Mercantile Bank Corporation Reports Third Quarter 2020 Results
Mercantile Bank Corporation (NASDAQ: MBWM) reported a net income of $10.7 million for Q3 2020, down from $12.6 million in Q3 2019. Year-to-date net income totaled $30.1 million, compared to $36.1 million in the same period last year. Total revenue rose to $42.8 million, an 11.8% increase, driven by a 99.3% surge in noninterest income, mostly from mortgage banking. However, net interest income fell to $29.5 million, a 6.6% decline. Total assets reached $4.42 billion, up 21.7% from the end of 2019. The company maintained a strong capital position with a 13.5% risk-based capital ratio.
- Noninterest income increased by 99.3% to $13.3 million, led by mortgage banking.
- Total revenue grew to $42.8 million, a 11.8% rise year-over-year.
- Capital position remains strong with a 13.5% risk-based capital ratio.
- Net income declined to $10.7 million from $12.6 million year-over-year.
- Net interest income decreased 6.6% to $29.5 million due to lower interest margins.
- Yield on average earning assets fell to 3.45% from 4.73% year-over-year.
GRAND RAPIDS, Mich., Oct. 20, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of
"In light of the challenging operating environment created by the ongoing COVID-19 pandemic, we are pleased with our overall financial performance during the third quarter of 2020," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "We have implemented strategic initiatives to address the identifiable impacts of the pandemic, and we will continue to focus on appropriately planning for potential future risks posed by it."
Third quarter highlights include:
- Strong capital position
- Continued solid asset quality metrics
- Ongoing strength in commercial loan and residential mortgage loan pipelines
- Substantial increase in mortgage banking income and growth in other key fee income categories
- Controlled overhead costs
Operating Results
Total revenue, which consists of net interest income and noninterest income, was
The net interest margin was 2.86 percent in the third quarter of 2020, compared to 3.71 percent in the third quarter of 2019. The yield on average earning assets was 3.45 percent during the third quarter of 2020, down from 4.73 percent during the prior-year third quarter, mainly due to a decreased yield on commercial loans, which equaled 4.06 percent in the current-year third quarter compared to 5.15 percent in the respective 2019 period. The decreased yield on commercial loans primarily reflected reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee significantly lowering the targeted federal funds rate by a total of 225 basis points during the second half of 2019 and first three months of 2020. A significant volume of excess on-balance sheet liquidity consisting of low-yielding deposits with the Federal Reserve Bank of Chicago and a correspondent bank negatively impacted the yield on average earning assets during the third quarter of 2020. The excess funds are mainly a product of federal government stimulus programs as well as lower business and consumer investing and spending. A lower yield on interest-earning deposits, reflecting the decreasing interest rate environment, also contributed to the reduced yield on average earning assets.
The cost of funds declined from 1.02 percent during the third quarter of 2019 to 0.59 percent during the current-year third quarter, primarily due to lower rates paid on local deposit accounts and borrowings, reflecting the declining interest rate environment. A change in funding mix, consisting of an increase in lower-costing non-time deposits as a percentage of total funding sources, also contributed to the decrease in the cost of funds.
Mercantile recorded provision expense of
Noninterest income during the third quarter of 2020 was
Noninterest expense totaled
Mr. Kaminski commented, "The continuing success of strategic initiatives that were implemented to increase market penetration and enhance revenue, combined with strong residential mortgage loan production levels, allowed us to achieve another record breaking level of mortgage banking income during the third quarter of 2020. Our residential mortgage lending team has put forth a tremendous effort to ensure the entire loan origination process, from the receipt of an application to closing, is completed in an efficient manner, often providing us with a competitive advantage. We were pleased with the growth in service charges on accounts and credit and debit card income during the third quarter of 2020 compared to the linked quarter, primarily reflecting the relaxation of certain restrictions that were put in place as a result of the COVID-19 pandemic. Controlling overhead costs remains an integral component of growth initiatives, and we will continue our efforts to ascertain opportunities to function more efficiently."
