Peer Analysis
Performance Ratios (%) MBWM Peer Median Peer Average
ROAA 1.18 1.31 1.31
ROAE 10.41 11.79 11.69
Net Interest Margin 3.90 3.68 3.60
Efficiency Ratio 60.42 56.40 55.57
Loans / Deposits 107.45 93.57 91.64
Asset Quality Ratios (%)
NPAs / Assets 0.52 0.64 0.61
NCOs / Avg Loans (0.03) 0.09 0.09
Reserves / Loans 0.80 0.97 1.10
Reserves / NPAs 126.85 107.29 152.65
Capital Ratios (%)
Tier 1 Capital 12.35 12.97 13.15
Tangible Equity / Tangible Assets 9.98 9.42 9.56
Total Equity / Total Assets 11.50 11.51 11.27
Market Ratios
Price / Earnings (x) 12.31 15.13 15.24
Price / Book (%) 125.11 172.68 171.67
Dividend Yield (%) 3.50 2.41 2.44
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 9/30/2018.

Peer financial data is as of 9/30/2018