Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2017 Results
Excluding the impacts of certain noncore transactions, diluted earnings per share during 2017 and 2016 equaled
The fourth quarter and full year were highlighted by:
- Strong core earnings and capital position
- Stable and robust net interest margin
- Solid growth in various fee income categories
- Controlled overhead costs
- Strong asset quality, as depicted by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category
- Total loan growth of
$180 million , or nearly 8 percent, during the full year - New commercial term loan originations of approximately
$119 million during the fourth quarter and$529 million during the full year - Sustained strength in commercial loan pipeline
- Announced first quarter 2018 regular cash dividend of
$0.22 per common share, an increase of approximately 16 percent from the$0.19 regular cash dividend paid during the fourth quarter of 2017
"Our strong 2017 financial results reflect the success of various ongoing strategic initiatives," said
Operating Results
Total revenue, which consists of net interest income and noninterest income, was
The net interest margin was 3.76 percent in the fourth quarter of 2017, up from 3.72 percent in the prior-year fourth quarter. The increase in the net interest margin primarily resulted from a higher yield on loans, mainly reflecting the positive impact of higher interest rates on variable-rate commercial loans stemming from the
The net interest margin was 3.79 percent in 2017, down from 3.86 percent in 2016 due to an increased cost of funds, which more than offset a slight increase in the yield on average earning assets. The cost of funds equaled 0.54 percent during 2017, up from 0.45 percent during 2016 primarily due to higher costs of certain non-time deposits, time deposits, and borrowed funds. The improved yield on average earning assets mainly resulted from an increased yield on loans, primarily reflecting higher interest rates on variable-rate commercial loans stemming from the previously-mentioned
Net interest income and the net interest margin during 2017 and 2016 were also affected by purchase accounting accretion and amortization entries associated with the fair value measurements recorded effective
Mercantile recorded a
Noninterest income during the fourth quarter of 2017 was
Noninterest expense totaled
Balance Sheet
As of
Commercial and industrial loans and owner-occupied commercial real estate ("CRE") loans combined represented approximately 58 percent of total commercial loans as of
As of
Asset Quality
Nonperforming assets at
Net loan charge-offs were
Capital Position
Shareholders' equity totaled
No shares were repurchased during 2017 as part of the
About
Based in
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that 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; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the
|
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
|
|
|
||||
2017 |
2016 |
2015 |
||||
ASSETS |
||||||
Cash and due from banks |
$ |
55,127,000 |
$ |
50,200,000 |
$ |
42,829,000 |
Interest-earning deposits |
144,974,000 |
133,396,000 |
46,463,000 |
|||
Federal fund sold |
0 |
0 |
599,000 |
|||
Total cash and cash equivalents |
200,101,000 |
