Mercantile Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016
January 17, 2017 at 04:31 pm IST
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Mercantile Bank Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $29,715,000 compared to $28,576,000 a year ago. Net interest income was $26,435,000 compared to $25,659,000 a year ago. Income before federal income tax expense was $12,045,000 compared to $9,108,000 a year ago. Net income was $8,085,000 or $0.49 per basic and diluted share compared to $6,480,000 or $0.40 per basic and diluted share a year ago. Return on average assets was 1.05% compared to 0.88% a year ago. Return on average equity was 9.35% compared to 7.79% a year ago. Net interest income after provision for loan losses was $25,835,000 compared to $25,159,000 a year ago.
For the year, the company reported total interest income of $118,457,000 compared to $112,328,000 a year ago. Net interest income was $105,867,000 compared to $101,174,000 a year ago. Income before federal income tax expense was $46,887,000 compared to $38,831,000 a year ago. Net income was $31,913,000 or $1.96 per basic and diluted share compared to $27,020,000 or $1.62 per diluted share a year ago. Return on average assets was 1.07% compared to 0.94% a year ago. Return on average equity was 9.35% compared to 8.19% a year ago. Net interest income after provision for loan losses was $102,967,000 compared to $102,174,000 a year ago. Book value per common share was $20.76 against $20.41 a year ago. Tangible book value per common share was $17.14 against $16.61 a year ago.
For the fourth quarter of 2016, net loan charge-offs was $165,000 against recoveries of $938,000 a year ago.
Mercantile Bank Corporation is the bank holding company for Mercantile Bank (The Bank). The Bank is a state banking company that provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. Its operations are centered around the West and Central portions of Michigan. It also has banking offices located in the metropolitan Detroit, Michigan area, Traverse City, Michigan, Saginaw, Michigan, and Midland, Michigan. It makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. It also enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. Its insurance product offerings include private passenger automobiles, homeowners, personal inland marine, boat owners, recreational vehicles, dwelling fire, umbrella policies, small businesses, and life insurance products.
Mercantile Bank Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016