Balance Sheet
As of September 30, 2020, total assets were
Ray Reitsma, President of Mercantile Bank of Michigan, noted, "We are very pleased that our asset quality metrics remained solid throughout the third quarter of 2020, as we continue to closely monitor and evaluate the impact of the COVID-19 pandemic on the performance of our loan portfolio. Our ongoing focus on sound credit underwriting has served us well during this period of uncertainty and weakened economic conditions. Past due loan and nonperforming asset levels continue to be low, and a vast majority of commercial and retail loan customers that were granted loan payment deferrals under internally developed programs have reverted back to making full contractual loan payments. As part of our internal loan review program and reflective of our desire to identify potential loan problems in a timely manner, certain non-impaired commercial loan relationships were downgraded during the third quarter to bring the loan risk ratings in sync with the current economic environment and the borrowers' financial conditions, resulting in a substantial portion of the provision expense recorded during the quarter."
Mr. Reitsma added, "Although we continued to assist customers in obtaining funds under the Paycheck Protection Program and began helping loan recipients gather and submit required information to the Small Business Administration for a loan forgiveness determination during the third quarter of 2020, we remained focused on meeting the traditional credit needs of our existing clients and identifying potential new customer relationships. We are pleased with the level of net commercial loan growth achieved during the third quarter, and based on the strength of our current pipeline, we expect to fund additional commercial loans in future periods."
Excluding the impact of Paycheck Protection Program loan originations, commercial and industrial loans and owner-occupied commercial real estate loans together represented approximately 55 percent of total commercial loans as of September 30, 2020, a level that has remained relatively consistent and in line with internal expectations.
Total deposits at September 30, 2020, were
Asset Quality
Nonperforming assets at September 30, 2020, were
Capital Position
Shareholders' equity totaled
As part of a
Mr. Kaminski concluded, "As part of our COVID-19 pandemic response plan, we have continued to utilize information distributed by government agencies and health officials as a basis for pandemic-related actions designed to provide clients with needed banking services while protecting them and our employees from the spread of the coronavirus to the fullest extent possible. We will continue to closely monitor new pandemic-related developments and revise the response plan as necessary. We were pleased to announce earlier today that our Board of Directors declared a regular quarterly cash dividend. Our sustained financial strength has allowed us to continue the cash dividend program and provide our shareholders with a cash return on their investments despite the uncertainty stemming from the pandemic and associated deterioration in economic conditions."
Investor Presentation
