Mercantile Bank: 1Q Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Mercantile Bank Corp. (MBWM) on Tuesday reported first-quarter earnings of $10.7 million.
The Grand Rapids, Michigan-based bank said it had earnings of 65 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The holding company for Mercantile Bank of Michigan posted revenue of $44.5 million in the period. Its revenue net of interest expense was $36.9 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $35.2 million.
Mercantile Bank shares have declined 40% since the beginning of the year. The stock has fallen 34% in the last 12 months.