Mercantile Bank Corporation Announces Strong First Quarter 2021 Results
GRAND RAPIDS, Mich., April 20, 2021 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of
"We are very pleased to begin 2021 with a quarter of robust financial performance," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our strong financial results include ongoing strength in mortgage banking income, sound asset quality, solid growth in core commercial loans, and managed overhead costs. The extraordinary efforts of the Mercantile team have allowed us to successfully and consistently meet our customers' banking needs during this continuing period of uncertainty stemming from the COVID-19 pandemic."
First quarter highlights include:
- Robust earnings and capital position
- Strong mortgage banking income
- Sustained strength in asset quality metrics
- Annualized net core commercial loan growth of nearly 14 percent
- Continued strength in commercial loan and residential mortgage loan pipelines
- Paycheck Protection Program round two loan fundings of
$203 million - Additional local deposit growth
Operating Results
Total revenue, which consists of net interest income and noninterest income, was
The yield on average earning assets was 3.26 percent during the first quarter of 2021, down from 3.55 percent during the fourth quarter of 2020, mainly due to a decreased yield on commercial loans, which equaled 4.07 percent and 4.41 percent in the respective periods. The decreased yield on commercial loans primarily reflected reduced Paycheck Protection Program net fee accretion stemming from a lower level of forgiveness activity.
The cost of funds declined from 0.55 percent during the fourth quarter of 2020 to 0.49 percent during the first quarter of 2021, mainly due to lower rates paid on renewed time deposits, reflecting the declining interest rate environment, and a change in funding mix, consisting of an increase in lower-costing non-time deposits as a percentage of total funding sources.
The yield on average earning assets declined from 4.54 percent during the first three months of 2020 to 3.26 percent during the respective 2021 period, primarily resulting from decreased yields on commercial loans, securities and interest-earning deposits, along with a change in earning asset mix. 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 150 basis points during March of 2020. The lower yield on securities mainly reflected decreased accelerated discount accretion on called U.S. Government agency bonds and lower yields on newly purchased bonds, reflecting the declining interest rate environment. Accelerated discount accretion totaled less than
A significant volume of excess on-balance sheet liquidity, which initially surfaced in the second quarter of 2020 as a result of the COVID-19 environment and persisted during the remainder of 2020 and the first three months of 2021, negatively impacted the yield on average earning assets and the net interest margin by 44 basis points and 37 basis points, respectively, during the first quarter of 2021. The excess funds, consisting primarily of low-yielding deposits with the Federal Reserve Bank of Chicago, are mainly a product of federal government stimulus programs as well as lower business and consumer investing and spending.
The cost of funds decreased from 0.91 percent during the first quarter of 2020 to 0.49 percent during the current-year first 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 loan loss provision expense of
Noninterest income during the first quarter of 2021 was
Noninterest expense totaled
Mr. Kaminski commented, "The continuing success of strategic initiatives that were implemented to increase market penetration, combined with a strong level of residential mortgage loan production, provided for another quarter of robust mortgage banking income. Refinance activity remained at a high level during the first quarter due to the ongoing low interest rate environment. Although we expect refinance activity to decline in future periods as a result of a reduction in the number of borrowers eligible to refinance from an economic benefit standpoint and the recent uptick in residential mortgage loan interest rates, we believe solid mortgage banking income can be recorded in future periods based on the current pipeline and application volume, along with our recent lender hires and new office openings. As evidenced by the introduction of a fee-producing interest rate swap program, we remain focused on expanding our noninterest income revenue streams. We are pleased with the improvement in credit and debit card income, which surpassed pre-pandemic levels. Controlling overhead costs remains a vital component of our growth initiatives, and we continue to review our product delivery channels, treasury management solutions, and branch network to identify opportunities to operate more efficiently."