Mercantile has prepared presentation materials (the "Conference Call & Webcast Presentation") that management intends to use during its previously announced third quarter 2020 conference call on Tuesday, October 20, 2020, at 10:00 a.m. Eastern Time, and from time to time thereafter in presentations about the Company's operations and performance. The Investor Presentation also contains more detailed information relating to Mercantile's COVID-19 pandemic response plan. These materials have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release, and are also available on Mercantile's website at www.mercbank.com.
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
Forward-Looking Statements
This news release contains comments or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such comments 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, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; 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.
FOR FURTHER INFORMATION:
Robert B. Kaminski, Jr. | Charles Christmas |
President & CEO | Executive Vice President & CFO |
616-726-1502 | 616-726-1202 |
Mercantile Bank Corporation | ||||||
Third Quarter 2020 Results | ||||||
MERCANTILE BANK CORPORATION | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
SEPTEMBER 30, | DECEMBER 31, | SEPTEMBER 30, | ||||
2020 | 2019 | 2019 | ||||
ASSETS | ||||||
Cash and due from banks | $ | 59,283,000 | $ | 53,262,000 | $ | 84,275,000 |
Interest-earning deposits | 495,308,000 | 180,469,000 | 144,263,000 | |||
Total cash and cash equivalents | 554,591,000 | 233,731,000 | 228,538,000 | |||
Securities available for sale | 312,424,000 | 334,655,000 | 345,533,000 | |||
Federal Home Loan Bank stock | 18,002,000 | 18,002,000 | 18,002,000 | |||
Loans | 3,350,544,000 | 2,856,667,000 | 2,933,013,000 | |||
Allowance for loan losses | (35,572,000) | (23,889,000) | (24,414,000) | |||
Loans, net | 3,314,972,000 | 2,832,778,000 | 2,908,599,000 | |||
Premises and equipment, net | 60,446,000 | 57,327,000 | 54,585,000 | |||
Bank owned life insurance | 71,170,000 | 70,297,000 | 67,993,000 | |||
Goodwill | 49,473,000 | 49,473,000 | 49,473,000 | |||
Core deposit intangible, net | 2,754,000 | 3,840,000 | 4,237,000 | |||
Other assets | 36,778,000 | 32,812,000 | 33,420,000 | |||
Total assets | $ | 4,420,610,000 | $ | 3,632,915,000 | $ | 3,710,380,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Deposits: | ||||||
Noninterest-bearing | $ | 1,449,879,000 | $ | 924,916,000 | $ | 967,189,000 |
Interest-bearing | 1,922,155,000 | 1,765,468,000 | 1,799,902,000 | |||
Total deposits | 3,372,034,000 | 2,690,384,000 | 2,767,091,000 | |||
Securities sold under agreements to repurchase | 157,017,000 | 102,675,000 | 103,990,000 | |||
Federal Home Loan Bank advances | 394,000,000 | 354,000,000 | 364,000,000 | |||
Subordinated debentures | 47,392,000 | 46,881,000 | 46,710,000 | |||
Accrued interest and other liabilities | 18,267,000 | 22,414,000 | 21,389,000 | |||
Total liabilities | 3,988,710,000 | 3,216,354,000 | 3,303,180,000 | |||
SHAREHOLDERS' EQUITY | ||||||
Common stock | 301,896,000 | 305,035,000 | 304,065,000 | |||
Retained earnings | 124,451,000 | 107,831,000 | 98,876,000 | |||
Accumulated other comprehensive income/(loss) | 5,553,000 | 3,695,000 | 4,259,000 | |||
Total shareholders' equity | 431,900,000 | 416,561,000 | 407,200,000 | |||
Total liabilities and shareholders' equity | $ | 4,420,610,000 | $ | 3,632,915,000 | $ | 3,710,380,000 |
Mercantile Bank Corporation | |||||||||||||
Third Quarter 2020 Results | |||||||||||||
MERCANTILE BANK CORPORATION | |||||||||||||
