continuation of the financial trends demonstrated during the first six months of the year," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our sustained strength in core profitability, solid capital position, and healthy commercial loan and residential mortgage loan pipelines give us confidence that the sound financial performance exhibited during the first three quarters of the year will continue in the fourth quarter and beyond."

Third quarter highlights include:

  • Strong earnings performance and capital position
  • Increased fee income
  • Controlled overhead costs
  • Strong asset quality
  • Annualized net loan growth of approximately 7 percent
  • New commercial term loan originations of $153 million
  • Continued strength in commercial and residential loan pipelines

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $38.3 million during the third quarter of 2019, up $3.7 million, or 10.8 percent, from the prior-year third quarter. Reflecting a higher level of earning assets, net interest income of $31.6 million during the third quarter of 2019 was up $1.8 million, or 5.9 percent, from the third quarter of 2018.

The net interest margin was 3.71 percent in the third quarter of 2019. The yield on average earning assets equaled 4.73 percent during the third quarter of 2019, up from 4.60 percent during the respective 2018 period mainly due to an increased yield on commercial loans. The improved yield on commercial loans primarily reflected the positive impact of higher interest rates on variable-rate commercial loans stemming from the Federal Open Market Committee's ("FOMC") raising of the targeted federal funds rate by 25 basis points in both September and December 2018. The impact of these rate increases more than offset the negative impact of lower interest rates on variable-rate commercial loans resulting from the FOMC's lowering of the targeted federal funds rate by 25 basis points in both July and September 2019. The cost of funds equaled 1.02 percent during the third quarter of 2019, up from 0.73 percent during the prior-year third quarter mainly due to an increased cost of time deposits and a change in funding mix. Increased reliance on more costly wholesale funds during the twelve months ended September 30, 2019, most of which occurred in the fourth quarter of 2018 and January 2019, was necessitated by various funding requirements, including ongoing loan growth and seasonal deposit withdrawals by certain business customers for bonus and tax payments.

Net interest income and the net interest margin during the third quarters of 2019 and 2018, and the first nine months of the current year and prior year, were affected by purchase accounting accretion and amortization associated with fair value measurements. Increases in interest income on loans totaling $0.3 million and $0.4 million were recorded during the third quarters of 2019 and 2018, respectively, and increases of $1.1 million and $3.4 million were recorded during the first nine months of 2019 and 2018, respectively. 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 $0.7 million provision for loan losses during the third quarter of 2019 compared to a $0.4 million provision during the respective 2018 period. The provision expense recorded during both periods mainly reflected ongoing net loan growth.

Noninterest income during the third quarter of 2019 was $6.7 million, up $2.0 million, or nearly 42 percent, from the prior-year third quarter. The improved level of noninterest income primarily reflected increased mortgage banking activity income stemming from the success of continuing strategic initiatives designed to increase market presence, along with a higher level of refinance activity resulting from a recent decrease in residential mortgage loan interest rates. Increased credit and debit card income, service charges on accounts, and payroll processing fees also contributed to the higher level of noninterest income.

Noninterest expense totaled $22.0 million during the third quarter of 2019, up $0.4 million, or 1.7 percent, from the respective 2018 period. The higher level of expense primarily resulted from increased salary costs, mainly reflecting annual employee merit pay increases, higher mortgage loan originator commissions, and increased stock-based compensation expense.

"We are extremely pleased with the growth in certain key fee income categories, most notably in mortgage banking activity income," continued Mr. Kaminski. "The significant increase in mortgage banking activity income reflects the success of ongoing strategic initiatives implemented across the organization to boost market penetration, a higher percentage of originated residential mortgage loans being sold, and enhanced refinance activity stemming from a recent decline in residential mortgage loan interest rates. We remain committed to controlling our overhead costs, in large part reflecting the administration of a sustainable business model."

Balance Sheet

As of September 30, 2019, total assets were $3.71 billion, up $346 million, or 10.3 percent, from December 31, 2018. Total loans and interest-earning deposits increased $180 million and $134 million, respectively, over the same time period. During the twelve months ended September 30, 2019, total loans were up $236 million, or 8.7 percent. Approximately $153 million and $412 million in commercial term loans to new and existing borrowers were originated during the third quarter and first nine months of 2019, respectively, as ongoing sales and relationship-building efforts resulted in increased lending opportunities. As of September 30, 2019, unfunded commitments on commercial construction and development loans totaled approximately $91 million, which are expected to be largely funded over the next 12 to 18 months. The growth in interest-earning deposits mainly stemmed from certain deposit-gathering initiatives and an increase in wholesale funds.