Balance Sheet
As of March 31, 2021, total assets were
Ray Reitsma, President of Mercantile Bank of Michigan, noted, "Although our lending team spent considerable time helping loan customers obtain funds under round two of the Paycheck Protection Program while also assisting round one loan recipients to gather and submit required information to the Small Business Administration for loan forgiveness determinations during the first quarter, we remained focused on meeting the customary needs of our existing clients and identifying and attracting new customer relationships. We are very pleased with the level of net core commercial loan growth during the quarter, along with the continuing strength of our commercial loan and residential mortgage loan pipelines."
Excluding Paycheck Protection Program loan balances, commercial and industrial loans and owner-occupied commercial real estate loans together represented approximately 55 percent of total commercial loans as of March 31, 2021, a level that has remained relatively consistent and in line with internal expectations.
Total deposits at March 31, 2021, were
Asset Quality
Nonperforming assets at March 31, 2021, were
Mr. Reitsma commented, "As evidenced by continuing low levels of past due loans and nonperforming assets, our asset quality has remained strong during the COVID-19 pandemic. The ongoing strength in our asset quality metrics depicts our commitment to sound underwriting and the effectiveness of our commercial borrowers' management teams in meeting the challenges presented by the pandemic. Virtually all commercial and retail loan customers that were granted loan payment deferrals are now making full contractual loan payments."
Capital Position
The Bank's capital position remains "well-capitalized" with a total risk-based capital ratio of 13.3 percent as of March 31, 2021, compared to 13.5 percent at December 31, 2020. At March 31, 2021, the Bank had approximately
As part of a
Mr. Kaminski concluded, "We have continued to closely monitor new pandemic-related developments and have revised our COVID-19 pandemic response plan as necessary to provide customers with needed banking services while protecting them and our employees from the spread of the coronavirus to the best of our abilities. Our ongoing financial strength has allowed us to build shareholder value through a continuation of the cash dividend program despite the challenges stemming from the pandemic, and we are focused on positioning our company to remain a consistent high performer. We are excited about Mercantile's future and believe that our strong first quarter financial performance has positioned us to deliver solid operating results during the remainder of 2021."
Investor Presentation
Mercantile has prepared presentation materials (the "Conference Call & Webcast Presentation") that management intends to use during its previously announced first quarter 2021 conference call on Tuesday, April 20, 2021, 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 statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Any such statements 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; our participation in the Paycheck Protection Program administered by the Small Business Administration; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; 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 and continuance of the COVID-19 pandemic; 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 and CEO | Executive Vice President and CFO |
