MERCANTILE BANK CORPORATION GRAND RAPIDS, Mich., Oct. 17, 2017 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $8.3 million, or $0.51 per diluted share, for the third quarter of 2017, compared with net income of $7.8 million, or $0.48 per diluted share, for the respective prior-year period. Net income during the first nine months of 2017 totaled $23.3 million, or $1.41 per diluted share, compared to $23.8 million, or $1.46 per diluted share, during the first nine months of 2016. Excluding the impacts of certain noncore transactions, including a Bank-owned life insurance death benefit claim in the first quarter of 2017, the repurchase of trust preferred securities at a discount in the first quarter of 2016, and accelerated discount accretion on called U.S. Government agency bonds during the first nine months of 2016, diluted earnings per share during the first nine months of 2017 and 2016 equaled $1.34 and $1.27, respectively.
"We are very pleased to report another quarter of strong operating performance," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our sustained strength in core profitability and strong capital position provide us with a high degree of optimism that the fourth quarter of 2017 will produce operating results similar to those achieved during the first three quarters of the year and position us well for sustainable growth opportunities into 2018."
The third quarter was highlighted by:
-- Robust earnings performance and capital position
-- Healthy net interest margin
-- Continued expense control
-- Strong asset quality, as reflected by low levels of nonperforming assets
and loans in the 30- to 89-days delinquent category
-- New commercial term loan originations of approximately $128 million
-- Continued strength in commercial and mortgage loan pipelines
-- Increased cash dividend
Operating Results
Total revenue, which consists of net interest income and noninterest income, was $33.2 million during the third quarter of 2017, up $1.5 million or 4.8 percent from the prior-year third quarter. Net interest income during the third quarter of 2017 was $28.6 million, up $2.2 million or 8.3 percent from the third quarter of 2016, reflecting a higher level of earning assets and an increased net interest margin.
The net interest margin was 3.83 percent in the third quarter of 2017, up from 3.76 percent in the prior-year third quarter. The increase in the net interest margin primarily resulted from a higher yield on loans, mainly reflecting the positive impact of higher interest rates on variable-rate commercial loans stemming from the 25 basis point increases in the targeted federal funds rate in December of 2016 and March and June of 2017 and a higher level of purchased credit-impaired commercial loan income. The cost of funds equaled 0.58 percent during the third quarter of 2017, up from 0.46 percent during the respective 2016 period mainly due to increased costs of certain non-time deposit accounts and borrowed funds.
Net interest income and the net interest margin during the third quarter of 2017 and the prior-year third quarter were affected by purchased accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014. Increases in interest income on loans totaling $1.8 million and $1.0 million were recorded during the third quarters of 2017 and 2016, respectively. An increase in interest expense on subordinated debentures totaling $0.2 million was recorded during both the current-year third quarter and prior-year third quarter. Purchased loan accretion amounts vary from period to period as a result of periodic cash flow re-estimations, loan payoffs, and payment performance.
Mercantile recorded a $1.0 million provision for loan losses during the third quarter of 2017 compared to a $0.6 million provision during the respective 2016 period. The provision expense recorded during the third quarter of 2017 primarily reflects an increased allocation related to the economic conditions environmental factor. Ongoing loan growth also necessitated a portion of the provision expense incurred during the current-year third quarter and accounted for a substantial portion of the provision expense recorded during the third quarter of 2016.
Noninterest income during the third quarter of 2017 was $4.6 million, down $0.7 million or 12.9 percent from the $5.3 million recorded during the third quarter of 2016. Growth in several fee income categories, including credit and debit card fees, mortgage banking activity income, and payroll processing revenue, was more than offset by a decline in other income, which was elevated in the third quarter of 2016 as a result of certain noncore transactions, including the reimbursement of medical insurance premiums charged in prior years and payments received on purchased credit-impaired loans that had been charged-off prior to the merger with Firstbank Corporation.
Noninterest expense totaled $20.2 million during the third quarter of 2017, up $0.5 million or 2.8 percent from the respective 2016 period primarily due to increased salary and benefit costs and general operating expenses. The increase in salary and benefit costs primarily reflects annual employee merit increases and the hiring of additional staff, while increases in other operating expenses generally reflect costs associated with recent expansion initiatives.