Ray Reitsma, President of Mercantile Bank of Michigan, noted, "We are pleased with the increase in net loans during the current quarter, which equated to an annualized growth rate of about 7 percent. The net loan growth realized during the quarter reflected an increase in the commercial portfolio, most notably in the owner-occupied commercial real estate and non-owner occupied commercial real estate segments, along with growth in the residential mortgage loan portfolio. New commercial term loan originations remained strong during the quarter, representing the highest quarterly level since the second quarter of 2016. As evidenced by the solid loan growth during the quarter, our lending team continues to successfully identify new customer relationships and meet the needs of our existing customer base. We have not wavered from our commitment to grow the loan portfolio in a disciplined manner, with a continuing focus on responsible loan pricing and sound asset quality. We remain committed to maintaining the combined commercial and industrial loan and owner-occupied commercial real estate loan portfolio segments at a minimum percentage of total commercial loans. Our commercial loan and residential mortgage loan pipelines remain strong."

As of September 30, 2019, commercial and industrial loans and owner-occupied commercial real estate loans combined represented approximately 58 percent of total commercial loans, a level that has remained relatively consistent and in line with internal expectations.

Total deposits at September 30, 2019, were $2.77 billion, up $303 million from December 31, 2018. Local deposits and brokered deposits were up $263 million and $40.2 million, respectively, during the first nine months of 2019. The growth in local deposits was mainly driven by a special time deposit campaign that was introduced mid first quarter and ended in early April, along with increases in business money market accounts and noninterest-bearing checking accounts. The growth in noninterest-bearing checking accounts primarily reflected new commercial loan relationships. Wholesale funds were $517 million, or approximately 16 percent of total funds, as of September 30, 2019, compared to $474 million, or approximately 16 percent of total funds, as of December 31, 2018.

Asset Quality

Nonperforming assets at September 30, 2019, were $2.9 million, or 0.1 percent of total assets, compared to $5.0 million, or 0.2 percent of total assets, at December 31, 2018. 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. During the third quarter of 2019, loan charge-offs totaled $0.5 million while recoveries of prior period loan charge-offs equaled $0.2 million, providing for net loan charge-offs of $0.3 million, or an annualized 0.05 percent of average total loans. During the first nine months of 2019, loan charge-offs totaled $0.8 million while recoveries of prior period loan charge-offs equaled $0.4 million, providing for net loan charge-offs of $0.4 million, or an annualized 0.02 percent of average total loans.

Capital Position

Shareholders' equity totaled $407 million as of September 30, 2019, an increase of $32.0 million from year-end 2018. The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 12.5 percent as of September 30, 2019, compared to 12.3 percent at December 31, 2018. At September 30, 2019, the Bank had approximately $84 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution. Mercantile reported 16,332,660 total shares outstanding at September 30, 2019.

As part of a $20 million common stock repurchase program announced in May 2019 and instituted in conjunction with the completion of its existing program that was introduced in January 2015 and later expanded in April 2016, Mercantile repurchased approximately 112,000 shares for $3.5 million, or a weighted average all-in cost per share of $31.36, during the third quarter of 2019. During the period of January 2015 through September 2019, Mercantile repurchased approximately 1,390,000 shares for $32.6 million, or a weighted average all-in cost per share of $23.47, under the original and new programs on a combined basis.

Mr. Kaminski concluded, "As a result of our strong financial performance during the first three quarters of 2019, we are well positioned to meet our profitability and growth objectives for the year. The cash dividend program, which includes providing shareholders with a competitive dividend yield on a consistent basis, furthers our commitment to enhancing total shareholder value. We have been able to successfully gain new clients and retain existing customers through our market-leading products and services as well as an emphasis on developing mutually-beneficial relationships. We are excited about the opportunities we believe are available to us to expand our presence in our markets, and we are confident that the demonstrated solid operating performance during the first nine months of the year will continue during the fourth quarter and subsequent periods."

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 $3.7 billion and operates 46 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.

FOR FURTHER INFORMATION:





Robert B. Kaminski, Jr.

