Mercantile Bank (MBWM) Tops Q1 EPS by 18c

Mercantile Bank (NASDAQ: MBWM) reported Q1 EPS of $0.65, $0.18 better than the analyst estimate of $0.47.

"We are very pleased with our first quarter 2020 financial performance, which depicts the ongoing success of certain strategic initiatives," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our robust financial results reflect solid growth in the commercial loan portfolio, increased fee income, managed overhead costs, and sound asset quality."

First quarter highlights include:

• Robust earnings and capital position
• Solid growth in key fee income categories
• Controlled overhead costs
• Strong asset quality
• Annualized net commercial loan growth of approximately 5 percent
• Residential mortgage loan originations up nearly 200 percent compared to the respective 2019 period
• Continued strength in commercial loan and residential loan pipelines

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

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