Mr. Kaminski continued: "As expected, our net interest margin benefitted from the recent increases in short-term interest rates stemming from the Federal Open Market Committee's decision to continue its tightening path. Although our cost of funds has trended upward over the past few quarters, its impact on our net interest margin has been surpassed by an increasing yield on earning assets, primarily reflecting higher interest rates on variable-rate commercial loans resulting from the recent rate hikes and increased purchased credit-impaired commercial loan income. Based on our balance sheet structure, we expect any additional tightening by the Federal Open Market Committee to positively impact our net interest margin. We remain focused on identifying opportunities to enhance revenue and have been proactively adding proven revenue producers to our sales team. We have also implemented expansion and other strategic initiatives in a cost-conscious manner."
Balance Sheet
As of September 30, 2017, total assets were $3.25 billion, up $172 million or 5.6 percent from December 31, 2016; total loans increased $176 million, or 7.4 percent, to $2.55 billion over the same time period, representing an annualized growth rate of approximately 10 percent. During the twelve months ended September 30, 2017, total assets were up $191 million or 6.2 percent, and total loans were up $148 million or 6.1 percent. Approximately $410 million in commercial term loans to new and existing borrowers were originated during the first nine months of 2017, including about $128 million during the third quarter, as continuing sales and relationship building efforts presented additional lending opportunities. As of September 30, 2017, unfunded commitments on commercial construction and development loans totaled approximately $163 million, up from $111 million as of June 30, 2017; the commitments are expected to be largely funded over the next 12 to 18 months.
Raymond Reitsma, President of Mercantile Bank of Michigan, noted: "We are pleased with the loan growth achieved during the first nine months of 2017, along with the relatively consistent dollar volume of new commercial term loans originated during each quarter. Although competitive pressures remain in our markets, we have not wavered from our ongoing commitment to grow the loan portfolio in a controlled manner, focusing on an appropriate balance between credit risk and pricing. Based on the strength of our loan pipeline and expected draws on construction and development lines of credit, we are confident that a solid level of commercial loans will be funded in future periods. We are also very pleased to report that the success of strategic initiatives designed to increase our residential mortgage loan market penetration continued during the third quarter. Our residential mortgage portfolio grew nearly seven percent during the quarter, marking the sixth consecutive quarter of growth in the portfolio."
Commercial and industrial loans and owner-occupied commercial real estate ("CRE") loans combined represented approximately 49 percent of total loans as of September 30, 2017. Non-owner occupied CRE loans equaled about 32 percent of total loans as of September 30, 2017.
As of September 30, 2017, total deposits were $2.49 billion, up $114 million and $160 million from December 31, 2016 and September 30, 2016, respectively. Local deposits were up $85.6 million since year-end 2016 and $146 million over the past twelve months. Growth in local deposits was mainly driven by new commercial loan relationships and the success of various deposit account specials. Wholesale funds were $325 million, or approximately 11 percent of total funds, as of September 30, 2017, compared to about 9 percent as of December 31, 2016 and 10 percent as of September 30, 2016.
Asset Quality
Nonperforming assets at September 30, 2017 were $10.6 million, or 0.3 percent of total assets, compared to $7.2 million, or 0.2 percent of total assets, at June 30, 2017, and $6.4 million, or 0.2 percent of total assets, at December 31, 2016. The transfer of a Bank-owned parcel of real estate, which is no longer being considered for use as a bank facility, from fixed assets to other real estate owned accounted for nearly 50 percent of the $3.3 million increase in nonperforming assets during the third quarter of 2017. The parcel of real estate is expected to be sold in the next six months for an amount that approximates current book value. The level of past due loans remains nominal, and loan relationships on the internal watch list have remained relatively consistent in number and dollar volume. Net loan charge-offs were $0.1 million during the third quarter of 2017, or an annualized 0.02 percent of average loans, and $1.1 million, or an annualized 0.06 percent of average loans, during the first nine months of 2017.
Capital Position
Shareholders' equity totaled $363 million as of September 30, 2017, an increase of $21.7 million from year-end 2016. The Bank's capital position remains above "well-capitalized" with a total risk-based capital ratio of 12.5 percent as of September 30, 2017, compared to 13.1 percent at December 31, 2016. At September 30, 2017, the Bank had approximately $74 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a "well-capitalized" institution. Mercantile reported 16,490,279 total shares outstanding at September 30, 2017.
No shares were repurchased during the first nine months of 2017 as part of the $20 million stock repurchase program that was announced in January of 2015. Future share repurchases totaling $15.5 million can be made under the program, which was expanded by $15 million in early 2016.
