Mercantile Bank Corp.

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Mercantile Bank Corporation Reports Strong Second Quarter 2013 Results

GRAND RAPIDS, Mich., July 16, 2013 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income attributable to common shares of $4.0 million, or $0.46 per diluted share, for the second quarter of 2013, compared with net income attributable to common shares of $3.3 million, or $0.36 per diluted share, for the prior-year period.

The second quarter was highlighted by:

  • New loan originations of approximately $76 million
  • Improved profitability driven by significantly lower nonperforming asset costs
  • Nonperforming assets declined 64 percent from a year ago; currently represent only 1.1 percent of total assets
  • Level of loans in the 30- to 89-days delinquent category remained at a nominal level
  • Net interest margin improved slightly and remained well above historical average
  • Announced third quarter cash dividend of $0.12 per common share, or a current annual yield of approximately 2.5 percent, up from second quarter dividend of $0.11 per common share

"Mercantile extended its stellar 2013 performance with a strong quarter that reflects our bank's position as an industry leader in our markets," said Michael Price, Chairman and CEO of Mercantile.  "The earnings performance and balance sheet trends continue to demonstrate momentum, led by improved net income attributable to common shares and earnings per share, a stronger balance sheet and positive trends in new business development.  We remain very confident that our first half performance is indicative of the opportunities available to us over the remainder of the year."

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $13.1 million during the second quarter of 2013, down $0.4 million or 2.7 percent from the $13.5 million generated during the prior-year second quarter.  The decline in total revenue during the 2013 period compared to the 2012 period resulted from decreased net interest income and a decline in noninterest income.  Net interest income during the second quarter of 2013 was $11.3 million, down $0.2 million or 1.7 percent from the second quarter of 2012, reflecting a 2.8 percent decrease in average earning assets, partially offset by a 3-basis point increase in the net interest margin.  The net interest margin during the second quarter of 2013 was 3.66 percent, up from 3.63 percent during the comparable 2012 period.

Noninterest income during the second quarter of 2013 was $1.8 million, down 8.7 percent from $1.9 million during the prior-year second quarter.  The decrease in noninterest income during the 2013 period compared to the respective 2012 period primarily resulted from lower rental income on foreclosed properties and residential mortgage banking fee income.

Mercantile recorded a negative $1.5 million provision for loan losses during the second quarter of 2013 compared to a negative provision of $3.0 million for the second quarter of 2012.  The negative provision expense is the result of several factors, including continued progress in loan recoveries and collections, a reduced level of loan-rating downgrades and ongoing loan-rating upgrades as the quality of the loan portfolio continues to improve. Loan recoveries totaled $0.8 million during the second quarter of 2013, while loan charge-offs not specifically reserved for in prior periods amounted to $0.3 million, resulting in a net positive impact of $0.5 million on provision expense.

Noninterest expense totaled $8.8 million during the second quarter of 2013, down $1.8 million or 16.9 percent from the prior-year second quarter.  Costs associated with the administration and resolution of problem assets, including legal expenses, property tax payments, appraisal costs and write-downs on foreclosed properties, totaled $0.3 million during the second quarter of 2013, down $1.8 million or 86.6 percent from the $2.1 million expensed during the second quarter of 2012.  Gains on sales of other real estate, which are netted against nonperforming asset costs, totaled $0.6 million during the second quarter of 2013.  The reduction in nonperforming asset costs reflects the continuation of Mercantile's aggressive approach to managing and resolving problem assets.

Mr. Price continued: "Our bank delivered a strong first half for 2013, and we believe this represents the foundation for another full year of impressive performance for Mercantile.  Our improved earnings performance and strengthened capital position have added to our ability to be flexible and opportunistic as we pursue disciplined growth for long-term performance.  Our strength is further recognized by our customers and the value Mercantile brings as a partner in their growth." 

Balance Sheet

As of June 30, 2013, total assets were $1.34 billion, down $79.2 million or 5.6 percent from December 31, 2012; total loans increased $17.5 million, or 1.7 percent, to $1.06 billion over the same time period, while federal funds sold declined $69.8 million.  Compared to June 30, 2012, total assets declined $41.5 million, or 3.0 percent, and total loans declined $2.3 million, or 0.2 percent.  Total loans grew $35.7 million or 3.5 percent during the second quarter of 2013 as continuing relationship building efforts have led to increased lending opportunities.  Approximately $58 million in loans to new borrowers, along with $18 million in new term loans to existing borrowers, were originated during the second quarter. 

