Mercantile Bank: Q2 Earnings Snapshot
GRAND RAPIDS, Mich. (AP) _ Mercantile Bank Corp. (MBWM) on Tuesday reported second-quarter net income of $18.1 million.
The Grand Rapids, Michigan-based bank said it had earnings of $1.12 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The holding company for Mercantile Bank of Michigan posted revenue of $50.3 million in the period. Its revenue net of interest expense was $45.4 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $41.4 million.
Mercantile Bank shares have risen slightly more than 7% since the beginning of the year. The stock has increased 38% in the last 12 months.