Charles Christmas



President & CEO

Executive Vice President & CFO



616-726-1502

616-726-1202



rkaminski@mercbank.com

cchristmas@mercbank.com

 

Mercantile Bank Corporation













Third Quarter 2019 Results













MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)



















SEPTEMBER 30,



DECEMBER 31,



SEPTEMBER 30,





2019



2018



2018

ASSETS













  Cash and due from banks

$

84,275,000

$

64,872,000

$

51,824,000

  Interest-earning deposits



144,263,000



10,482,000



28,193,000

    Total cash and cash equivalents



228,538,000



75,354,000



80,017,000















  Securities available for sale



345,533,000



337,366,000



326,531,000

  Federal Home Loan Bank stock



18,002,000



16,022,000



11,072,000















  Loans



2,933,013,000



2,753,085,000



2,697,417,000

  Allowance for loan losses



(24,414,000)



(22,380,000)



(21,692,000)

    Loans, net



2,908,599,000



2,730,705,000



2,675,725,000















  Premises and equipment, net



54,585,000



48,321,000



48,104,000

  Bank owned life insurance



67,993,000



69,647,000



69,628,000

  Goodwill



49,473,000



49,473,000



49,473,000

  Core deposit intangible, net



4,237,000



5,561,000



6,038,000

  Other assets



33,420,000



31,458,000



33,518,000















    Total assets

$

3,710,380,000

$

3,363,907,000

$

3,300,106,000





























LIABILITIES AND SHAREHOLDERS' EQUITY













  Deposits:













    Noninterest-bearing

$

967,189,000

$

889,784,000

$

879,442,000

  Interest-bearing



1,799,902,000



1,573,924,000



1,629,368,000

    Total deposits



2,767,091,000



2,463,708,000



2,508,810,000















  Securities sold under agreements to repurchase



103,990,000



103,519,000



112,378,000

  Federal Home Loan Bank advances



364,000,000



350,000,000



240,000,000

  Subordinated debentures



46,710,000



46,199,000



46,029,000

  Accrued interest and other liabilities



21,389,000



25,232,000



13,424,000

      Total liabilities



3,303,180,000



2,988,658,000



2,920,641,000















SHAREHOLDERS' EQUITY













  Common stock



304,065,000



308,005,000



312,544,000

  Retained earnings



98,876,000



75,483,000



80,275,000

  Accumulated other comprehensive 

   income/(loss)



4,259,000



(8,239,000)



(13,354,000)

    Total shareholders' equity



407,200,000



375,249,000



379,465,000















    Total liabilities and shareholders' equity

$

3,710,380,000

$

3,363,907,000

$

3,300,106,000

 

 

Mercantile Bank Corporation























Third Quarter 2019 Results























MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)































