Press Release

Mercantile Bank Corporation Reports Strong First Quarter 2020 Results

Continued strength in core profitability and solid commercial loan growth highlight quarter

Company Release - 4/21/2020 6:01 AM ET

GRAND RAPIDS, Mich., April 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: 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