Loans Boost Mercantile Income
WYOMING — Mercantile Bank Corp. reported today that net income for the first quarter rose by 46.7 percent to $4.4 million, up from $3 million for the same period of last year.
Diluted earnings per share in the first quarter increased by nearly 44 percent over last year, rising to 59 cents from 41 cents.
“Our strong commercial loan pipeline continues to be the key to our outstanding performance. The western Michigan business community recognizes Mercantile’s extraordinary lending expertise and high service levels, which contribute to loan growth that has consistently ranked in the top quartile of bank performance,” said Gerald Johnson Jr., bank chairman and CEO.
Total revenue for Mercantile reached $13.9 million in the first quarter, up 31.7 percent from the first three months of 2004. Net interest income rose by 33.4 percent to $12.7 million.
Mercantile also declared a second quarter cash dividend of 11 cents per share on the bank’s common stock, a 10 percent increase over the previous quarter and a 22.2 percent increase above the prior-year second quarter.
“Our strong first quarter performance supports this second consecutive quarterly increase in our cash dividend,” said Johnson. “We are pleased to share our continued success with our shareholders.”
Mercantile is traded on Nasdaq under the symbol MBWM.