616-726-1502 | 616-726-1202 |
Mercantile Bank Corporation | ||||||
First Quarter 2021 Results | ||||||
MERCANTILE BANK CORPORATION | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Unaudited) | ||||||
MARCH 31, | DECEMBER 31, | MARCH 31, | ||||
2021 | 2020 | 2020 | ||||
ASSETS | ||||||
Cash and due from banks | $ | 55,489,000 | $ | 62,832,000 | $ | 49,781,000 |
Interest-earning deposits | 596,855,000 | 563,174,000 | 186,938,000 | |||
Total cash and cash equivalents | 652,344,000 | 626,006,000 | 236,719,000 | |||
Securities available for sale | 434,257,000 | 387,347,000 | 312,147,000 | |||
Federal Home Loan Bank stock | 18,002,000 | 18,002,000 | 18,002,000 | |||
Loans | 3,364,370,000 | 3,193,470,000 | 2,876,891,000 | |||
Allowance for loan losses | (38,695,000) | (37,967,000) | (24,828,000) | |||
Loans, net | 3,325,675,000 | 3,155,503,000 | 2,852,063,000 | |||
Premises and equipment, net | 55,388,000 | 58,959,000 | 59,143,000 | |||
Bank owned life insurance | 72,395,000 | 72,131,000 | 70,613,000 | |||
Goodwill | 49,473,000 | 49,473,000 | 49,473,000 | |||
Core deposit intangible, net | 2,118,000 | 2,436,000 | 3,443,000 | |||
Mortgage loans held for sale | 40,297,000 | 22,888,000 | 24,652,000 | |||
Assets held for sale | 13,159,000 | 0 | 0 | |||
Other assets | 47,246,000 | 44,599,000 | 31,132,000 | |||
Total assets | $ | 4,710,354,000 | $ | 4,437,344,000 | $ | 3,657,387,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Deposits: | ||||||
Noninterest-bearing | $ | 1,605,471,000 | $ | 1,433,403,000 | $ | 956,290,000 |
Interest-bearing | 2,039,491,000 | 1,978,150,000 | 1,689,126,000 | |||
Total deposits | 3,644,962,000 | 3,411,553,000 | 2,645,416,000 | |||
Securities sold under agreements to repurchase | 141,310,000 | 118,365,000 | 133,270,000 | |||
Federal Home Loan Bank advances | 394,000,000 | 394,000,000 | 394,000,000 | |||
Subordinated debentures | 47,733,000 | 47,563,000 | 47,051,000 | |||
Liabilities held for sale | 17,280,000 | 0 | 0 | |||
Accrued interest and other liabilities | 23,826,000 | 24,309,000 | 19,261,000 | |||
Total liabilities | 4,269,111,000 | 3,995,790,000 | 3,238,998,000 | |||
SHAREHOLDERS' EQUITY | ||||||
Common stock | 299,358,000 | 302,029,000 | 299,584,000 | |||
Retained earnings | 143,642,000 | 134,039,000 | 114,012,000 | |||
Accumulated other comprehensive income/(loss) | (1,757,000) | 5,486,000 | 4,793,000 | |||
Total shareholders' equity | 441,243,000 | 441,554,000 | 418,389,000 | |||
Total liabilities and shareholders' equity | $ | 4,710,354,000 | $ | 4,437,344,000 | $ | 3,657,387,000 |
Mercantile Bank Corporation | ||||||||
First Quarter 2021 Results | ||||||||
MERCANTILE BANK CORPORATION | ||||||||
CONSOLIDATED REPORTS OF INCOME | ||||||||
(Unaudited) | ||||||||
THREE MONTHS ENDED | THREE MONTHS ENDED | |||||||
March 31, 2021 | March 31, 2020 | |||||||
INTEREST INCOME | ||||||||
Loans, including fees | $ | 32,985,000 | $ | 33,442,000 | ||||
Investment securities | 1,632,000 | 4,017,000 | ||||||
Other interest-earning assets | 168,000 | 475,000 | ||||||
