- change ups
Mercantile Posts Record Year
GRAND RAPIDS — Mercantile Bank Corp. posted another record year in 2004, growing annual earnings by 37 percent.
The Grand Rapids-based Mercantile today reported net income of $13.7 million, or $1.87 per share, for 2004. That compares with net income of $10 million, or $1.61 per share, in 2003.
Net income for the fourth quarter grew 48.9 percent, to $4.5 million, or 61 cents per share, up from the $3 million, or 42 cents per share, during the same period a year earlier.
During 2004, Mercantile Bank’s assets grew 27.7 percent, surpassing the $1.5 billion mark in the fourth quarter. The bank’s loans grew 27.1 percent on the year and deposits increased 28.4 percent.
Strong commercial loan growth, particularly to small and medium-sized businesses, continues to drive the bank’s performance, Chairman and CEO Gerald R. Johnson Jr. said.
“Our business model, with its focus on commercial lending and quality service delivered efficiently, has worked exceptionally well in the western Michigan market. We look forward to a continuation of that success in 2005,” Johnson said. “Our earnings and profitability growth reflect our success at this strategy.”
Mercantile Bank has five full-service banking offices: Four in greater Grand Rapids and one in Holland.