April 16, 2019 - 6:01 AM EDT
Mercantile Bank Corporation Reports Strong First Quarter 2019 Results

Mercantile Bank Corporation Reports Strong First Quarter 2019 Results

Continued strength in core profitability and loan originations highlight quarter

GRAND RAPIDS, Mich., April 16, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $11.8 million, or $0.72 per diluted share, for the first quarter of 2019, compared with net income of $10.9 million, or $0.66 per diluted share, for the respective prior-year period.  A bank owned life insurance claim and a gain on the sale of a former branch facility during the first quarter of 2019 increased net income by approximately $1.8 million, or $0.11 per diluted share, while the successful collection of certain commercial loan relationships during the prior-year first quarter increased reported net income by approximately $1.7 million, or $0.10 per diluted share.  Excluding the impacts of these specific transactions, diluted earnings per share increased $0.05, or nearly 9 percent, during the current-year first quarter compared to the prior-year first quarter.

"We are very pleased to start 2019 with a quarter that depicts continued strength in core profitability and loan originations," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our robust financial results reflect a strong net interest margin, increased fee income, and controlled overhead costs.  Based on our healthy loan pipelines and sound financial condition, we are confident that our demonstrated solid operating results will continue in future periods, and we are in a position to take advantage of future growth opportunities."

First quarter highlights include:

  • Strong earnings and capital position
  • Robust net interest margin
  • Growth in key fee income categories
  • Controlled overhead costs
  • Sound asset quality, as depicted by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category
  • Annualized net loan growth of nearly 7 percent
  • New commercial term loan originations of approximately $125 million
  • Continued strength in commercial and residential loan pipelines
  • Increased regular quarterly cash dividend

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $37.3 million during the first quarter of 2019, up $2.7 million, or 7.8 percent, from the prior-year first quarter.  Net interest income during the first quarter of 2019 was $30.6 million, up $0.4 million, or 1.5 percent, from the first quarter of 2018, primarily reflecting a higher level of earning assets.

The net interest margin was 3.88 percent in the first quarter of 2019.  The yield on average earning assets equaled 4.89 percent during the first quarter of 2019, up from 4.70 percent during the prior-year first quarter primarily due to a change in earning mix and an increased yield on commercial loans, the latter mainly reflecting the positive impact of higher interest rates on variable-rate commercial loans stemming from the Federal Open Market Committee raising the targeted federal funds rate by 25 basis points in each of March, June, September, and December 2018.  On average, higher-yielding loans represented 86.8 percent of earning assets during the first quarter of 2019, up from 84.4 percent during the prior-year first quarter, while lower-yielding interest-earning deposits represented 2.1 percent of earning assets during the current-year first quarter, down from 4.1 percent during the respective 2018 period.  The cost of funds equaled 1.01 percent during the first quarter of 2019, up from 0.64 percent during the respective 2018 period mainly due to increased costs of time deposits, borrowed funds, and certain non-time deposit accounts, and a change in funding mix. Increased reliance on more costly wholesale funds during the first quarter of 2019 was necessitated by various funding requirements, including loan growth and seasonal deposit withdrawals by certain business customers for bonus and tax payments.  The net interest margin of 4.06 percent during the prior-year first quarter benefited from the successful collection of certain nonperforming commercial loan relationships that were paid in full, while a higher level of interest-earning deposits negatively impacted the margin during the same time period.  Excluding the impacts of these factors, the net interest margin equaled approximately 3.85 percent during the first quarter of 2018.

Net interest income and the net interest margin during the first quarter of 2019 and the prior-year first quarter were affected by purchase accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014.  Increases in interest income on loans totaling $0.2 million and $2.3 million were recorded during the first quarters of 2019 and 2018, respectively.  An increase in interest expense on subordinated debentures totaling $0.2 million was recorded during both the current-year first quarter and prior-year first 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 provision expense of $0.9 million during the first quarter of 2019, compared to no provision expense during the respective 2018 period.  The provision expense recorded during the current-year first quarter mainly reflected ongoing net loan growth.  No provision expense was made during the prior-year first quarter in light of net loan recoveries being recorded during the period.