Total interest income | 34,785,000 | 37,934,000 | ||||||
INTEREST EXPENSE | ||||||||
Deposits | 2,717,000 | 4,641,000 | ||||||
Short-term borrowings | 36,000 | 40,000 | ||||||
Federal Home Loan Bank advances | 2,027,000 | 2,212,000 | ||||||
Other borrowed money | 472,000 | 724,000 | ||||||
Total interest expense | 5,252,000 | 7,617,000 | ||||||
Net interest income | 29,533,000 | 30,317,000 | ||||||
Provision for loan losses | 300,000 | 750,000 | ||||||
Net interest income after | ||||||||
provision for loan losses | 29,233,000 | 29,567,000 | ||||||
NONINTEREST INCOME | ||||||||
Service charges on accounts | 1,155,000 | 1,222,000 | ||||||
Mortgage banking income | 8,800,000 | 2,627,000 | ||||||
Credit and debit card income | 1,678,000 | 1,361,000 | ||||||
Interest rate swap income | 653,000 | 0 | ||||||
Payroll services | 557,000 | 577,000 | ||||||
Earnings on bank owned life insurance | 277,000 | 336,000 | ||||||
Other income | 343,000 | 427,000 | ||||||
Total noninterest income | 13,463,000 | 6,550,000 | ||||||
NONINTEREST EXPENSE | ||||||||
Salaries and benefits | 15,086,000 | 13,528,000 | ||||||
Occupancy | 2,014,000 | 2,059,000 | ||||||
Furniture and equipment | 889,000 | 778,000 | ||||||
Data processing costs | 2,617,000 | 2,483,000 | ||||||
Other expense | 4,511,000 | 4,092,000 | ||||||
Total noninterest expense | 25,117,000 | 22,940,000 | ||||||
Income before federal income | ||||||||
tax expense | 17,579,000 | 13,177,000 | ||||||
Federal income tax expense | 3,340,000 | 2,504,000 | ||||||
Net Income | $ | 14,239,000 | $ | 10,673,000 | ||||
Basic earnings per share | ||||||||
Diluted earnings per share | ||||||||
Average basic shares outstanding | 16,283,044 | 16,350,281 | ||||||
Average diluted shares outstanding | 16,283,490 | 16,351,559 | ||||||
Mercantile Bank Corporation | |||||||||||
First Quarter 2021 Results | |||||||||||
MERCANTILE BANK CORPORATION | |||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||
(Unaudited) | |||||||||||
Quarterly | |||||||||||
(dollars in thousands except per share data) | 2021 | 2020 | 2020 | 2020 | 2020 | ||||||
1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |||||||
EARNINGS | |||||||||||
Net interest income | $ | 29,533 | 31,849 | 29,509 | 30,571 | 30,317 | |||||
Provision for loan losses | $ | 300 | 2,500 | 3,200 | 7,600 | 750 | |||||
Noninterest income | $ | 13,463 | 14,333 | 13,307 | 10,984 | 6,550 | |||||
Noninterest expense | $ | 25,117 | 25,941 | 26,423 | 23,216 | 22,940 | |||||
Net income before federal income | |||||||||||
tax expense | $ | 17,579 | 17,741 | 13,193 | 10,739 | 13,177 | |||||
Net income | $ | 14,239 | 14,082 | 10,686 | 8,698 | 10,673 | |||||
Basic earnings per share | $ | 0.87 | 0.87 | 0.66 | 0.54 | 0.65 | |||||
Diluted earnings per share | $ | 0.87 | 0.87 | 0.66 | 0.54 | 0.65 | |||||
Average basic shares outstanding | 16,283,044 | 16,279,052 | 16,233,196 | 16,212,500 | 16,350,281 | ||||||
Average diluted shares outstanding | 16,283,490 | 16,279,243 | 16,233,666 | 16,213,264 | 16,351,559 | ||||||
PERFORMANCE RATIOS | |||||||||||
Return on average assets | |||||||||||
Return on average equity | |||||||||||
Net interest margin (fully tax-equivalent) | |||||||||||
Efficiency ratio | |||||||||||
