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Mercantile Bank Corporation Reports Strong Second Quarter 2019 Results
GRAND RAPIDS, Mich., July 16, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $11.7 million, or $0.71
About this update from Mercantile Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., July 16, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $11.7 million, or $0.71 per diluted share, for the second quarter of 2019, compared with net income of $9.4 million, or $0.57 per diluted share, for the respective prior-year period. Net income during the first six months of 2019 totaled $23.5 million, or $1.43 per diluted share, compared to $20.3 million, or $1.22 per diluted share, during the first six months of 2018.\nA bank owned life insurance claim increased reported net income during the second quarter of 2019 by approximately $1.3 million, or $0.08 per diluted share. Excluding the impact of this transaction, diluted earnings per share increased $0.06, or 10.5 percent, during the second quarter of 2019 compared to the prior-year second quarter. Bank owned life insurance claims and a gain on the sale of a former branch facility increased reported net income during the first six months of 2019 by approximately $3.1 million, or $0.19 per diluted share, while the successful collection of certain nonperforming commercial loans increased reported net income during the respective 2018 period by approximately $1.7 million, or $0.10 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.12, or 10.7 percent, during the first six months of 2019 compared to the respective prior-year period.\n\"We are very pleased to conclude the first half of 2019 with another quarter of solid operating results,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"Our sound financial condition, sustained strength in commercial and residential mortgage loan originations, and expected new loan fundings elicit confidence that the strong results achieved during the first six months of the year will continue throughout the last half of the year.\"\nSecond quarter highlights include:\nRobust earnings performance and capital position Healthy net interest margin Increased fee income Controlled overhead costs Strong asset quality, as reflected by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category Annualized net loan growth of almost 12 percent New commercial term loan originations of approximately $134 million Continued strength in commercial and residential lo...