Mercantile Bank Corporation Reports Strong First Quarter 2020 Results

GRAND RAPIDS, Mich., April 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation MBWM ("Mercantile") reported net income of $10.7 million, or $0.65 per diluted share, for the first quarter of 2020, compared with net income of $11.8 million, or $0.72 per diluted share, for the respective prior-year period.  Proceeds from a bank owned life insurance claim and a gain on the sale of a former branch facility increased net income in the prior-year period by $1.8 million, or $0.11 per diluted share.  Excluding the impacts of these transactions, diluted earnings per share increased $0.04, or approximately 7 percent, during the current-year first quarter compared to the prior-year first quarter.

"We are very pleased with our first quarter 2020 financial performance, which depicts the ongoing success of certain strategic initiatives," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our robust financial results reflect solid growth in the commercial loan portfolio, increased fee income, managed overhead costs, and sound asset quality."

First quarter highlights include:

  • Robust earnings and capital position
  • Solid growth in key fee income categories
  • Controlled overhead costs
  • Strong asset quality
  • Annualized net commercial loan growth of approximately 5 percent
  • Residential mortgage loan originations up nearly 200 percent compared to the respective 2019 period
  • Continued strength in commercial loan and residential loan pipelines

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $36.9 million during the first quarter of 2020, compared to $37.3 million during the prior-year first quarter.  Net interest income during the first quarter of 2020 was $30.3 million, down $0.3 million, or 1.1 percent, from the first quarter of 2019, reflecting a decreased net interest margin, which more than offset the positive impact of earning asset growth.

The net interest margin was 3.63 percent in the first quarter of 2020, compared to 3.88 percent in the first quarter of 2019.  The yield on average earning assets was 4.54 percent during the first quarter of 2020, down from 4.89 percent during the prior-year first quarter primarily due to a decreased yield on commercial loans, which equaled 4.76 percent in the current-year first quarter compared to 5.32 percent in the respective 2019 period.  The decreased yield on commercial loans primarily reflected reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee significantly lowering the targeted federal funds rate by 225 basis points during the second half of 2019 and first three months of 2020.

The negative impact of the decreased yield on commercial loans on the yield on average earning assets was partially mitigated by an improved yield on securities, which equaled 4.73 percent and 2.82 percent during the first quarters of 2020 and 2019, respectively.  The increased yield on securities mainly reflected the recording of $1.8 million in accelerated discount accretion on called U.S. Government agency bonds as interest income during the first three months of 2020.  No accelerated discount accretion was recorded during the first three months of 2019.  The accelerated discount accretion recorded during the first quarter of 2020 positively impacted the net interest margin by 22 basis points.  As part of Mercantile's interest rate risk management program, U.S. Government agency bonds are periodically purchased at discounts during rising interest rate environments; if these bonds are called during decreasing interest rate environments, the remaining unaccreted discount amounts are immediately recognized as interest income.  The cost of funds declined from 1.01 percent during the first quarter of 2019 to 0.91 percent during the current-year first quarter primarily due to lower rates paid on deposit accounts, reflecting the declining interest rate environment.   

Mercantile recorded provision expense of $0.8 million and $0.9 million during the first quarters of 2020 and 2019, respectively.  The provision expense recorded during the first quarter of 2020 was primarily comprised of an increased allocation related to the economic conditions environmental factor; in addition, the provision expense also reflected ongoing net loan growth.  The provision expense recorded during the first three months of 2019 mainly reflected ongoing net loan growth.

Noninterest income was $6.6 million during both the first quarter of 2020 and the prior-year first quarter.  Noninterest income during the first quarter of 2019 included a bank owned life insurance claim of $1.3 million and a gain on the sale of a former branch facility of $0.6 million.  Excluding the impacts of these transactions, noninterest income increased $1.8 million, or 38.1 percent, during the current-year first quarter compared to the respective 2019 period.  The improved level of noninterest income primarily reflected increased mortgage banking activity income stemming from the ongoing success of strategic initiatives that were designed to increase market presence and a decrease in residential mortgage loan interest rates, which spurred a significant increase in refinance activity.  Increased service charges on accounts, payroll processing fees, and credit and debit card income also contributed to the higher level of noninterest income.

