Mercantile Bank Corporation Reports Strong First Quarter 2018 Results

April 17, 2018 | By forimmediaterele | Filed in: Press Releases.

Travel & Tourism Industry release:

GRAND RAPIDS, Mich., April 17, 2018 /PRNewswire/ — Mercantile Bank Corporation (NASDAQ: MBWM) (“Mercantile”) reported net income of $10.9 million, or $0.66 per diluted share, for the first quarter of 2018, compared with net income of $7.6 million, or $0.46 per diluted share, for the respective prior-year period.  The successful collection of certain problem commercial loan relationships during the first quarter of 2018 increased reported net income by approximately $1.7 million, or  $0.10 per diluted share, while a bank owned life insurance claim during the first quarter of 2017 increased reported net income by approximately $1.1 million, or $0.06 per diluted share; excluding the impacts of these transactions, diluted earnings per share increased $0.16, or 40.0 percent, during the current-year first quarter compared to the prior-year first quarter.

Net income during the first three months of 2018 also benefited from a reduction in the corporate federal income tax rate, which was lowered from 35 percent to 21 percent on January 1, 2018 as a result of the enactment of the Tax Cuts and Jobs Act.  Mercantile’s effective tax rate during the first quarter of 2018 was 19.0 percent, down from 30.7 percent during the prior-year first quarter.  

“We are very pleased with our first quarter 2018 financial results, which reflect the continued success of various strategic initiatives,” said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  “Our strong financial performance reflects a robust net interest margin, controlled overhead costs, and sound asset quality.  In light of our current loan pipelines and healthy financial position, we are confident that the strong operating performance achieved during the first three months of the year will continue during future periods.”

First quarter highlights include:

  • Strong earnings performance and capital position
  • Robust net interest margin
  • Controlled overhead costs
  • Sound asset quality, as depicted by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category
  • New commercial term loan originations of approximately $111 million
  • Continued strength in commercial and residential loan pipelines
  • Increased cash dividend

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $34.6 million during the first quarter of 2018, up $3.2 million, or 10.3 percent, from the prior-year first quarter.  Net interest income during the first quarter of 2018 was $30.2 million, up $4.7 million, or 18.4 percent, from the first quarter of 2017, reflecting an increased net interest margin and a higher level of earning assets.

The net interest margin was 4.06 percent in the first quarter of 2018, up from 3.73 percent in the prior-year first quarter.  The increase primarily resulted from a higher yield on commercial loans, mainly reflecting the positive impact of higher interest rates on variable-rate commercial loans stemming from the Federal Open Market Committee raising the targeted federal funds rate by 25 basis points in March, June, and December of 2017 and March of 2018, and successful collection efforts.  The collection of interest on certain nonperforming commercial loans that paid in full positively impacted the yield on earning assets during the first quarter of 2018 by approximately 29 basis points, while a higher-than-desired level of interest-earning deposits negatively impacted the yield by approximately 8 basis points.  Excluding the impacts of these factors, the net interest margin equaled approximately 3.85 percent during the first quarter of 2018.  The cost of funds equaled 0.64 percent during the first quarter of 2018, up from 0.47 percent during the respective 2017 period, mainly due to increased costs of certain money market deposit accounts, time deposits, and borrowed funds.

Net interest income and the net interest margin during the first quarter of 2018 and the prior-year first quarter were affected by purchase accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014.  Increases in interest income on loans totaling $2.3 million and $0.8 million were recorded during the first quarters of 2018 and 2017, respectively.  An increase in interest expense on subordinated debentures totaling $0.2 million was recorded during both the current-year first quarter and prior-year first quarter.  Purchased loan accretion amounts vary from period to period as a result of periodic cash flow re-estimations, loan payoffs, and payment performance.

Mercantile recorded no provision expense during the first quarter of 2018, compared to a provision expense of $0.6 million during the respective 2017 period.  No provision expense was made during the current-year first quarter in light of net loan recoveries being recorded and the lack of net loan growth.  The provision expense recorded during the prior-year first quarter primarily reflected ongoing net loan growth.