Mr. Kaminski concluded: "We are excited about Mercantile's future and expect the solid operating results achieved during the first nine months of the year to extend into the fourth quarter. Our strong overall financial condition, including sustained strength in core profitability and a healthy balance sheet, affords us the ability to meet growth objectives and fulfill our ongoing commitment to enhance shareholder value. As depicted by loan and deposit growth, our relationship-based approach to banking continues to be well-received by businesses and individuals in our markets."
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of approximately $3.3 billion and operates 49 banking offices. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
MERCANTILE BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
SEPTEMBER 30, DECEMBER 31, SEPTEMBER 30,
2017 2016 2016
---- ---- ----
ASSETS
Cash and due from banks $53,941,000 $50,200,000 $55,882,000
Interest-earning deposits 123,110,000 133,396,000 85,848,000
----------- ----------- ----------
Total cash and cash equivalents 177,051,000 183,596,000 141,730,000
Securities available for sale 330,090,000 328,060,000 325,443,000
Federal Home Loan Bank stock 11,036,000 8,026,000 8,026,000
Loans 2,554,272,000 2,378,620,000 2,406,377,000
Allowance for loan losses (19,193,000) (17,961,000) (17,526,000)
----------- ----------- -----------
Loans, net 2,535,079,000 2,360,659,000 2,388,851,000
Premises and equipment, net 45,606,000 45,456,000 45,212,000
Bank owned life insurance 66,858,000 67,198,000 66,876,000
Goodwill 49,473,000 49,473,000 49,473,000
Core deposit intangible 8,156,000 9,957,000 10,592,000
Other assets 31,306,000 30,146,000 27,761,000
---------- ---------- ----------
Total assets $3,254,655,000 $3,082,571,000 $3,063,964,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing $826,038,000 $810,600,000 $731,663,000
Interest-bearing 1,663,005,000 1,564,385,000 1,597,774,000
------------- ------------- -------------
Total deposits 2,489,043,000 2,374,985,000 2,329,437,000
Securities sold under agreements to repurchase 122,280,000 131,710,000 146,843,000
Federal Home Loan Bank advances 220,000,000 175,000,000 178,000,000
Subordinated debentures 45,347,000 44,835,000 44,665,000
Accrued interest and other liabilities 15,439,000 15,230,000 15,548,000
---------- ---------- ----------
Total liabilities 2,892,109,000 2,741,760,000 2,714,493,000
SHAREHOLDERS' EQUITY
Common stock 309,033,000 305,488,000 304,027,000
Retained earnings 55,258,000 40,904,000 43,655,000
Accumulated other comprehensive income/(loss) (1,745,000) (5,581,000) 1,789,000
---------- ---------- ---------
Total shareholders' equity 362,546,000 340,811,000 349,471,000
----------- ----------- -----------
Total liabilities and shareholders' equity $3,254,655,000 $3,082,571,000 $3,063,964,000
MERCANTILE BANK CORPORATION
CONSOLIDATED REPORTS OF INCOME
(Unaudited)
THREE MONTHS ENDED THREE MONTHS ENDED NINE MONTHS ENDED NINE MONTHS ENDED
September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016
------------------ ------------------ ------------------ ------------------
INTEREST INCOME
Loans, including fees $30,746,000 $27,553,000 $86,406,000 $81,219,000
Investment securities 1,906,000 2,033,000 5,594,000 7,283,000
Other interest-earning assets 382,000 120,000 641,000 240,000
------- ------- ------- -------
Total interest income 33,034,000 29,706,000 92,641,000 88,742,000
INTEREST EXPENSE
Deposits 2,652,000 1,924,000 6,543,000 5,608,000