Noninterest expense totaled $22.9 million during the first quarter of 2020, up $1.1 million, or 5.1 percent, from the prior-year first quarter.  The higher level of expense primarily resulted from increased salary costs, mainly reflecting higher residential mortgage loan originator commissions and employee merit pay increases.  In addition, higher occupancy and furniture costs, mainly reflecting increased depreciation expense associated with an expansion of Mercantile's main office, and data processing costs, primarily depicting growth in transaction volume and new product offerings, contributed to the increased level of noninterest expense. 

Mr. Kaminski commented, "We are pleased to once again report increases in key noninterest income revenue streams, and we remain focused on meeting growth objectives in a cost conscious manner.  The noteworthy increase in mortgage banking activity income reflects a substantial increase in refinance activity stemming from the decline in residential mortgage loan interest rates, an increase in the percentage of originated loans being sold, and the continuing success of various initiatives that were implemented to increase market share, including the hiring of proven mortgage loan originators in our markets."

Balance Sheet

As of March 31, 2020, total assets were $3.66 billion, up $24.5 million, or 0.7 percent, from December 31, 2019.  Total loans increased $44.9 million, or 1.6 percent, during the first three months of 2020, and $102 million, or 3.6 percent, during the twelve months ended March 31, 2020.  As of March 31, 2020, unfunded commitments on commercial construction and development loans totaled approximately $77 million, which are expected to be largely funded over the next 12 to 18 months. 

Ray Reitsma, President of Mercantile Bank of Michigan, noted, "We are pleased with the net commercial loan growth achieved during the first three months of 2020, and we remain committed to growing the portfolio in a disciplined manner with a continuing emphasis on sound underwriting and risk-based pricing.  Based on our current loan pipeline, we believe we will fund additional commercial loans in future periods.  While we continue to devote resources to identify and attract new client relationships and meet the typical credit needs of our existing customers, much of our attention has now been diverted to help customers work through the challenges they are confronted with as a result of the COVID-19 pandemic.  In addition to implementing commercial loan and retail loan payment deferral programs, we are actively participating in the Small Business Administration's Paycheck Protection Program."

As of March 31, 2020, commercial and industrial loans and owner-occupied commercial real estate loans combined represented approximately 59 percent of total commercial loans, a level that has remained relatively consistent and in line with internal expectations. 

Total deposits at March 31, 2020 were $2.65 billion, down $45.0 million, or 1.7 percent, from December 31, 2019.  Brokered deposits and local deposits were down $32.5 million and $12.5 million, respectively, during the first three months of 2020.  The decline in local deposits in large part reflects the maturity of certain certificates of deposit that were not renewed during the first quarter of 2020.  Mercantile did not aggressively seek to renew these certificates of deposit, which were opened as part of a special time deposit campaign that was introduced mid-first quarter 2019 and ended in early April 2019, due to its excess liquidity position.  Wholesale funds were $495 million, or approximately 16 percent of total funds, as of March 31, 2020, compared to $487 million, or approximately 15 percent of total funds, as of December 31, 2019.

Asset Quality

Nonperforming assets at March 31, 2020, were $3.7 million, or 0.1 percent of total assets, compared to $2.7 million, or 0.1 percent of total assets, at December 31, 2019, and $4.5 million, or 0.1 percent of total assets, at March 31, 2019.  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 first three months of 2020.  During the first quarter of 2020, loan charge-offs were nominal, while recoveries of prior period loan charge-offs equaled $0.2 million, providing for net loan recoveries of nearly $0.2 million, or an annualized 0.03 percent of average total loans.

Capital Position

Shareholders' equity totaled $418 million as of March 31, 2020, an increase of $1.8 million from year-end 2019.  The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 12.9 percent as of March 31, 2020, compared to 13.0 percent at December 31, 2019.  At March 31, 2020, the Bank had approximately $94 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution.  Mercantile reported 16,205,207 total shares outstanding at March 31, 2020.