Commercial-related real estate loans continue to comprise a majority of Mercantile's loan portfolio, representing approximately 67 percent of total loans as of June 30, 2013.  Non-owner occupied commercial real estate ("CRE") loans, totaling $357 million or 33.8 percent of total loans as of June 30, 2013, increased $39.0 million or 12.2 percent during the last twelve months.  Owner-occupied CRE loans, totaling $253 million or 23.9 percent of total loans at the end of the current year second quarter, declined $23.2 million or 8.4 percent since June 30, 2012.  Commercial and industrial loans totaled $279 million or 26.4 percent of total loans as of June 30, 2013, up from $277 million or 26.1 percent of total loans as of June 30, 2012.

 

LOAN COMPOSITION












($000s)


6/30/13


3/31/13


12/31/12


9/30/12


6/30/12












Commercial:











   Commercial & Industrial

$

279,300

$

272,890

$

285,322

$

271,814

$

277,428

   Land Development &











      Construction


42,170


45,174


48,099


56,622


58,774

   Owner Occupied CRE


253,172


253,089


259,277


276,185


276,361

   Non-Owner Occupied CRE


357,452


327,776


324,886


299,356


318,476

   Multi-Family & Residential











      Rental Properties


53,522


50,035


50,922


53,434


56,452

         Total Commercial


985,616


948,964


968,506


957,411


987,491












Retail:











   1-4 Family Mortgages


35,709


35,735


33,766


38,454


32,622

   Home Equity & Other











      Consumer Loans


37,337


38,257


38,917


39,423


40,883

         Total Retail


73,046


73,992


72,683


77,877


73,505












      Total

$

1,058,662

$

1,022,956

$

1,041,189

$

1,035,288

$

1,060,996

 

Mercantile has continued its efforts to improve liquidity by growing local deposits and reducing wholesale funding.  As of June 30, 2013, total deposits were $1.06 billion, down $44.3 million from June 30, 2012.  By comparison, local deposits increased $53.1 million to $850 million over the past year, representing 80.1 percent of total deposits compared to 72.1 percent at June 30, 2012.  We believe growth in local deposits was driven primarily by the introduction of innovative new products, various deposit-gathering initiatives and enhanced advertising and branding campaigns. 

Wholesale funds were $246 million, or 21.3 percent of total funds, as of June 30, 2013, compared to $305 million, or 24.7 percent of total funds, as of December 31, 2012, and $343 million, or 28.8 percent of total funds, as of June 30, 2012.

Short-term investments, consisting of federal funds sold and interest-bearing bank deposits, averaged $63.5 million during the second quarter of 2013.  In addition to its short-term investments, Mercantile had approximately $166 million of borrowing capacity through various established lines of credit to meet potential funding needs, as well as approximately $47 million of unpledged U.S. Government securities as of June 30, 2013.

Asset Quality

Nonperforming assets ("NPAs") at June 30, 2013 were $14.4 million, or 1.1 percent of total assets, compared to $25.9 million as of December 31, 2012, and $40.1 million as of June 30, 2012 (1.8 percent and 2.9 percent of total assets, respectively).  This represents a decline of $11.5 million or 44.3 percent from the end of 2012, and a decline of $25.6 million or 64.0 percent from the year-ago quarter-end.

Robert B. Kaminski, Jr., Mercantile's Executive Vice President and Chief Operating Officer, noted: "We are very pleased with our multi-year success in improving asset quality and the dramatic decline in nonperforming assets over the past 12 months.  The actions taken over the past several years reflect our aggressive stance to move troubled assets off our balance sheet.  Nonperforming assets now represent only 1.1 percent of our total assets and our 30-to 89-day delinquent loans remained at a nominal level. We continue to be grateful to the entire Mercantile team for all their hard work on this initiative, while staying true to our community banking roots, maintaining a steady focus on meeting the needs of our existing customers and driving the growth of new relationships in our markets.  While our markets remain competitive, we are benefiting from our robust sales programs and marketing initiatives and the overall value that Mercantile brings to clients as evidenced by the $58 million in loans to new borrowers we originated in the second quarter." 

