MERCANTILE BANK CORPORATION MBWM Income Statement

Mercantile bank corporation (MBWM)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income
Loans, including fees
33,442	36,257	37,005	36,765	35,789	34,675	32,918	31,855	32,315	30,410	30,746	28,927	26,733	27,830	27,553	26,887	26,779	26,643	26,565	25,587	25,311	25,745	26,323	16,657	12,099	13,980	13,411	12,687	12,846	13,245	13,386	13,454	13,813	14,502	14,951	16,171	16,732	19,284	20,066
Securities, taxable
3,441	1,990	2,104	1,945	1,880	1,798	1,718	1,618	1,602	1,441	1,322	1,285	1,278	1,181	1,488	2,657	1,516	1,361	1,382	1,489	1,686	1,798	1,992	1,393	1,234	1,117	1,003	1,007	1,007	1,031	1,009	1,063	1,280	1,400	1,588	1,781	1,916	1,901	2,039
Securities, tax-exempt
576	574	556	540	561	549	537	559	594	596	584	575	550	543	545	540	537	517	512	523	537	533	553	374	183	188	211	257	295	307	319	367	422	437	439	454	475	497	544
Federal funds sold
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	38	35	54	76	46	38	32	61	60	48	30	41	37
Other interest-earning assets
475	744	651	569	407	173	313	287	470	455	382	116	143	161	120	63	57	54	42	64	55	72	32	58	72	216	4	6	7	7	8	8	6	6	6	6	6	11	10
Total interest income
37,934	39,565	40,316	39,819	38,637	37,195	35,486	34,319	34,981	32,902	33,034	30,903	28,704	29,715	29,706	30,147	28,889	28,575	28,501	27,663	27,589	28,148	28,900	18,482	13,588	15,374	14,667	13,992	14,209	14,666	14,768	14,930	15,553	16,406	17,044	18,460	19,159	21,734	22,696
Interest expense
Deposits
4,641	5,358	5,573	5,529	4,804	3,948	3,574	3,262	3,085	2,819	2,652	2,023	1,868	1,940	1,924	1,819	1,866	1,947	1,969	1,775	1,899	2,100	1,971	2,272	2,035	2,179	2,190	2,223	2,320	2,557	2,728	2,844	3,008	3,377	4,040	4,333	4,634	5,636	5,992
Short-term borrowings
40	52	71	68	104	92	63	61	57	48	45	46	51	58	62	47	44	41	39	39	38	39	34	27	22	22	19	19	20	27	39	42	49	55	73	116	161	394	353
Federal Home Loan Bank advances
2,212	2,225	2,257	2,261	2,234	1,513	1,201	988	945	967	1,033	1,002	655	668	670	575	350	259	203	151	152	164	166	156	150	155	141	119	118	121	183	300	389	411	410	606	606	1,441	1,576
Subordinated debentures and other borrowings
724	762	810	845	850	824	808	783	695	666	660	639	621	614	600	606	747	669	665	657	651	673	740	474	317	322	323	319	297	224	234	233	238	228	226	247	309	328	354
Total interest expense
7,617	8,397	8,711	8,703	7,992	6,377	5,646	5,094	4,782	4,500	4,390	3,710	3,195	3,280	3,256	3,047	3,007	2,916	2,876	2,622	2,740	2,976	2,911	2,929	2,524	2,678	2,673	2,680	2,755	2,929	3,184	3,419	3,684	4,071	4,749	5,302	5,710	7,799	8,275
Net interest income
30,317	31,168	31,605	31,116	30,645	30,818	29,840	29,225	30,199	28,402	28,644	27,193	25,509	26,435	26,450	27,100	25,882	25,659	25,625	25,041	24,849	25,172	25,989	15,553	11,064	12,696	11,994	11,312	11,454	11,737	11,584	11,511	11,869	12,335	12,295	13,158	13,449	13,935	14,421
Provision for loan losses
750	-700	700	900	850	0	400	700	0	600	1,000	750	600	600	600	1,100	600	500	-500	-600	-400	0	-400	-700	-1,900	-2,500	-1,700	-1,500	-1,500	300	-400	-3,000	0	1,900	1,100	1,700	2,200	10,400	6,200
Net interest income after provision for loan losses
29,567	31,868	30,905	30,216	29,795	30,818	29,440	28,525	30,199	27,802	27,644	26,443	24,909	25,835	25,850	26,000	25,282	25,159	26,125	25,641	25,249	25,172	26,389	16,253	12,964	15,196	13,694	12,812	12,954	11,437	11,984	14,511	11,869	10,435	11,195	11,458	11,249	3,535	8,221