CONSOLIDATED REPORTS OF INCOME | |||||||||||||
(Unaudited) | |||||||||||||
THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED | ||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
INTEREST INCOME | |||||||||||||
Loans, including fees | $ | 33,664,000 | $ | 37,005,000 | $ | 101,428,000 | $ | 109,559,000 | |||||
Investment securities | 1,788,000 | 2,660,000 | 8,554,000 | 7,587,000 | |||||||||
Other interest-earning assets | 142,000 | 651,000 | 711,000 | 1,627,000 | |||||||||
Total interest income | 35,594,000 | 40,316,000 | 110,693,000 | 118,773,000 | |||||||||
INTEREST EXPENSE | |||||||||||||
Deposits | 3,466,000 | 5,573,000 | 11,808,000 | 15,906,000 | |||||||||
Short-term borrowings | 38,000 | 71,000 | 132,000 | 244,000 | |||||||||
Federal Home Loan Bank advances | 2,072,000 | 2,257,000 | 6,499,000 | 6,751,000 | |||||||||
Other borrowed money | 509,000 | 810,000 | 1,857,000 | 2,506,000 | |||||||||
Total interest expense | 6,085,000 | 8,711,000 | 20,296,000 | 25,407,000 | |||||||||
Net interest income | 29,509,000 | 31,605,000 | 90,397,000 | 93,366,000 | |||||||||
Provision for loan losses | 3,200,000 | 700,000 | 11,550,000 | 2,450,000 | |||||||||
Net interest income after | |||||||||||||
provision for loan losses | 26,309,000 | 30,905,000 | 78,847,000 | 90,916,000 | |||||||||
NONINTEREST INCOME | |||||||||||||
Service charges on accounts | 1,135,000 | 1,185,000 | 3,401,000 | 3,406,000 | |||||||||
Mortgage banking income | 9,479,000 | 2,889,000 | 19,746,000 | 5,291,000 | |||||||||
Credit and debit card income | 1,636,000 | 1,547,000 | 4,371,000 | 4,397,000 | |||||||||
Payroll services | 399,000 | 367,000 | 1,346,000 | 1,227,000 | |||||||||
Earnings on bank owned life insurance | 290,000 | 330,000 | 933,000 | 3,567,000 | |||||||||
Other income | 368,000 | 358,000 | 1,042,000 | 1,755,000 | |||||||||
Total noninterest income | 13,307,000 | 6,676,000 | 30,839,000 | 19,643,000 | |||||||||
NONINTEREST EXPENSE | |||||||||||||
Salaries and benefits | 16,734,000 | 13,680,000 | 44,388,000 | 39,982,000 | |||||||||
Occupancy | 2,023,000 | 1,697,000 | 5,944,000 | 5,089,000 | |||||||||
Furniture and equipment | 871,000 | 629,000 | 2,500,000 | 1,885,000 | |||||||||
Data processing costs | 2,676,000 | 2,342,000 | 7,793,000 | 6,854,000 | |||||||||
Other expense | 4,119,000 | 3,679,000 | 11,954,000 | 12,134,000 | |||||||||
Total noninterest expense | 26,423,000 | 22,027,000 | 72,579,000 | 65,944,000 | |||||||||
Income before federal income | |||||||||||||
tax expense | 13,193,000 | 15,554,000 | 37,107,000 | 44,615,000 | |||||||||
Federal income tax expense | 2,507,000 | 2,954,000 | 7,051,000 | 8,476,000 | |||||||||
Net Income | $ | 10,686,000 | $ | 12,600,000 | $ | 30,056,000 | $ | 36,139,000 | |||||
Basic earnings per share | |||||||||||||
Diluted earnings per share | |||||||||||||
Average basic shares outstanding | 16,233,196 | 16,390,203 | 16,265,208 | 16,415,843 | |||||||||
Average diluted shares outstanding | 16,233,666 | 16,393,078 | 16,265,986 | 16,420,845 | |||||||||
Mercantile Bank Corporation | ||||||||||||||
Third Quarter 2020 Results | ||||||||||||||
MERCANTILE BANK CORPORATION | ||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarterly | Year-To-Date | |||||||||||||
(dollars in thousands except per share data) | 2020 | 2020 | 2020 | 2019 | 2019 | |||||||||
3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2020 | 2019 | ||||||||