Nonperforming loans ("NPLs") totaled $10.5 million as of June 30, 2013, down $1.9 million and $18.0 million, respectively, from the linked quarter-end and the year-ago quarter-end, while foreclosed real estate and repossessed assets declined $2.6 million and $7.6 million, respectively, from the linked and year-ago quarter-ends.  CRE loans represented 53.2 percent of NPLs, or $5.6 million at June 30, 2013.  Investor-owned nonperforming CRE loans accounted for $4.6 million of total CRE nonperforming loans, while owner-occupied CRE nonperforming loans accounted for $1.0 million.  Owner-occupied and rental residential NPLs totaled $3.2 million or 30.4 percent of total NPLs as of June 30, 2013.

NONPERFORMING ASSETS












($000s)


6/30/13


3/31/13


12/31/12


9/30/12


6/30/12

Residential Real Estate:











   Land Development

$

936

$

1,370

$

2,362

$

3,318

$

3,946

   Construction


89


448


476


645


965

   Owner Occupied / Rental


3,516


4,027


4,812


5,426


5,982



4,541


5,845


7,650


9,389


10,893












Commercial Real Estate:











   Land Development


681


755


789


1,158


1,174

   Construction


0


0


0


0


0

   Owner Occupied 


1,566


2,708


3,534


6,395


6,850

   Non-Owner Occupied


6,898


8,722


13,232


17,613


19,386



9,145


12,185


17,555


25,166


27,410












Non-Real Estate:











   Commercial Assets


755


869


734


1,386


1,765

   Consumer Assets


1


1


1


1


1



756


870


735


1,387


1,766












      Total

$

14,442

$

18,900

$

25,940

$

35,942

$

40,069

 

During the second quarter of 2013, Mercantile added only $0.5 million of NPAs to its problem asset portfolio, while disposing of $5.0 million through a combination of principal payments and asset sales ($4.4 million), loan charge-offs ($0.3 million), and foreclosed asset valuation write-downs ($0.3 million). In total, NPAs decreased by a net $4.5 million during the second quarter of 2013.

 

NONPERFORMING ASSETS RECONCILIATION












($000s)


2Q 2013


1Q 2013


4Q 2012


3Q 2012


2Q 2012












Beginning balance

$

18,900

$

25,940

$

35,942

$

40,069

$

52,174

Additions


495


692


3,691


158


3,306

Returns to performing











   status


0


0


(37)


0


0

Principal payments


(1,988)


(3,512)


(6,960)


(1,245)


(11,357)

Sale proceeds


(2,374)


(1,887)


(4,858)


(1,190)


(1,586)

Loan charge-offs


(319)


(2,116)


(1,202)


(1,003)


(1,337)

Valuation write-downs


(272)


(217)


(636)


(847)


(1,131)












      Total

$

14,442

$

18,900

$

25,940

$

35,942

$

40,069

Net loan recoveries were $0.4 million during the second quarter of 2013, or an annualized negative 0.2 percent of average loans, compared with net loan charge-offs of $1.1 million (0.5 percent annualized) and net loan recoveries of $1.7 million (negative 0.7 percent annualized) for the linked and prior-year quarters, respectively.

NET LOAN CHARGE-OFFS (RECOVERIES)












($000s)


2Q 2013


1Q 2013


4Q 2012


3Q 2012


2Q 2012

Residential Real Estate:











   Land Development

$

(119)

$

690

$

(119)

$

77

$

(110)

   Construction


0


0


0


0


10

   Owner Occupied / Rental


(301)


479


16


166


50



(420)


1,169


(103)


243


(50)












Commercial Real Estate:











   Land Development


30


(210)


55


16


(7)

   Construction


0


0


0


0


0

   Owner Occupied 


(6)


54


515


86


(164)

   Non-Owner Occupied


79


61


(112)


1,317


(1,525)



103


(95)


458


1,419


(1,696)












Non-Real Estate:











   Commercial Assets


(95)


69


(935)


(148)


(14)

   Consumer Assets


1


(1)


(35)


13


14



(94)


68


(970)


(135)


0












      Total

$

(411)

$

1,142

$

(615)

$

1,527

$

(1,746)

Capital Position

Shareholders' equity totaled $151 million as of June 30, 2013, an increase of $4.3 million from year-end 2012. The Bank remains "well-capitalized" with a total risk-based capital ratio of 15.4 percent as of June 30, 2013, compared to 14.7 percent at December 31, 2012.  At June 30, 2013, the Bank had approximately $64 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution.  Mercantile reported 8,707,003 total shares outstanding at June 30, 2013.

