Mercantile Bank Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 20, 2015 at 06:00 am EST
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Mercantile Bank Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total interest income of $28,147,000 against $15,373,000 last year. Net interest income was $25,173,000 against $12,695,000 a year ago. Income before federal income tax expense was $8,910,000 against $7,701,000 a year ago. Net income was $6,293,000 against $5,163,000 a year ago. Basic and diluted earnings per share were $0.37 against $0.59 a year ago. Return on average assets was 0.86% against 1.43% a year ago. Return on average equity was 7.70% against 13.49% a year ago. Net interest income was affected by purchase accounting accretion and amortization entries associated with the fair value measurements recorded effective June 1, 2014.
For the full year, the company reported total interest income of $89,118,000 against $58,242,000 last year. Net interest income was $77,778,000 against $47,456,000 a year ago, primarily reflecting a 62.5% increase in average earning assets and a slight increase in the net interest margin. Income before federal income tax expense was $25,196,000 against $25,125,000 a year ago. Net income was $17,331,000 against $17,033,000 a year ago. Basic and diluted earnings per share were $1.28 against basic earnings per share of $1.96 and diluted earnings per share of $1.95 a year ago.
Return on average assets was 0.76% against 1.22% a year ago. Return on average equity was 6.91% against 11.36% a year ago. Book value per common share was $19.33 against $17.54 at December 31, 2013. Tangible book value per common share was $15.49 against $17.54 at December 31, 2013.
The company announced net loan charge-offs were $0.3 million during the fourth quarter of 2014 compared with net loan charge-offs of $0.1 million for the linked quarter and net loan recoveries of $0.1 million for the prior-year fourth quarter.
Mercantile Bank Corporation is the bank holding company for Mercantile Bank (The Bank). The Bank is a state banking company that provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. Its operations are centered around the West and Central portions of Michigan. It also has banking offices located in the metropolitan Detroit, Michigan area, Traverse City, Michigan, Saginaw, Michigan, and Midland, Michigan. It makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. It also enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. Its insurance product offerings include private passenger automobiles, homeowners, personal inland marine, boat owners, recreational vehicles, dwelling fire, umbrella policies, small businesses, and life insurance products.
Mercantile Bank Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2014