Noninterest income during the first quarter of 2019 was $6.6 million, compared to $4.4 million during 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 $0.4 million, or 8.2 percent, during the current-year first quarter compared to the respective 2018 period.  The higher level of noninterest income primarily reflected increased mortgage banking activity income and credit and debit card income.  Increased service charges on accounts and payroll processing fees also contributed to the higher level of noninterest income.

Noninterest expense totaled $21.8 million during the first quarter of 2019, up $0.7 million, or 3.2 percent, from the prior-year first quarter.  The higher level of expense primarily resulted from increased salary costs, mainly reflecting pay increases for all hourly employees that went into effect on April 1, 2018, and annual employee merit pay increases.

Mr. Kaminski continued, "As expected, our net interest margin remained robust during the first quarter of 2019, reflecting our continuing focus on risk-based loan pricing and prudent underwriting.  We are pleased to report growth in certain fee income categories, illustrating the success of ongoing strategic initiatives, and remain committed to controlling overhead costs.  The enhancement of mortgage banking activity income through increased market share remains a priority.  To further our market penetration, we continue to hire proven mortgage loan originators when opportunities arise.  We are also hopeful that recent declines in residential mortgage loan rates will spur increased refinance activity and create additional mortgage banking activity income."

Balance Sheet

As of March 31, 2019, total assets were $3.55 billion, up $188 million, or 5.6 percent, from December 31, 2018.  Interest-earning deposits and total loans increased $158 million and $46.6 million, respectively, over the same time period.  The growth in interest-earning deposits mainly stemmed from certain deposit-gathering initiatives and an increase in wholesale funds.  During the twelve months ended March 31, 2019, total loans were up $248 million, or 9.7 percent.  Approximately $125 million in commercial term loans to new and existing borrowers were originated during the first quarter of 2019, as ongoing sales and relationship-building efforts resulted in increased lending opportunities.  As of March 31, 2019, unfunded commitments on commercial construction and development loans totaled approximately $147 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 very pleased with the net loan growth achieved during first quarter of 2019, which was largely fueled by increases in commercial and industrial loans and owner-occupied commercial real estate loans.  New commercial term loan originations during the quarter were once again in line with quarterly originations over the past few years.  Members of our lending team continue to identify and attract new client relationships and meet the needs of our existing customers with a continuing commitment to sound quality and appropriate pricing.  We also remain mindful of growing the portfolio in adherence with internal initiatives, which includes maintaining the combined commercial and industrial loan and owner-occupied commercial real estate loan portfolios at a minimum percentage of total commercial loans.  Our residential mortgage portfolio grew for the twelfth consecutive quarter, a majority of which consists of adjustable rate residential mortgage loans, reflecting the continuing success of strategic initiatives intended to increase our market penetration.  Based on our current commercial loan and residential mortgage loan pipelines, we are confident that solid loan growth can be realized in future periods."

As of March 31, 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 proportional initiatives. 

Total deposits at March 31, 2019 were $2.61 billion, up $147 million from December 31, 2018.  Local deposits and brokered deposits were up $75.0 million and $72.3 million, respectively, during the first three months of 2019.  The growth in local deposits was mainly driven by a special time deposit campaign that was introduced in mid first quarter and that has since ended, along with an increase in business money market accounts.  Wholesale funds were $570 million, or approximately 18 percent of total funds, as of March 31, 2019, compared to $474 million, or approximately 16 percent of total funds, as of December 31, 2018.  A substantial portion of the growth in wholesale funds during the first quarter of 2019 occurred in January; the monies were used primarily to fund strong loan growth recorded in late 2018 and early 2019 and offset typical and expected seasonal business deposit withdrawals used for bonus and tax payments, as well as to maintain sufficient balance sheet liquidity.  