Short-term borrowings 45,000 62,000 142,000 154,000
Federal Home Loan Bank advances 1,033,000 670,000 2,690,000 1,595,000
Other borrowed money 660,000 600,000 1,920,000 1,952,000
------- ------- --------- ---------
Total interest expense 4,390,000 3,256,000 11,295,000 9,309,000
--------- --------- ---------- ---------
Net interest income 28,644,000 26,450,000 81,346,000 79,433,000
Provision for loan losses 1,000,000 600,000 2,350,000 2,300,000
--------- ------- --------- ---------
Net interest income after
provision for loan losses 27,644,000 25,850,000 78,996,000 77,133,000
NONINTEREST INCOME
Service charges on accounts 1,076,000 1,140,000 3,148,000 3,178,000
Credit and debit card income 1,215,000 1,090,000 3,497,000 3,185,000
Mortgage banking income 1,326,000 1,236,000 3,233,000 2,578,000
Earnings on bank owned life insurance 328,000 349,000 2,394,000 933,000
Other income 660,000 1,469,000 2,226,000 6,560,000
------- --------- --------- ---------
Total noninterest income 4,605,000 5,284,000 14,498,000 16,434,000
NONINTEREST EXPENSE
Salaries and benefits 11,636,000 11,162,000 33,796,000 32,959,000
Occupancy 1,598,000 1,515,000 4,707,000 4,600,000
Furniture and equipment 543,000 531,000 1,625,000 1,579,000
Data processing costs 2,071,000 1,987,000 6,155,000 5,949,000
FDIC insurance costs 250,000 351,000 708,000 1,108,000
Other expense 4,112,000 4,117,000 12,877,000 12,530,000
--------- --------- ---------- ----------
Total noninterest expense 20,210,000 19,663,000 59,868,000 58,725,000
---------- ---------- ---------- ----------
Income before federal income
tax expense 12,039,000 11,471,000 33,626,000 34,842,000
Federal income tax expense 3,702,000 3,626,000 10,331,000 11,014,000
--------- --------- ---------- ----------
Net Income $8,337,000 $7,845,000 $23,295,000 $23,828,000
Basic earnings per share $0.51 $0.48 $1.41 $1.46
Diluted earnings per share $0.51 $0.48 $1.41 $1.46
Average basic shares outstanding 16,483,492 16,282,804 16,463,245 16,271,848
Average diluted shares outstanding 16,494,540 16,307,350 16,474,534 16,294,093
MERCANTILE BANK CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
Quarterly Year-To-Date
--------- ------------
(dollars in thousands except per share data) 2017 2017 2017 2016 2016
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2017 2016
------- ------- ------- ------- ------- ---- ----
EARNINGS
Net interest income $28,644 27,193 25,509 26,435 26,450 81,346 79,433
Provision for loan losses $1,000 750 600 600 600 2,350 2,300
Noninterest income $4,605 4,042 5,851 4,604 5,284 14,498 16,434
Noninterest expense $20,210 19,882 19,776 18,394 19,663 59,868 58,725
Net income before federal income
tax expense $12,039 10,603 10,984 12,045 11,471 33,626 34,842
Net income $8,337 7,343 7,615 8,085 7,845 23,295 23,828
Basic earnings per share $0.51 0.45 0.46 0.49 0.48 1.41 1.46
Diluted earnings per share $0.51 0.45 0.46 0.49 0.48 1.41 1.46
Average basic shares outstanding 16,483,492 16,471,060 16,434,647 16,352,359 16,282,804 16,463,245 16,271,848
Average diluted shares outstanding 16,494,540 16,485,356 16,449,210 16,374,117 16,307,350 16,474,534 16,294,093
PERFORMANCE RATIOS
Return on average assets 1.03% 0.96% 1.02% 1.05% 1.02% 1.00% 1.07%
Return on average equity 9.21% 8.39% 8.99% 9.35% 9.00% 8.87% 9.32%
Net interest margin (fully tax-equivalent) 3.83% 3.85% 3.73% 3.72% 3.76% 3.80% 3.89%
Efficiency ratio 60.78% 63.65% 63.06% 59.26% 61.96% 62.46% 61.26%
Full-time equivalent employees 634 643 617 616 612 634 612
YIELD ON ASSETS / COST OF FUNDS
