Mercantile Bank Corp

NASDAQ:MBWMUnited States

Apr 16, 2024

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• Mercantile Bank's Q1 Earnings, Revenue Rise; Keeps Quarterly Dividend of $0.35 a Share, from 6:03AM ET on Tuesday Apr 16, 2024 by MT Newswires

  6:03AM ET on Tuesday Apr 16, 2024 by MT Newswires
  Companies Mentioned: MBWM
  06:03 AM EDT, 04/16/2024 (MT Newswires) -- Mercantile Bank (MBWM) reported Tuesday Q1 earnings of $1.34 per share, up from $1.31 per share a year earlier. Four analysts polled by Capital IQ expected $1.14 per share. Revenue for the quarter ended Mar...

• Mercantile Bank Corporation Announces Robust First Quarter Results, from 5:05AM ET on Tuesday Apr 16, 2024 by PR Newswire

  5:05AM ET on Tuesday Apr 16, 2024 by PR Newswire
  Companies Mentioned: MBWM

  Strong local deposit growth, sustained strength in asset quality metrics and noteworthy increases in several noninterest revenue streams highlight quarter

  Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $21.6 million, or $1.34 per diluted share, for the first quarter of 2024, compared with net income of $21.0 million, or $1.31 per diluted share, for the first quarter of 2023.

• Mercantile Bank Corporation Announces Robust First Quarter Results, from 5:05AM ET on Tuesday Apr 16, 2024 by Dow Jones