183,596,000 |
89,891,000 |
|||
Securities available for sale |
335,744,000 |
328,060,000 |
346,992,000 |
|||
|
11,036,000 |
8,026,000 |
7,567,000 |
|||
Loans |
2,558,552,000 |
2,378,620,000 |
2,277,727,000 |
|||
Allowance for loan losses |
(19,501,000) |
(17,961,000) |
(15,681,000) |
|||
Loans, net |
2,539,051,000 |
2,360,659,000 |
2,262,046,000 |
|||
Premises and equipment, net |
46,034,000 |
45,456,000 |
46,862,000 |
|||
Bank owned life insurance |
68,689,000 |
67,198,000 |
58,971,000 |
|||
|
49,473,000 |
49,473,000 |
49,473,000 |
|||
Core deposit intangible |
7,600,000 |
9,957,000 |
12,631,000 |
|||
Other assets |
28,976,000 |
30,146,000 |
29,123,000 |
|||
Total assets |
$ |
3,286,704,000 |
$ |
3,082,571,000 |
$ |
2,903,556,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Deposits: |
||||||
Noninterest-bearing |
$ |
866,380,000 |
$ |
810,600,000 |
$ |
674,568,000 |
Interest-bearing |
1,655,985,000 |
1,564,385,000 |
1,600,814,000 |
|||
Total deposits |
2,522,365,000 |
2,374,985,000 |
2,275,382,000 |
|||
Securities sold under agreements to repurchase |
118,748,000 |
131,710,000 |
154,771,000 |
|||
|
220,000,000 |
175,000,000 |
68,000,000 |
|||
Subordinated debentures |
45,517,000 |
44,835,000 |
55,154,000 |
|||
Accrued interest and other liabilities |
14,204,000 |
15,230,000 |
16,445,000 |
|||
Total liabilities |
2,920,834,000 |
2,741,760,000 |
2,569,752,000 |
|||
SHAREHOLDERS' EQUITY |
||||||
Common stock |
309,772,000 |
305,488,000 |
304,819,000 |
|||
Retained earnings |
60,132,000 |
40,904,000 |
27,722,000 |
|||
Accumulated other comprehensive income/(loss) |
(4,034,000) |
(5,581,000) |
1,263,000 |
|||
Total shareholders' equity |
365,870,000 |
340,811,000 |
333,804,000 |
|||
Total liabilities and shareholders' equity |
$ |
3,286,704,000 |
$ |
3,082,571,000 |
$ |
2,903,556,000 |
|
|||||||||||
CONSOLIDATED REPORTS OF INCOME |
|||||||||||
(Unaudited) |
|||||||||||
THREE MONTHS ENDED |
THREE MONTHS ENDED |
TWELVE MONTHS ENDED |
TWELVE MONTHS ENDED |
||||||||
|
|
|
|
||||||||
INTEREST INCOME |
|||||||||||
Loans, including fees |
$ |
30,411,000 |
$ |
27,830,000 |
$ |
116,816,000 |
$ |
109,049,000 |
|||
Investment securities |
2,036,000 |
1,724,000 |
7,631,000 |
9,007,000 |
|||||||
Other interest-earning assets |
455,000 |
161,000 |
1,096,000 |
401,000 |
|||||||
Total interest income |
32,902,000 |
29,715,000 |
125,543,000 |
118,457,000 |
|||||||
INTEREST EXPENSE |
|||||||||||
Deposits |
2,819,000 |
1,940,000 |
9,362,000 |
7,549,000 |
|||||||
Short-term borrowings |
48,000 |
57,000 |
190,000 |
211,000 |
|||||||
|
966,000 |
668,000 |
3,657,000 |
2,263,000 |
|||||||
Other borrowed money |
667,000 |
615,000 |
2,586,000 |
2,567,000 |
|||||||
Total interest expense |
4,500,000 |
3,280,000 |
15,795,000 |
12,590,000 |
|||||||
Net interest income |
28,402,000 |
26,435,000 |
109,748,000 |
105,867,000 |
|||||||
Provision for loan losses |
600,000 |
600,000 |
2,950,000 |
2,900,000 |
|||||||
Net interest income after |
|||||||||||
provision for loan losses |
27,802,000 |
25,835,000 |
106,798,000 |
102,967,000 |
|||||||
NONINTEREST INCOME |
|||||||||||
Service charges on accounts |
1,085,000 |
1,075,000 |
4,233,000 |
4,253,000 |
|||||||
Credit and debit card income |
1,263,000 |
1,093,000 |
4,760,000 |
4,278,000 |