EARNINGS | ||||||||||||||
Net interest income | $ | 29,509 | 30,571 | 30,317 | 31,168 | 31,605 | 90,397 | 93,366 | ||||||
Provision for loan losses | $ | 3,200 | 7,600 | 750 | (700) | 700 | 11,550 | 2,450 | ||||||
Noninterest income | $ | 13,307 | 10,984 | 6,550 | 7,312 | 6,676 | 30,839 | 19,643 | ||||||
Noninterest expense | $ | 26,423 | 23,216 | 22,940 | 23,335 | 22,027 | 72,579 | 65,944 | ||||||
Net income before federal income | ||||||||||||||
tax expense | $ | 13,193 | 10,739 | 13,177 | 15,845 | 15,554 | 37,107 | 44,615 | ||||||
Net income | $ | 10,686 | 8,698 | 10,673 | 13,317 | 12,600 | 30,056 | 36,139 | ||||||
Basic earnings per share | $ | 0.66 | 0.54 | 0.65 | 0.81 | 0.77 | 1.85 | 2.20 | ||||||
Diluted earnings per share | $ | 0.66 | 0.54 | 0.65 | 0.81 | 0.77 | 1.85 | 2.20 | ||||||
Average basic shares outstanding | 16,233,196 | 16,212,500 | 16,350,281 | 16,373,458 | 16,390,203 | 16,265,208 | 16,415,843 | |||||||
Average diluted shares outstanding | 16,233,666 | 16,213,264 | 16,351,559 | 16,375,740 | 16,393,078 | 16,265,986 | 16,420,845 | |||||||
PERFORMANCE RATIOS | ||||||||||||||
Return on average assets | ||||||||||||||
Return on average equity | ||||||||||||||
Net interest margin (fully tax-equivalent) | ||||||||||||||
Efficiency ratio | ||||||||||||||
Full-time equivalent employees | 618 | 637 | 626 | 619 | 624 | 618 | 624 | |||||||
YIELD ON ASSETS / COST OF FUNDS | ||||||||||||||
Yield on loans | ||||||||||||||
Yield on securities | ||||||||||||||
Yield on other interest-earning assets | ||||||||||||||
Yield on total earning assets | ||||||||||||||
Yield on total assets | ||||||||||||||
Cost of deposits | ||||||||||||||
Cost of borrowed funds | ||||||||||||||
Cost of interest-bearing liabilities | ||||||||||||||
Cost of funds (total earning assets) | ||||||||||||||
Cost of funds (total assets) | ||||||||||||||
PURCHASE ACCOUNTING ADJUSTMENTS | ||||||||||||||
Loan portfolio - increase interest income | $ | 332 | 169 | 285 | 316 | 327 | 786 | 1,107 | ||||||
Trust preferred - increase interest expense | $ | 171 | 171 | 171 | 171 | 171 | 513 | 513 | ||||||
Core deposit intangible - increase overhead | $ | 318 | 371 | 397 | 397 | 397 | 1,086 | 1,324 | ||||||
MORTGAGE BANKING ACTIVITY | ||||||||||||||
Total mortgage loans originated | $ | 237,195 | 275,486 | 132,859 | 110,611 | 132,852 | 645,540 | 257,989 | ||||||
Purchase mortgage loans originated | $ | 93,068 | 58,015 | 46,538 | 49,407 | 61,839 | 197,621 | 133,716 | ||||||
Refinance mortgage loans originated | $ | 144,127 | 217,471 | 86,321 | 61,204 | 71,013 | 447,919 | 124,273 | ||||||
Total mortgage loans sold | $ | 191,318 | 225,665 | 95,327 | 81,590 | 104,890 | 512,310 | 175,788 | ||||||
Income on sale of mortgage loans | $ | 10,199 | 7,760 | 2,086 | 3,062 | 2,886 | 20,045 | 5,003 | ||||||
CAPITAL | ||||||||||||||
Tangible equity to tangible assets | ||||||||||||||
Tier 1 leverage capital ratio | ||||||||||||||
Common equity risk-based capital ratio | ||||||||||||||
Tier 1 risk-based capital ratio | ||||||||||||||
Total risk-based capital ratio | ||||||||||||||
Tier 1 capital | $ | 420,225 | 412,526 | 406,445 | 405,148 | 395,010 | 420,225 | 395,010 | ||||||
Tier 1 plus tier 2 capital | $ | 455,797 | 444,772 | 431,273 | 429,038 | 419,424 | 455,797 | 419,424 | ||||||
Total risk-weighted assets | $ | 3,298,047 | 3,238,444 | 3,309,336 | 3,276,754 | 3,327,723 | 3,298,047 | 3,327,723 | ||||||
