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WKN: 675407 | ISIN: US5873761044 | Ticker-Symbol: MCS
Frankfurt
12.11.24
08:11 Uhr
47,200 Euro
+2,400
+5,36 %
1-Jahres-Chart
MERCANTILE BANK CORPORATION Chart 1 Jahr
5-Tage-Chart
MERCANTILE BANK CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
45,80048,80012.11.
PR Newswire
166 Leser
Artikel bewerten:
(1)

Mercantile Bank Corporation Announces Solid Second Quarter Results

Finanznachrichten News

Strong local deposit and commercial loan growth and ongoing strength in asset quality metrics highlight quarter

GRAND RAPIDS, Mich., July 16, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $18.8 million, or $1.17 per diluted share, for the second quarter of 2024, compared with net income of $20.4 million, or $1.27 per diluted share, for the second quarter of 2023. Net income during the first six months of 2024 totaled $40.3 million, or $2.50 per diluted share, compared with net income of $41.3 million, or $2.58 per diluted share, during the first six months of 2023.

"Our solid second quarter financial performance provides further evidence of our ability to successfully navigate the challenges arising from shifting economic and operating environments," said Ray Reitsma, President and Chief Executive Officer of Mercantile. "We are very pleased with the levels of local deposit and commercial loan growth during the quarter, which demonstrate our ongoing focus on new client acquisition, meeting the banking needs of existing customers, and relationship banking. Our net interest margin remained healthy during the second quarter, which when coupled with the local deposit and commercial loan expansion and notable increases in several noninterest income categories, provided for strong operating results during the period. As evidenced by the sustained strength in asset quality metrics, we remain committed to growing and administering the loan portfolio in a disciplined manner."

Second quarter highlights include:

  • Strong local deposit growth
  • Robust commercial loan portfolio expansion
  • Continuing strength in commercial loan pipeline
  • Substantial increases in several noninterest income revenue streams
  • Sustained low levels of nonperforming assets, past due loans, and loan charge-offs
  • Solid capital position

Operating Results

Net revenue, consisting of net interest income and noninterest income, was $56.8 million during the second quarter of 2024, up $1.6 million, or 2.8 percent, from $55.2 million during the prior-year second quarter. Net interest income during the current-year second quarter was $47.1 million, down $0.5 million, or 1.0 percent, from $47.6 million during the respective 2023 period as higher yields on, along with growth in, earning assets were more than offset by an increased cost of funds. Noninterest income totaled $9.7 million during the second quarter of 2024, up $2.0 million, or 26.6 percent, from $7.7 million during the second quarter of 2023. The increase in noninterest income mainly reflected higher levels of mortgage banking income and service charges on accounts.

The net interest margin was 3.63 percent in the second quarter of 2024, down from 4.05 percent in the prior-year second quarter. The yield on average earning assets was 6.07 percent during the current-year second quarter, an increase from 5.61 percent during the respective 2023 period. The higher yield primarily resulted from an increased yield on loans. The yield on loans was 6.64 percent during the second quarter of 2024, up from 6.19 percent during the second quarter of 2023 mainly due to higher interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee ("FOMC") raising the targeted federal funds rate in an effort to reduce elevated inflation levels. The FOMC increased the targeted federal funds rate by 75 basis points during the period of March 2023 through July 2023, during which time average variable-rate commercial loans represented approximately 68 percent of average total commercial loans.

The cost of funds was 2.44 percent in the second quarter of 2024, up from 1.56 percent in the second quarter of 2023 primarily due to higher costs of deposits and borrowed funds, reflecting the impact of the rising interest rate environment. A change in funding mix, mainly consisting of a decrease in noninterest-bearing and lower-cost deposits and an increase in higher-cost money market accounts and time deposits stemming from deposit migration and new deposit relationships, also contributed to the increased cost of funds.