|||||||
Mortgage banking income |
1,188,000 |
1,288,000 |
4,421,000 |
3,866,000 |
|||||||
Earnings on bank owned life insurance |
337,000 |
331,000 |
2,731,000 |
1,264,000 |
|||||||
Other income |
630,000 |
817,000 |
2,856,000 |
7,377,000 |
|||||||
Total noninterest income |
4,503,000 |
4,604,000 |
19,001,000 |
21,038,000 |
|||||||
NONINTEREST EXPENSE |
|||||||||||
Salaries and benefits |
11,601,000 |
10,565,000 |
45,397,000 |
43,524,000 |
|||||||
Occupancy |
1,479,000 |
1,463,000 |
6,186,000 |
6,063,000 |
|||||||
Furniture and equipment |
543,000 |
541,000 |
2,168,000 |
2,119,000 |
|||||||
Data processing costs |
2,067,000 |
1,990,000 |
8,222,000 |
7,939,000 |
|||||||
|
252,000 |
128,000 |
960,000 |
1,236,000 |
|||||||
Other expense |
3,906,000 |
3,707,000 |
16,783,000 |
16,237,000 |
|||||||
Total noninterest expense |
19,848,000 |
18,394,000 |
79,716,000 |
77,118,000 |
|||||||
Income before federal income |
|||||||||||
tax expense |
12,457,000 |
12,045,000 |
46,083,000 |
46,887,000 |
|||||||
Federal income tax expense |
4,478,000 |
3,960,000 |
14,809,000 |
14,974,000 |
|||||||
Net Income |
$ |
7,979,000 |
$ |
8,085,000 |
$ |
31,274,000 |
$ |
31,913,000 |
|||
Basic earnings per share |
|
|
|
|
|||||||
Diluted earnings per share |
|
|
|
|
|||||||
Average basic shares outstanding |
16,525,625 |
16,352,359 |
16,478,968 |
16,292,086 |
|||||||
Average diluted shares outstanding |
16,536,225 |
16,374,117 |
16,489,070 |
16,310,730 |
|
||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS |
||||||||||||||
(Unaudited) |
||||||||||||||
Quarterly |
Year-To-Date |
|||||||||||||
(dollars in thousands except per share data) |
2017 |
2017 |
2017 |
2017 |
2016 |
|||||||||
4th Qtr |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
2017 |
2016 |
||||||||
EARNINGS |
||||||||||||||
Net interest income |
$ |
28,402 |
28,644 |
27,193 |
25,509 |
26,435 |
109,748 |
105,867 |
||||||
Provision for loan losses |
$ |
600 |
1,000 |
750 |
600 |
600 |
2,950 |
2,900 |
||||||
Noninterest income |
$ |
4,503 |
4,605 |
4,042 |
5,851 |
4,604 |
19,001 |
21,038 |
||||||
Noninterest expense |
$ |
19,848 |
20,210 |
19,882 |
19,776 |
18,394 |
79,716 |
77,118 |
||||||
Net income before federal income |
||||||||||||||
tax expense |
$ |
12,457 |
12,039 |
10,603 |
10,984 |
12,045 |
46,083 |
46,887 |
||||||
Net income |
$ |
7,979 |
8,337 |
7,343 |
7,615 |
8,085 |
31,274 |
31,913 |
||||||
Basic earnings per share |
$ |
0.48 |
0.51 |
0.45 |
0.46 |
0.49 |
1.90 |
1.96 |
||||||
Diluted earnings per share |
$ |
0.48 |
0.51 |
0.45 |
0.46 |
0.49 |
1.90 |
1.96 |
||||||
Average basic shares outstanding |
16,525,625 |
16,483,492 |
16,471,060 |
16,434,647 |
16,352,359 |
16,478,968 |
16,292,086 |
|||||||
Average diluted shares outstanding |
16,536,225 |
16,494,540 |
16,485,356 |
16,449,210 |
16,374,117 |
16,489,070 |
16,310,730 |
|||||||
PERFORMANCE RATIOS |
||||||||||||||
Return on average assets |
0.97% |
1.03% |
0.96% |
1.02% |
1.05% |
1.00% |
1.07% |
|||||||
Return on average equity |
8.70% |
9.21% |
8.39% |
8.99% |
9.35% |
8.82% |
9.35% |
|||||||
Net interest margin (fully tax-equivalent) |
3.76% |
3.83% |
3.85% |
3.73% |
3.72% |
3.79% |
3.86% |
|||||||
Efficiency ratio |
60.32% |
60.78% |
63.65% |
63.06% |
59.26% |
61.92% |
60.77% |
|||||||
Full-time equivalent employees |