THREE MONTHS ENDED



THREE MONTHS ENDED

NINE MONTHS ENDED

NINE MONTHS ENDED



September 30, 2019



September 30, 2018

September 30, 2019

September 30, 2018

INTEREST INCOME



























  Loans, including fees

$

37,005,000





$

32,918,000



$

109,559,000



$

97,087,000



  Investment securities



2,660,000







2,255,000





7,587,000





6,628,000



  Other interest-earning assets



651,000







313,000





1,627,000





1,071,000



    Total interest income



40,316,000







35,486,000





118,773,000





104,786,000































INTEREST EXPENSE



























  Deposits



5,573,000







3,574,000





15,906,000





9,921,000



  Short-term borrowings



71,000







63,000





244,000





181,000



  Federal Home Loan Bank advances



2,257,000







1,201,000





6,751,000





3,134,000



  Other borrowed money



810,000







808,000





2,506,000





2,286,000



    Total interest expense



8,711,000







5,646,000





25,407,000





15,522,000































    Net interest income



31,605,000







29,840,000





93,366,000





89,264,000































Provision for loan losses



700,000







400,000





2,450,000





1,100,000































    Net interest income after



























provision for loan losses



30,905,000







29,440,000





90,916,000





88,164,000































NONINTEREST INCOME



























  Service charges on accounts



1,185,000







1,127,000





3,406,000





3,259,000



  Credit and debit card income



1,547,000







1,378,000





4,397,000





3,955,000



  Mortgage banking income



2,889,000







1,235,000





5,291,000





3,115,000



  Payroll services



367,000







328,000





1,227,000





1,128,000



  Earnings on bank owned life insurance



330,000







318,000





3,567,000





969,000



  Other income



358,000







322,000





1,755,000





1,213,000



    Total noninterest income



6,676,000







4,708,000





19,643,000





13,639,000































NONINTEREST EXPENSE



























  Salaries and benefits



13,680,000







12,932,000





39,982,000





38,027,000



  Occupancy



1,697,000







1,648,000





5,089,000





5,049,000



  Furniture and equipment



629,000







659,000





1,885,000





1,789,000



  Data processing costs



2,342,000







2,150,000





6,854,000





6,415,000



  Other expense



3,679,000







4,261,000





12,134,000





12,931,000



    Total noninterest expense



22,027,000







21,650,000





65,944,000





64,211,000































    Income before federal income

    tax expense



15,554,000







12,498,000





44,615,000





37,592,000































Federal income tax expense



2,954,000







2,375,000





8,476,000





7,142,000































    Net Income

$

12,600,000





$

10,123,000



$

36,139,000



$

30,450,000































  Basic earnings per share



$0.77







$0.61





$2.20





$1.83



  Diluted earnings per share



$0.77







$0.61





$2.20





$1.83































  Average basic shares outstanding



16,390,203







16,611,411





16,415,843





16,602,701



  Average diluted shares outstanding



16,393,078







16,619,295





16,420,845





16,610,544



 

 

Mercantile Bank Corporation





























Third Quarter 2019 Results





























MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)



































Quarterly



Year-To-Date

(dollars in thousands except per share data)

2019



2019



2019



2018



2018













3rd Qtr



2nd Qtr



1st Qtr



4th Qtr



3rd Qtr



2019



2018

EARNINGS





























  Net interest income

$

31,605



31,116



30,645



30,818



29,840



93,366



89,264

  Provision for loan losses

$

700



900



850



0



400



2,450



1,100

  Noninterest income

$

6,676



6,334



6,632



5,370



4,708



19,643



13,639

  Noninterest expense

$

22,027



22,087



21,830



21,958



21,650



65,944



64,211

  Net income before federal income





























   tax expense

$

15,554



14,463



14,597



14,230



12,498



44,615



37,592

  Net income

$

12,600



11,715



11,824



11,573



10,123



36,139



30,450

  Basic earnings per share

$

0.77



0.71



0.72



0.70



0.61



2.20



1.83

  Diluted earnings per share

$

0.77



0.71



0.72



0.70



0.61



2.20



1.83

  Average basic shares outstanding



16,390,203



16,428,187



16,429,571



16,594,412



16,611,411



16,415,843



16,602,701

  Average diluted shares outstanding



16,393,078



16,434,714



16,435,176



16,600,108



16,619,295



16,420,845



16,610,544































PERFORMANCE RATIOS





























  Return on average assets



1.38%



1.33%



1.39%



1.39%



1.22%



1.37%



1.25%

  Return on average equity



12.39%



12.08%



12.75%



12.40%



10.64%



12.40%



10.97%

  Net interest margin (fully tax-equivalent)

3.71%



3.79%



3.88%



3.98%



3.87%



3.79%



3.95%

  Efficiency ratio



57.54%



58.98%



58.56%



60.68%



62.67%



58.40%



62.40%

  Full-time equivalent employees



624



652



631



630



637



624



637































YIELD ON ASSETS / COST OF FUNDS





























  Yield on loans



5.06%



5.18%



5.21%



5.08%



4.91%



5.15%



4.99%

  Yield on securities



2.99%



2.85%



2.82%



2.80%



2.70%



2.89%



2.65%

  Yield on other interest-earning assets



2.15%



2.38%



2.40%



2.20%



1.98%



2.32%



1.73%

  Yield on total earning assets



4.73%



4.85%



4.89%



4.80%



4.60%



4.82%



4.63%

  Yield on total assets



4.42%



4.53%



4.56%



4.46%



4.28%



4.50%



4.31%

  Cost of deposits



0.83%



0.85%



0.77%



0.63%



0.56%



0.82%



0.53%

  Cost of borrowed funds



2.35%



2.40%



2.43%



2.22%



2.14%



2.39%



2.00%

  Cost of interest-bearing liabilities



1.52%



1.55%



1.47%



1.26%



1.11%



1.52%



1.02%

  Cost of funds (total earning assets)



1.02%



1.06%



1.01%



0.82%



0.73%



1.03%



0.68%

  Cost of funds (total assets)