Yield on loans 4.81% 4.69% 4.54% 4.65% 4.57% 4.68% 4.63%
Yield on securities 2.50% 2.44% 2.35% 2.27% 2.71% 2.43% 3.07%
Yield on other interest-earning assets 1.28% 0.99% 0.81% 0.51% 0.51% 1.14% 0.52%
Yield on total earning assets 4.41% 4.37% 4.20% 4.18% 4.22% 4.32% 4.34%
Yield on total assets 4.10% 4.05% 3.88% 3.87% 3.90% 4.01% 4.02%
Cost of deposits 0.43% 0.35% 0.33% 0.33% 0.33% 0.37% 0.33%
Cost of borrowed funds 1.75% 1.69% 1.53% 1.45% 1.41% 1.66% 1.45%
Cost of interest-bearing liabilities 0.85% 0.77% 0.68% 0.68% 0.66% 0.77% 0.65%
Cost of funds (total earning assets) 0.58% 0.52% 0.47% 0.46% 0.46% 0.52% 0.45%
Cost of funds (total assets) 0.54% 0.48% 0.43% 0.42% 0.42% 0.49% 0.42%
PURCHASE ACCOUNTING ADJUSTMENTS
Loan portfolio - increase interest income $1,757 1,336 832 1,672 1,002 3,925 3,253
Trust preferred - increase interest expense $171 171 171 171 171 513 513
Core deposit intangible - increase overhead $556 609 636 636 636 1,801 2,039
MORTGAGE BANKING ACTIVITY
Total mortgage loans originated $61,962 60,371 38,365 46,727 52,340 160,698 116,345
Purchase mortgage loans originated $41,254 39,115 21,523 21,962 25,542 101,892 56,289
Refinance mortgage loans originated $20,708 21,256 16,842 24,765 26,798 58,806 60,056
Total mortgage loans sold $33,858 29,371 18,463 30,081 35,826 81,692 80,977
Net gain on sale of mortgage loans $1,131 1,012 732 993 1,079 2,875 2,404
CAPITAL
Tangible equity to tangible assets 9.54% 9.70% 9.77% 9.31% 9.63% 9.54% 9.63%
Tier 1 leverage capital ratio 11.18% 11.49% 11.53% 11.17% 11.28% 11.18% 11.28%
Common equity risk-based capital ratio 10.54% 10.65% 10.83% 10.88% 10.83% 10.54% 10.83%
Tier 1 risk-based capital ratio 12.01% 12.15% 12.39% 12.47% 12.40% 12.01% 12.40%
Total risk-based capital ratio 12.66% 12.79% 13.05% 13.13% 13.05% 12.66% 13.05%
Tier 1 capital $354,087 347,754 341,708 336,316 337,054 354,087 337,054
Tier 1 plus tier 2 capital $373,280 366,048 359,984 354,278 354,580 373,280 354,580
Total risk-weighted assets $2,949,011 2,861,605 2,757,616 2,697,727 2,718,012 2,949,011 2,718,012
Book value per common share $21.99 21.69 21.13 20.76 21.44 21.99 21.44
Tangible book value per common share $18.49 18.16 17.56 17.14 17.76 18.49 17.76
Cash dividend per common share $0.19 0.18 0.18 0.67 0.17 0.55 0.49
ASSET QUALITY
Gross loan charge-offs $709 1,150 456 970 363 2,315 1,235
Recoveries $607 419 171 805 179 1,197 780
Net loan charge-offs (recoveries) $102 731 285 165 184 1,118 455
Net loan charge-offs to average loans 0.02% 0.12% 0.05% 0.03% 0.03% 0.06% 0.03%
Allowance for loan losses $19,193 18,295 18,276 17,961 17,526 19,193 17,526
Allowance to originated loans 0.88% 0.86% 0.92% 0.95% 0.93% 0.88% 0.93%
Nonperforming loans $8,231 6,450 7,292 5,939 4,669 8,231 4,669
Other real estate/repossessed assets $2,327 789 495 469 790 2,327 790
Nonperforming loans to total loans 0.32% 0.26% 0.30% 0.25% 0.19% 0.32% 0.19%
Nonperforming assets to total assets 0.32% 0.23% 0.26% 0.21% 0.18% 0.32% 0.18%
NONPERFORMING ASSETS - COMPOSITION
Residential real estate:
Land development $0 0 0 16 23 0 23
Construction $0 0 0 0 0 0 0
Owner occupied / rental $3,648 3,367 2,972 2,883 2,945 3,648 2,945
Commercial real estate:
Land development $50 65 80 95 110 50 110
Construction $0 0 0 0 0 0 0
Owner occupied $4,627 1,313 1,221 610 1,597 4,627 1,597
Non-owner occupied $84 400 421 488 691 84 691
Non-real estate:
Commercial assets $2,126 2,081 3,076 2,293 65 2,126 65
Consumer assets $23 13 17 23 28 23 28
Total nonperforming assets 10,558 7,239 7,787 6,408 5,459 10,558 5,459
