Mercantile Bank Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2017; Provides Tax Rate Guidance for the Year 2017
July 18, 2017 at 06:01 am EDT
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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%.
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 Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2017; Provides Tax Rate Guidance for the Year 2017