Mercantile Bank Corp. (MBWM), on Tuesday reported its first quarter increased in the previous year. Higher earnings were driven by growth in net interest income, strong fee income, a reserve release on credit losses, lower funding costs, and contributions from the Eastern Michigan Bank acquisition.
For the first quarter, net income increased to $22.69 million from $19.54 million in the previous year.
Earnings per share were $1.32 versus $1.21 last year.
Net interest income increased to $55.90 million from $48.55 million in the previous year.
Non interest income jumped to $11.69 million from $8.70 million in the prior year.
Loans increased to $4.76 billion from $4.58 billion in the same period last year.
Deposits surged to $5.42 billion from $4.68 billion in the last year.
President and CEO Ray Reitsma said "Our sustained financial strength allowed us to continue our regular cash dividend program and once again provide shareholders with meaningful cash returns on their investments."
In the pre-market trading, 0.11% lesser at $53.20 on the Nasdaq.
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