NONPERFORMING ASSETS - RECON
Beginning balance $7,239 7,787 6,408 5,459 5,983 6,408 6,737
Additions - originated loans $4,789 1,774 2,987 2,953 1,172 9,550 3,391
Merger-related activity $210 16 0 33 0 226 0
Return to performing status $(120) 0 (113) (13) 0 (233) 0
Principal payments $(1,089) (1,168) (1,289) (1,386) (1,509) (3,546) (2,778)
Sale proceeds $(373) (147) (56) (308) (76) (576) (1,120)
Loan charge-offs $(91) (953) (135) (263) (101) (1,179) (718)
Valuation write-downs $(7) (70) (15) (67) (10) (92) (53)
Ending balance $10,558 7,239 7,787 6,408 5,459 10,558 5,459
LOAN PORTFOLIO COMPOSITION
Commercial:
Commercial & industrial $776,562 780,816 757,219 713,903 750,330 776,562 750,330
Land development & construction $28,575 29,027 31,924 34,828 37,455 28,575 37,455
Owner occupied comm'l R/E $485,347 491,633 452,382 450,464 440,705 485,347 440,705
Non-owner occupied comm'l R/E $805,167 783,036 768,565 748,269 741,443 805,167 741,443
Multi-family & residential rental $119,170 114,081 113,257 117,883 118,103 119,170 118,103
Total commercial $2,214,821 2,198,593 2,123,347 2,065,347 2,088,036 2,214,821 2,088,036
Retail:
1-4 family mortgages $236,075 220,697 205,850 195,226 190,715 236,075 190,715
Home equity & other consumer $103,376 107,991 112,117 118,047 127,626 103,376 127,626
Total retail $339,451 328,688 317,967 313,273 318,341 339,451 318,341
Total loans $2,554,272 2,527,281 2,441,314 2,378,620 2,406,377 2,554,272 2,406,377
END OF PERIOD BALANCES
Loans $2,554,272 2,527,281 2,441,314 2,378,620 2,406,377 2,554,272 2,406,377
Securities $341,126 333,294 341,677 336,086 333,469 341,126 333,469
Other interest-earning assets $123,110 48,762 12,663 133,396 85,848 123,110 85,848
Total earning assets (before allowance) $3,018,508 2,909,337 2,795,654 2,848,102 2,825,694 3,018,508 2,825,694
Total assets $3,254,655 3,143,336 3,018,919 3,082,571 3,063,964 3,254,655 3,063,964
Noninterest-bearing deposits $826,038 800,718 757,706 810,600 731,663 826,038 731,663
Interest-bearing deposits $1,663,005 1,570,003 1,520,310 1,564,385 1,597,774 1,663,005 1,597,774
Total deposits $2,489,043 2,370,721 2,278,016 2,374,985 2,329,437 2,489,043 2,329,437
Total borrowed funds $390,868 404,370 380,009 354,902 372,917 390,868 372,917
Total interest-bearing liabilities $2,053,873 1,974,373 1,900,319 1,919,287 1,970,691 2,053,873 1,970,691
Shareholders' equity $362,546 357,499 348,050 340,811 349,471 362,546 349,471
AVERAGE BALANCES
Loans $2,534,364 2,472,489 2,390,030 2,372,510 2,391,620 2,466,156 2,336,174
Securities $339,125 338,045 339,537 336,493 328,993 338,901 341,407
Other interest-earning assets $116,851 46,250 61,376 127,790 91,590 75,029 61,100
Total earning assets (before allowance) $2,990,340 2,856,784 2,790,943 2,836,793 2,812,203 2,880,086 2,738,681
Total assets $3,220,053 3,081,542 3,016,871 3,064,974 3,040,324 3,106,899 2,961,866
Noninterest-bearing deposits $805,650 785,705 766,031 773,137 733,600 785,940 696,214
Interest-bearing deposits $1,648,235 1,531,399 1,542,078 1,561,539 1,572,424 1,574,293 1,569,963
Total deposits $2,453,885 2,317,104 2,308,109 2,334,676 2,306,024 2,360,233 2,266,177
Total borrowed funds $393,910 400,508 352,614 366,905 373,973 382,496 340,496
Total interest-bearing liabilities $2,042,145 1,931,907 1,894,692 1,928,444 1,946,397 1,956,789 1,910,459
Shareholders' equity $359,131 351,216 343,344 343,122 345,944 351,288 340,742
View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-strong-third-quarter-2017-results-300537627.html
SOURCE Mercantile Bank Corporation
