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Sep 30, 2020
Mercantile Bank Q3 2020 Earnings Report
Mercantile Bank Corporation reported net income of $10.7 million for the third quarter of 2020.
Key Takeaways
Mercantile Bank Corporation reported a net income of $10.7 million, or $0.66 per diluted share, for the third quarter of 2020. Total revenue increased by 11.8 percent compared to the prior-year third quarter, driven by a substantial increase in mortgage banking income.
Strong capital position maintained.
Asset quality metrics remained solid.
Commercial loan and residential mortgage loan pipelines showed ongoing strength.
Mortgage banking income saw a substantial increase.
Mercantile Bank
Mercantile Bank
Forward Guidance
Mercantile will continue to closely monitor new pandemic-related developments and revise the response plan as necessary.