With the continued strength of Mercantile's operating performance and capital position, on July 11, 2013, the Board of Directors declared a cash dividend of $0.12 per common share, which is payable in the third quarter of 2013.  The $0.12 cash dividend represents an increase of nine percent from the $0.11 cash dividend paid to common shareholders during the second quarter of 2013 and an increase of 20 percent from the $0.10 cash dividend paid to common shareholders during the first quarter of 2013.

Mr. Price concluded: "We believe Mercantile is in a very strong position as we look to the future.  We continue to be a premier community bank with strong customer relationships and a growing pipeline of new business opportunities for the second half of the year.  The ongoing recovery in the Michigan economy is an additional tailwind for our business.  We are optimistic about our ability to deliver disciplined growth and increasing value to our shareholders based on steady improvement in financial performance, an increasingly strengthened capital position and earnings momentum from the first half of the year." 

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Founded in 1997 to provide banking services to businesses, individuals and governmental units, the Bank differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has seven full-service banking offices in Grand Rapids, Holland and Lansing, Michigan. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Forward-Looking Statements

This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Mercantile Bank Corporation







Second Quarter 2013 Results







MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS










JUNE 30,


DECEMBER 31,


 JUNE 30,



2013


2012


2012



(Unaudited)


(Audited)


(Unaudited)

ASSETS







   Cash and due from banks

$

16,789,000

$

20,302,000

$

18,405,000

   Interest-bearing deposit balances


6,108,000


10,822,000


10,585,000

   Federal funds sold


35,080,000


104,879,000


53,476,000

      Total cash and cash equivalents


57,977,000


136,003,000


82,466,000








   Securities available for sale


130,134,000


138,314,000


127,591,000

   Federal Home Loan Bank stock


11,961,000


11,961,000


11,961,000








   Loans


1,058,662,000


1,041,189,000


1,060,996,000

   Allowance for loan losses


(24,947,000)


(28,677,000)


(29,689,000)

      Loans, net


1,033,715,000


1,012,512,000


1,031,307,000








   Premises and equipment, net


25,382,000


25,919,000


26,164,000

   Bank owned life insurance


50,736,000


50,048,000


49,312,000

   Accrued interest receivable


3,660,000


3,874,000


3,895,000

   Other real estate owned and repossessed assets


3,916,000


6,970,000


11,545,000

   Net deferred tax asset


19,711,000


22,015,000


25,285,000

   Other assets


6,558,000


15,310,000


15,719,000








      Total assets

$

1,343,750,000

$

1,422,926,000

$

1,385,245,000















LIABILITIES AND SHAREHOLDERS' EQUITY







   Deposits:







      Noninterest-bearing

$

197,304,000

$

190,241,000

$

164,532,000

      Interest-bearing


864,011,000


944,963,000


941,098,000

         Total deposits


1,061,315,000


1,135,204,000


1,105,630,000








   Securities sold under agreements to repurchase


57,328,000


64,765,000


52,831,000

   Federal Home Loan Bank advances


35,000,000


35,000,000


35,000,000

   Subordinated debentures


32,990,000


32,990,000


32,990,000

   Accrued interest and other liabilities


6,179,000


8,377,000


9,132,000

         Total liabilities


1,192,812,000


1,276,336,000


1,235,583,000








SHAREHOLDERS' EQUITY







   Common stock


164,548,000


166,074,000


174,026,000

   Retained earnings (deficit)


(12,718,000)


(21,134,000)


(26,799,000)

   Accumulated other comprehensive income (loss)


(892,000)