641 |
634 |
643 |
617 |
616 |
641 |
616 |
|||||||
YIELD ON ASSETS / COST OF FUNDS |
||||||||||||||
Yield on loans |
4.76% |
4.81% |
4.69% |
4.54% |
4.65% |
4.70% |
4.65% |
|||||||
Yield on securities |
2.60% |
2.50% |
2.44% |
2.35% |
2.27% |
2.47% |
2.87% |
|||||||
Yield on other interest-earning assets |
1.29% |
1.28% |
0.99% |
0.81% |
0.51% |
1.21% |
0.51% |
|||||||
Yield on total earning assets |
4.35% |
4.41% |
4.37% |
4.20% |
4.18% |
4.33% |
4.31% |
|||||||
Yield on total assets |
4.04% |
4.10% |
4.05% |
3.88% |
3.87% |
4.02% |
3.99% |
|||||||
Cost of deposits |
0.45% |
0.43% |
0.35% |
0.33% |
0.33% |
0.39% |
0.33% |
|||||||
Cost of borrowed funds |
1.74% |
1.75% |
1.69% |
1.53% |
1.45% |
1.68% |
1.45% |
|||||||
Cost of interest-bearing liabilities |
0.88% |
0.85% |
0.77% |
0.68% |
0.68% |
0.80% |
0.66% |
|||||||
Cost of funds (total earning assets) |
0.59% |
0.58% |
0.52% |
0.47% |
0.46% |
0.54% |
0.45% |
|||||||
Cost of funds (total assets) |
0.55% |
0.54% |
0.48% |
0.43% |
0.42% |
0.50% |
0.42% |
|||||||
PURCHASE ACCOUNTING ADJUSTMENTS |
||||||||||||||
Loan portfolio - increase interest income |
$ |
683 |
1,757 |
1,336 |
832 |
1,672 |
4,608 |
4,925 |
||||||
Trust preferred - increase interest expense |
$ |
171 |
171 |
171 |
171 |
171 |
684 |
684 |
||||||
Core deposit intangible - increase overhead |
$ |
556 |
556 |
609 |
636 |
636 |
2,357 |
2,675 |
||||||
MORTGAGE BANKING ACTIVITY |
||||||||||||||
Total mortgage loans originated |
$ |
62,526 |
61,962 |
60,371 |
38,365 |
46,727 |
223,224 |
163,072 |
||||||
Purchase mortgage loans originated |
$ |
33,958 |
41,254 |
39,115 |
21,523 |
21,962 |
135,850 |
78,251 |
||||||
Refinance mortgage loans originated |
$ |
28,568 |
20,708 |
21,256 |
16,842 |
24,765 |
87,374 |
84,821 |
||||||
Total mortgage loans sold |
$ |
26,254 |
33,858 |
29,371 |
18,463 |
30,081 |
107,946 |
111,058 |
||||||
Net gain on sale of mortgage loans |
$ |
1,051 |
1,131 |
1,012 |
732 |
993 |
3,926 |
3,397 |
||||||
CAPITAL |
||||||||||||||
Tangible equity to tangible assets |
9.56% |
9.54% |
9.70% |
9.77% |
9.31% |
9.56% |
9.31% |
|||||||
Tier 1 leverage capital ratio |
11.28% |
11.18% |
11.49% |
11.53% |
11.17% |
11.28% |
11.17% |
|||||||
Common equity risk-based capital ratio |
10.76% |
10.54% |
10.65% |
10.83% |
10.88% |
10.76% |
10.88% |
|||||||
Tier 1 risk-based capital ratio |
12.23% |
12.01% |
12.15% |
12.39% |
12.47% |
12.23% |
12.47% |
|||||||
Total risk-based capital ratio |
12.89% |
12.66% |
12.79% |
13.05% |
13.13% |
12.89% |
13.13% |
|||||||
Tier 1 capital |
$ |
360,533 |
354,087 |
347,754 |
341,708 |
336,316 |
360,533 |
336,316 |
||||||
Tier 1 plus tier 2 capital |
$ |
380,035 |
373,280 |
366,048 |
359,984 |
354,278 |
380,035 |
354,278 |
||||||
Total risk-weighted assets |
$ |
2,948,013 |
2,949,011 |
2,861,605 |
2,757,616 |
2,697,727 |
2,948,013 |
2,697,727 |
||||||
Book value per common share |
$ |
22.05 |
21.99 |
21.69 |
21.13 |
20.76 |
22.05 |
20.76 |
||||||
Tangible book value per common share |
$ |
18.61 |
18.49 |
18.16 |
17.56 |
17.14 |
18.61 |
17.14 |
||||||
Cash dividend per common share |
$ |
0.19 |
0.19 |
0.18 |
0.18 |
0.67 |
0.74 |
1.16 |
||||||
ASSET QUALITY |
||||||||||||||
Gross loan charge-offs |
$ |
920 |
709 |
1,150 |
456 |
970 |
3,235 |
2,205 |
