Peer Analysis
Performance Ratios (%) MBWM Peer Median Peer Average
ROAA 1.08 1.18 1.14
ROAE 9.60 9.95 10.17
Net Interest Margin 3.87 3.61 3.56
Efficiency Ratio 59.61 58.49 57.08
Loans / Deposits NA 94.23 92.26
Asset Quality Ratios (%)
NPAs / Assets NA 0.44 0.60
NCOs / Avg Loans 0.03 0.04 0.02
Reserves / Loans 0.78 0.96 1.11
Reserves / NPAs NA 144.13 182.44
Capital Ratios (%)
Tier 1 Capital 12.52 12.67 12.80
Tangible Equity / Tangible Assets 9.63 9.15 9.39
Total Equity / Total Assets 11.18 11.59 11.14
Market Ratios
Price / Earnings (x) 17.12 21.46 21.07
Price / Book (%) 162.05 210.14 203.20
Dividend Yield (%) 2.45 2.07 2.05
Data for trailing four quarters

Mercantile Bank Corporation's peer group consists of the following: 1st Source Corporation (SRCE), First Busey Corporation (BUSE), German American Bancorp, Inc. (GABC), Horizon Bancorp (HBNC), Independent Bank Corp. (INDB), Lakeland Financial Corporation (LKFN), Macatawa Bank Corporation (MCBC)

Mercantile Bank Corporation's financial data is as of 3/31/2018.

Peer financial data is as of 3/31/2018 except for these companies:

Independent Bank Corp.'s financial data is as of 3/31/2018.
1st Source Corporation's financial data is as of 3/31/2018.