Mercantile recorded provisions for credit losses of $3.5 million and $2.0 million during the second quarters of 2024 and 2023, respectively. The provision expense recorded during the current-year second quarter primarily reflected an individual allocation for a nonperforming commercial loan relationship and allocations necessitated by net loan growth. The provision expense recorded during the second quarter of 2023 mainly reflected allocations required by net loan growth and adjustments to historical loss factors to better represent Mercantile's expectations for future credit losses.

Noninterest income totaled $9.7 million during the second quarter of 2024, up $2.0 million, or 26.6 percent, from $7.7 million during the second quarter of 2023. The growth primarily resulted from increases in mortgage banking income and service charges on accounts, with the latter mainly stemming from enhanced use of cash management products. The higher level of mortgage banking income primarily resulted from an increased loan sold percentage, which rose from approximately 43 percent during the second quarter of 2023 to approximately 75 percent during the second quarter of 2024. Increases in payroll service fees, bank owned life insurance income, and interest rate swap income also contributed to the higher level of noninterest income.

Noninterest expense totaled $29.7 million during the second quarter of 2024, compared to $27.8 million during the prior-year second quarter. The increase in noninterest expense mainly resulted from larger salary costs, reflecting annual merit pay increases, market adjustments, higher residential mortgage lender commissions and incentives, and lower residential mortgage loan deferred salary costs. Higher levels of data processing costs, primarily reflecting increased transaction volume and software support costs, and health insurance claims also contributed to the rise in noninterest expense.

Mr. Reitsma commented, "We are very pleased with the noteworthy increases in mortgage banking income and treasury management fees. The growth in mortgage banking income mainly reflected the success of a strategic initiative to increase the percentage of loans originated with the intent to sell, while the higher level of treasury management fees, which was fueled by increases in service charges on accounts and payroll processing fees, in large part stemmed from the expanded use of products and services. Our net interest margin, while decreasing as anticipated due to a higher cost of funds, remained above historical levels during the second quarter of 2024. We regularly review our operating processes to identify further opportunities to improve efficiency while meeting balance sheet growth objectives and continuing to provide customers with the excellent service that they have become accustomed to. Despite the unique circumstances surrounding a troubled nonreal-estate-related commercial loan relationship that necessitated a sizeable reserve allocation, we believe the credit trends associated with our commercial loan portfolio remain solid and steady."

Balance Sheet

As of June 30, 2024, total assets were $5.60 billion, up $249 million from December 31, 2023. Total loans increased $134 million, or an annualized 6.3 percent, during the first six months of 2024, primarily reflecting commercial loan growth of $118 million, or an annualized 6.9 percent. The commercial loan portfolio growth during the first six months of 2024 occurred despite the full payoffs and partial paydowns of certain larger relationships, which aggregated approximately $76 million during the period. The payoffs and paydowns primarily resulted from customers using excess cash flows generated within their operations to make line of credit and unscheduled term loan principal paydowns, as well as from sales of assets. Residential mortgage loans and other consumer loans grew $12.2 million and $4.3 million, respectively, during the first half of 2024. Interest-earning deposits and securities available for sale increased $75.6 million and $30.8 million, respectively, during the first six months of 2024, with the growth in interest-earning deposits largely reflecting the success of a strategic initiative to enhance on-balance sheet liquidity.

As of June 30, 2024, unfunded commitments on commercial construction and development loans, which are expected to be funded over the next 12 to 18 months, and residential construction loans, which are expected to be largely funded over the next 12 months, totaled approximately $320 million and $37 million, respectively.

Commercial and industrial loans and owner-occupied commercial real estate loans combined represented approximately 57 percent of total commercial loans as of June 30, 2024, a level that has remained relatively consistent with prior periods and in line with management's expectations.