1,650,000


2,435,000

      Total shareholders' equity


150,938,000


146,590,000


149,662,000








      Total liabilities and shareholders' equity

$

1,343,750,000

$

1,422,926,000

$

1,385,245,000

 

Mercantile Bank Corporation














Second Quarter 2013 Results














MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF OPERATIONS
















THREE MONTHS ENDED


THREE MONTHS ENDED

SIX MONTHS ENDED

SIX MONTHS ENDED


June 30, 2013


June 30, 2012

June 30, 2013

June 30, 2012


(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)


INTEREST INCOME














   Loans, including fees

$

12,687,000



$

13,454,000


$

25,533,000


$

27,268,000


   Investment securities


1,264,000




1,430,000



2,566,000



3,131,000


   Federal funds sold


35,000




38,000



89,000



70,000


   Interest-bearing deposit balances


6,000




8,000



13,000



14,000


      Total interest income


13,992,000




14,930,000



28,201,000



30,483,000
















INTEREST EXPENSE














   Deposits


2,223,000




2,844,000



4,543,000



5,853,000


   Short-term borrowings


19,000




42,000



39,000



91,000


   Federal Home Loan Bank advances


119,000




300,000



238,000



688,000


   Other borrowed money


319,000




233,000



615,000



471,000


      Total interest expense


2,680,000




3,419,000



5,435,000



7,103,000
















      Net interest income


11,312,000




11,511,000



22,766,000



23,380,000
















Provision for loan losses


(1,500,000)




(3,000,000)



(3,000,000)



(3,000,000)
















      Net interest income after














         provision for loan losses


12,812,000




14,511,000



25,766,000



26,380,000
















NONINTEREST INCOME














   Service charges on accounts


384,000




379,000



758,000



764,000


   Other income


1,388,000




1,561,000



2,841,000



3,110,000


      Total noninterest income


1,772,000




1,940,000



3,599,000



3,874,000
















NONINTEREST EXPENSE














   Salaries and benefits


4,981,000




4,855,000



9,838,000



9,545,000


   Occupancy


624,000




671,000



1,282,000



1,349,000


   Furniture and equipment


256,000




299,000



512,000



606,000


   Nonperforming asset costs


279,000




2,080,000



410,000



3,355,000


   FDIC insurance costs


175,000




296,000



420,000



600,000


   Other expense


2,498,000




2,403,000



4,935,000



4,803,000


      Total noninterest expense


8,813,000




10,604,000



17,397,000



20,258,000
















      Income before federal income














         tax expense


5,771,000




5,847,000



11,968,000



9,996,000
















Federal income tax expense


1,755,000




1,856,000



3,552,000



3,125,000
















      Net income


4,016,000




3,991,000



8,416,000



6,871,000
















Preferred stock dividends and accretion


0




703,000



0



1,031,000
















      Net income attributable to














         common shares

$

4,016,000



$

3,288,000


$

8,416,000


$

5,840,000
















   Basic earnings per share


$0.46




$0.38



$0.97



$0.68


   Diluted earnings per share


$0.46




$0.36



$0.97



$0.65
















   Average basic shares outstanding


8,705,667




8,610,181



8,705,673



8,607,832


   Average diluted shares outstanding


8,718,649




9,043,791



8,718,627



9,023,744


 

Mercantile Bank Corporation
















Second Quarter 2013 Results
















MERCANTILE BANK CORPORATION


CONSOLIDATED FINANCIAL HIGHLIGHTS


(Unaudited)




















Quarterly


Year-To-Date




2013


2013


2012


2012


2012






(dollars in thousands except per share data)

2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


2013


2012


















EARNINGS
















   Net interest income

$

11,312


11,454


11,737


11,584


11,511


22,766


23,380


   Provision for loan losses

$

(1,500)


(1,500)


300


(400)


(3,000)


(3,000)


(3,000)


