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Jun 30, 2021
Mercantile Bank Q2 2021 Earnings Report
Mercantile Bank Corporation reported strong financial results, driven by core commercial loan growth and mortgage banking income.
Key Takeaways
Mercantile Bank Corporation reported a strong second quarter with a net income of $18.1 million, or $1.12 per diluted share, compared to $8.7 million, or $0.54 per diluted share, for the same period last year. The increase was driven by growth in core commercial loans, sustained strength in mortgage banking income, and sound asset quality metrics.
Reported strong earnings and capital position.
Experienced robust mortgage banking income and growth in other key fee income categories.
Loan loss reserve was released, primarily reflecting improved economic and business conditions.
Demonstrated continued strength in asset quality metrics.
Mercantile Bank
Mercantile Bank
Forward Guidance
Mercantile is focused on remaining a steady high performer that provides consistent and profitable growth and believe they are well positioned to produce solid operating results during the last six months of 2021 and beyond.