Asset Quality

Nonperforming assets at March 31, 2019, were $4.5 million, or 0.1 percent of total assets, compared to $5.0 million, or 0.2 percent of total assets, at December 31, 2018, and $8.1 million, or 0.3 percent of total assets, at March 31, 2018.  The decline in nonperforming assets during the twelve months ended March 31, 2019, mainly reflects successful loan collection efforts and sales of bank-owned properties that were no longer being used or considered for use as bank facilities.  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 quarter of 2019, loan charge-offs totaled $0.2 million while recoveries of prior period charge-offs equaled $0.1 million, providing for net loan charge-offs of $0.1 million, or an annualized 0.01 percent of average total loans.

Capital Position

Shareholders' equity totaled $384 million as of March 31, 2019, an increase of $8.5 million from year-end 2018.  The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 12.4 percent as of March 31, 2019, compared to 12.3 percent at December 31, 2018.  At March 31, 2019, the Bank had approximately $77 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution.  Mercantile reported 16,421,025 total shares outstanding at March 31, 2019.

As part of a $20 million common stock repurchase program announced in January 2015 and later expanded by $15 million in April 2016, Mercantile repurchased approximately 119,000 shares for $3.6 million, or a weighted average all-in cost per share of $30.23, during the first quarter of 2019.  Since the program's inception, Mercantile repurchased approximately 1,275,000 shares for $29.0 million, or a weighted average all-in cost per share of $22.77.  Future share repurchases totaling $6.0 million can be made under the program.

Mr. Kaminski concluded, "In light of our continuing financial strength, we are well-positioned to further enhance shareholder value and meet targeted growth goals.  Our sustained cash dividend program and related competitive dividend yield demonstrate our commitment to increasing shareholder value.  As reflected by growth in the commercial and residential loan portfolios and deposits, our emphasis on building and cultivating value-added relationships continues to successfully attract new customers as well as retain existing clients.  We are very excited about Mercantile's future and are confident that the sound financial results achieved during the first quarter of 2019 will continue in the current year and beyond."

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 $3.5 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 and CEO

Executive Vice President and CFO


616-726-1502

616-726-1202


rkaminski@mercbank.com

cchristmas@mercbank.com

 

Mercantile Bank Corporation







First Quarter 2019 Results














MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)










MARCH 31,


DECEMBER 31,


MARCH 31,



2019


2018


2018








ASSETS







   Cash and due from banks

$

46,322,000

$

64,872,000

$

47,278,000

   Interest-earning deposits


168,572,000


10,482,000


163,879,000

      Total cash and cash equivalents


214,894,000


75,354,000


211,157,000








   Securities available for sale


337,876,000


337,366,000


336,988,000

   Federal Home Loan Bank stock


18,002,000


16,022,000


11,036,000








   Loans


2,799,639,000


2,753,085,000


2,551,204,000

   Allowance for loan losses


(23,135,000)


(22,380,000)


(19,974,000)

      Loans, net


2,776,504,000


2,730,705,000


2,531,230,000








   Premises and equipment, net


50,109,000


48,321,000


46,300,000

   Bank owned life insurance


69,789,000


69,647,000


69,010,000

   Goodwill


49,473,000


49,473,000


49,473,000

   Core deposit intangible, net


5,084,000


5,561,000


7,044,000

   Other assets


30,023,000


31,458,000


31,662,000








      Total assets

$

3,551,754,000

$

3,363,907,000

$

3,293,900,000















LIABILITIES AND SHAREHOLDERS' EQUITY







   Deposits:







      Noninterest-bearing

$

857,734,000

$

889,784,000

$

830,187,000

      Interest-bearing


1,753,240,000


1,573,924,000


1,709,866,000

         Total deposits


2,610,974,000


2,463,708,000


2,540,053,000








   Securities sold under agreements to repurchase


111,235,000


103,519,000


104,894,000

   Federal Home Loan Bank advances


384,000,000


350,000,000


220,000,000

   Subordinated debentures


46,369,000


46,199,000


45,688,000

   Accrued interest and other liabilities


15,447,000


25,232,000


14,925,000

         Total liabilities


3,168,025,000


2,988,658,000


2,925,560,000








SHAREHOLDERS' EQUITY







   Common stock


305,346,000


308,005,000


310,601,000

   Retained earnings


83,107,000


75,483,000


68,283,000

   Accumulated other comprehensive income/(loss)