Total deposits equaled $4.15 billion as of June 30, 2024, representing an increase of $246 million, or an annualized 12.6 percent, from December 31, 2023. Local deposits were up $261 million, or 14.0 percent annualized, during the first six months of 2024, while brokered deposits decreased $15.2 million during the respective period. The growth in local deposits, which exceeded loan growth by over 6 percent on an annualized basis, provided for a reduction in the loan-to-deposit ratio from 110 percent as of December 31, 2023, to 107 percent as of June 30, 2024. The increase in local deposits during the first six months of 2024, which occurred despite the typical level of seasonal noninterest-bearing deposit withdrawals by customers to make bonus and tax payments and partnership distributions, reflected new deposit relationships and growth in existing deposit relationships. Wholesale funds were $580 million, or approximately 12 percent of total funds, at June 30, 2024, compared to $636 million, or approximately 14 percent of total funds, at December 31, 2023. Noninterest-bearing checking accounts represented approximately 27 percent of total deposits as of June 30, 2024, which is in line with historical levels.

Mr. Reitsma noted, "The significant growth in commercial loans during the first six months of 2024, reflecting increases in all portfolio segments, occurred despite elevated amounts of full and partial payoffs and paydowns. Our lending team has done an exceptional job of meeting existing customers' credit needs and identifying new lending opportunities, with an emphasis on securing potential clients' overall banking relationships. In light of our robust commercial loan pipeline and credit availability for commercial construction and development loans, we believe commercial loan growth will be solid in forthcoming periods. We are delighted with the local deposit growth during the year-to-date period, and gaining deposit market share will remain a top priority."

Asset Quality

Nonperforming assets totaled $9.1 million, or 0.2 percent of total assets, at June 30, 2024, compared to $6.2 million, or 0.1 percent of total assets, at March 31, 2024, and $3.6 million, or less than 0.1 percent of total assets, at December 31, 2023. The increase in nonperforming assets during the first six months of 2024 substantially resulted from the deterioration of two commercial loan relationships, which were placed on nonaccrual and fully reserved for during the period. The level of past due loans remains nominal. During the second quarter of 2024, loan charge-offs were minimal, while recoveries of prior period loan charge-offs equaled $0.3 million, providing for net loan recoveries of $0.3 million, or an annualized 0.02 percent of average total loans. During the first six months of 2024, loan charge-offs totaled less than $0.1 million, while recoveries of prior period loan charge-offs equaled $0.7 million, providing for net loan recoveries of $0.7 million, or an annualized 0.03 percent of average total loans.

Mr. Reitsma remarked, "Our steadfast commitment to employing thorough and disciplined underwriting practices to meet loan portfolio growth objectives is evidenced by our sustained strength in asset quality metrics. Nonperforming assets, while increasing during the first six months of 2024 primarily due to the deterioration of two nonreal-estate-related commercial loan relationships, remain at a low level. As reflected by continuing low levels of nonaccrual loans, past due loans, and loan charge-offs, our commercial borrowers have continued to demonstrate resiliency in dealing with the challenges stemming from current operating conditions, including higher interest rates and the associated increase in debt service requirements. We continue to closely monitor our commercial loan portfolio for signs of systemic distress and believe our efforts to identify emerging credit issues as soon as possible will help limit the impact of any such noted issues on our overall financial condition. Our residential mortgage loan and consumer loan portfolios, which have not exhibited signs of systemic credit deterioration, such as higher delinquency levels, have continued to perform well."

Capital Position

Shareholders' equity totaled $551 million as of June 30, 2024, up $29.0 million from December 31, 2023. Mercantile Bank maintained "well-capitalized" positions at the end of the second quarter of 2024 and year-end 2023, with total risk-based capital ratios of 13.9 percent and 13.4 percent, respectively. As of June 30, 2024, Mercantile Bank had approximately $204 million in excess of the 10 percent minimum regulatory threshold required to be categorized as a "well-capitalized" institution.