Noninterest income:
Mortgage banking income
2,627	3,194	2,889	1,345	1,057	995	1,235	995	884	1,189	1,326	783	1,123	1,288	1,236	744	598	859	1,073	999	688	691	569	349	63	129	194	225	252	458	447	275	299	392	195	127	132	346	130
Payroll services
577	399	367	355	505	335	328	317	482	-	285	269	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings on bank owned life insurance
336	318	330	1,608	1,630	317	318	321	331	337	328	328	1,738	331	349	298	286	292	272	262	287	313	299	282	290	304	337	350	338	358	378	385	407	437	452	449	439	445	454
Gain on trust preferred securities repurchase
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,970	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental income from other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	156	199	255	270	324	212	226	208	205	186	362	390
Net gain on sale of securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Gain on sales of commercial loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	99	5
Other income
427	418	358	370	1,026	981	322	504	388	-470	375	432	866	-692	1,469	852	1,269	-427	1,065	869	736	-742	387	542	788	-1,486	755	657	664	-1,206	584	577	630	-1,084	544	521	573	585	570
Total noninterest income
6,550	7,314	6,676	6,334	6,632	5,371	4,708	4,550	4,381	4,503	4,605	4,042	5,851	4,604	5,284	4,064	7,086	4,046	4,277	4,021	3,694	3,335	2,899	2,288	1,506	1,590	1,683	1,772	1,827	2,063	2,057	1,940	1,934	2,023	1,804	1,703	1,752	2,289	1,996
Noninterest expense
Salaries and benefits
13,528	13,852	13,680	13,286	13,015	12,884	12,932	12,757	12,337	11,601	11,636	10,888	11,272	10,566	11,162	10,801	10,995	10,691	10,745	11,074	10,084	10,751	10,685	7,037	5,230	5,204	5,256	4,981	4,857	4,972	4,849	4,855	4,691	4,520	4,636	4,364	4,371	4,649	4,559
Occupancy
2,059	1,973	1,697	1,629	1,762	1,662	1,648	1,629	1,772	1,480	1,598	1,554	1,554	1,464	1,515	1,480	1,604	1,398	1,526	1,479	1,573	1,496	1,515	914	712	626	639	624	658	554	598	671	678	664	707	708	701	696	723
Furniture and equipment depreciation, rent and maintenance
778	698	629	621	635	681	659	582	548	544	543	546	535	541	531	522	525	543	569	596	624	563	560	368	247	230	242	256	256	287	282	299	308	294	305	304	303	358	396
Data processing costs
2,483	2,382	2,342	2,295	2,216	2,142	2,150	2,137	2,128	2,068	2,071	2,072	2,011	1,990	1,987	1,970	1,992	2,096	1,958	1,872	1,770	1,908	1,585	1,440	936	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Nonperforming asset costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,080	1,275	-	1,589	1,950	3,098	2,895	2,460
FDIC insurance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	128	351	365	392	402	355	483	477	450	331	224	177	189	184	175	245	306	294	296	304	569	639	719	916	1,097	1,167
Problem asset costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-188	373	279	131	-	1,576	-	-	-	-	-	-	-	-
Merger-related costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,250	3,453	-	467	719	46	14	-	0	-	-	-	-	-	-	-	-
Other expense
4,092	2,620	3,679	4,256	4,202	1,922	4,261	4,309	4,362	1,232	4,362	4,822	4,404	1,609	4,117	4,055	4,360	1,627	4,540	4,846	4,713	1,784	4,815	2,630	1,905	-1,997	2,509	2,452	2,423	-2,229	2,586	2,403	2,398	-1,883	2,099	2,398	2,192	2,204	2,137