(4,724,000)


(8,239,000)


(10,544,000)

      Total shareholders' equity


383,729,000


375,249,000


368,340,000








      Total liabilities and shareholders' equity

$

3,551,754,000

$

3,363,907,000

$

3,293,900,000

 

Mercantile Bank Corporation









First Quarter 2019 Results









MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)












THREE MONTHS ENDED


THREE MONTHS ENDED



March 31, 2019


March 31, 2018










INTEREST INCOME









   Loans, including fees


$

35,789,000



$

32,315,000


   Investment securities



2,441,000




2,196,000


   Other interest-earning assets



407,000




470,000


      Total interest income



38,637,000




34,981,000











INTEREST EXPENSE









   Deposits



4,804,000




3,085,000


   Short-term borrowings



104,000




57,000


   Federal Home Loan Bank advances



2,234,000




945,000


   Other borrowed money



850,000




695,000


      Total interest expense



7,992,000




4,782,000











      Net interest income



30,645,000




30,199,000











Provision for loan losses



850,000




0











      Net interest income after









         provision for loan losses



29,795,000




30,199,000











NONINTEREST INCOME









   Service charges on accounts



1,077,000




1,053,000


   Credit and debit card income



1,337,000




1,243,000


   Mortgage banking income



1,057,000




884,000


   Payroll services



505,000




482,000


   Earnings on bank owned life insurance


1,630,000




331,000


   Other income



1,026,000




388,000


      Total noninterest income



6,632,000




4,381,000











NONINTEREST EXPENSE









   Salaries and benefits



13,015,000




12,337,000


   Occupancy



1,762,000




1,772,000


   Furniture and equipment



635,000




548,000


   Data processing costs



2,216,000




2,128,000


   Other expense



4,202,000




4,362,000


      Total noninterest expense



21,830,000




21,147,000











      Income before federal income








         tax expense



14,597,000




13,433,000











Federal income tax expense



2,773,000




2,552,000











      Net Income


$

11,824,000



$

10,881,000











   Basic earnings per share



$0.72




$0.66


   Diluted earnings per share



$0.72




$0.66











   Average basic shares outstanding



16,429,571




16,595,115


   Average diluted shares outstanding



16,435,176




16,604,325


 

Mercantile Bank Corporation












First Quarter 2019 Results












MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)















Quarterly


(dollars in thousands except per share data)


2019


2018


2018


2018


2018




1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr


EARNINGS












   Net interest income

$

30,645


30,818


29,840


29,225


30,199


   Provision for loan losses

$

850


0


400


700


0


   Noninterest income

$

6,632


5,370


4,708


4,550


4,381


   Noninterest expense

$

21,830


21,958


21,650


21,414


21,147


   Net income before federal income












      tax expense

$

14,597


14,230


12,498


11,661


13,433


   Net income

$

11,824


11,573


10,123


9,446


10,881


   Basic earnings per share

$

0.72


0.70


0.61


0.57


0.66


   Diluted earnings per share

$

0.72


0.70


0.61


0.57


0.66


   Average basic shares outstanding


16,429,571


16,594,412


16,611,411


16,601,400


16,595,115


   Average diluted shares outstanding


16,435,176


16,600,108


16,619,295


16,610,819


16,604,325














PERFORMANCE RATIOS












   Return on average assets


1.39%


1.39%


1.22%


1.17%


1.36%


   Return on average equity


12.75%


12.40%


10.64%


10.25%


12.07%


   Net interest margin (fully tax-equivalent)