All of Mercantile Bank's investments are categorized as available-for-sale. As of June 30, 2024, the net unrealized loss on these investments totaled $67.4 million, resulting in an after-tax reduction to equity capital of $53.2 million. Although unrealized gains and losses on investments are excluded from regulatory capital ratio calculations, Mercantile Bank's excess capital over the minimum regulatory requirement to be considered a "well-capitalized" institution would approximate $151 million on an adjusted basis.

Mercantile reported 16,137,646 total shares outstanding as of June 30, 2024.

Mr. Reitsma concluded, "Our ongoing strong financial performance has allowed us to continue our regular quarterly cash dividend program, and as demonstrated by our announcement of an increased third quarter cash dividend earlier today, we remain committed to providing shareholders with competitive returns on their investments. We believe our robust capital position, asset quality metrics, and operating performance, along with the sustained strength in our commercial loan pipeline, position us to remain a steady and profitable performer and withstand any challenges resulting from the current operating environment and changing economic conditions. The increases in loans and local deposits during the first six months of 2024 reflect the success of our community banking model and associated emphasis on forming mutually beneficial relationships with established and new clients."

Investor Presentation

Mercantile has prepared presentation materials that management intends to use during its previously announced second quarter 2024 conference call on Tuesday, July 16, 2024, at 10:00 a.m. Eastern Time, and from time to time thereafter in presentations about the company's operations and performance. These materials, which are available for viewing in the Investor Relations section of Mercantile's website at www.mercbank.com, have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release.

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank. Mercantile provides financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities it serves, Mercantile is one of the largest Michigan -based banks with assets of approximately $5.6 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

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; increasing rates of inflation and slower growth rates or recession; significant declines in the value of commercial real estate; market volatility; demand for products and services; climate impacts; labor markets; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws and other laws and regulations applicable to us; 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 existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other facts; the transition from LIBOR to SOFR; changes in the national and local economies; unstable political and economic environments; disease outbreaks, such as the COVID-19 pandemic or similar public health threats, and measures implemented to combat them; and other factors, including those expressed as 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. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.

Mercantile Bank Corporation

Second Quarter 2024 Results

MERCANTILE BANK CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)










JUNE 30,


DECEMBER 31,


JUNE 30,



2024


2023


2023

ASSETS







Cash and due from banks

$

61,863,000

$

70,408,000

$

69,133,000

Interest-earning deposits


135,766,000


60,125,000


138,663,000

Total cash and cash equivalents


197,629,000


130,533,000


207,796,000








Securities available for sale


647,907,000


617,092,000


608,972,000

Federal Home Loan Bank stock


21,513,000


21,513,000


21,513,000

Mortgage loans held for sale


22,126,000


18,607,000


11,942,000








Loans


4,438,245,000


4,303,758,000


4,051,843,000

Allowance for credit losses


(55,408,000)


(49,914,000)


(44,721,000)

Loans, net


4,382,837,000


4,253,844,000


4,007,122,000








Premises and equipment, net


50,158,000


50,928,000


52,291,000

Bank owned life insurance


86,001,000


85,668,000


81,500,000

Goodwill


49,473,000


49,473,000


49,473,000

Other assets


144,744,000


125,566,000


96,978,000








Total assets

$

5,602,388,000

$

5,353,224,000

$

5,137,587,000















LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits:







Noninterest-bearing

$

1,119,888,000

$

1,247,640,000

$

1,371,633,000

Interest-bearing


3,026,686,000


2,653,278,000


2,385,156,000

Total deposits


4,146,574,000


3,900,918,000


3,756,789,000








Securities sold under agreements to repurchase


221,898,000


229,734,000


219,457,000

Federal Home Loan Bank advances


427,083,000


467,910,000


467,910,000

Subordinated debentures


49,987,000


49,644,000


49,301,000

Subordinated notes


89,143,000


88,971,000


88,800,000

Accrued interest and other liabilities


116,552,000


93,902,000


76,628,000

Total liabilities


5,051,237,000


4,831,079,000


4,658,885,000








SHAREHOLDERS' EQUITY







Common stock


297,591,000


295,106,000


292,906,000

Retained earnings


306,804,000


277,526,000


247,313,000

Accumulated other comprehensive income/(loss)