Total noninterest expenses
22,940	23,336	22,027	22,087	21,830	21,959	21,650	21,414	21,147	19,848	20,210	19,882	19,776	18,394	19,663	19,193	19,868	20,097	19,693	20,350	19,241	19,596	20,741	16,066	9,207	9,084	9,922	8,813	8,584	9,181	10,185	10,604	9,654	9,496	9,975	10,443	11,581	11,899	11,442
Income before federal income tax expense
13,177	15,846	15,554	14,463	14,597	14,230	12,498	11,661	13,433	12,457	12,039	10,603	10,984	12,045	11,471	10,871	12,500	9,108	10,709	9,312	9,702	8,911	8,547	2,475	5,263	7,702	5,455	5,771	6,197	4,319	3,856	5,847	4,149	2,962	3,024	2,718	1,420	-6,075	-1,225
Federal income tax expense
2,504	2,529	2,954	2,748	2,773	2,656	2,375	2,215	2,552	4,478	3,702	3,260	3,369	3,960	3,626	3,437	3,951	2,628	3,373	2,754	3,056	2,616	2,600	966	1,683	2,538	2,002	1,755	1,797	1,271	1,240	1,856	1,269	-27,361	0	0	0	-718	-862
Net income
10,673	13,317	12,600	11,715	11,824	11,574	10,123	9,446	10,881	7,979	8,337	7,343	7,615	8,085	7,845	7,434	8,549	6,480	7,336	6,558	6,646	6,295	5,947	1,509	3,580	5,164	3,453	4,016	4,400	3,048	2,616	3,991	2,880	30,323	3,024	2,718	1,420	-5,357	-363
Earnings per common share:
Preferred stock dividends and accretion
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	0	703	328	332	342	337	332	325	321
Net income attributable to common shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,049	2,616	3,288	2,552	29,991	2,682	2,381	1,088	-5,682	-684
Basic earnings per share (in dollars per share)
0.65	0.81	0.77	0.71	0.72	0.69	0.61	0.57	0.66	0.48	0.51	0.45	0.46	0.50	0.48	0.46	0.52	0.40	0.45	0.39	0.39	0.39	0.35	0.13	0.41	0.59	0.40	0.46	0.51	0.35	0.30	0.38	0.30	3.48	0.31	0.28	0.13	-0.67	-0.08
Diluted earnings per share (in dollars per share)
0.65	0.81	0.77	0.71	0.72	0.69	0.61	0.57	0.66	0.48	0.51	0.45	0.46	0.50	0.48	0.46	0.52	0.39	0.45	0.39	0.39	0.39	0.35	0.13	0.41	0.59	0.40	0.46	0.50	0.36	0.30	0.36	0.28	3.38	0.30	0.27	0.12	-0.67	-0.08
Cash dividends per common share (in dollars per share)
0.28	-	0.27	0.26	0.26	-	0.24	0.22	0.22	-	0.19	0.18	0.18	-	0.17	0.16	0.16	-	0.15	0.14	0.14	-	0.12	2.12	0.12	-	0.12	0.11	0.10	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Average basic shares outstanding (in shares)
16,350	-	16,390	16,428	16,429	-	16,611	16,601	16,595	-	16,483	16,471	16,434	-	16,282	16,240	16,291	-	16,425	16,767	16,937	-	16,852	11,406	8,738	-	8,707	8,705	8,705	-	8,622	8,610	8,605	-	8,604	8,604	8,599	8,507	8,505
Average diluted shares outstanding (in shares)
16,351	-	16,393	16,434	16,435	-	16,619	16,610	16,604	-	16,494	16,485	16,449	-	16,307	16,268	16,325	-	16,461	16,803	16,978	-	16,926	11,435	8,741	-	8,725	8,718	8,718	-	8,653	9,043	8,991	-	8,868	8,872	8,884	8,507	8,505
Deposit Account [Member]
Noninterest income
1,222	1,179	1,185	1,143	1,077	1,099	1,127	1,079	1,053	1,085	1,076	1,054	1,018	1,075	1,140	1,090	948	864	862	812	770	837	862	522	365	377	397	384	374	380	378	379	386	412	405	401	422	452	447
Credit and Debit Card [Member]
Noninterest income
1,361	1,528	1,547	1,513	1,337	1,399	1,378	1,334	1,243	1,263	1,215	1,176	1,106	1,093	1,090	1,080	1,015	1,032	1,005	1,079	1,213	-	782	593	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-