Mercantile Bank Corp. recorded strong earnings growth for 2015, the first full year of results following the merger with the former Firstbank Corp.
The Grand Rapids-based Mercantile Bank (NASDAQ: MBWM) this morning reported net income of $27.0 million, or $1.62 per diluted share, for the year, which compares to $17.3 million, or $1.28 per diluted share, in 2014. The bank had net income of $6.5 million, or 40 cents per diluted share, for the fourth quarter, versus net income of $6.3 million, or 37 cents per diluted share, in the same period of 2014.
The bank had new commercial loan originations of $532 million for the full year and $167 million alone on the fourth quarter. Loans at the end of 2015 totaled $2.27 billion, up 9.1 percent from the end of 2014.
“The strong results achieved during 2015 were in line with our high expectations and met the financial objectives established at the time of our merger with Firstbank. We took advantage of the opportunities afforded us by our expanded geographic footprint and successfully marketed our ability to provide excellent customer service and efficiently deliver a wide range of products and services to enhance existing customer relationships and establish many new ones throughout the past year,” Chairman and CEO Mike Price said. “We are confident that Mercantile will continue its strong financial performance in 2016, and we believe that our sound financial condition positions us to meet growth objectives and build shareholder value.”
Mercantile Bank, with 53 offices in western and central Michigan, ended 2015 with total assets of $2.90 billion and total deposits of $2.27 billion.