Full-time equivalent employees | 621 | 621 | 618 | 637 | 626 | ||||||
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 | $ | 51 | 158 | 332 | 169 | 285 | |||||
Trust preferred - increase interest expense | $ | 171 | 171 | 171 | 171 | 171 | |||||
Core deposit intangible - increase overhead | $ | 318 | 318 | 318 | 371 | 397 | |||||
MORTGAGE BANKING ACTIVITY | |||||||||||
Total mortgage loans originated | $ | 245,200 | 218,904 | 237,195 | 275,486 | 132,859 | |||||
Purchase mortgage loans originated | $ | 81,529 | 99,490 | 93,068 | 58,015 | 46,538 | |||||
Refinance mortgage loans originated | $ | 163,671 | 119,414 | 144,127 | 217,471 | 86,321 | |||||
Mortgage loans originated to sell | $ | 195,655 | 159,942 | 191,318 | 225,665 | 95,327 | |||||
Net gain on sale of mortgage loans | $ | 9,182 | 9,476 | 10,199 | 7,760 | 2,086 | |||||
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 | $ | 437,567 | 430,146 | 420,225 | 412,526 | 406,445 | |||||
Tier 1 plus tier 2 capital | $ | 476,462 | 468,113 | 455,797 | 444,772 | 431,273 | |||||
Total risk-weighted assets | $ | 3,526,161 | 3,391,563 | 3,298,047 | 3,238,444 | 3,309,336 | |||||
Book value per common share | $ | 27.21 | 27.04 | 26.59 | 26.20 | 25.82 | |||||
Tangible book value per common share | $ | 24.02 | 23.86 | 23.37 | 22.96 | 22.55 | |||||
Cash dividend per common share | $ | 0.29 | 0.28 | 0.28 | 0.28 | 0.28 | |||||
ASSET QUALITY | |||||||||||
Gross loan charge-offs | $ | 53 | 340 | 124 | 335 | 40 | |||||
Recoveries | $ | 481 | 234 | 250 | 153 | 229 | |||||
Net loan charge-offs (recoveries) | $ | (428) | 106 | (126) | 182 | (189) | |||||
Net loan charge-offs (recoveries) to average loans | ( | ( | ( | ||||||||
Allowance for loan losses | $ | 38,695 | 37,967 | 35,572 | 32,246 | 24,828 | |||||
Allowance to loans | |||||||||||
Allowance to loans excluding PPP loans | |||||||||||
Nonperforming loans | $ | 2,793 | 3,384 | 4,141 | 3,212 | 3,469 | |||||
Other real estate/repossessed assets | $ | 374 | 701 | 512 | 198 | 271 | |||||
Nonperforming loans to total loans | |||||||||||
Nonperforming assets to total assets | |||||||||||
NONPERFORMING ASSETS - COMPOSITION | |||||||||||
Residential real estate: | |||||||||||
Land development | $ | 34 | 35 | 36 | 36 | 37 | |||||
Construction | $ | 0 | 0 | 198 | 198 | 283 | |||||
Owner occupied / rental | $ | 2,305 | 2,607 | 2,597 | 2,750 | 2,922 | |||||
Commercial real estate: | |||||||||||
Land development | $ | 0 | 0 | 0 | 0 | 43 | |||||
Construction | $ | 0 | 0 | 0 | 0 | 0 | |||||
Owner occupied | $ | 646 | 1,232 | 1,576 | 275 | 287 | |||||
Non-owner occupied | $ | 0 | 22 | 23 | 25 | 0 | |||||
Non-real estate: | |||||||||||
Commercial assets | $ | 169 | 172 | 198 | 98 | 156 | |||||
Consumer assets | $ | 13 | 17 | 25 | 28 | 12 | |||||
Total nonperforming assets | $ | 3,167 | 4,085 | 4,653 | 3,410 | 3,740 | |||||
NONPERFORMING ASSETS - RECON | |||||||||||
Beginning balance | $ | 4,085 | 4,653 | 3,410 | 3,740 | 2,736 | |||||
Additions | $ | 116 | 972 | 1,615 | 220 | 1,313 | |||||
Return to performing status | $ | (115) | 0 | (72) | (26) | (7) | |||||
Principal payments | $ | (559) | (1,064) | (249) | (278) | (110) | |||||
Sale proceeds | $ | (77) | (245) | 0 | (49) | (192) | |||||
Loan charge-offs | $ | (33) | (231) | (51) | (173) | 0 | |||||