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 222,000 shares for $6.3 million, or a weighted average all-in cost per share of $28.25, during the first quarter of 2020.  During the period of January 2015 through March 2020, Mercantile repurchased approximately 1,612,000 shares for $38.9 million, or a weighted average all-in cost per share of $24.13, under the original and new programs on a combined basis.  Mercantile has elected to curtail stock repurchases to preserve capital for lending and other purposes while management assesses the potential impacts of the COVID-19 pandemic.  Management has the ability to reinstate the buyback program as circumstances warrant.

Mr. Kaminski concluded, "The COVID-19 pandemic has presented the world with some great challenges.  Our pandemic response plan, which is designed to accommodate evolving information and guidance provided by government agencies and health officials, focuses on protecting our employees and customers and doing our part to help stop the spread of the virus.  In addition, the plan includes flexibility to ensure we are able to satisfactorily meet our customers' banking needs.  We entered this period of uncertainty from a position of financial strength, including a strong capital position, sound asset quality, and sufficient liquidity.  These sources of financial strength and our commitment to community have allowed us to offer loan payment deferrals to many commercial and retail customers and to participate in the Small Business Administration's Paycheck Protection Program."

Investor Presentation

Mercantile has prepared presentation materials (the "Investor Presentation") that management intends to use during its previously announced First Quarter 2020 conference call on Tuesday, April 21, 2020 at 10:00 Eastern Time, and from time to time thereafter in presentations about the Company's operations and performance.  The Investor Presentation also contains more detailed information relating to Mercantile's COVID-19 pandemic response plan.  These materials have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release, and are also available on Mercantile's website at www.mercbank.com.

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 $3.6 billion and operates 40 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 may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any such comments 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, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; 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 and CEO

Executive Vice President and CFO

616-726-1502

616-726-1202

rkaminski@mercbank.com 

cchristmas@mercbank.com

 

Mercantile Bank Corporation













First Quarter 2020 Results



























MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)



















MARCH 31,



DECEMBER 31,



MARCH 31,





2020



2019



2019















ASSETS













   Cash and due from banks

$

49,781,000

$

53,262,000

$

46,322,000

   Interest-earning deposits



186,938,000



180,469,000



168,572,000

      Total cash and cash equivalents



236,719,000



233,731,000



214,894,000















   Securities available for sale



312,147,000



334,655,000



337,876,000

   Federal Home Loan Bank stock



18,002,000



18,002,000



18,002,000















   Loans



2,901,543,000



2,856,667,000



2,799,639,000

   Allowance for loan losses



(24,828,000)



(23,889,000)



(23,135,000)

      Loans, net



2,876,715,000



2,832,778,000



2,776,504,000















   Premises and equipment, net



59,143,000



57,327,000



50,109,000

   Bank owned life insurance



70,613,000



70,297,000



69,789,000

   Goodwill



49,473,000



49,473,000



49,473,000

   Core deposit intangible, net



3,443,000



3,840,000



5,084,000

   Other assets



31,132,000



32,812,000



30,023,000















      Total assets

$

3,657,387,000

$

3,632,915,000

$

3,551,754,000





























LIABILITIES AND SHAREHOLDERS' EQUITY













   Deposits:













      Noninterest-bearing

$

956,290,000

$

924,916,000

$

857,734,000

      Interest-bearing



1,689,126,000



1,765,468,000



1,753,240,000

         Total deposits



2,645,416,000



2,690,384,000



2,610,974,000















   Securities sold under agreements to repurchase



133,270,000



102,675,000



111,235,000

   Federal Home Loan Bank advances



394,000,000



354,000,000



384,000,000

   Subordinated debentures



47,051,000



46,881,000



46,369,000

   Accrued interest and other liabilities



19,261,000



22,414,000



15,447,000

         Total liabilities



3,238,998,000



3,216,354,000



3,168,025,000















SHAREHOLDERS' EQUITY













   Common stock



299,584,000



305,035,000



305,346,000

   Retained earnings



114,012,000



107,831,000



83,107,000

   Accumulated other comprehensive income/(loss)