0.95%



0.99%



0.94%



0.76%



0.68%



0.96%



0.64%































PURCHASE ACCOUNTING ADJUSTMENTS



























  Loan portfolio - increase interest income

$

327



569



211



603



386



1,107



3,434

  Trust preferred - increase interest expense

$

171



171



171



171



171



513



513

  Core deposit intangible - increase overhead

$

397



450



477



477



477



1,324



1,563































MORTGAGE BANKING ACTIVITY





























  Total mortgage loans originated

$

132,852



80,205



44,932



44,448



66,829



257,989



169,798

  Purchase mortgage loans originated

$

61,839



41,986



29,891



29,729



47,704



133,716



114,080

  Refinance mortgage loans originated

$

71,013



38,219



15,041



14,719



19,125



124,273



55,718

  Total mortgage loans sold

$

104,890



49,396



21,502



21,805



30,713



175,788



74,640

  Net gain on sale of mortgage loans

$

2,886



1,419



698



829



1,116



5,003



2,696































CAPITAL





























  Tangible equity to tangible assets



9.67%



9.82%



9.41%



9.68%



9.98%



9.67%



9.98%

  Tier 1 leverage capital ratio



11.08%



11.17%



11.16%



11.41%



11.76%



11.08%



11.76%

  Common equity risk-based capital ratio



10.54%



10.47%



10.46%



10.41%



10.93%



10.54%



10.93%

  Tier 1 risk-based capital ratio



11.88%



11.82%



11.84%



11.80%



12.35%



11.88%



12.35%

  Total risk-based capital ratio



12.61%



12.55%



12.56%



12.50%



13.05%



12.61%



13.05%

  Tier 1 capital

$

395,010



388,788



379,334



373,721



382,829



395,010



382,829

  Tier 1 plus tier 2 capital

$

419,424



412,841



402,469



396,102



404,521



419,424



404,521

  Total risk-weighted assets

$

3,325,217



3,289,958



3,204,295



3,167,655



3,100,158



3,325,217



3,100,158

  Book value per common share

$

24.93



24.34



23.37



22.70



22.84



24.93



22.84

  Tangible book value per common share

$

21.64



21.05



20.05



19.37



19.50



21.64



19.50

  Cash dividend per common share

$

0.27



0.26



0.26



1.00



0.24



0.79



0.68































ASSET QUALITY





























  Gross loan charge-offs

$

519



78



174



354



169



771



1,096

  Recoveries

$

180



96



79



1,042



294



355



2,187

  Net loan charge-offs (recoveries)

$

339



(18)



95



(688)



(125)



416



(1,091)

  Net loan charge-offs to average loans



0.05%



(0.01%)



0.01%



(0.10%)



(0.02%)



0.02%



(0.06%)

  Allowance for loan losses

$

24,414



24,053



23,135



22,380



21,692



24,414



21,692

  Allowance to originated loans



0.88%



0.89%



0.89%



0.88%



0.88%



0.88%



0.88%

  Nonperforming loans

$

2,644



3,505



4,138



4,141



4,852



2,644



4,852

  Other real estate/repossessed assets

$

243



446



396



811



948



243



948

  Nonperforming loans to total loans



0.09%



0.12%



0.15%



0.15%



0.18%



0.09%



0.18%

  Nonperforming assets to total assets



0.08%



0.11%



0.13%



0.15%



0.18%



0.08%



0.18%































NONPERFORMING ASSETS - COMPOSITION

























  Residential real estate:





























    Land development

$

32



33



45



0



0



32



0

    Construction

$

0



0



0



0



0



0



0

    Owner occupied / rental

$

2,576



3,225



3,404



3,555



3,908



2,576



3,908

  Commercial real estate:





























    Land development

$

0



0



0



0



0



0



0

    Construction

$

0



0



0



0



0



0



0

    Owner occupied

$

240



642



791



1,363



1,543



240



1,543

    Non-owner occupied

$

26



26



62



0



0



26



0

  Non-real estate:





























    Commercial assets

$

0



2



207



17



331



0



331

    Consumer assets

$

13



23



25



17



18



13



18

  Total nonperforming assets



2,887



3,951



4,534



4,952



5,800



2,887



5,800































NONPERFORMING ASSETS - RECON





























  Beginning balance

$

3,951



4,534



4,952



5,800



5,807



4,952



9,403

  Additions - originated loans/former branch

$

339



26



539



1,247



999



904



2,725

  Merger-related activity

$

57



34



0



0



5



91



51

  Return to performing status

$

(126)



0



0



0



0



(126)



(175)

  Principal payments

$

(1,014)



(512)



(382)



(1,836)



(857)