(53,244,000)


(50,487,000)


(61,517,000)

Total shareholders' equity


551,151,000


522,145,000


478,702,000








Total liabilities and shareholders' equity

$

5,602,388,000

$

5,353,224,000

$

5,137,587,000








Mercantile Bank Corporation














Second Quarter 2024 Results














MERCANTILE BANK CORPORATION

CONSOLIDATED REPORTS OF INCOME

(Unaudited)
















THREE MONTHS ENDED


THREE MONTHS ENDED

SIX MONTHS ENDED

SIX MONTHS ENDED


June 30, 2024


June 30, 2023

June 30, 2024

June 30, 2023

INTEREST INCOME














Loans, including fees

$

72,819,000



$

62,006,000


$

144,089,000


$

119,159,000


Investment securities


3,624,000




3,111,000



7,046,000



6,118,000


Interest-earning deposits


2,436,000




801,000



4,469,000



1,125,000


Total interest income


78,879,000




65,918,000



155,604,000



126,402,000
















INTEREST EXPENSE














Deposits


24,710,000




12,379,000



46,934,000



20,286,000


Short-term borrowings


1,757,000




914,000



3,412,000



1,373,000


Federal Home Loan Bank advances


3,252,000




3,051,000



6,651,000



4,845,000


Other borrowed money


2,088,000




2,023,000



4,173,000



3,963,000


Total interest expense


31,807,000




18,367,000



61,170,000



30,467,000
















Net interest income


47,072,000




47,551,000



94,434,000



95,935,000
















Provision for credit losses


3,500,000




2,000,000



4,800,000



2,600,000
















Net interest income after














provision for credit losses


43,572,000




45,551,000



89,634,000



93,335,000
















NONINTEREST INCOME














Service charges on accounts


1,692,000




1,064,000



3,224,000



2,041,000


Mortgage banking income


3,023,000




1,835,000



5,365,000



3,050,000


Credit and debit card income


2,266,000




2,426,000



4,387,000



4,485,000


Interest rate swap income


766,000




748,000



2,104,000



1,785,000


Payroll services


686,000




572,000



1,582,000



1,317,000


Earnings on bank owned life insurance


437,000




402,000



1,609,000



802,000


Other income


811,000




598,000



2,277,000



1,117,000


Total noninterest income


9,681,000




7,645,000



20,548,000



14,597,000
















NONINTEREST EXPENSE














Salaries and benefits


17,913,000




16,461,000



36,150,000



33,143,000


Occupancy


2,220,000




2,098,000



4,509,000



4,387,000


Furniture and equipment


923,000




878,000



1,852,000



1,700,000


Data processing costs


3,415,000




2,881,000



6,704,000



6,043,000


Charitable foundation contributions


4,000




2,000



707,000



12,000


Other expense


5,262,000




5,509,000



9,758,000



11,144,000


Total noninterest expense


29,737,000




27,829,000



59,680,000



56,429,000
















Income before federal income














tax expense


23,516,000




25,367,000



50,502,000



51,503,000
















Federal income tax expense


4,730,000




5,010,000



10,154,000



10,171,000
















Net Income

$

18,786,000



$

20,357,000


$

40,348,000


$

41,332,000
















Basic earnings per share


$1.17




$1.27



$2.50



$2.58


Diluted earnings per share


$1.17




$1.27



$2.50



$2.58
















Average basic shares outstanding


16,122,813




16,003,372



16,120,836



15,999,775


Average diluted shares outstanding


16,122,813




16,003,372



16,120,836



15,999,775
















Mercantile Bank Corporation















Second Quarter 2024 Results















MERCANTILE BANK CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)


















Quarterly


Year-To-Date

(dollars in thousands except per share data)


