Mercantile Bank operates branches in the Grand Rapids area, Holland and Lansing. Image via fb.com
Mercantile Bank Corp. (Nasdaq: MBWM) reported net income attributable to common shares of $4.4 million, or $0.50 per diluted share, for the first quarter of 2013, compared with net income attributable to common shares of $2.6 million, or $0.28 per diluted share, for the prior-year period.
The first quarter saw improved profitability, as asset quality continued to improve: non-performing assets declined 64 percent from a year ago and currently represent 1.4 percent of total assets.
Mercantile Bank said the level of loans in the 30 to 89 days delinquent category remained very low, and net interest margin remained steady and well above historical average level.
New loan originations of approximately $50 million marked the first quarter.
There was a first quarter cash dividend of $0.10 per common share.
“Mercantile started 2013 by continuing the performance that marks our company as an industry leader,” said Michael Price, chairman and CEO of Mercantile. “The positive trends from 2012 have continued, led by improved net income and earnings per share, a stronger balance sheet and momentum in new business development. We feel very confident that our performance is an indicator of the opportunities available to us over the remainder of 2013.”