||||||
Recoveries |
$ |
628 |
607 |
419 |
171 |
805 |
1,825 |
1,585 |
||||||
Net loan charge-offs (recoveries) |
$ |
292 |
102 |
731 |
285 |
165 |
1,410 |
620 |
||||||
Net loan charge-offs to average loans |
0.05% |
0.02% |
0.12% |
0.05% |
0.03% |
0.06% |
0.03% |
|||||||
Allowance for loan losses |
$ |
19,501 |
19,193 |
18,295 |
18,276 |
17,961 |
19,501 |
17,961 |
||||||
Allowance to originated loans |
0.88% |
0.88% |
0.86% |
0.92% |
0.95% |
0.88% |
0.95% |
|||||||
Nonperforming loans |
$ |
7,143 |
8,231 |
6,450 |
7,292 |
5,939 |
7,143 |
5,939 |
||||||
Other real estate/repossessed assets |
$ |
2,260 |
2,327 |
789 |
495 |
469 |
2,260 |
469 |
||||||
Nonperforming loans to total loans |
0.28% |
0.32% |
0.26% |
0.30% |
0.25% |
0.28% |
0.25% |
|||||||
Nonperforming assets to total assets |
0.29% |
0.32% |
0.23% |
0.26% |
0.21% |
0.29% |
0.21% |
|||||||
NONPERFORMING ASSETS - COMPOSITION |
||||||||||||||
Residential real estate: |
||||||||||||||
Land development |
$ |
0 |
0 |
0 |
0 |
16 |
0 |
16 |
||||||
Construction |
$ |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||
Owner occupied / rental |
$ |
3,574 |
3,648 |
3,367 |
2,972 |
2,883 |
3,574 |
2,883 |
||||||
Commercial real estate: |
||||||||||||||
Land development |
$ |
35 |
50 |
65 |
80 |
95 |
35 |
95 |
||||||
Construction |
$ |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||
Owner occupied |
$ |
4,272 |
4,627 |
1,313 |
1,221 |
610 |
4,272 |
610 |
||||||
Non-owner occupied |
$ |
36 |
84 |
400 |
421 |
488 |
36 |
488 |
||||||
Non-real estate: |
||||||||||||||
Commercial assets |
$ |
1,444 |
2,126 |
2,081 |
3,076 |
2,293 |
1,444 |
2,293 |
||||||
Consumer assets |
$ |
42 |
23 |
13 |
17 |
23 |
42 |
23 |
||||||
Total nonperforming assets |
9,403 |
10,558 |
7,239 |
7,787 |
6,408 |
9,403 |
6,408 |
|||||||
NONPERFORMING ASSETS - RECON |
||||||||||||||
Beginning balance |
$ |
10,558 |
7,239 |
7,787 |
6,408 |
5,459 |
6,408 |
6,737 |
||||||
Additions - originated loans |
$ |
402 |
4,789 |
1,774 |
2,987 |
2,953 |
9,952 |
6,344 |
||||||
Merger-related activity |
$ |
0 |
210 |
16 |
0 |
33 |
226 |
33 |
||||||
Return to performing status |
$ |
0 |
(120) |
0 |
(113) |
(13) |
(233) |
(13) |
||||||
Principal payments |
$ |
(688) |
(1,089) |
(1,168) |
(1,289) |
(1,386) |
(4,234) |
(4,164) |
||||||
Sale proceeds |
$ |
(101) |
(373) |
(147) |
(56) |
(308) |
(677) |
(1,428) |
||||||
Loan charge-offs |
$ |
(754) |
(91) |
(953) |
(135) |
(263) |
(1,933) |
(981) |
||||||
Valuation write-downs |
$ |
(14) |
(7) |
(70) |
(15) |
(67) |
(106) |
(120) |
||||||
Ending balance |
$ |
9,403 |
10,558 |
7,239 |
7,787 |
6,408 |
9,403 |
6,408 |
||||||
LOAN PORTFOLIO COMPOSITION |
||||||||||||||
Commercial: |
||||||||||||||
Commercial & industrial |
$ |
753,764 |
776,562 |
780,816 |
757,219 |
713,903 |
753,764 |
713,903 |
||||||
Land development & construction |
$ |
29,872 |
28,575 |
29,027 |
31,924 |
34,828 |
29,872 |
34,828 |
||||||
Owner occupied comm'l R/E |
$ |
526,327 |
485,347 |
491,633 |
452,382 |
450,464 |
526,327 |
450,464 |
||||||
Non-owner occupied comm'l R/E |
$ |
791,685 |
805,167 |
783,036 |
768,565 |
748,269 |
791,685 |
748,269 |
||||||
Multi-family & residential rental |
$ |
101,918 |
119,170 |
114,081 |
113,257 |
117,883 |
101,918 |
117,883 |
||||||
Total commercial |
$ |
