Mercantile Bank Corporation Reports Strong First Quarter 2020 Results
Mercantile Bank Corporation (MBWM)
Last mercantile bank corporation earnings: 4/21 06:01 am
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US:NASDAQ Investor Relations:
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Source: PR Newswire
GRAND RAPIDS, Mich., April 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $10.7 million, or $0.65 per diluted share, for the first quarter of 2020, compared with net income of $11.8 million, or $0.72 per diluted share, for the respective prior-year period. Proceeds from a bank owned life insurance claim and a gain on the sale of a former branch facility increased net income in the prior-year period by $1.8 million, or $0.11 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.04, or approximately 7 percent, during the current-year first quarter compared to the prior-year first quarter."We are very pleased with our first quarter 2020 financial performance, which depicts the ongoing success of certain strategic initiatives," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our robust financial results reflect solid growth in the commercial l
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