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Mercantile Bank Corporation Reports Strong Third Quarter 2019 Results
GRAND RAPIDS, Mich., Oct. 15, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $12.6 million, or $0.77
About this update from Mercantile Bank Corporation
[{"type":"text","content":"GRAND RAPIDS, Mich., Oct. 15, 2019 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $12.6 million, or $0.77 per diluted share, for the third quarter of 2019, compared with net income of $10.1 million, or $0.61 per diluted share, for the respective prior-year period. Net income during the first nine months of 2019 totaled $36.1 million, or $2.20 per diluted share, compared to $30.5 million, or $1.83 per diluted share, during the first nine months of 2018.\nBank owned life insurance claims and a gain on the sale of a former branch facility increased reported net income during the first nine months of 2019 by approximately $3.1 million, or $0.19 per diluted share. Interest income related to purchased loan accounting entries increased net income during the first nine months of 2019 by $0.9 million, or $0.05 per diluted share, and net income during the first nine months of 2018 by $2.7 million, or $0.16 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.29, or 17.4 percent, during the first nine months of 2019 compared to the respective 2018 period.\n\"We are very pleased to once again report a quarter of robust operating performance, representing a continuation of the financial trends demonstrated during the first six months of the year,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"Our sustained strength in core profitability, solid capital position, and healthy commercial loan and residential mortgage loan pipelines give us confidence that the sound financial performance exhibited during the first three quarters of the year will continue in the fourth quarter and beyond.\"\nThird quarter highlights include:\nStrong earnings performance and capital position Increased fee income Controlled overhead costs Strong asset quality Annualized net loan growth of approximately 7 percent New commercial term loan originations of $153 million Continued strength in commercial and residential loan pipelinesOperating Results\nTotal revenue, which consists of net interest income and noninterest income, was $38.3 million during the third quarter of 2019, up $3.7 million, or 10.8 percent, from the prior-year third quarter. Reflecting a higher level of earning assets, net interest income of $31.6 million durin...