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Mercantile Bank : Solid core commercial loan growth, sustained strength in - Rayyes Finance and Market News
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Mercantile Bank : Solid core commercial loan growth, sustained strength in


Solid core commercial loan growth, sustained strength in mortgage banking income, and ongoing sound asset quality metrics highlight quarter

GRAND RAPIDS, Mich., July 20, 2021 – Mercantile Bank Corporation (NASDAQ: MBWM) (‘Mercantile’) reported net income of $18.1 million, or $1.12 per diluted share, for the second quarter of 2021, compared with net income of $8.7 million, or $0.54 per diluted share, for the respective prior-year period. Net income during the first six months of 2021 totaled $32.3 million, or $2.00 per diluted share, compared to $19.4 million, or $1.19 per diluted share, during the first six months of 2020.

‘We are very pleased to report another quarter of strong financial performance,’ said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. ‘The growth in core commercial loans during the first half of 2021 reflects our unwavering focus on meeting the traditional credit needs of our existing clients and developing new relationships, while at the same time assisting customers with Paycheck Protection Program lending activities.

‘As evidenced by the continuing strength in mortgage banking income, our strategic initiatives designed to increase market share remained effective during the period. As Mercantile employees return to their physical locations in light of currently improving COVID-19 conditions, I would like to personally thank each of them for their exceptional efforts to assist our customers with their banking needs during these challenging times. The resiliency displayed by our team members and clients during the pandemic has been truly remarkable, and we look forward to continuing to build mutually beneficial relationships with existing and prospective customers.’

Second quarter highlights include:

Strong earnings and capital position

Robust mortgage banking income and growth in other key fee income categories

Loan loss reserve release, primarily reflecting improved economic and business conditions

Continued strength in asset quality metrics

Solid growth in core commercial loans and residential mortgage loans

Sustained strength in commercial loan and residential mortgage loan pipelines

Further growth in local deposits

Announced third quarter 2021 regular cash dividend of $0.30 per common share, an increase of 3.4 percent from the regular cash dividend paid during the second quarter of 2021

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $45.4 million during the second quarter of 2021, up $3.9 million, or 9.3 percent, from the prior-year second quarter. Net interest income during the second quarter of 2021 was $30.9 million, up from $30.6 million during the…



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