Book value per common share | $ | 26.59 | 26.20 | 25.82 | 25.36 | 24.93 | 26.59 | 24.93 | ||||||
Tangible book value per common share | $ | 23.37 | 22.96 | 22.55 | 22.12 | 21.64 | 23.37 | 21.64 | ||||||
Cash dividend per common share | $ | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.84 | 0.79 | ||||||
ASSET QUALITY | ||||||||||||||
Gross loan charge-offs | $ | 124 | 335 | 40 | 112 | 519 | 499 | 771 | ||||||
Recoveries | $ | 250 | 153 | 229 | 287 | 180 | 632 | 355 | ||||||
Net loan charge-offs (recoveries) | $ | (126) | 182 | (189) | (175) | 339 | (133) | 416 | ||||||
Net loan charge-offs to average loans | ( | ( | ( | ( | ||||||||||
Allowance for loan losses | $ | 35,572 | 32,246 | 24,828 | 23,889 | 24,414 | 35,572 | 24,414 | ||||||
Allowance to loans | ||||||||||||||
Allowance to loans excluding PPP loans | ||||||||||||||
Nonperforming loans | $ | 4,141 | 3,212 | 3,469 | 2,284 | 2,644 | 4,141 | 2,644 | ||||||
Other real estate/repossessed assets | $ | 512 | 198 | 271 | 452 | 243 | 512 | 243 | ||||||
Nonperforming loans to total loans | ||||||||||||||
Nonperforming assets to total assets | ||||||||||||||
NONPERFORMING ASSETS - COMPOSITION | ||||||||||||||
Residential real estate: | ||||||||||||||
Land development | $ | 36 | 36 | 37 | 34 | 32 | 36 | 32 | ||||||
Construction | $ | 198 | 198 | 283 | 0 | 0 | 198 | 0 | ||||||
Owner occupied / rental | $ | 2,597 | 2,750 | 2,922 | 2,364 | 2,576 | 2,597 | 2,576 | ||||||
Commercial real estate: | ||||||||||||||
Land development | $ | 0 | 0 | 43 | 0 | 0 | 0 | 0 | ||||||
Construction | $ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Owner occupied | $ | 1,576 | 275 | 287 | 326 | 240 | 1,576 | 240 | ||||||
Non-owner occupied | $ | 23 | 25 | 0 | 0 | 26 | 23 | 26 | ||||||
Non-real estate: | ||||||||||||||
Commercial assets | $ | 198 | 98 | 156 | 0 | 0 | 198 | 0 | ||||||
Consumer assets | $ | 25 | 28 | 12 | 12 | 13 | 25 | 13 | ||||||
Total nonperforming assets | 4,653 | 3,410 | 3,740 | 2,736 | 2,887 | 4,653 | 2,887 | |||||||
NONPERFORMING ASSETS - RECON | ||||||||||||||
Beginning balance | $ | 3,410 | 3,740 | 2,736 | 2,887 | 3,951 | 2,736 | 4,952 | ||||||
Additions - originated loans/former branch | $ | 1,615 | 220 | 1,344 | 30 | 339 | 3,179 | 904 | ||||||
Other activity | $ | 0 | 0 | (31) | 135 | 57 | (31) | 91 | ||||||
Return to performing status | $ | (72) | (26) | (7) | 0 | (126) | (105) | (126) | ||||||
Principal payments | $ | (249) | (278) | (110) | (232) | (1,014) | (637) | (1,908) | ||||||
Sale proceeds | $ | 0 | (49) | (192) | (36) | (253) | (241) | (756) | ||||||
Loan charge-offs | $ | (51) | (173) | 0 | (48) | (59) | (224) | (241) | ||||||
Valuation write-downs | $ | 0 | (24) | 0 | 0 | (8) | (24) | (29) | ||||||
Ending balance | $ | 4,653 | 3,410 | 3,740 | 2,736 | 2,887 | 4,653 | 2,887 | ||||||
LOAN PORTFOLIO COMPOSITION | ||||||||||||||
Commercial: | ||||||||||||||
Commercial & industrial | $ | 1,321,419 | 1,307,456 | 873,679 | 846,551 | 882,747 | 1,321,419 | 882,747 | ||||||
Land development & construction | $ | 50,941 | 52,984 | 62,908 | 56,118 | 48,418 | 50,941 | 48,418 | ||||||
Owner occupied comm'l R/E | $ | 549,364 | 567,621 | 579,229 | 579,004 | 567,267 | 549,364 | 567,267 | ||||||
Non-owner occupied comm'l R/E | $ | 878,897 | 841,145 | 823,366 | 835,345 | 883,079 | 878,897 | 883,079 | ||||||