Noninterest income during the first quarter of 2018 was $4.4 million, compared to $5.9 million during the prior-year first quarter.  Noninterest income during the first quarter of 2017 included a bank owned life insurance claim of $1.4 million.  Excluding the impact of this transaction, noninterest income declined $0.1 million during the current-year first quarter compared to the respective 2017 period.  The decline in noninterest income primarily reflected a lower level of mortgage banking activity income, which more than offset increased credit and debit card income, service charges on accounts, and payroll processing fees.  Mortgage banking activity income during the first three months of 2018 was negatively impacted by a shortage of housing inventory in Mercantile’s markets, most notably in West Michigan, and rising residential mortgage loan interest rates.    

Noninterest expense totaled $21.1 million during the first quarter of 2018, up $1.4 million, or 6.9 percent, from the prior-year first quarter.  The higher level of expense primarily resulted from increased salary costs, mainly reflecting annual employee merit pay increases, the hiring of additional staff, a larger bonus accrual, and higher stock-based compensation expense.  Increased occupancy costs, mainly stemming from expansion initiatives and higher maintenance expenses, also contributed to the increased level of noninterest expense.

Mr. Kaminski continued, “Our core net interest margin remained strong during the first quarter of 2018, reflecting our ongoing focus on margin maintenance through prudent loan pricing and underwriting.  Successful collection efforts regarding certain problem commercial loan relationships positively impacted our first quarter net interest margin by approximately 29 basis points, while an elevated level of interest-earning deposit balances negatively impacted our first quarter margin by about 8 basis points, indicating a core margin of 3.85 percent.  Our net interest income benefited from the Federal Open Market Committee’s three rate hikes during 2017 and the rate hike in March 2018, and based on our current balance sheet structure, we believe any additional rate increases will further enhance our net interest income.  Mortgage banking activity income during the first quarter was hampered by the low level of housing inventory in our markets and the increasing rate environment; however, based on our current pipeline and record level of loan pre-qualifications, we believe that future purchase activity from increased turnover and the addition of new housing stock in our markets will more than offset lower refinance activity stemming from the rising interest rate environment, resulting in mortgage banking activity income growth in future periods.”       

Balance Sheet

As of March 31, 2018, total assets were $3.29 billion, up $7.2 million, or 0.2 percent, from December 31, 2017.  Interest-earning deposit balances increased $18.9 million, while total loans decreased $7.3 million over the same time period.  During the twelve months ended March 31, 2018, total loans were up nearly $110 million, or 4.5 percent.  Approximately $111 million in commercial term loans to new and existing borrowers were originated during the first quarter of 2018, as ongoing sales and relationship-building efforts resulted in increased lending opportunities.  As of March 31, 2018, unfunded commitments on commercial construction and development loans totaled approximately $133 million, which are expected to be largely funded over the next 12 to 18 months. 

Raymond Reitsma, President of Mercantile Bank of Michigan, noted, “We are pleased with the volume of new commercial term loan originations during the first quarter of 2018, which were comparable to the level of quarterly originations over the past several years.  The commercial loan portfolio declined slightly during the first quarter, primarily reflecting an abnormally high level of payoffs; approximately $21 million in watch list credits paid off, along with about $21 million in loans in which the borrowers sold the underlying collateral or the businesses.  We once again reported growth in our residential mortgage portfolio, reflecting the continuing success of strategic initiatives that were designed to increase our market presence.  In light of our current loan pipelines, we believe that the commercial and residential portfolios will expand in future periods.”

As of March 31, 2018, commercial and industrial loans and owner-occupied commercial real estate (“CRE”) loans combined represented approximately 58 percent of total commercial loans, while non-owner occupied CRE loans equaled about 36 percent of total commercial loans.

Total deposits at March 31, 2018 were $2.54 billion, up $17.7 million and $262 million from December 31, 2017 and March 31, 2017, respectively; local deposits were up $17.9 million and $205 million during the respective time periods.  The growth in local deposits was mainly driven by new commercial loan relationships and the success of various deposit account initiatives.  Wholesale funds were $322 million, or approximately 11 percent of total funds, as of March 31, 2018, compared to $323 million and $250 million as of December 31, 2017 and March 31, 2017, respectively.