   Noninterest income

$

1,772


1,827


2,063


2,057


1,940


3,599


3,874


   Noninterest expense

$

8,813


8,584


9,180


10,185


10,604


17,397


20,258


   Net income before federal income
















      tax expense

$

5,771


6,197


4,320


3,856


5,847


11,968


9,996


   Net income

$

4,016


4,400


3,049


2,616


3,991


8,416


6,871


   Net income common shares

$

4,016


4,400


3,049


2,616


3,288


8,416


5,840


   Basic earnings per share

$

0.46


0.51


0.35


0.30


0.38


0.97


0.68


   Diluted earnings per share

$

0.46


0.50


0.35


0.30


0.36


0.97


0.65


   Average basic shares outstanding


8,705,667


8,705,677


8,662,034


8,622,719


8,610,181


8,705,673


8,607,832


   Average diluted shares outstanding


8,718,649


8,718,601


8,674,342


8,653,751


9,043,791


8,718,627


9,023,744


















PERFORMANCE RATIOS
















   Return on average assets


1.18%


1.28%


0.85%


0.75%


0.94%


1.23%


0.83%


   Return on average equity


10.70%


12.07%


8.27%


7.19%


8.46%


11.38%


7.26%


   Net interest margin (fully tax-equivalent)

3.66%


3.68%


3.62%


3.67%


3.63%


3.67%


3.68%


   Efficiency ratio


67.36%


64.63%


66.52%


74.66%


78.83%


65.99%


74.33%


   Full-time equivalent employees


239


231


232


230


231


239


231


















CAPITAL
















   Period-ending equity to assets


11.23%


10.81%


10.30%


10.41%


10.80%


11.23%


10.80%


   Tier 1 leverage capital ratio


12.52%


12.01%


11.31%


11.40%


11.42%


12.52%


11.42%


   Tier 1 risk-based capital ratio


14.17%


14.12%


13.37%


13.34%


13.33%


14.17%


13.33%


   Total risk-based capital ratio


15.43%


15.38%


14.64%


14.61%


14.59%


15.43%


14.59%


   Book value per common share

$

17.34


17.20


16.84


16.74


17.38


17.34


17.38


   Cash dividend per common share

$

0.11


0.10


0.09


0.00


0.00


0.21


0.00


















ASSET QUALITY
















   Gross loan charge-offs

$

382


2,415


1,469


1,891


1,708


2,797


9,284


   Net loan charge-offs

$

(411)


1,142


(615)


1,527


(1,746)


731


3,843


   Net loan charge-offs to average loans


(0.16%)


0.45%


(0.24%)


0.58%


(0.66%)


0.14%


0.72%


   Allowance for loan losses

$

24,947


26,035


28,677


27,762


29,689


24,947


29,689


   Allowance for loan losses to total loans


2.36%


2.55%


2.75%


2.68%


2.80%


2.36%


2.80%


   Nonperforming loans

$

10,526


12,394


18,970


24,782


28,524


10,526


28,524


   Other real estate and repossessed assets

$

3,916


6,506


6,970


11,160


11,545


3,916


11,545


   Nonperforming assets to total assets


1.07%


1.36%


1.82%


2.59%


2.89%


1.07%


2.89%


















END OF PERIOD BALANCES
















   Loans

$

1,058,662


1,022,956


1,041,189


1,035,288


1,060,996


1,058,662


1,060,996


   Total earning assets (before allowance)

$

1,241,945


1,275,325


1,307,165


1,271,593


1,264,609


1,241,945


1,264,609


   Total assets

$

1,343,750


1,385,355


1,422,926


1,388,364


1,385,245


1,343,750


1,385,245


   Deposits

$

1,061,315


1,092,790


1,135,204


1,107,566


1,105,630


1,061,315


1,105,630


   Shareholders' equity

$

150,938


149,692


146,590


144,558


149,662


150,938


149,662


















AVERAGE BALANCES
















   Loans

$

1,044,527


1,032,066


1,022,047


1,042,370


1,067,933


1,038,331


1,066,609


   Total earning assets (before allowance)

$

1,253,661


1,278,824


1,299,623


1,269,836


1,290,066


1,266,173


1,292,223


   Total assets

$

1,364,370


1,388,900


1,417,621


1,387,519


1,407,400


1,376,614


1,408,676


   Deposits

$

1,075,761


1,098,996


1,127,706


1,109,817


1,109,160


1,087,314


1,102,155


   Shareholders' equity

$

150,478


147,783


146,244


144,251


155,931


149,138


161,388


SOURCE Mercantile Bank Corporation

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