Mercantile Bank Corp. (MBWM: Quote), Tuesday, reported a rise in profit for the first quarter, as non-interest income recorded a growth of 10.4 percent, while net interest income declined from the prior year.
The Grand Rapids, Michigan-based company reported a first-quarter net profit attributable to common shares of $2.55 million or $0.28 per share, compared to $1.08 million or $0.12 per share last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue, which consists of net interest income and non-interest income, declined 9.2 percent to $13.8 million from $15.2 million in the prior-year quarter. Three analysts had a consensus revenue estimate of $13.99 million for the quarter.
Net interest income for the quarter dropped 11.7 percent to $11.87 million from $13.45 million in the prior-year quarter, resulted from a 14.8 percent decline in average earning assets.
Total non-interest income for the quarter rose to $1.93 million from $1.72 million in the prior-year quarter.
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by RTT Staff Writer
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