Asset Quality

Nonperforming assets at March 31, 2018 were $8.1 million, or 0.3 percent of total assets, compared to $9.4 million, or 0.3 percent of total assets, at December 31, 2017, and $7.8 million, or 0.3 percent of total assets, at March 31, 2017.  Bank-owned parcels of real estate, which are no longer being used or being considered for use as bank facilities, represented approximately 26 percent of total nonperforming assets as of March 31, 2018; the parcels of real estate are expected to be sold within the next two quarters.  The level of past due loans remains nominal, and loan relationships on the internal watch list have remained relatively consistent in number and dollar volume. 

Net loan recoveries were $0.5 million during the first quarter of 2018, or an annualized negative 0.08 percent of average loans, compared with net loan charge-offs of $0.3 million, or an annualized 0.05 percent of average loans, in both the linked quarter and prior-year first quarter.

Capital Position

Shareholders’ equity totaled $368 million as of March 31, 2018, an increase of $2.5 million from year-end 2017.  The Bank’s capital position remains above “well-capitalized” with a total risk-based capital ratio of 12.9 percent as of March 31, 2018, compared to 12.6 percent at December 31, 2017.  At March 31, 2018, the Bank had approximately $86 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a “well-capitalized” institution.  Mercantile reported 16,598,466 total shares outstanding at March 31, 2018.

No shares were repurchased during the first quarter of 2018 as part of the $20 million stock repurchase program that was announced in January of 2015.  Future share repurchases totaling $15.5 million can be made under the program, which was expanded by $15 million in early 2016.

Mr. Kaminski concluded, “We are well-positioned to further enrich shareholder value and meet growth goals in light of our ongoing financial strength.  Our sustained cash dividend program and associated competitive dividend yield demonstrate our commitment to increasing shareholder value.  As reflected by new commercial term loan originations and growth in residential mortgage loans and deposits, our focus on building and developing value-added relationships continues to successfully attract new clients as well as retain existing customers.  We are excited about Mercantile’s future and are confident that the strong financial results achieved during the first quarter of 2018 will continue in the current year and beyond.”

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of approximately $3.2 billion and operates 47 banking offices.  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

CONSOLIDATED BALANCE SHEETS

(Unaudited)

MARCH 31,

DECEMBER 31,

MARCH 31,

2018

2017

2017

ASSETS

   Cash and due from banks

$

47,278,000

$

55,127,000

$

40,313,000

   Interest-earning deposits

163,879,000

144,974,000

12,663,000

      Total cash and cash equivalents

211,157,000

200,101,000

52,976,000

   Securities available for sale

336,988,000

335,744,000

332,441,000

   Federal Home Loan Bank stock

11,036,000

11,036,000

9,236,000

   Loans

2,551,204,000

2,558,552,000

2,441,314,000

   Allowance for loan losses

(19,974,000)

(19,501,000)

(18,276,000)

      Loans, net

2,531,230,000

2,539,051,000

2,423,038,000

   Premises and equipment, net

46,300,000

46,034,000

45,848,000

   Bank owned life insurance

69,010,000

68,689,000

66,211,000

   Goodwill

49,473,000

49,473,000

49,473,000

   Core deposit intangible

7,044,000

7,600,000

9,321,000

   Other assets

31,662,000

28,976,000

30,375,000

      Total assets

$

3,293,900,000

$

3,286,704,000

$

3,018,919,000

LIABILITIES AND SHAREHOLDERS’ EQUITY

   Deposits:

      Noninterest-bearing

$

830,187,000

$

866,380,000

$

757,706,000

      Interest-bearing

1,709,866,000

1,655,985,000

1,520,310,000

         Total deposits

2,540,053,000

2,522,365,000

2,278,016,000

   Securities sold under agreements to repurchase

104,894,000

118,748,000

126,679,000

   Federal Home Loan Bank advances

220,000,000

220,000,000

205,000,000

   Subordinated debentures

45,688,000

45,517,000

45,006,000

   Accrued interest and other liabilities

14,925,000

14,204,000

16,168,000

         Total liabilities

2,925,560,000

2,920,834,000

2,670,869,000

SHAREHOLDERS’ EQUITY

   Common stock

310,601,000

309,772,000

307,371,000

   Retained earnings

68,283,000

61,001,000

45,596,000

   Accumulated other comprehensive income/(loss)

