Peer Analysis
Performance Ratios (%) MBWM Peer Median Peer Average
ROAA 1.37 1.43 1.43
ROAE 12.40 11.19 12.15
Net Interest Margin 3.84 3.62 3.65
Efficiency Ratio 58.93 56.22 53.97
Loans / Deposits 105.54 93.63 89.51
Asset Quality Ratios (%)
NPAs / Assets 0.84 0.45 0.50
NCOs / Avg Loans (0.01) 0.06 0.07
Reserves / Loans 0.83 0.79 1.02
Reserves / NPAs 78.78 116.44 156.34
Capital Ratios (%)
Tier 1 Capital 11.88 13.19 13.38
Tangible Equity / Tangible Assets 9.67 10.16 10.24
Total Equity / Total Assets 10.97 12.45 12.36
Market Ratios
Price / Earnings (x) 12.52 14.60 14.78
Price / Book (%) 145.60 164.78 164.22
Dividend Yield (%) 2.98 2.48 2.40
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, Inc. (HBNC), Independent Bank Corp. (INDB), Lakeland Financial Corporation (LKFN), Macatawa Bank Corporation (MCBC)

Mercantile Bank Corporation's financial data is as of 9/30/2019.

Peer financial data is as of 9/30/2019