  5:05AM ET on Tuesday Apr 16, 2024 by Dow Jones
  Companies Mentioned: MBWM
  assets) 2.19 % 1.91 % 1.70 % 1.48 % 1.01 % MORTGAGE BANKING ACTIVITY Total mortgage loans originated $ 79,930 88,187 108,602 117,563 71,991 Purchase/construction mortgage loans originated $ 57,668 75,365 93,520 100,941 56,728 Refinance mortgage loans originated $ 22,262 12,822 15,082 16,622 15,263 Mortgage loans originated with intent to sell $ 59,280 59,135 69,305 50,734 24,904 Income on sale of mortgage loans $ 2,064 1,487 2,386 1,570 950 CAPITAL Tangible equity to tangible assets 8.99 % 8.91 % 8.33 % 8.43 % 8.61 % Tier 1 leverage capital ratio 10.88 % 10.84 % 10.64 % 10.73 % 10.66 % Common equity risk-based capital ratio 10.41 % 10.07 % 10.41 % 10.25 % 10.25 % Tier 1 risk-based capital ratio 11.33 % 10.99 % 11.38 % 11.24 % 11.27 % Total risk-based capital ratio 14.05 % 13.69 % 14.21 % 14.03 % 14.11 % Tier 1 capital $ 587,888 570,730 554,634 537,802 520,918 Tier 1 plus tier 2 capital $ 729,410 710,905 692,252 671,323 652,509 Total risk-weighted assets $ 5,190,106 5,192,970 4,872,424 4,784,428 4,623,631 Book value per common share $ 33.29 32.38 30.16 29.89 29.21 Tangible book value per common share $ 33.22 29.31 27.06 26.78 26.09 Cash dividend per common share $ 0.35 0.34 0.34 0.33 0.33 ASSET QUALITY Gross loan charge-offs $ 15 53 243 461 106 Recoveries $ 439 160 230 305 137 Net loan charge-offs (recoveries) $ (424) (107) 13 156 (31) Net loan charge-offs to average loans (0.04 %) (0.01 %) < 0.01% 0.02 % < (0.01%) Allowance for credit losses $ 51,638 49,914 48,008 44,721 42,877 Allowance to loans 1.19 % 1.16 % 1.17 % 1.10 % 1.08 % Nonperforming loans $ 6,040 3,415 5,889 2,099 7,782 Other real estate/repossessed assets $ 200 200 51 661 661 Nonperforming loans to total loans 0.14 % 0.08 % 0.14 % 0.05 % 0.20 % Nonperforming assets to total assets 0.11 % 0.07 % 0.11 % 0.05 % 0.17 % NONPERFORMING ASSETS - COMPOSITION Residential real estate: Land development $ 1 1 1 2 8 Construction $ 0 0 0 0 0 Owner occupied / rental $ 3,370 3,095 1,913 1,793 1,952 Commercial real estate: Land development $ 0 0 0 0 0 Construction $ 0 0 0 0 0 Owner occupied $ 200 270 738 716 829 Non-owner occupied $ 0 0 0 0 0 Non-real estate: Commercial assets $ 2,669 249 3,288 249 5,654 Consumer assets $ 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- Total nonperforming assets $ 6,240 3,615 5,940 2,760 8,443 NONPERFORMING ASSETS - RECON Beginning balance $ 3,615 5,940 2,760 8,443 7,728 Additions $ 2,802 2,166 4,163 273 1,323 Return to performing status $ 0 0 0 0 (31) Principal payments $ (177) (4,402) (166) (5,526) (515) Sale proceeds $ 0 (51) (661) 0 0 Loan charge-offs $ 0 (38) (156) (430) (62) Valuation write-downs $ 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- Ending balance $ 6,240 3,615 5,940 2,760 8,443 LOAN PORTFOLIO COMPOSITION Commercial: Commercial & industrial $ 1,222,638 1,254,586 1,184,993 1,229,588 1,190,982 Land development & construction $ 75,091 74,752 72,921 72,682 66,233 Owner occupied comm'l R/E $ 719,338 717,667 671,083 659,201 630,186 Non-owner occupied comm'l R/E $ 1,045,614 1,035,684 1,000,411 957,221 975,735 Multi-family & residential rental $ 366,961 332,609 308,229 287,285 294,825 ---------- ---------- ---------- ---------- ---------- Total commercial $ 3,429,642 3,415,298 3,237,637 3,205,977 3,157,961 Retail: 1-4 family mortgages $ 840,653 837,407 816,849 795,661 757,006 Other consumer $ 51,711 51,053 49,890 50,205 50,561 ---------- ---------- ---------- ---------- ---------- Total retail $ 892,364 888,460 866,739 845,866 807,567 ---------- ---------- ---------- ---------- ---------- Total loans $ 4,322,006 4,303,758 4,104,376 4,051,843 3,965,528 END OF PERIOD BALANCES Loans $ 4,322,006 4,303,758 4,104,376 4,051,843 3,965,528 Securities $ 630,666 638,605 613,818 630,485 637,694 Interest-earning deposits $ 184,625 60,125 201,436 138,663 10,787 Total earning assets (before allowance) $ 5,137,297 5,002,488 4,919,630 4,820,991 4,614,009 Total assets $ 5,465,953 5,353,224 5,251,012 5,137,587 4,895,874 Noninterest-bearing deposits $ 1,134,995 1,247,640 1,309,672 1,371,633 1,376,782 Interest-bearing deposits $ 2,872,815 2,653,278 2,591,063 2,385,156 2,221,236 Total deposits $ 4,007,810 3,900,918 3,900,735 3,756,789 3,598,018 Total borrowed funds $ 815,744 837,335 761,431 826,558 761,509 Total interest-bearing liabilities $ 3,688,559 3,490,613 3,352,494 3,211,714 2,982,745 Shareholders' equity $ 536,644 522,145 483,211 478,702 467,372 AVERAGE BALANCES Loans $ 4,299,163 4,184,070 4,054,279 4,017,690 3,928,329 Securities $ 634,099 618,517 626,714 634,607 627,628 Interest-earning deposits $ 150,234 118,996 208,932 64,958 31,081 Total earning assets (before allowance) $ 5,083,496 4,921,583 4,889,925 4,717,255 4,587,038 Total assets $ 5,384,675 5,224,238 5,180,847 4,988,413 4,855,877 Noninterest-bearing deposits $ 1,175,884 1,281,201 1,359,238 1,361,901 1,491,477 Interest-bearing deposits $ 2,790,308 2,600,703 2,466,834 2,278,877 2,184,406 Total deposits $ 3,966,192 3,881,904 3,826,072 3,640,778 3,675,883 Total borrowed funds $ 816,848 773,491 806,376 827,105 676,724 Total interest-bearing liabilities $ 3,607,156 3,374,194 3,273,210 3,105,982 2,861,130 Shareholders' equity $ 527,180 495,431 484,624 473,983 453,524
  

• *DJ Mercantile Bank 1Q EPS $1.34 >MBWM, from 5:05AM ET on Tuesday Apr 16, 2024 by Dow Jones

  5:05AM ET on Tuesday Apr 16, 2024 by Dow Jones
  Companies Mentioned: MBWM