Banking & Finance

Mercantile Bank earns $4M in 2Q13

July 17, 2013
| By Pete Daly |
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Mercantile Bank earns $4.4M in 1Q
Mercantile Bank operates branches in the Grand Rapids area, Holland and Lansing. Image via fb.com

Mercantile Bank Corp. in Grand Rapids has released its earnings for the second quarter of 2013.

The bank has reported income attributable to common shares of $4 million, or 46 cents per diluted share, for the second quarter of 2013, compared to $3.3 million, 36 cents per share, in the same quarter last year. It represents an increase of 28 percent.

The second quarter was highlighted by new loan originations of approximately $76 million, and improved profitability driven by lower non-performing asset costs. Non-performing assets declined 64 percent from a year ago, and currently represent only 1.1 percent of total assets.

The level of loans in the 30- to 89-days delinquent category remained at what the bank called a “nominal level,” and net interest margin improved slightly and remained well above the historical average.

Mercantile (NASDAQ: MBWM) announced a third quarter cash dividend of 12 cents per common share, or a current annual yield of approximately 2.5 percent, up from a second quarter dividend of 11 cents.

“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. “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.”

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