(10,544,000)

(4,903,000)

(4,917,000)

      Total shareholders’ equity

368,340,000

365,870,000

348,050,000

      Total liabilities and shareholders’ equity

$

3,293,900,000

$

3,286,704,000

$

3,018,919,000

MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)

THREE MONTHS ENDED

THREE MONTHS ENDED

March 31, 2018

March 31, 2017

INTEREST INCOME

   Loans, including fees

$

32,315,000

$

26,733,000

   Investment securities

2,196,000

1,828,000

   Other interest-earning assets

470,000

143,000

      Total interest income

34,981,000

28,704,000

INTEREST EXPENSE

   Deposits

3,085,000

1,868,000

   Short-term borrowings

57,000

51,000

   Federal Home Loan Bank advances

945,000

655,000

   Other borrowed money

695,000

621,000

      Total interest expense

4,782,000

3,195,000

      Net interest income

30,199,000

25,509,000

Provision for loan losses

0

600,000

      Net interest income after

         provision for loan losses

30,199,000

24,909,000

NONINTEREST INCOME

   Service charges on accounts

1,053,000

1,018,000

   Credit and debit card income

1,243,000

1,106,000

   Mortgage banking income

884,000

1,123,000

   Earnings on bank owned life insurance

331,000

1,738,000

   Other income

870,000

866,000

      Total noninterest income

4,381,000

5,851,000

NONINTEREST EXPENSE

   Salaries and benefits

12,337,000

11,272,000

   Occupancy

1,772,000

1,554,000

   Furniture and equipment

548,000

535,000

   Data processing costs

2,128,000

2,011,000

   Other expense

4,362,000

4,404,000

      Total noninterest expense

21,147,000

19,776,000

      Income before federal income

         tax expense

13,433,000

10,984,000

Federal income tax expense

2,552,000

3,369,000

      Net Income

$

10,881,000

$

7,615,000

   Basic earnings per share

$0.66

$0.46

   Diluted earnings per share

$0.66

$0.46

   Average basic shares outstanding

16,595,115

16,434,647

   Average diluted shares outstanding

16,604,325

16,449,210

MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

Quarterly

(dollars in thousands except per share data)

2018

2017

2017

2017

2017

1st Qtr

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

EARNINGS

   Net interest income

$

30,199

28,402

28,644

27,193

25,509

   Provision for loan losses

$

0

600

1,000

750

600

   Noninterest income

$

4,381

4,503

4,605

4,042

5,851

   Noninterest expense

$

21,147

19,848

20,210

19,882

19,776

   Net income before federal income

      tax expense

$

13,433

12,457

12,039

10,603

10,984

   Net income

$

10,881

7,979

8,337

7,343

7,615

   Basic earnings per share

$

0.66

0.48

0.51

0.45

0.46

   Diluted earnings per share

$

0.66

0.48

0.51

0.45

0.46

   Average basic shares outstanding

16,595,115

16,525,625

16,483,492

16,471,060

16,434,647

   Average diluted shares outstanding

16,604,325

16,536,225

16,494,540

16,485,356

16,449,210

PERFORMANCE RATIOS

   Return on average assets

1.36%

0.97%

1.03%

0.96%

1.02%

   Return on average equity

12.07%

8.70%

9.21%

8.39%

8.99%

   Net interest margin (fully tax-equivalent)