4,793,000



3,695,000



(4,724,000)

      Total shareholders' equity



418,389,000



416,561,000



383,729,000















      Total liabilities and shareholders' equity

$

3,657,387,000

$

3,632,915,000

$

3,551,754,000

 

Mercantile Bank Corporation

















First Quarter 2020 Results

















MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)























THREE MONTHS ENDED



THREE MONTHS ENDED





March 31, 2020



March 31, 2019



















INTEREST INCOME

















   Loans, including fees



$

33,442,000





$

35,789,000



   Investment securities





4,017,000







2,441,000



   Other interest-earning assets





475,000







407,000



      Total interest income





37,934,000







38,637,000





















INTEREST EXPENSE

















   Deposits





4,641,000







4,804,000



   Short-term borrowings





40,000







104,000



   Federal Home Loan Bank advances





2,212,000







2,234,000



   Other borrowed money





724,000







850,000



      Total interest expense





7,617,000







7,992,000





















      Net interest income





30,317,000







30,645,000





















Provision for loan losses





750,000







850,000





















      Net interest income after

















         provision for loan losses





29,567,000







29,795,000





















NONINTEREST INCOME

















   Service charges on accounts





1,222,000







1,077,000



   Credit and debit card income





1,361,000







1,337,000



   Mortgage banking income





2,627,000







1,057,000



   Payroll services





577,000







505,000



   Earnings on bank owned life insurance





336,000







1,630,000



   Other income





427,000







1,026,000



      Total noninterest income





6,550,000







6,632,000





















NONINTEREST EXPENSE

















   Salaries and benefits





13,528,000







13,015,000



   Occupancy





2,059,000







1,762,000



   Furniture and equipment





778,000







635,000



   Data processing costs





2,483,000







2,216,000



   Other expense





4,092,000







4,202,000



      Total noninterest expense





22,940,000







21,830,000





















      Income before federal income

















         tax expense





13,177,000







14,597,000





















Federal income tax expense





2,504,000







2,773,000





















      Net Income



$

10,673,000





$

11,824,000





















   Basic earnings per share





$0.65







$0.72



   Diluted earnings per share





$0.65







$0.72





















   Average basic shares outstanding





16,350,281







16,429,571



   Average diluted shares outstanding





16,351,559







16,435,176



 

Mercantile Bank Corporation























First Quarter 2020 Results























MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)





























Quarterly



(dollars in thousands except per share data)



2020



2019



2019



2019



2019







1st Qtr



4th Qtr



3rd Qtr



2nd Qtr



1st Qtr



EARNINGS























   Net interest income

$

30,317



31,168



31,605



31,116



30,645



   Provision for loan losses

$

750



(700)



700



900



850



   Noninterest income

$

6,550



7,312



6,676



6,334



6,632



   Noninterest expense

$

22,940



23,335



22,027



22,087



21,830



   Net income before federal income























      tax expense

$

13,177



15,845



15,554



14,463



14,597



   Net income

$

10,673



13,317



12,600



11,715



11,824



   Basic earnings per share

$

0.65



0.81



0.77



0.71



0.72



   Diluted earnings per share

$

0.65



0.81



0.77



0.71



0.72



   Average basic shares outstanding



16,350,281



16,373,458



16,390,203



16,428,187



16,429,571



   Average diluted shares outstanding



16,351,559



16,375,740



16,393,078



16,434,714



16,435,176



























PERFORMANCE RATIOS























   Return on average assets



1.19%



1.45%



1.38%



1.33%



1.39%



   Return on average equity



10.20%



12.87%



12.39%



12.08%



12.75%



   Net interest margin (fully tax-equivalent)



