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Mercantile Bank Corporation Reports Strong First Quarter 2019 Results
GRAND RAPIDS, Mich., April 16, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $11.8 million, or $0.72
About this update from Mercantile Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., April 16, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $11.8 million, or $0.72 per diluted share, for the first quarter of 2019, compared with net income of $10.9 million, or $0.66 per diluted share, for the respective prior-year period. A bank owned life insurance claim and a gain on the sale of a former branch facility during the first quarter of 2019 increased net income by approximately $1.8 million, or $0.11 per diluted share, while the successful collection of certain commercial loan relationships during the prior-year first quarter increased reported net income by approximately $1.7 million, or $0.10 per diluted share. Excluding the impacts of these specific transactions, diluted earnings per share increased $0.05, or nearly 9 percent, during the current-year first quarter compared to the prior-year first quarter.\n\"We are very pleased to start 2019 with a quarter that depicts continued strength in core profitability and loan originations,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"Our robust financial results reflect a strong net interest margin, increased fee income, and controlled overhead costs. Based on our healthy loan pipelines and sound financial condition, we are confident that our demonstrated solid operating results will continue in future periods, and we are in a position to take advantage of future growth opportunities.\" \nFirst quarter highlights include:\nStrong earnings and capital position Robust net interest margin Growth in key fee income categories Controlled overhead costs Sound asset quality, as depicted by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category Annualized net loan growth of nearly 7 percent New commercial term loan originations of approximately $125 million Continued strength in commercial and residential loan pipelines Increased regular quarterly cash dividend Operating Results\nTotal revenue, which consists of net interest income and noninterest income, was $37.3 million during the first quarter of 2019, up $2.7 million, or 7.8 percent, from the prior-year first quarter. Net interest income during the first quarter of 2019 was $30.6 million, up $0.4 million, or 1.5 percent, from the first quarter of 2018, primarily reflecting ...