(1,908)



(3,192)

  Sale proceeds

$

(253)



(74)



(429)



(128)



(147)



(756)



(2,253)

  Loan charge-offs

$

(59)



(36)



(146)



(57)



(3)



(241)



(650)

  Valuation write-downs

$

(8)



(21)



0



(74)



(4)



(29)



(109)

  Ending balance

$

2,887



3,951



4,534



4,952



5,800



2,887



5,800































LOAN PORTFOLIO COMPOSITION





























  Commercial:





























    Commercial & industrial

$

882,747



881,196



839,207



822,723



818,113



882,747



818,113

    Land development & construction

$

48,418



45,158



45,892



44,885



39,396



48,418



39,396

    Owner occupied comm'l R/E

$

567,267



556,868



551,517



548,619



542,730



567,267



542,730

    Non-owner occupied comm'l R/E

$

883,079



852,844



835,679



816,282



811,767



883,079



811,767

    Multi-family & residential rental

$

126,855



128,489



127,903



127,597



94,101



126,855



94,101

      Total commercial

$

2,508,366



2,464,555



2,400,198



2,360,106



2,306,107



2,508,366



2,306,107

  Retail:





























    1-4 family mortgages

$

346,095



335,618



316,315



307,540



301,765



346,095



301,765

    Home equity & other consumer

$

78,552



81,320



83,126



85,439



89,545



78,552



89,545

      Total retail

$

424,647



416,938



399,441



392,979



391,310



424,647



391,310

      Total loans

$

2,933,013



2,881,493



2,799,639



2,753,085



2,697,417



2,933,013



2,697,417































END OF PERIOD BALANCES





























  Loans

$

2,933,013



2,881,493



2,799,639



2,753,085



2,697,417



2,933,013



2,697,417

  Securities

$

363,535



365,926



355,878



353,388



337,603



363,535



337,603

  Other interest-earning assets

$

144,263



92,750



168,572



10,482



28,193



144,263



28,193

  Total earning assets (before allowance)

$

3,440,811



3,340,169



3,324,089



3,116,955



3,063,213



3,440,811



3,063,213

  Total assets

$

3,710,380



3,576,139



3,551,754



3,363,907



3,300,106



3,710,380



3,300,106

  Noninterest-bearing deposits

$

967,189



918,581



857,734



889,784



879,442



967,189



879,442

  Interest-bearing deposits

$

1,799,902



1,700,628



1,753,240



1,573,924



1,629,368



1,799,902



1,629,368

  Total deposits

$

2,767,091



2,619,209



2,610,974



2,463,708



2,508,810



2,767,091



2,508,810

  Total borrowed funds

$

517,523



543,098



544,566



513,220



401,575



517,523



401,575

  Total interest-bearing liabilities

$

2,317,425



2,243,726



2,297,806



2,087,144



2,030,943



2,317,425



2,030,943

  Shareholders' equity

$

407,200



400,117



383,729



375,249



379,465



407,200



379,465































AVERAGE BALANCES





























  Loans

$

2,903,161



2,848,343



2,787,430



2,706,617



2,658,092



2,846,735



2,602,718

  Securities

$

363,394



357,718



354,459



343,597



342,593



358,557



343,983

  Other interest-earning assets

$

118,314



94,616



67,915



30,564



61,810



93,800



82,700

  Total earning assets (before allowance)

$

3,384,869



3,300,677



3,209,804



3,080,778



3,062,495



3,299,092



3,029,401

  Total assets

$

3,622,168



3,529,598



3,441,774



3,312,648



3,295,129



3,531,841



3,259,153

  Noninterest-bearing deposits

$

930,851



875,645



852,247



905,065



893,181



886,536



849,337

  Interest-bearing deposits

$

1,741,563



1,719,433



1,668,563



1,579,632



1,628,346



1,710,120



1,651,186

  Total deposits

$

2,672,414



2,595,078



2,520,810



2,484,697



2,521,527



2,596,656



2,500,523

  Total borrowed funds

$

529,590



530,802



532,864



434,365



383,830



531,073



375,307

  Total interest-bearing liabilities

$

2,271,153



2,250,235



2,201,427



2,013,997



2,012,176



2,241,193



2,026,493

  Shareholders' equity

$

403,350



389,133



376,103



370,175



377,574



389,628



371,005

 

Cision View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-third-quarter-2019-results-300937992.html

SOURCE Mercantile Bank Corporation

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