Mercantile Bank releases Q1 earnings snapshot

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GRAND RAPIDS — Mercantile Bank Corp. on Tuesday reported first-quarter net income of $11.5 million.

The Grand Rapids-based bank said it had earnings of 73 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The holding company for Mercantile Bank of Michigan posted revenue of $45.2 million in the period. Its revenue net of interest expense was $40.2 million, which missed Wall Street forecasts. Three analysts surveyed by Zacks expected $42.3 million.

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