Business
Mercantile Bank Corporation Reports Strong Third Quarter 2021 Results
Sustained strength in core commercial loan originations, asset quality metrics, and operating performance highlight quarter GRAND RAPIDS, Mich., Oct. 19, 2021
About this update from Mercantile Bank Corporation
[{"type":"text","content":"Sustained strength in core commercial loan originations, asset quality metrics, and operating performance highlight quarter\n\n\nGRAND RAPIDS, Mich., Oct. 19, 2021 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) (\"Mercantile\") reported net income of $15.1 million, or $0.95 per diluted share, for the third quarter of 2021, up 40.8 percent from $10.7 million, or $0.66 per diluted share, for the respective prior-year period. Net income during the first nine months of 2021 totaled $47.4 million, or $2.95 per diluted share, up 57.6 percent from $30.1 million, or $1.85 per diluted share, during the first nine months of 2020.\n\"Mercantile's talented and dedicated people, commitment to local decision making, and longstanding investments in technology all contributed to the bank's growth in commercial and residential mortgage loans, earnings, net interest income, and fee income, all while maintaining strong asset quality metrics and operating expense discipline,\" said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. \"The significant growth in core commercial loans during the quarter, especially when considering the current economic and operating environments, is a noteworthy feat and reflects our commercial lending team's ongoing concerted effort to meet existing customers' credit needs and to foster new relationships. Based on our current loan pipeline, we believe core commercial loan originations will remain robust during the fourth quarter and into 2022.\" \nThird quarter highlights include:\nStrong growth in core commercial loans and residential mortgage loans Sustained strength in commercial loan and residential mortgage loan pipelines Ongoing strength in asset quality metrics Solid earnings and capital position Growth in key fee income categories Additional growth in local depositsOperating Results\nTotal revenue, which consists of net interest income and noninterest income, was $46.7 million during the third quarter of 2021, up $3.9 million, or 9.1 percent, from the prior-year third quarter. Net interest income during the third quarter of 2021 was $31.1 million, up from $29.5 million during the respective 2020 period due to the positive impact of earning asset growth, which more than offset a lower net interest margin. Noninterest income totaled $15.6 million during the third quarter of...