2024


2024


2023


2023


2023







2nd Qtr


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


2024


2023

EARNINGS















Net interest income

$

47,072


47,361


48,649


48,961


47,551


94,434


95,935

Provision for credit losses

$

3,500


1,300


1,800


3,300


2,000


4,800


2,600

Noninterest income

$

9,681


10,868


8,300


9,246


7,645


20,548


14,597

Noninterest expense

$

29,737


29,944


29,940


28,920


27,829


59,680


56,429

Net income before federal income















tax expense

$

23,516


26,985


25,209


25,987


25,367


50,502


51,503

Net income

$

18,786


21,562


20,030


20,855


20,357


40,348


41,332

Basic earnings per share

$

1.17


1.34


1.25


1.30


1.27


2.50


2.58

Diluted earnings per share

$

1.17


1.34


1.25


1.30


1.27


2.50


2.58

Average basic shares outstanding


16,122,813


16,118,858


16,044,223


16,018,419


16,003,372


16,120,836


15,999,775

Average diluted shares outstanding


16,122,813


16,118,858


16,044,223


16,018,419


16,003,372


16,120,836


15,999,775
















PERFORMANCE RATIOS















Return on average assets


1.36 %


1.61 %


1.52 %


1.60 %


1.64 %


1.48 %


1.69 %

Return on average equity


13.93 %


16.41 %


16.04 %


17.07 %


17.23 %


15.15 %


17.97 %

Net interest margin (fully tax-equivalent)


3.63 %


3.74 %


3.92 %


3.98 %


4.05 %


3.68 %


4.16 %

Efficiency ratio


52.40 %


51.42 %


52.57 %


49.68 %


50.42 %


51.90 %


51.05 %

Full-time equivalent employees


670


642


651


643


665


670


665
















YIELD ON ASSETS / COST OF FUNDS















Yield on loans


6.64 %


6.65 %


6.53 %


6.37 %


6.19 %


6.65 %


6.05 %

Yield on securities


2.30 %


2.20 %


2.18 %


2.13 %


2.00 %


2.25 %


1.98 %

Yield on other interest-earning assets


5.28 %


5.35 %


5.31 %


5.26 %


4.88 %


5.31 %


4.65 %

Yield on total earning assets


6.07 %


6.06 %


5.95 %


5.78 %


5.61 %


6.06 %


5.48 %

Yield on total assets


5.72 %


5.72 %


5.61 %


5.45 %


5.30 %


5.72 %


5.18 %

Cost of deposits


2.42 %


2.25 %


1.94 %


1.67 %


1.36 %


2.33 %


1.12 %

Cost of borrowed funds


3.56 %


3.51 %


3.15 %


2.98 %


2.90 %


3.53 %


2.73 %

Cost of interest-bearing liabilities


3.40 %


3.27 %


2.96 %


2.69 %


2.37 %


3.33 %


2.06 %

Cost of funds (total earning assets)


2.44 %


2.32 %


2.03 %


1.80 %


1.56 %


2.38 %


1.32 %

Cost of funds (total assets)


