Mercantile Bank of Michigan reported $4.9 million in first quarter income, a 13% growth. Mercantile’s income growth is linked to its expansion in the markets of central and eastern Michigan.
According to excerpts from the story:
Income hit $4.9 million, topping the previous four quarters, and earnings per share were 64 cents, up 12.3 percent from the 57-cent pace a year ago. Expansion east is expected to fuel the Grand Rapids-based bank's growth, said Gerald R. Johnson Jr., chairman and chief executive officer.
"Loan growth remains strong, our margin is stable, and we are already returning to efficiency levels more historically in line with previous performance," Johnson said in a statement.
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