Business
Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2021 Results
Robust core commercial loan growth, very strong operating performance and continued strength in asset quality metrics highlight 2021 GRAND RAPIDS, Mich., Jan.
About this update from Mercantile Bank Corporation
[{"type":"text","content":"Robust core commercial loan growth, very strong operating performance and continued strength in asset quality metrics highlight 2021\n\n\nGRAND RAPIDS, Mich., Jan. 18, 2022 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $11.6 million, or $0.74 per diluted share, for the fourth quarter of 2021, compared with net income of $14.1 million, or $0.87 per diluted share, for the respective prior-year period. For the full year 2021, Mercantile reported net income of $59.0 million, or $3.69 per diluted share, compared with net income of $44.1 million, or $2.71 per diluted share, for the full year 2020.\nCosts and a charitable contribution related to the formation and initial funding of The Mercantile Bank Foundation decreased net income during the fourth quarter of 2021 and full year 2021 by approximately $3.2 million, or $0.20 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.07, or 8.0 percent, during the fourth quarter of 2021, and $1.18, or 43.5 percent, during the full year 2021 compared to the respective 2020 periods.\n\"We are very pleased to report another quarter and year of robust operating performance,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"Our strong financial results during 2021 reflect solid growth in core commercial loans and residential mortgage loans, a higher level of net interest income, increases in all key fee income categories, and sustained strength in asset quality. Based on the strength of our current capital position, which was recently augmented with a subordinated notes issuance, and healthy loan pipelines and prospects, we believe that we are well positioned to continue to achieve strong financial performance in future periods. The unwavering resiliency exhibited by the entire Mercantile team and our customers during the ongoing COVID-19 pandemic has been inspiring, and we look forward to continue serving as a trusted advisor to our existing clients and identifying opportunities to forge mutually beneficial relationships with prospective customers.\" \nFull year highlights include:\nSolid growth in core commercial loans and residential mortgage loans Ongoing strength in commercial loan and residential mortgage loan pipelines Sustained strength in asset qualit...