4.06%

3.76%

3.83%

3.85%

3.73%

   Efficiency ratio

61.15%

60.32%

60.78%

63.65%

63.06%

   Full-time equivalent employees

640

641

634

643

617

YIELD ON ASSETS / COST OF FUNDS

   Yield on loans

5.14%

4.76%

4.81%

4.69%

4.54%

   Yield on securities

2.61%

2.60%

2.50%

2.44%

2.35%

   Yield on other interest-earning assets

1.52%

1.29%

1.28%

0.99%

0.81%

   Yield on total earning assets

4.70%

4.35%

4.41%

4.37%

4.20%

   Yield on total assets

4.37%

4.04%

4.10%

4.05%

3.88%

   Cost of deposits

0.50%

0.45%

0.43%

0.35%

0.33%

   Cost of borrowed funds

1.83%

1.74%

1.75%

1.69%

1.53%

   Cost of interest-bearing liabilities

0.94%

0.88%

0.85%

0.77%

0.68%

   Cost of funds (total earning assets)

0.64%

0.59%

0.58%

0.52%

0.47%

   Cost of funds (total assets)

0.60%

0.55%

0.54%

0.48%

0.43%

PURCHASE ACCOUNTING ADJUSTMENTS

   Loan portfolio – increase interest income

$

2,271

683

1,757

1,336

832

   Trust preferred – increase interest expense

$

171

171

171

171

171

   Core deposit intangible – increase overhead

$

556

556

556

609

636

MORTGAGE BANKING ACTIVITY

   Total mortgage loans originated

$

40,937

62,526

61,962

60,371

38,365

   Purchase mortgage loans originated

$

25,137

33,958

41,254

39,115

21,523

   Refinance mortgage loans originated

$

15,800

28,568

20,708

21,256

16,842

   Total mortgage loans sold

$

19,813

26,254

33,858

29,371

18,463

   Net gain on sale of mortgage loans

$

729

1,051

1,131

1,012

732

CAPITAL

   Tangible equity to tangible assets

9.63%

9.56%

9.54%

9.70%

9.77%

   Tier 1 leverage capital ratio

11.50%

11.24%

11.18%

11.49%

11.53%

   Common equity risk-based capital ratio

11.04%

10.71%

10.54%

10.65%

10.83%

   Tier 1 risk-based capital ratio

12.52%

12.19%

12.01%

12.15%

12.39%

   Total risk-based capital ratio

13.20%

12.85%

12.66%

12.79%

13.05%

   Tier 1 capital

$

367,546

359,047

354,087

347,754

341,708

   Tier 1 plus tier 2 capital

$

387,520

378,548

373,280

366,048

359,984

   Total risk-weighted assets

$

2,935,367

2,946,527

2,949,011

2,861,605

2,757,616

   Book value per common share

$

22.19

22.05

21.99

21.69

21.13

   Tangible book value per common share

$

18.79

18.61

18.49

18.16

17.56

   Cash dividend per common share

$

0.22

0.19

0.19

0.18

0.18

ASSET QUALITY

   Gross loan charge-offs

$

654

920

709

1,150

456

   Recoveries

$

1,127

628

607

419

171

   Net loan charge-offs (recoveries)

$

(473)

292

102

731

285

   Net loan charge-offs (recoveries) to average loans

(0.08%)

0.05%

0.02%

0.12%

0.05%

   Allowance for loan losses

$

19,974

19,501

19,193

18,295

18,276

   Allowance to originated loans

0.87%

0.88%

0.88%

0.86%

0.92%

   Nonperforming loans

$

5,742

7,143

8,231

6,450

7,292

   Other real estate/repossessed assets

$

2,384

2,260

2,327

789

495

   Nonperforming loans to total loans

0.23%

0.28%

0.32%

0.26%

0.30%

   Nonperforming assets to total assets

0.25%

0.29%

0.32%

0.23%

0.26%

NONPERFORMING ASSETS – COMPOSITION

   Residential real estate:

      Land development

$

0

0

0

0

0

      Construction

$

0

0

0

0

0

      Owner occupied / rental

$

3,571

3,574

3,648

3,367

2,972

   Commercial real estate:

      Land development

$

0

35

50

65

80

      Construction

$

0

0

0

0

0

      Owner occupied  

$

3,913

4,272

4,627

1,313

1,221

      Non-owner occupied

$

0

36

84

400

421

   Non-real estate:

      Commercial assets

$

620

1,444

2,126

2,081

3,076

      Consumer assets

$

22

42

23

13

17

   Total nonperforming assets

$

8,126

9,403

10,558

7,239

7,787

NONPERFORMING ASSETS – RECON

   Beginning balance

$

9,403

10,558

7,239

7,787

6,408

   Additions – originated loans & former branches

$

1,426

402

4,789

1,774

2,987

   Merger-related activity

$

29

0

210

16

0

   Return to performing status

$

(175)

0

(120)

0

(113)

   Principal payments

$

(1,557)

(688)

(1,089)

(1,168)

(1,289)

   Sale proceeds

$

(299)

(101)

(373)

(147)

(56)

   Loan charge-offs

$

(597)

(754)

(91)

(953)

(135)

   Valuation write-downs

$

(104)

(14)

(7)

(70)

(15)

   Ending balance

$

8,126

9,403

10,558

7,239

7,787

LOAN PORTFOLIO COMPOSITION

   Commercial:

      Commercial & industrial

$

739,805

753,764

776,562

780,816

757,219

      Land development & construction

$

31,437

29,872

28,575

29,027

31,924

      Owner occupied comm’l R/E

$

531,152

526,327

485,347

491,633

452,382

      Non-owner occupied comm’l R/E

$

794,206

791,685

805,167

783,036

768,565

      Multi-family & residential rental

$

96,428

101,918

119,170

114,081

113,257

         Total commercial

$

2,193,028

2,203,566

2,214,821

2,198,593

2,123,347

   Retail:

      1-4 family mortgages

$

264,996

254,560

236,075

220,697

205,850

      Home equity & other consumer

$

93,180

100,426

103,376

107,991

112,117

         Total retail

$

358,176

354,986

339,451

328,688

317,967

         Total loans

$

2,551,204

2,558,552

2,554,272

2,527,281

2,441,314

END OF PERIOD BALANCES

   Loans

$

2,551,204

2,558,552

2,554,272

2,527,281

2,441,314

   Securities

$

348,024

346,780

341,126

333,294

341,677

   Other interest-earning assets

$

163,879

144,974

123,110

48,762

12,663

   Total earning assets (before allowance)

$

3,063,107

3,050,306

3,018,508

2,909,337

2,795,654

   Total assets

$

3,293,900

3,286,704

3,254,655

3,143,336

3,018,919

   Noninterest-bearing deposits

$

830,187

866,380

826,038

800,718

757,706

   Interest-bearing deposits

$

1,709,866

1,655,985

1,663,005

1,570,003

1,520,310

   Total deposits

$

2,540,053

2,522,365

2,489,043

2,370,721

2,278,016

   Total borrowed funds

$

373,824

387,468

390,868

404,370

380,009

   Total interest-bearing liabilities

$

2,083,690

2,043,453

2,053,873

1,974,373

1,900,319

   Shareholders’ equity

$

368,340

365,870

362,546

357,499

348,050

AVERAGE BALANCES

   Loans

$

2,552,070

2,534,729

2,534,364

2,472,489

2,390,030

   Securities

$

348,431

346,318

339,125

338,045

339,537

   Other interest-earning assets

$

123,633

138,095

116,851

46,250

61,376

   Total earning assets (before allowance)

$

3,024,134

3,019,142

2,990,340

2,856,784

2,790,943

   Total assets

$

3,249,794

3,248,828

3,220,053

3,081,542

3,016,871

   Noninterest-bearing deposits

$

805,214

849,751

805,650

785,705

766,031

   Interest-bearing deposits

$

1,690,135

1,635,727

1,648,235

1,531,399

1,542,078

   Total deposits

$

2,495,349

2,485,478

2,453,885

2,317,104

2,308,109

   Total borrowed funds

$

376,890

384,168

393,910

400,508

352,614

   Total interest-bearing liabilities

$

2,067,025

2,019,895

2,042,145

1,931,907

1,894,692

   Shareholders’ equity

$

365,521

363,823

359,131

351,216

343,344

Cision View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-first-quarter-2018-results-300630868.html

SOURCE Mercantile Bank Corporation

Related Links

https://www.mercbank.com

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