Multi-family & residential rental | $ | 137,740 | 132,047 | 133,148 | 124,526 | 126,855 | 137,740 | 126,855 | ||||||
Total commercial | $ | 2,938,361 | 2,901,253 | 2,472,330 | 2,441,544 | 2,508,366 | 2,938,361 | 2,508,366 | ||||||
Retail: | ||||||||||||||
1-4 family mortgages | $ | 348,460 | 367,060 | 356,338 | 339,749 | 346,095 | 348,460 | 346,095 | ||||||
Home equity & other consumer | $ | 63,723 | 64,743 | 72,875 | 75,374 | 78,552 | 63,723 | 78,552 | ||||||
Total retail | $ | 412,183 | 431,803 | 429,213 | 415,123 | 424,647 | 412,183 | 424,647 | ||||||
Total loans | $ | 3,350,544 | 3,333,056 | 2,901,543 | 2,856,667 | 2,933,013 | 3,350,544 | 2,933,013 | ||||||
END OF PERIOD BALANCES | ||||||||||||||
Loans | $ | 3,350,544 | 3,333,056 | 2,901,543 | 2,856,667 | 2,933,013 | 3,350,544 | 2,933,013 | ||||||
Securities | $ | 330,426 | 325,663 | 330,149 | 352,657 | 363,535 | 330,426 | 363,535 | ||||||
Other interest-earning assets | $ | 495,308 | 386,711 | 186,938 | 180,469 | 144,263 | 495,308 | 144,263 | ||||||
Total earning assets (before allowance) | $ | 4,176,278 | 4,045,430 | 3,418,630 | 3,389,793 | 3,440,811 | 4,176,278 | 3,440,811 | ||||||
Total assets | $ | 4,420,610 | 4,314,379 | 3,657,387 | 3,632,915 | 3,710,380 | 4,420,610 | 3,710,380 | ||||||
Noninterest-bearing deposits | $ | 1,449,879 | 1,445,620 | 956,290 | 924,916 | 967,189 | 1,449,879 | 967,189 | ||||||
Interest-bearing deposits | $ | 1,922,155 | 1,816,660 | 1,689,126 | 1,765,468 | 1,799,902 | 1,922,155 | 1,799,902 | ||||||
Total deposits | $ | 3,372,034 | 3,262,280 | 2,645,416 | 2,690,384 | 2,767,091 | 3,372,034 | 2,767,091 | ||||||
Total borrowed funds | $ | 600,892 | 611,298 | 576,996 | 506,301 | 517,523 | 600,892 | 517,523 | ||||||
Total interest-bearing liabilities | $ | 2,523,047 | 2,427,958 | 2,266,122 | 2,271,769 | 2,317,425 | 2,523,047 | 2,317,425 | ||||||
Shareholders' equity | $ | 431,900 | 425,221 | 418,389 | 416,561 | 407,200 | 431,900 | 407,200 | ||||||
AVERAGE BALANCES | ||||||||||||||
Loans | $ | 3,315,741 | 3,294,883 | 2,861,047 | 2,871,674 | 2,903,161 | 3,157,802 | 2,846,735 | ||||||
Securities | $ | 327,668 | 333,843 | 344,906 | 362,347 | 363,394 | 335,443 | 358,557 | ||||||
Other interest-earning assets | $ | 457,598 | 251,833 | 153,638 | 176,034 | 118,314 | 288,310 | 93,800 | ||||||
Total earning assets (before allowance) | $ | 4,101,007 | 3,880,559 | 3,359,591 | 3,410,055 | 3,384,869 | 3,781,555 | 3,299,092 | ||||||
Total assets | $ | 4,346,624 | 4,119,573 | 3,602,784 | 3,650,087 | 3,622,168 | 4,024,175 | 3,531,841 | ||||||
Noninterest-bearing deposits | $ | 1,454,887 | 1,304,986 | 923,827 | 948,602 | 930,851 | 1,228,729 | 886,536 | ||||||
Interest-bearing deposits | $ | 1,863,302 | 1,767,985 | 1,724,030 | 1,759,377 | 1,741,563 | 1,785,391 | 1,710,120 | ||||||
Total deposits | $ | 3,318,189 | 3,072,971 | 2,647,857 | 2,707,979 | 2,672,414 | 3,014,120 | 2,596,656 | ||||||
Total borrowed funds | $ | 583,994 | 607,074 | 517,961 | 509,932 | 529,590 | 569,729 | 531,073 | ||||||
Total interest-bearing liabilities | $ | 2,447,296 | 2,375,059 | 2,241,991 | 2,269,309 | 2,271,153 | 2,355,120 | 2,241,193 | ||||||
Shareholders' equity | $ | 429,865 | 422,230 | 419,612 | 410,593 | 403,350 | 423,924 | 389,628 | ||||||
View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-reports-third-quarter-2020-results-301155212.html
SOURCE Mercantile Bank Corporation
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