Mercantile Bank (MBWM) Tops Q4 EPS by 3c

Mercantile Bank (NASDAQ: MBWM) reported Q4 EPS of $0.49, $0.03 better than the analyst estimate of $0.46.

The fourth quarter and year were highlighted by:

• Strong core earnings and capital position
• Stable and robust net interest margin
• Strong fee income growth
• Reduced overhead costs
• Strong asset quality, as depicted by low levels of nonperforming assets and loans in the 30- to 89-days delinquent category
• New commercial term loan originations of approximately $120 million during the fourth quarter and $549 million during the full year
• Sustained strength in commercial loan pipeline
• Announced first quarter 2017 regular cash dividend of $0.18 per common share, an increase of approximately 6 percent from the $0.17 regular cash dividend paid during the fourth quarter of 2016

"Our strong 2016 financial results reflect the success of various strategic initiatives," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "These initiatives, which centered on net interest margin maintenance, fee enhancement, and overhead cost reductions, played a major role in Mercantile recording a company-record operating profit during the year. Our strong financial performance displayed throughout 2016 also reflects solid loan growth and stellar asset quality. Based on our strong financial condition, focus on growing the loan portfolio in a disciplined manner, and current loan prospects, we enter 2017 with a strong foundation for success."

For earnings history and earnings-related data on Mercantile Bank (MBWM) click here.

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