2,203,566 |
2,214,821 |
2,198,593 |
2,123,347 |
2,065,347 |
2,203,566 |
2,065,347 |
||||||
Retail: |
||||||||||||||
1-4 family mortgages |
$ |
254,560 |
236,075 |
220,697 |
205,850 |
195,226 |
254,560 |
195,226 |
||||||
Home equity & other consumer |
$ |
100,426 |
103,376 |
107,991 |
112,117 |
118,047 |
100,426 |
118,047 |
||||||
Total retail |
$ |
354,986 |
339,451 |
328,688 |
317,967 |
313,273 |
354,986 |
313,273 |
||||||
Total loans |
$ |
2,558,552 |
2,554,272 |
2,527,281 |
2,441,314 |
2,378,620 |
2,558,552 |
2,378,620 |
||||||
END OF PERIOD BALANCES |
||||||||||||||
Loans |
$ |
2,558,552 |
2,554,272 |
2,527,281 |
2,441,314 |
2,378,620 |
2,558,552 |
2,378,620 |
||||||
Securities |
$ |
346,780 |
341,126 |
333,294 |
341,677 |
336,086 |
346,780 |
336,086 |
||||||
Other interest-earning assets |
$ |
144,974 |
123,110 |
48,762 |
12,663 |
133,396 |
144,974 |
133,396 |
||||||
Total earning assets (before allowance) |
$ |
3,050,306 |
3,018,508 |
2,909,337 |
2,795,654 |
2,848,102 |
3,050,306 |
2,848,102 |
||||||
Total assets |
$ |
3,286,704 |
3,254,655 |
3,143,336 |
3,018,919 |
3,082,571 |
3,286,704 |
3,082,571 |
||||||
Noninterest-bearing deposits |
$ |
866,380 |
826,038 |
800,718 |
757,706 |
810,600 |
866,380 |
810,600 |
||||||
Interest-bearing deposits |
$ |
1,655,985 |
1,663,005 |
1,570,003 |
1,520,310 |
1,564,385 |
1,655,985 |
1,564,385 |
||||||
Total deposits |
$ |
2,522,365 |
2,489,043 |
2,370,721 |
2,278,016 |
2,374,985 |
2,522,365 |
2,374,985 |
||||||
Total borrowed funds |
$ |
387,468 |
390,868 |
404,370 |
380,009 |
354,902 |
387,468 |
354,902 |
||||||
Total interest-bearing liabilities |
$ |
2,043,453 |
2,053,873 |
1,974,373 |
1,900,319 |
1,919,287 |
2,043,453 |
1,919,287 |
||||||
Shareholders' equity |
$ |
365,870 |
362,546 |
357,499 |
348,050 |
340,811 |
365,870 |
340,811 |
||||||
AVERAGE BALANCES |
||||||||||||||
Loans |
$ |
2,534,729 |
2,534,364 |
2,472,489 |
2,390,030 |
2,372,510 |
2,483,440 |
2,345,308 |
||||||
Securities |
$ |
346,318 |
339,125 |
338,045 |
339,537 |
336,493 |
340,770 |
340,172 |
||||||
Other interest-earning assets |
$ |
138,095 |
116,851 |
46,250 |
61,376 |
127,790 |
90,925 |
77,863 |
||||||
Total earning assets (before allowance) |
$ |
3,019,142 |
2,990,340 |
2,856,784 |
2,790,943 |
2,836,793 |
2,915,135 |
2,763,343 |
||||||
Total assets |
$ |
3,248,828 |
3,220,053 |
3,081,542 |
3,016,871 |
3,064,974 |
3,142,673 |
2,987,784 |
||||||
Noninterest-bearing deposits |
$ |
849,751 |
805,650 |
785,705 |
766,031 |
773,137 |
802,024 |
715,550 |
||||||
Interest-bearing deposits |
$ |
1,635,727 |
1,648,235 |
1,531,399 |
1,542,078 |
1,561,539 |
1,589,778 |
1,567,846 |
||||||
Total deposits |
$ |
2,485,478 |
2,453,885 |
2,317,104 |
2,308,109 |
2,334,676 |
2,391,802 |
2,283,396 |
||||||
Total borrowed funds |
$ |
384,168 |
393,910 |
400,508 |
352,614 |
366,905 |
382,917 |
347,134 |
||||||
Total interest-bearing liabilities |
$ |
2,019,895 |
2,042,145 |
1,931,907 |
1,894,692 |
1,928,444 |
1,972,695 |
1,914,980 |
||||||
Shareholders' equity |
$ |
363,823 |
359,131 |
351,216 |
343,344 |
343,122 |
354,448 |
341,340 |
View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-announces-strong-fourth-quarter-and-full-year-2017-results-300582651.html
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