2.31 %


2.19 %


1.91 %


1.70 %


1.48 %


2.25 %


1.25 %
















MORTGAGE BANKING ACTIVITY















Total mortgage loans originated

$

122,728


79,930


88,187


108,602


117,563


202,658


189,554

Purchase mortgage loans originated

$

103,939


57,668


75,365


93,520


100,941


161,607


157,669

Refinance mortgage loans originated

$

18,789


22,262


12,822


15,082


16,622


41,051


31,885

Mortgage loans originated with intent to sell

$

91,490


59,280


59,135


69,305


50,734


150,770


75,638

Income on sale of mortgage loans

$

2,487


2,064


1,487


2,386


1,570


4,551


2,520
















CAPITAL















Tangible equity to tangible assets


9.03 %


8.99 %


8.91 %


8.33 %


8.43 %


9.03 %


8.43 %

Tier 1 leverage capital ratio


10.85 %


10.88 %


10.84 %


10.64 %


10.73 %


10.85 %


10.73 %

Common equity risk-based capital ratio


10.46 %


10.41 %


10.07 %


10.41 %


10.25 %


10.46 %


10.25 %

Tier 1 risk-based capital ratio


11.36 %


11.33 %


10.99 %


11.38 %


11.24 %


11.36 %


11.24 %

Total risk-based capital ratio


14.10 %


14.05 %


13.69 %


14.21 %


14.03 %


14.10 %


14.03 %

Tier 1 capital

$

602,835


587,888


570,730


554,634


537,802


602,835


537,802

Tier 1 plus tier 2 capital

$

748,097


729,410


710,905


692,252


671,323


748,097


671,323

Total risk-weighted assets

$

5,306,911


5,190,106


5,192,970


4,872,424


4,784,428


5,306,911


4,784,428

Book value per common share

$

34.15


33.29


32.38


30.16


29.89


34.15


29.89

Tangible book value per common share

$

31.09


30.22


29.31


27.06


26.78


31.09


26.78

Cash dividend per common share

$

0.35


0.35


0.34


0.34


0.33


0.70


0.66
















ASSET QUALITY















Gross loan charge-offs

$

26


15


53


243


461


41


567

Recoveries

$

296


439


160


230


305


735


442

Net loan charge-offs (recoveries)

$

(270)


(424)


(107)


13


156


(694)


125

Net loan charge-offs to average loans


(0.02 %)


(0.04 %)


(0.01 %)


< 0.01%


0.02 %


(0.03 %)


0.01 %

Allowance for credit losses

$

55,408


51,638


49,914


48,006


44,721


55,408


44,721

Allowance to loans


1.25 %


1.19 %


1.16 %


1.17 %


1.10 %


1.25 %


1.10 %

Nonperforming loans

$

9,129


6,040


3,415


5,889


2,099


9,129


2,099

Other real estate/repossessed assets

$

0


200


200


51


661


0


661

Nonperforming loans to total loans


0.21 %


0.14 %


0.08 %


0.14 %


0.05 %


0.21 %


0.05 %

Nonperforming assets to total assets


0.16 %


0.11 %


0.07 %


0.11 %


0.05 %


0.16 %


0.05 %
















NONPERFORMING ASSETS - COMPOSITION















Residential real estate:















Land development

$

1


1


1


1


2


1


2

Construction

$

0


0


0


0


0


0


0

Owner occupied / rental

$

2,288


3,370


3,095


1,913


1,793


2,288


1,793

Commercial real estate:















Land development

$

0


0


0


0


0


0


0

Construction

$

0


0


0


0


0


0


0

Owner occupied

$

0


200


270


738


716


0


716

Non-owner occupied

$

0


0


0


0


0


0


0

Non-real estate:















Commercial assets

$

6,840


2,669


249


3,288


249


6,840


249

Consumer assets

$

0


0


0


0


0


0


0

Total nonperforming assets

$

9,129


6,240


3,615


5,940


2,760


9,129


2,760
















NONPERFORMING ASSETS - RECON















Beginning balance

$

6,240


3,615


5,940


2,760


8,443


3,615


7,728

Additions

$

4,570


2,802


2,166


4,163


273


7,372


1,596

Return to performing status

$

0


0


0


0


0


0


(31)

Principal payments

$

(1,481)


(177)


(4,402)


(166)


(5,526)


(1,658)


(6,041)

Sale proceeds

$

(200)


0


(51)


(661)


0


(200)


0

Loan charge-offs

$

0


0


(38)


(156)


(430)


0


(492)

Valuation write-downs

$

0


0


0


0


0


0


0

Ending balance

$

9,129


6,240


3,615


5,940


2,760


9,129


2,760
















LOAN PORTFOLIO COMPOSITION















Commercial:















Commercial & industrial

$

1,275,745


1,222,638


1,254,586


1,184,993


1,229,588


1,275,745


1,229,588

Land development & construction

$

76,247


75,091


74,752


72,921


72,682


76,247


72,682

Owner occupied comm'l R/E

$

732,844


719,338


717,667


671,083


659,201


732,844


659,201

Non-owner occupied comm'l R/E

$

1,059,052


1,045,614


1,035,684


1,000,411


957,221


1,059,052


957,221

Multi-family & residential rental

$

389,390


366,961


332,609


308,229


287,285


389,390


287,285

Total commercial

$

3,533,278


3,429,642


3,415,298


3,237,637


3,205,977


3,533,278


3,205,977

Retail:















1-4 family mortgages & home equity

$

849,626


840,653


837,407


816,849


795,661


849,626


795,661

Other consumer

$

55,341


51,711


51,053


49,890


50,205


55,341


50,205

Total retail

$

904,967


892,364


888,460


866,739


845,866


904,967


845,866

Total loans

$

4,438,245


4,322,006


4,303,758


4,104,376


4,051,843


4,438,245


4,051,843
















END OF PERIOD BALANCES















Loans

$

4,438,245


4,322,006


4,303,758


4,104,376


4,051,843


4,438,245


4,051,843

Securities

$

669,420


630,666


638,605


613,818


630,485


669,420


630,485

Interest-earning deposits

$

135,766


184,625


60,125


201,436


138,663


135,766


138,663

Total earning assets (before allowance)

$

5,243,431


5,137,297


5,002,488


4,919,630


4,820,991


5,243,431


4,820,991

Total assets

$

5,602,388


5,465,953


5,353,224


5,251,012


5,137,587


5,602,388


5,137,587

Noninterest-bearing deposits

$

1,119,888


1,134,995


1,247,640


1,309,672


1,371,633


1,119,888


1,371,633

Interest-bearing deposits

$

3,026,686


2,872,815


2,653,278


2,591,063


2,385,156


3,026,686


2,385,156

Total deposits

$

4,146,574


4,007,810


3,900,918


3,900,735


3,756,789


4,146,574


3,756,789

Total borrowed funds

$

789,327


815,744


837,335


761,431


826,558


789,327


826,558

Total interest-bearing liabilities

$

3,816,013


3,688,559


3,490,613


3,352,494


3,211,714


3,816,013


3,211,714

Shareholders' equity

$

551,151


536,644


522,145


483,211


478,702


551,151


478,702
















AVERAGE BALANCES















Loans

$

4,396,475


4,299,163


4,184,070


4,054,279


4,017,690


4,347,819


3,973,256

Securities

$

640,627


634,099


618,517


626,714


634,607


637,363


631,137

Interest-earning deposits

$

182,636


150,234


118,996


208,932


64,958


166,435


48,113

Total earning assets (before allowance)

$

5,219,738


5,083,496


4,921,583


4,889,925


4,717,255


5,151,617


4,652,506

Total assets

$

5,533,262


5,384,675


5,224,238


5,180,847


4,988,413


5,458,969


4,922,511

Noninterest-bearing deposits

$

1,139,887


1,175,884


1,281,201


1,359,238


1,361,901


1,157,886


1,426,331

Interest-bearing deposits

$

2,957,011


2,790,308


2,600,703


2,466,834


2,278,877


2,873,659


2,231,902

Total deposits

$

4,096,898


3,966,192


3,881,904


3,826,072


3,640,778


4,031,545


3,658,233

Total borrowed funds

$

800,577


816,848


773,491


806,376


827,105


808,713


752,330

Total interest-bearing liabilities

$

3,757,588


3,607,156


3,374,194


3,273,210


3,105,982


3,682,372


2,984,232

Shareholders' equity

$

540,868


527,180


495,431


484,624


473,983


534,024


483,810
















SOURCE Mercantile Bank Corporation

© 2024 PR Newswire
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