3.63%



3.63%



3.71%



3.79%



3.88%



   Efficiency ratio



62.22%



60.64%



57.54%



58.98%



58.56%



   Full-time equivalent employees



626



619



624



652



631



























YIELD ON ASSETS / COST OF FUNDS























   Yield on loans



4.69%



5.01%



5.06%



5.18%



5.21%



   Yield on securities



4.73%



2.90%



2.99%



2.85%



2.82%



   Yield on other interest-earning assets



1.22%



1.65%



2.15%



2.38%



2.40%



   Yield on total earning assets



4.54%



4.61%



4.73%



4.85%



4.89%



   Yield on total assets



4.23%



4.31%



4.42%



4.53%



4.56%



   Cost of deposits



0.70%



0.79%



0.83%



0.85%



0.77%



   Cost of borrowed funds



2.31%



2.36%



2.35%



2.40%



2.43%



   Cost of interest-bearing liabilities



1.36%



1.47%



1.52%



1.55%



1.47%



   Cost of funds (total earning assets)



0.91%



0.98%



1.02%



1.06%



1.01%



   Cost of funds (total assets)



0.85%



0.91%



0.95%



0.99%



0.94%



























PURCHASE ACCOUNTING ADJUSTMENTS























   Loan portfolio - increase interest income

$

285



316



327



569



211



   Trust preferred - increase interest expense

$

171



171



171



171



171



   Core deposit intangible - increase overhead

$

397



397



397



450



477



























MORTGAGE BANKING ACTIVITY























   Total mortgage loans originated

$

132,859



110,611



132,852



80,205



44,932



   Purchase mortgage loans originated

$

46,538



49,407



61,839



41,986



29,891



   Refinance mortgage loans originated

$

86,321



61,204



71,013



38,219



15,041



   Mortgage loans originated with intent to sell

$

95,327



81,590



104,890



49,396



21,502



   Net gain on sale of mortgage loans

$

2,086



3,062



2,886



1,419



698



























CAPITAL























   Tangible equity to tangible assets



10.14%



10.15%



9.67%



9.82%



9.41%



   Tier 1 leverage capital ratio



11.47%



11.28%



11.08%



11.17%



11.16%



   Common equity risk-based capital ratio



10.92%



11.00%



10.53%



10.47%



10.46%



   Tier 1 risk-based capital ratio



12.28%



12.36%



11.87%



11.82%



11.84%



   Total risk-based capital ratio



13.03%



13.09%



12.60%



12.55%



12.56%



   Tier 1 capital

$

406,445



405,148



395,010



388,788



379,334



   Tier 1 plus tier 2 capital

$

431,273



429,038



419,424



412,841



402,469



   Total risk-weighted assets

$

3,309,336



3,276,754



3,327,723



3,289,958



3,204,295



   Book value per common share

$

25.82



25.36



24.93



24.34



23.37



   Tangible book value per common share

$

22.55



22.12



21.64



21.05



20.05



   Cash dividend per common share

$

0.28



0.27



0.27



0.26



0.26



























ASSET QUALITY























   Gross loan charge-offs

$

40



112



519



78



174



   Recoveries

$

229



287



180



96



79



   Net loan charge-offs (recoveries)

$

(189)



(175)



339



(18)



95



   Net loan charge-offs (recoveries) to average loans



(0.03%)



(0.02%)



0.05%



(0.01%)



0.01%



   Allowance for loan losses

$

24,828



23,889



24,414



24,053



23,135



   Allowance to loans



0.86%



0.89%



0.88%



0.89%



0.89%



   Nonperforming loans

$

3,469



2,284



2,644



3,505



4,138



   Other real estate/repossessed assets

$

271



452



243



446



396



   Nonperforming loans to total loans



0.12%



0.08%



0.09%



0.12%



0.15%



   Nonperforming assets to total assets



0.10%



0.08%



0.08%



0.11%



0.13%



























NONPERFORMING ASSETS - COMPOSITION























   Residential real estate:























      Land development

$

37



34



32



33



45



      Construction

$

283



0



0



0



0



      Owner occupied / rental

$

2,922



2,364



2,576



3,225



3,404



   Commercial real estate:























      Land development

$

43



0



0



0



0



      Construction

$

0



0



0



0



0



      Owner occupied  

$

287



326



240



642



791



      Non-owner occupied

$

0



0



26



26



62



   Non-real estate:























      Commercial assets

$

156



0



0



2



207



      Consumer assets

$

12



12



13



23



25



   Total nonperforming assets

$

3,740



2,736



2,887



3,951



4,534



























NONPERFORMING ASSETS - RECON























   Beginning balance

$

2,736



2,887



3,951



4,534



4,952



   Additions - originated loans & former bank facilities

$

1,344



30



339



26



539



   Other activity

$

(31)



135



57



34



0



   Return to performing status

$

(7)



0



(126)



0



0



   Principal payments

$

(110)



(232)



(1,014)



(512)



(382)



   Sale proceeds

$

(192)



(36)



(253)



(74)



(429)



   Loan charge-offs

$

0



(48)



(59)



(36)



(146)



   Valuation write-downs

$

0



0



(8)



(21)



0



   Ending balance

$

3,740



2,736



2,887



3,951



4,534



























LOAN PORTFOLIO COMPOSITION























   Commercial:























      Commercial & industrial

$

873,679



846,551



882,747



881,196



839,207



      Land development & construction

$

62,908



56,118



48,418



45,158



45,892



      Owner occupied comm'l R/E

$

579,229



579,004



567,267



556,868



551,517



      Non-owner occupied comm'l R/E

$

823,366



835,345



883,079



852,844



835,679



      Multi-family & residential rental

$

133,148



124,526



126,855



128,489



127,903



         Total commercial

$

2,472,330



2,441,544



2,508,366



2,464,555



2,400,198



   Retail:























      1-4 family mortgages

$

356,338



339,749



346,095



335,618



316,315



      Home equity & other consumer

$

72,875



75,374



78,552



81,320



83,126



         Total retail

$

429,213



415,123



424,647



416,938



399,441



         Total loans

$

2,901,543



2,856,667



2,933,013



2,881,493



2,799,639



























END OF PERIOD BALANCES























   Loans

$

2,901,543



2,856,667



2,933,013



2,881,493



2,799,639



   Securities

$

330,149



352,657



363,535



365,926



355,878



   Other interest-earning assets

$

186,938



180,469



144,263



92,750



168,572



   Total earning assets (before allowance)

$

3,418,630



3,389,793



3,440,811



3,340,169



3,324,089



   Total assets

$

3,657,387



3,632,915



3,710,380



3,576,139



3,551,754



   Noninterest-bearing deposits

$

956,290



924,916



967,189



918,581



857,734



   Interest-bearing deposits

$

1,689,126



1,765,468



1,799,902



1,700,628



1,753,240



   Total deposits

$

2,645,416



2,690,384



2,767,091



2,619,209



2,610,974



   Total borrowed funds

$

576,996



506,301



517,523



543,098



544,566



   Total interest-bearing liabilities

$

2,266,122



2,271,769



2,317,425



2,243,726



2,297,806



   Shareholders' equity

$

418,389



416,561



407,200



400,117



383,729



























AVERAGE BALANCES























   Loans

$

2,861,047



2,871,674



2,903,161



2,848,343



2,787,430



   Securities

$

344,906



362,347



363,394



357,718



354,459



   Other interest-earning assets

$

153,638



176,034



118,314



94,616



67,915



   Total earning assets (before allowance)

$

3,359,591



3,410,055



3,384,869



3,300,677



3,209,804



   Total assets

$

3,602,784



3,650,087



3,622,168



3,529,598



3,441,774



   Noninterest-bearing deposits

$

923,827



948,602



930,851



875,645



852,247



   Interest-bearing deposits

$

1,724,030



1,759,377



1,741,563



1,719,433



1,668,563



   Total deposits

$

2,647,857



2,707,979



2,672,414



2,595,078



2,520,810



   Total borrowed funds

$

517,961



509,932



529,590



530,802



532,864



   Total interest-bearing liabilities

$

2,241,991



2,269,309



2,271,153



2,250,235



2,201,427



   Shareholders' equity

$

419,612



410,593



403,350



389,133



376,103



























 

Cision View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-first-quarter-2020-results-301043708.html

SOURCE Mercantile Bank Corporation

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