3.88%


3.98%


3.87%


3.92%


4.06%


   Efficiency ratio


58.56%


60.68%


62.67%


63.40%


61.15%


   Full-time equivalent employees


631


630


637


667


640














YIELD ON ASSETS / COST OF FUNDS












   Yield on loans


5.21%


5.08%


4.91%


4.92%


5.14%


   Yield on securities


2.82%


2.80%


2.70%


2.64%


2.61%


   Yield on other interest-earning assets


2.40%


2.20%


1.98%


1.80%


1.52%


   Yield on total earning assets


4.89%


4.80%


4.60%


4.60%


4.70%


   Yield on total assets


4.56%


4.46%


4.28%


4.27%


4.37%


   Cost of deposits


0.77%


0.63%


0.56%


0.53%


0.50%


   Cost of borrowed funds


2.43%


2.22%


2.14%


2.01%


1.83%


   Cost of interest-bearing liabilities


1.47%


1.26%


1.11%


1.02%


0.94%


   Cost of funds (total earning assets)


1.01%


0.82%


0.73%


0.68%


0.64%


   Cost of funds (total assets)


0.94%


0.76%


0.68%


0.63%


0.60%














PURCHASE ACCOUNTING ADJUSTMENTS












   Loan portfolio - increase interest income

$

211


603


386


777


2,271


   Trust preferred - increase interest expense

$

171


171


171


171


171


   Core deposit intangible - increase overhead

$

477


477


477


530


556














MORTGAGE BANKING ACTIVITY












   Total mortgage loans originated

$

44,932


44,448


66,829


62,032


40,937


   Purchase mortgage loans originated

$

29,891


29,729


47,704


41,239


25,137


   Refinance mortgage loans originated

$

15,041


14,719


19,125


20,793


15,800


   Total mortgage loans sold

$

21,502


21,805


30,713


24,114


19,813


   Net gain on sale of mortgage loans

$

698


829


1,116


851


729














CAPITAL












   Tangible equity to tangible assets


9.41%


9.68%


9.98%


9.87%


9.63%


   Tier 1 leverage capital ratio


11.16%


11.41%


11.76%


11.81%


11.50%


   Common equity risk-based capital ratio


10.46%


10.41%


10.93%


11.03%


11.04%


   Tier 1 risk-based capital ratio


11.84%


11.80%


12.35%


12.49%


12.52%


   Total risk-based capital ratio


12.56%


12.50%


13.05%


13.19%


13.20%


   Tier 1 capital

$

379,334


373,721


382,829


375,167


367,546


   Tier 1 plus tier 2 capital

$

402,469


396,102


404,521


396,334


387,520


   Total risk-weighted assets

$

3,204,295


3,167,655


3,100,158


3,003,778


2,935,367


   Book value per common share

$

23.37


22.70


22.84


22.57


22.19


   Tangible book value per common share

$

20.05


19.37


19.50


19.20


18.79


   Cash dividend per common share

$

0.26


1.00


0.24


0.22


0.22














ASSET QUALITY












   Gross loan charge-offs

$

174


354


169


273


654


   Recoveries

$

79


1,042


294


766


1,127


   Net loan charge-offs (recoveries)

$

95


(688)


(125)


(493)


(473)


   Net loan charge-offs (recoveries) to average loans

0.01%


(0.10%)


(0.02%)


(0.08%)


(0.08%)


   Allowance for loan losses

$

23,135


22,380


21,692


21,167


19,974


   Allowance to originated loans


0.89%


0.88%


0.88%


0.89%


0.87%


   Nonperforming loans

$

4,138


4,141


4,852


4,965


5,742


   Other real estate/repossessed assets

$

396


811


948


842


2,384


   Nonperforming loans to total loans


0.15%


0.15%


0.18%


0.19%


0.23%


   Nonperforming assets to total assets


0.13%


0.15%


0.18%


0.18%


0.25%














NONPERFORMING ASSETS - COMPOSITION












   Residential real estate:












      Land development

$

45


0


0


0


0


      Construction

$

0


0


0


0


0


      Owner occupied / rental

$

3,404


3,555


3,908


3,650


3,571


   Commercial real estate:












      Land development

$

0


0


0


0


0


      Construction

$

0


0


0


0


0


      Owner occupied  

$

791


1,363


1,543


1,957


3,913


      Non-owner occupied

$

62


0


0


0


0


   Non-real estate:












      Commercial assets

$

207


17


331


180


620


      Consumer assets

$

25


17


18


20


22


   Total nonperforming assets

$

4,534


4,952


5,800


5,807


8,126














NONPERFORMING ASSETS - RECON












   Beginning balance

$

4,952


5,800


5,807


8,126


9,403


   Additions - originated loans & former bank facilities

$

539


1,247


999


300


1,426


   Merger-related activity

$

0


0


5


17


29


   Return to performing status

$

0


0


0


0


(175)


   Principal payments

$

(382)


(1,836)


(857)


(778)


(1,557)


   Sale proceeds

$

(429)


(128)


(147)


(1,807)


(299)


   Loan charge-offs

$

(146)


(57)


(3)


(50)


(597)


   Valuation write-downs

$

0


(74)


(4)


(1)


(104)


   Ending balance

$

4,534


4,952


5,800


5,807


8,126














LOAN PORTFOLIO COMPOSITION












   Commercial:












      Commercial & industrial

$

839,207


822,723


818,113


776,995


739,805


      Land development & construction

$

45,892


44,885


39,396


37,868


31,437


      Owner occupied comm'l R/E

$

551,517


548,619


542,730


533,075


531,152


      Non-owner occupied comm'l R/E

$

835,679


816,282


811,767


818,376


794,206


      Multi-family & residential rental

$

127,903


127,597


94,101


95,656


96,428


         Total commercial

$

2,400,198


2,360,106


2,306,107


2,261,970


2,193,028


   Retail:












      1-4 family mortgages

$

316,315


307,540


301,765


283,657


264,996


      Home equity & other consumer

$

83,126


85,439


89,545


91,229


93,180


         Total retail

$

399,441


392,979


391,310


374,886


358,176


         Total loans

$

2,799,639


2,753,085


2,697,417


2,636,856


2,551,204














END OF PERIOD BALANCES












   Loans

$

2,799,639


2,753,085


2,697,417


2,636,856


2,551,204


   Securities

$

355,878


353,388


337,603


342,178


348,024


   Other interest-earning assets

$

168,572


10,482


28,193


69,402


163,879


   Total earning assets (before allowance)

$

3,324,089


3,116,955


3,063,213


3,048,436


3,063,107


   Total assets

$

3,551,754


3,363,907


3,300,106


3,288,521


3,293,900


   Noninterest-bearing deposits

$

857,734


889,784


879,442


884,470


830,187


   Interest-bearing deposits

$

1,753,240


1,573,924


1,629,368


1,645,341


1,709,866


   Total deposits

$

2,610,974


2,463,708


2,508,810


2,529,811


2,540,053


   Total borrowed funds

$

544,566


513,220


401,575


373,642


373,824


   Total interest-bearing liabilities

$

2,297,806


2,087,144


2,030,943


2,018,983


2,083,690


   Shareholders' equity

$

383,729


375,249


379,465


374,919


368,340














AVERAGE BALANCES












   Loans

$

2,787,430


2,706,617


2,658,092


2,596,828


2,552,070


   Securities

$

354,459


343,597


342,593


340,990


348,431


   Other interest-earning assets

$

67,915


30,564


61,810


63,336


123,633


   Total earning assets (before allowance)

$

3,209,804


3,080,778


3,062,495


3,001,154


3,024,134


   Total assets

$

3,441,774


3,312,648


3,295,129


3,232,038


3,249,794


   Noninterest-bearing deposits

$

852,247


905,065


893,181


848,650


805,214


   Interest-bearing deposits

$

1,668,563


1,579,632


1,628,346


1,635,755


1,690,135


   Total deposits

$

2,520,810


2,484,697


2,521,527


2,484,405


2,495,349


   Total borrowed funds

$

532,864


434,365


383,830


365,124


376,890


   Total interest-bearing liabilities

$

2,201,427


2,013,997


2,012,176


2,000,879


2,067,025


   Shareholders' equity

$

376,103


370,175


377,574


365,521


365,521


 

Cision View original content:https://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-first-quarter-2019-results-300832253.html

SOURCE Mercantile Bank Corporation


Source: PR Newswire (April 16, 2019 - 6:01 AM EDT)