Published in Breaking News

Mercantile Bank shows strong growth in Q3 report

BY MiBiz Staff Tuesday, October 18, 2016 09:35am

Mercantile Bank Corp. grew earnings by nearly 7 percent in the third quarter while recording strong loan growth.

The Grand Rapids-based Mercantile Bank (Nasdaq: MBWM) this morning reported net income of $7.8 million, or 48 cents per diluted share, versus $7.3 million, or 45 cents per diluted share, in the same period a year ago.

Nine-month net income totaled $23.8 million, or $1.46 per diluted share, which compares to $20.5 million, or $1.23 per diluted share, through three quarters of 2015.

“Our sound balance sheet and robust earnings performance have allowed us to take advantage of growth opportunities in our markets and have positioned us to meet future growth goals as well. We are confident our year-to-date performance trends will continue through the fourth quarter, setting us up for a strong finish to 2016,” Chairman, President and CEO Mike Price said in today’s earnings statement.

Mercantile Bank’s total loans have grown about 9 percent from the end of the 2015 third quarter to $2.41 billion. The bank originated $131 million in commercial loans to new and existing borrowers during the quarter.

Total assets grew 4.4 percent during the same period from a year earlier to $3.03 billion.

Mercantile Bank has 48 offices in the central and western Lower Peninsula

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