Mercantile Bank Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported total interest income of $30,903,000 compared to $30,147,000 a year ago. Net interest income was $27,193,000 compared to $27,100,000 a year ago. Income before federal income tax expense was $10,603,000 compared to $10,871,000 a year ago. Net income was $7,343,000 or $0.45 per basic and diluted share compared to $7,434,000 or $0.46 per basic and diluted share a year ago. Return on average assets was 0.96% compared to 1.01% a year ago. Return on average equity was 8.39% compared to 8.79% a year ago. Net interest income after provision for loan losses was $26,443,000 against $26,000,000 a year ago.

For the six months, the company reported total interest income of $59,607,000 compared to $59,036,000 a year ago. Net interest income was $52,702,000 compared to $52,982,000 a year ago. Income before federal income tax expense was $21,587,000 compared to $23,371,000 a year ago. Net income was $14,958,000 or $0.91 per basic and diluted share compared to $15,983,000 or $0.98 per basic and diluted share a year ago. Return on average assets was 0.99% compared to 1.10% a year ago. Return on average equity was 8.69% compared to 9.48% a year ago. Net interest income after provision for loan losses was $51,352,000 against $51,282,000 a year ago. Book value per common share as on June 30, 2017 was $21.69 compared to $21.18 per share as on June 30, 2016. Tangible book value per common share as on June 30, 2017 was $18.16 compared to $17.45 per share as on June 30, 2016. On a more core basis, earnings per diluted per-share equaled $0.85 during the first six months of 2017 compared to $0.87 during the first six months of last year.

For the quarter, the company's net loan charge-offs were $731,000 during the second quarter of 2017 compared with $252,000 a year ago.

During the remainder of 2017, effective tax rate is expected to remain just under 31%.