Valuation write-downs | $ | (250) | 0 | 0 | (24) | 0 | |||||
Ending balance | $ | 3,167 | 4,085 | 4,653 | 3,410 | 3,740 | |||||
LOAN PORTFOLIO COMPOSITION | |||||||||||
Commercial: | |||||||||||
Commercial & industrial | $ | 1,284,507 | 1,145,423 | 1,321,419 | 1,307,456 | 873,679 | |||||
Land development & construction | $ | 58,738 | 55,055 | 50,941 | 52,984 | 62,908 | |||||
Owner occupied comm'l R/E | $ | 544,342 | 529,953 | 549,364 | 567,621 | 579,229 | |||||
Non-owner occupied comm'l R/E | $ | 932,334 | 917,436 | 878,897 | 841,145 | 823,366 | |||||
Multi-family & residential rental | $ | 147,294 | 146,095 | 137,740 | 132,047 | 133,148 | |||||
Total commercial | $ | 2,967,215 | 2,793,962 | 2,938,361 | 2,901,253 | 2,472,330 | |||||
Retail: | |||||||||||
1-4 family mortgages | $ | 337,844 | 337,888 | 322,118 | 325,923 | 331,686 | |||||
Home equity & other consumer | $ | 59,311 | 61,620 | 63,723 | 64,743 | 72,875 | |||||
Total retail | $ | 397,155 | 399,508 | 385,841 | 390,666 | 404,561 | |||||
Total loans | $ | 3,364,370 | 3,193,470 | 3,324,202 | 3,291,919 | 2,876,891 | |||||
END OF PERIOD BALANCES | |||||||||||
Loans | $ | 3,364,370 | 3,193,470 | 3,324,202 | 3,291,919 | 2,876,891 | |||||
Securities | $ | 452,259 | 405,349 | 330,426 | 325,663 | 330,149 | |||||
Other interest-earning assets | $ | 596,855 | 563,174 | 495,308 | 386,711 | 186,938 | |||||
Total earning assets (before allowance) | $ | 4,413,484 | 4,161,993 | 4,149,936 | 4,004,293 | 3,393,978 | |||||
Total assets | $ | 4,710,354 | 4,437,344 | 4,420,610 | 4,314,379 | 3,657,387 | |||||
Noninterest-bearing deposits | $ | 1,605,471 | 1,433,403 | 1,449,879 | 1,445,620 | 956,290 | |||||
Interest-bearing deposits | $ | 2,039,491 | 1,978,150 | 1,922,155 | 1,816,660 | 1,689,126 | |||||
Total deposits | $ | 3,644,962 | 3,411,553 | 3,372,034 | 3,262,280 | 2,645,416 | |||||
Total borrowed funds | $ | 584,672 | 562,360 | 600,892 | 611,298 | 576,996 | |||||
Total interest-bearing liabilities | $ | 2,624,163 | 2,540,510 | 2,523,047 | 2,427,958 | 2,266,122 | |||||
Shareholders' equity | $ | 441,243 | 441,554 | 431,900 | 425,221 | 418,389 | |||||
AVERAGE BALANCES | |||||||||||
Loans | $ | 3,318,281 | 3,268,866 | 3,292,025 | 3,254,985 | 2,849,892 | |||||
Securities | $ | 419,514 | 365,631 | 327,668 | 333,843 | 344,906 | |||||
Other interest-earning assets | $ | 591,617 | 559,593 | 457,598 | 251,833 | 153,638 | |||||
Total earning assets (before allowance) | $ | 4,329,412 | 4,194,090 | 4,077,291 | 3,840,661 | 3,348,436 | |||||
Total assets | $ | 4,578,887 | 4,459,370 | 4,346,624 | 4,119,573 | 3,602,784 | |||||
Noninterest-bearing deposits | $ | 1,510,334 | 1,478,616 | 1,454,887 | 1,304,986 | 923,827 | |||||
Interest-bearing deposits | $ | 2,026,896 | 1,936,069 | 1,863,302 | 1,767,985 | 1,724,030 | |||||
Total deposits | $ | 3,537,230 | 3,414,685 | 3,318,189 | 3,072,971 | 2,647,857 | |||||
Total borrowed funds | $ | 576,645 | 588,100 | 583,994 | 607,074 | 517,961 | |||||
Total interest-bearing liabilities | $ | 2,603,541 | 2,524,169 | 2,447,296 | 2,375,059 | 2,241,991 | |||||
Shareholders' equity | $ | 443,548 | 438,171 | 429,865 | 422,230 | 419,612 | |||||
MBWM-ER
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SOURCE Mercantile Bank Corporation
